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COMPANY REGISTRATION NUMBER: 09862151
TS2 Productions Ltd
Filleted Unaudited Accounts
28 February 2024
TS2 Productions Ltd
Statement of Financial Position
28 February 2024
2024
2023
Note
£
£
Current assets
Debtors
5
18,413
40,952
Cash at bank and in hand
173,274
138,594
---------
---------
191,687
179,546
Creditors: amounts falling due within one year
6
191,567
179,426
---------
---------
Net current assets
120
120
----
----
Total assets less current liabilities
120
120
----
----
Net assets
120
120
----
----
Capital and reserves
Called up share capital
120
120
----
----
Shareholders funds
120
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 income statement has not been delivered.
For the year ending 28 February 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 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 accounts .
These accounts were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
A I F Macdonald
Director
Company registration number: 09862151
TS2 Productions Ltd
Notes to the Accounts
Year ended 28 February 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 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. 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.
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.
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 "Turnover" above.
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
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
Revenue relates to the exploitation of the film entitled "Trainspotting 2". 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 in relation to "Trainspotting 2" is recognised when the company receives statements detailing the revenues received in the various territories and mediums, including theatrical, DVD and download to own (DTO), in which the film is being distributed.
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
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.
3. Particulars of employees
The company has been incorporated to produce a film called "Trainspotting 2". 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.
4. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
( 7,554)
( 19,603)
-------
--------
Tax on loss
( 7,554)
( 19,603)
-------
--------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 7,554)
( 19,603)
-------
--------
Film tax relief
(15,109)
(39,206)
--------
--------
5. Debtors
2024
2023
£
£
VAT recoverable
3,184
1,626
Corporation tax recoverable
15,109
39,206
Other debtors
120
120
--------
--------
18,413
40,952
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
7,451
59,152
Other creditors
184,116
120,274
---------
---------
191,567
179,426
---------
---------
The loan has been secured against the anticipated future film tax credit.
7. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Tristar Productions Inc European Film Bonds A/S
8. Related party transactions
The company was owned collectively by the service companies of the four directors in equal shares. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
9. Controlling party
In the opinion of the directors there is no overall controlling party.