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Registered number: 12335124









EXPLORER PICTURES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
EXPLORER PICTURES LTD
REGISTERED NUMBER: 12335124

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
29 February
28 February
28 February
2024
2024
2023
2023
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
13,980
45,702

Cash at bank and in hand
  
12,711
12,716

  
26,691
58,418

Creditors: amounts falling due within one year
 5 
(26,690)
(58,417)

Net current assets
  
 
 
1
 
 
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
  
1
1

  
1
1


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Chignell
Director

Date: 22 October 2024

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 
EXPLORER PICTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Explorer Pictures Ltd is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is 127 Hamilton Road, London, SE27 9SE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover in the Statement of comprehensive income relates to amounts earned in relation to film  production.
Production funding is recognised in the Statement of comprehensive income over the period of the production. Where production funds received exceed costs incurred to date, the balance is treated as deferred income and held on the Statement of financial position until further costs are incurred. At that point the deferred income is released to the Statement of comprehensive income.

  
2.3

Cost of sales

Production costs incurred in producing a film are recognised in the Statement of comprehensive income as cost of sales in the period in which they are incurred.

 
2.4

Taxation

Tax is recognised in Statement of comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
The company is eligible to claim a tax credit on film production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

 
2.5

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 2

 
EXPLORER PICTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
3,227

Other debtors
1,437
4,930

Tax recoverable
12,543
37,545

13,980
45,702



5.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
-
3,470

Other taxation and social security
2,445
3,685

Other creditors
327
3,164

Accruals and deferred income
23,918
48,098

26,690
58,417


 
Page 3