Registered number: 10269555
OPEN PALM FILMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
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OPEN PALM FILMS LIMITED
REGISTERED NUMBER: 10269555
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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OPEN PALM FILMS LIMITED
REGISTERED NUMBER: 10269555
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.
The notes on pages 3 to 6 form part of these financial statements.
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OPEN PALM FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
Open Palm Films Limited is a private company limited by shares and registered in England and Wales. The address of its registered office and principal place of business is 10 Lennox Gardens Mews, London, SW1X 0DP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the reporting date the company had net liabilities of £335,824 and is dependent on the support of its investors who have confirmed their intention to support the company. As a result the directors believe it is appropriate to prepare the accounts on the going concern basis. The financial statements do not include adjustments that would result from the withdrawal of this financial support.
Revenue comprises recharged production costs received. Recharges are recognised in the Statement of Comprehensive Income in the period in which the expenditure to which it relates is incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks comprise film rights, which are recorded as a current asset. Film rights are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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OPEN PALM FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to and from related parties.
Short term creditors are measured at the transaction price.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in profit or loss using the effective interest method.
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The average monthly number of employees, including directors, during the period was 3 (2022 - 2).
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Investments in subsidiary companies
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OPEN PALM FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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OPEN PALM FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
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Related party transactions
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At the reporting date £Nil (2022: £205) was due from Making Noise Quietly Limited. The loan is not interest bearing and is repayable on demand.
At the reporting date £Nil (2022 £1,940) was due from Undercliffe Films Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke and D Dromgoole are also directors.. The loan is not interest bearing and is repayable on demand.
At the reporting date £Nil (2022 £1,940) was due from Pond Life Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke and D Dromgoole are also directors. The loan is not interest bearing and is repayable on demand.
At the reporting date £Nil (2022 £162) was due from Benjamin Films Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke and D Dromgoole are also directors. The loan is not interest bearing and is repayable on demand.
At the reporting date £Nil (2022 £594,858) was due from TTM Films Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke and D Dromgoole are also directors.. The loan is not interest bearing and is repayable on demand.
At the reporting date £3,174,588 (2022 £3,170,888) was due to LGM Services Ltd, a company in which M Clarke is also a director. The loan is not interest bearing and is repayable on demand.
At the reporting date £95 (2022 £Nil) was due to Aismare Ltd, a company in which M Clarke is also a director. The loan is not interest bearing and is repayable on demand.
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