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COMPANY REGISTRATION NUMBER: 14646108
LB 2023 Limited
Filleted Unaudited Accounts
30 April 2024
LB 2023 Limited
Statement of Financial Position
30 April 2024
30 Apr 24
Note
$
Current assets
Debtors
6
1,806,305
Cash at bank and in hand
44,070
------------
1,850,375
Creditors: amounts falling due within one year
7
( 1,850,255)
------------
Net current assets
120
----
Total assets less current liabilities
120
----
Net assets
120
----
Capital and reserves
Called up share capital
120
----
Shareholders funds
120
----
These accounts 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 period ending 30 April 2024 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 accounts for the period 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 accounts .
These accounts were approved by the board of directors and authorised for issue on 7 November 2024 , and are signed on behalf of the board by:
D L Clifton
Director
Company registration number: 14646108
LB 2023 Limited
Notes to the Accounts
Period from 7 February 2023 to 30 April 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 C/O Tc Group 6th Floor Kings House, 9-10 Haymarket, London, SW1Y 4BP, United Kingdom.
2. Statement of compliance
These accounts 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 US dollars, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Comparatives
The accounts cover the period from incorporation through to 30 April 2024, hence there are no comparative figures.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below.
Revenue recognition
Turnover relates to the production of the film entitled "Last Breath". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
4. Employees
The company has been incorporated to produce a film entitled "Last Breath". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5. Tax on loss
Major components of tax income
Period from
7 Feb 23 to
30 Apr 24
$
Current tax:
UK current tax income
( 1,347,262)
------------
Tax on loss
( 1,347,262)
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the standard rate of corporation tax in the UK of 19 %.
Period from
7 Feb 23 to
30 Apr 24
$
Loss on ordinary activities before taxation
( 1,347,262)
------------
Film tax relief
(1,347,262)
------------
6. Debtors
30 Apr 24
$
Prepayments and accrued income
20,000
VAT recoverable
114,182
Corporation tax recoverable
1,347,262
Other debtors
324,861
------------
1,806,305
------------
7. Creditors: amounts falling due within one year
30 Apr 24
$
Trade creditors
265,783
Accruals and deferred income
209,914
Production loan
1,347,262
Other creditors
27,296
------------
1,850,255
------------
The loan has been secured against the anticipated future film tax credit.
8. Contingent liabilities
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Longshot Films Limited Aperture Media Partners LLC DC Finance LB, CORP UNIFI Completion Guarantors Cast & Crew Financing II, INC SMC Speciality Finance, LLC (satisfied 25 July 2024) Focus Features LLC (created 30 September 2024)
9. Related party transactions
All transactions related to the production of the film "Last Breath" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
10. Parent undertaking and controlling party
In the opinion of the directors the parent undertaking and controlling party is Longshot Films Limited, a company incorporated in the England and Wales.