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COMPANY REGISTRATION NUMBER: 13273197
Akiko Films Limited
Filleted Unaudited Financial Statements
31 March 2024
Akiko Films Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Stocks
2,746,843
Debtors
4
15,930
19,901
Cash at bank and in hand
26,758
404,427
--------
------------
42,688
3,171,171
Creditors: amounts falling due within one year
5
3,000
2,777,589
--------
------------
Net current assets
39,688
393,582
--------
---------
Total assets less current liabilities
39,688
393,582
--------
---------
Net assets
39,688
393,582
--------
---------
Capital and reserves
Profit and loss account
39,688
393,582
--------
---------
Shareholders funds
39,688
393,582
--------
---------
These financial statements 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Ms Gabrielle Tana
Director
Company registration number: 13273197
Akiko Films Limited
Notes to the Financial Statements
Year ended 31 March 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 99 Kenton Road, Harrow, Middlesex, HA3 0AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Stocks
Work in progress relates to direct production costs incurred on productions not completed at the balance sheet date. The costs are recorded at the lower of costs and net realisable value, and are net of Value Added Tax. When the production is complete and delivered, work in progress is expensed in the period.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Debtors
2024
2023
£
£
Other debtors
15,930
19,901
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,514
Social security and other taxes
1,730
Other creditors
3,000
2,757,345
-------
------------
3,000
2,777,589
-------
------------
6. Contingencies
The company received financing for the production of the film. The financing plus a premium is repayable to the financiers, but such amount is only payable when sufficient income is generated from the exploitation of the film.
7. Related party transactions
During the year, the company repaid £136,282 (2023: £156,620) to Magnolia Mae Films Limited (MMFL), a company also controlled by Ms. Gabrielle Tana. The company also received distribution income from the exploitation of the film Cottontail of which £15,927 was paid to MMFL. The balance due to MMFL, £118,353, was treated as income in the year, and £Nil (2023: £270,562) is due at the year-end.
8. Controlling party
The company was under the control of Ms. Gabrielle Tana throughout the period. Ms. Tana is the managing director and majority shareholder.