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COMPANY REGISTRATION NUMBER: 10766606
73 Degree Films Limited
Unaudited Financial Statements
31 March 2024
73 Degree Films Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
8
73 Degree Films Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
Mr R J Corcoran
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 November 2024 and signed on behalf of the board by:
Mr R J Corcoran
Director
Registered office:
73 Ffordd Glyn
Coed-Y-Glyn
Wrexham
LL13 7QW
73 Degree Films Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
45,158
63,679
Cost of sales
7,754
19,998
--------
--------
Gross profit
37,404
43,681
Administrative expenses
39,740
48,235
--------
--------
Operating loss
( 2,336)
( 4,554)
Gain on financial assets at fair value through profit or loss
774
Interest payable and similar expenses
77
11
--------
--------
Loss before taxation
5
( 1,639)
( 4,565)
Tax on loss
-------
-------
Loss for the financial year and total comprehensive income
( 1,639)
( 4,565)
-------
-------
Dividends paid and payable
( 1,000)
( 6,500)
Retained earnings at the start of the year
22,850
33,915
--------
--------
Retained earnings at the end of the year
20,211
22,850
--------
--------
All the activities of the company are from continuing operations.
73 Degree Films Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
7,562
8,865
Current assets
Debtors
7
6,109
1,467
Investments
8
9,538
7,264
Cash at bank and in hand
10,249
28,427
--------
--------
25,896
37,158
Creditors: amounts falling due within one year
9
13,246
23,172
--------
--------
Net current assets
12,650
13,986
--------
--------
Total assets less current liabilities
20,212
22,851
--------
--------
Net assets
20,212
22,851
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
20,211
22,850
--------
--------
Shareholders funds
20,212
22,851
--------
--------
These financial statements have been prepared 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'.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 November 2024 , and are signed on behalf of the board by:
Mr R J Corcoran
Director
Company registration number: 10766606
73 Degree Films Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 73 Ffordd Glyn, Coed-Y-Glyn, Wrexham, LL13 7QW.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Grants receivable
Grants are recognised using the accrual model.
Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered in the film industry, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Equipment
-
25% reducing balance
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
2,520
2,955
-------
-------
6. Tangible assets
Equipment
£
Cost
At 1 April 2023
16,220
Additions
1,217
--------
At 31 March 2024
17,437
--------
Depreciation
At 1 April 2023
7,355
Charge for the year
2,520
--------
At 31 March 2024
9,875
--------
Carrying amount
At 31 March 2024
7,562
--------
At 31 March 2023
8,865
--------
7. Debtors
2024
2023
£
£
Trade debtors
5,927
1,269
Other debtors
182
198
-------
-------
6,109
1,467
-------
-------
8. Investments
2024
2023
£
£
Other investments
9,538
7,264
-------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
415
499
Other creditors
12,831
22,673
--------
--------
13,246
23,172
--------
--------
10. Director's advances, credits and guarantees
The directors operate a current account with the company. As follows:
2024
£
Opening Balance 11,659
Movement 418
--------
Closing Balance 12,077
Interest has been charged and the loan is classified in creditors due within one year.
73 Degree Films Limited
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
73 Degree Films Limited
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of 73 Degree Films Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 73 Degree Films Limited for the year ended 31 March 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of 73 Degree Films Limited in accordance with the terms of our engagement letter dated 27 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of 73 Degree Films Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 73 Degree Films Limited and its director for our work or for this report.
It is your duty to ensure that 73 Degree Films Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 73 Degree Films Limited. You consider that 73 Degree Films Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of 73 Degree Films Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
5 November 2024