Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activity32022-09-01false2truefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10269555 2022-09-01 2024-02-29 10269555 2021-09-01 2022-08-31 10269555 2024-02-29 10269555 2022-08-31 10269555 c:Director1 2022-09-01 2024-02-29 10269555 d:CurrentFinancialInstruments 2024-02-29 10269555 d:CurrentFinancialInstruments 2022-08-31 10269555 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10269555 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 10269555 d:ShareCapital 2024-02-29 10269555 d:ShareCapital 2022-08-31 10269555 d:RetainedEarningsAccumulatedLosses 2024-02-29 10269555 d:RetainedEarningsAccumulatedLosses 2022-08-31 10269555 c:FRS102 2022-09-01 2024-02-29 10269555 c:AuditExempt-NoAccountantsReport 2022-09-01 2024-02-29 10269555 c:FullAccounts 2022-09-01 2024-02-29 10269555 c:PrivateLimitedCompanyLtd 2022-09-01 2024-02-29 10269555 2 2022-09-01 2024-02-29 10269555 6 2022-09-01 2024-02-29 10269555 e:PoundSterling 2022-09-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 10269555









OPEN PALM FILMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 FEBRUARY 2024

 
OPEN PALM FILMS LIMITED
REGISTERED NUMBER: 10269555

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
31 August
2024
2022
Note
£
£

Fixed assets
  

Investments
 4 
-
1

  
-
1

Current assets
  

Stocks
  
2,835,480
2,361,534

Debtors: amounts falling due within one year
 5 
1,941
612,056

Cash at bank and in hand
 6 
8,639
9,181

  
2,846,060
2,982,771

Creditors: amounts falling due within one year
 7 
(3,181,884)
(3,179,105)

Net current liabilities
  
 
 
(335,824)
 
 
(196,334)

Total assets less current liabilities
  
(335,824)
(196,333)

  

Net liabilities
  
(335,824)
(196,333)


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
(335,844)
(196,353)

  
(335,824)
(196,333)


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.


 
Page 1

 
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.



M Clarke
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
OPEN PALM FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Revenue

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.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Stocks

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.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 3

 
OPEN PALM FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

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.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Finance costs

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.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022 - 2).


4.


Fixed asset investments








Investments in subsidiary companies

£





At 1 September 2022
1


Disposals
(1)



At 29 February 2024
-




Page 4

 
OPEN PALM FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
31 August
2024
2022
£
£


Trade debtors
-
11,107

Other debtors
1,941
600,949

1,941
612,056



6.


Cash and cash equivalents

29 February
31 August
2024
2022
£
£

Cash at bank and in hand
8,639
9,181

8,639
9,181



7.


Creditors: Amounts falling due within one year

29 February
31 August
2024
2022
£
£

Trade creditors
4,200
1,041

Other creditors
3,174,684
3,170,889

Accruals and deferred income
3,000
7,175

3,181,884
3,179,105


Page 5

 
OPEN PALM FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

8.


Related party transactions

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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