0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 23,536 14,742 2,931 17,673 5,863 8,794 15,926 15,926 15,926 xbrli:pure xbrli:shares iso4217:GBP 09655963 2023-01-01 2023-12-31 09655963 2023-12-31 09655963 2022-12-31 09655963 2022-01-01 2022-12-31 09655963 2022-12-31 09655963 2021-12-31 09655963 core:FurnitureFittings 2023-01-01 2023-12-31 09655963 bus:Director5 2023-01-01 2023-12-31 09655963 core:FurnitureFittings 2022-12-31 09655963 core:FurnitureFittings 2023-12-31 09655963 core:WithinOneYear 2023-12-31 09655963 core:WithinOneYear 2022-12-31 09655963 core:AfterOneYear 2023-12-31 09655963 core:AfterOneYear 2022-12-31 09655963 core:ShareCapital 2023-12-31 09655963 core:ShareCapital 2022-12-31 09655963 core:SharePremium 2023-12-31 09655963 core:SharePremium 2022-12-31 09655963 core:RetainedEarningsAccumulatedLosses 2023-12-31 09655963 core:RetainedEarningsAccumulatedLosses 2022-12-31 09655963 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 09655963 core:Non-currentFinancialInstruments 2023-12-31 09655963 core:Non-currentFinancialInstruments 2022-12-31 09655963 core:FurnitureFittings 2022-12-31 09655963 bus:SmallEntities 2023-01-01 2023-12-31 09655963 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09655963 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09655963 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09655963 bus:FullAccounts 2023-01-01 2023-12-31 09655963 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 09655963
GCB Films Limited
Filleted Unaudited Financial Statements
31 December 2023
GCB Films Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
5,863
8,794
Investments
5
15,926
15,926
--------
--------
21,789
24,720
Current assets
Stocks
442,027
372,268
Debtors
6
112,157
275,519
Cash at bank and in hand
3,632
495
---------
---------
557,816
648,282
Creditors: amounts falling due within one year
7
( 104,790)
( 50,520)
---------
---------
Net current assets
453,026
597,762
---------
---------
Total assets less current liabilities
474,815
622,482
Creditors: amounts falling due after more than one year
8
( 380,000)
( 440,000)
---------
---------
Net assets
94,815
182,482
---------
---------
Capital and reserves
Called up share capital
1,250
1,250
Share premium account
269,450
269,450
Profit and loss account
( 175,885)
( 88,218)
---------
---------
Shareholders funds
94,815
182,482
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GCB Films Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
J R Sivers
Director
Company registration number: 09655963
GCB Films Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, London, WC2H7DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
23,536
23,536
--------
--------
Depreciation
At 1 January 2023
14,742
14,742
Charge for the year
2,931
2,931
--------
--------
At 31 December 2023
17,673
17,673
--------
--------
Carrying amount
At 31 December 2023
5,863
5,863
--------
--------
At 31 December 2022
8,794
8,794
--------
--------
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
15,926
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
15,926
--------
At 31 December 2022
15,926
--------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
112,157
262,142
Other debtors
13,377
---------
---------
112,157
275,519
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,000
2,501
Amounts owed to group undertakings
66,410
Social security and other taxes
4,264
Other creditors
28,116
48,019
---------
--------
104,790
50,520
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Film production loan
380,000
440,000
---------
---------
9. Related party transactions
The company was under the joint control of the directors during the period, therefore there is no controlling party. No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.