COMPANY REGISTRATION NUMBER:
13777737
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Current assets
Stocks |
32,045,713 |
28,318,907 |
Debtors |
5 |
1,125,836 |
312,487 |
|
------------- |
------------- |
|
33,171,549 |
28,631,394 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
33,181,770 |
28,636,460 |
|
------------- |
------------- |
Net current liabilities |
10,221 |
5,066 |
|
-------- |
------- |
Total assets less current liabilities |
(
10,220) |
(
5,065) |
|
-------- |
------- |
Net liabilities |
(
10,220) |
(
5,065) |
|
-------- |
------- |
|
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
(
10,221) |
(
5,066) |
|
-------- |
------- |
Shareholder deficit |
(
10,220) |
(
5,065) |
|
-------- |
------- |
|
|
|
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 comprehensive income 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 member has 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
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2024
, and are signed on behalf of the board by:
Company registration number:
13777737
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 99 Kenton Road, Harrow, HA3 0AN, England.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock and work in progress relates to direct production costs incurred on productions not delivered during the period. The costs are recorded at the lower of costs and net reliable value, and are net of Value Added Tax.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
1 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
1 |
|
---- |
At 31 December 2022 |
1 |
|
---- |
|
|
The Company's investment at the Balance Sheet date is 100% of the ordinary share capital of TSF Productions Limited. The subsidiary is registered in England and Wales and its principal activity is the production of a feature film.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
1,125,836 |
312,487 |
|
------------ |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
96 |
26 |
Trade creditors |
3,124,306 |
346,127 |
Production advances |
5,928,987 |
3,826,987 |
Other creditors |
24,128,381 |
24,463,320 |
|
------------- |
------------- |
|
33,181,770 |
28,636,460 |
|
------------- |
------------- |
|
|
|
7.
Contingencies
The company is party to various loan agreements which have been provided to its subsidiary company and for which charges have also been placed on this company and its subsidiary. The final re-payment of the loans will fall on the company from the exploitation of a film that it has commissioned its subsidiary to produce. The timing and amount of future income is uncertain at this stage.