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Registration number: 07958756

Econ Films Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Econ Films Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Econ Films Ltd

Company Information

Director

Mr Robert Denham

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Jon Huntley - AIMS accountants for Business
Certified
61 Brancaster Lane
Purley
Surrey
CR8 1HL

 

Econ Films Ltd

Director's Report for the Year Ended 29 February 2024

The director presents his report and the financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Mr Robert Denham

Principal activity

The principal activity of the company is Film Making

Fair review of the business
The Director recognises the losses made in the current financial year. This is due to adjusting the business model in light of the COVID-19 pandemic. The company revenue has increased in the current financial year and the company is on course to return to profit in FY2223 at the latest

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 November 2024
 

.........................................
Mr Robert Denham
Director

 

Econ Films Ltd

(Registration number: 07958756)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,100

2,080

Current assets

 

Debtors

5

118,860

223,775

Cash at bank and in hand

 

82,953

55,308

 

201,813

279,083

Creditors: Amounts falling due within one year

6

(77,968)

(108,379)

Net current assets

 

123,845

170,704

Total assets less current liabilities

 

124,945

172,784

Creditors: Amounts falling due after more than one year

6

(48,629)

(103,999)

Provisions for liabilities

(10,949)

(1,780)

Net assets

 

65,367

67,005

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

65,366

67,004

Shareholders' funds

 

65,367

67,005

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

 

Econ Films Ltd

(Registration number: 07958756)
Balance Sheet as at 29 February 2024

.........................................
Mr Robert Denham
Director

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the director on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other 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 taxable income.

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

50% Straight Line

Computer Equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 8).

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

3,950

19,175

23,125

At 29 February 2024

3,950

19,175

23,125

Depreciation

At 1 March 2023

1,870

19,175

21,045

Charge for the year

980

-

980

At 29 February 2024

2,850

19,175

22,025

Carrying amount

At 29 February 2024

1,100

-

1,100

At 28 February 2023

2,080

-

2,080

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

77,514

213,075

Amounts owed by related parties

10

36,180

-

Prepayments

 

4,869

10,700

Other debtors

 

297

-

   

118,860

223,775

6

Creditors

Creditors: amounts falling due within one year

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

2,788

Trade creditors

 

12,884

27,563

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

3,429

5,749

Taxation and social security

 

54,146

52,614

Accruals and deferred income

 

22,361

34,084

Other creditors

 

(14,852)

(14,419)

 

77,968

108,379

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

48,630

104,000

Other non-current financial liabilities

 

(1)

(1)

 

48,629

103,999

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

48,630

104,000

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

2,788

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £82,650.50 (2023 - £45,216.00) per each Ordinary

 

82,651

 

45,216

         
 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr Robert Denham

Directors Loan Account

(336)

632

296

       
     

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Robert Denham

Directors Loan Account

(336)

1,605

(1,605)

(336)

         
       

 

 

Econ Films Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

8,040

8,040

Contributions paid to money purchase schemes

16,005

9,149

24,045

17,189

11

Parent and ultimate parent undertaking

The company's immediate parent is Vensight Media Holding Ltd, incorporated in England.