ARTISTIQUE VIBE FILMS LIMITED |
Registered number: |
10823326 |
Balance Sheet |
as at 29 February 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Current assets |
Work in progress |
|
|
- |
|
|
480,387 |
Debtors |
3 |
|
636,596 |
|
|
640,228 |
Cash at bank and in hand |
|
|
4,559 |
|
|
41,592 |
|
|
|
641,155 |
|
|
1,162,207 |
|
Creditors: amounts falling due within one year |
4 |
|
(623,951) |
|
|
(640,974) |
|
Net current assets |
|
|
|
17,204 |
|
|
521,233 |
|
Net assets |
|
|
|
17,204 |
|
|
521,233 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
17,203 |
|
|
521,232 |
|
Shareholder's funds |
|
|
|
17,204 |
|
|
521,233 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Manjot Singh Bajwa |
Director |
Approved by the board on 26 November 2024 |
|
ARTISTIQUE VIBE FILMS LIMITED |
Notes to the Accounts |
for the year ended 29 February 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The Company produced the British qualifying film "Sidhus of Southall" (the Film). All of the tunrover recognised by the Company relates only to this Film. The turnover in the profit & loss account relates to the funding received from White Hill Studios Pvt Ltd in relation to the acquisition of the Film. |
|
|
Cost of sales |
|
Production cost of the Film is recognised in the profit & loss account as cost of sales on delivery of the Film to the Acquirer. |
|
|
Work in progress |
|
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Balance production cost of the Film at the last year balance sheet date was carried forward as work in progress on the basis that it was deemed recoverable from the future income/revenue of the Film. In the current year, work in progress is transferred to cost of sales. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The tax credit claimed relates to the Film. Deferred tax assets based on timing differences is not applicable in respect of this Company's claim for film tax credits. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
6 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
VAT receivable |
3,480 |
|
101,610 |
|
Other debtors |
633,116 |
|
538,618 |
|
|
|
|
|
|
636,596 |
|
640,228 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
384,600 |
|
604,179 |
|
Other creditors |
239,351 |
|
36,795 |
|
|
|
|
|
|
623,951 |
|
640,974 |
|
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
White Hill Studios Pvt Ltd is the sole Acquirer/Financier of the film project and has provided finance of £118,666 (28/02/2023: £2,644,679) during the year ending 29 February 2024. During the year ending 29 February 2024, the Company was involved in the following related party transactions, all of which were carried out on an arm’s length basis. 1. White Hill Studios Pvt Ltd - NIL (28/02/2023: £273,399). 2. White Hill Beats Pvt Ltd - NIL (28/02/2023: £250,000). 3. White Hill Production Inc - NIL (28/02/2023: £960,000). As on balance sheet date 29 February 2024, the balance payable for White Hill Production Limited is £81,071 (included in other creditors). Description of relationship: Mr Manmord Singh Sidhu, the person of significant control (PSC) of the Company is also the common director of White Hill Studios Pvt Ltd, White Hill Beats Pvt Ltd-India, White Hill Production Inc-Canada and White Hill Production Limited. |
|
|
6 |
Controlling party |
|
|
Mr Manmord Singh Sidhu, current PSC of the Company is the ultimate controlling party. |
|
|
7 |
Other information |
|
|
ARTISTIQUE VIBE FILMS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Flat 16 |
|
23 Kenyon Way |
|
Slough |
|
England |
|
SL3 8ES |