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COMPANY REGISTRATION NUMBER: 14703780
Queen Bert Malory Limited
Filleted Unaudited Accounts
31 May 2024
Queen Bert Malory Limited
Statement of Financial Position
31 May 2024
31 May 24
31 Dec 23
Note
£
£
Current assets
Work in progress
1,500,758
Debtors
6
3,110,251
3,410,533
Cash at bank and in hand
761,819
207,062
------------
------------
5,372,828
3,617,595
Creditors: amounts falling due within one year
7
( 5,372,728)
( 3,617,495)
------------
------------
Net current assets
100
100
----
----
Total assets less current liabilities
100
100
----
----
Net assets
100
100
----
----
Capital and reserves
Called up share capital
8
100
100
----
----
Shareholders funds
100
100
----
----
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 31 May 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 18 November 2024 , and are signed on behalf of the board by:
Y M Sellins
Director
Company registration number: 14703780
Queen Bert Malory Limited
Notes to the Accounts
Period from 1 January 2024 to 31 May 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 22 Bloomsbury Street, London, WC1B 3QJ, England.
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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Significant estimation technique adopted
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.
Comparatives
The accounts cover the period from 1 January 2024 to 31 May 2024. The comparatives cover the period from 3 March 2023 to 31 December 2023, as such balances are not entirely comparable.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
Revenue recognition
Turnover relates to the production of the television series entitled "Malory Towers Series 5". 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.
Work in progress
Work in progress represents the cost of television projects on which the company is currently in development. An assessment is made at the end of each financial period and those projects which are no longer likely to go into production are written off.
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 .
4. Employees
The company has been incorporated to produce a children's television series called "Malory Towers Series 5". 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
Period from
1 Jan 24 to
3 Mar 23 to
31 May 24
31 Dec 23
£
£
Current tax:
UK current tax income
( 289,844)
( 1,728,201)
---------
------------
Tax on loss
( 289,844)
( 1,728,201)
---------
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
Period from
Period from
1 Jan 24 to
3 Mar 23 to
31 May 24
31 Dec 23
£
£
Loss on ordinary activities before taxation
( 289,844)
( 1,728,201)
---------
------------
Children's television tax relief
( 289,844)
( 1,728,201)
---------
------------
6. Debtors
31 May 24
31 Dec 23
£
£
Trade debtors
1,089,494
Prepayments and accrued income
1,456,504
VAT recoverable
224,234
Corporation tax recoverable
2,018,045
1,728,201
Other debtors
2,712
1,594
------------
------------
3,110,251
3,410,533
------------
------------
7. Creditors: amounts falling due within one year
31 May 24
31 Dec 23
£
£
Trade creditors
2,363
7,402
Amounts owed to group undertakings
1,595,000
607,984
Accruals and deferred income
1,080,943
570,796
Social security and other taxes
249,320
Production loan
2,445,102
2,427,900
Other creditors
3,413
------------
------------
5,372,728
3,617,495
------------
------------
The loan has been secured against the anticipated future children's television tax credit.
8. Called up share capital
Issued, called up and fully paid
31 May 24
31 Dec 23
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. 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: Bank of Montreal
10. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the television series "Malory Towers Series 5" 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.