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COMPANY REGISTRATION NUMBER: 08637191
Magnolia Mae Films Limited
Filleted Unaudited Financial Statements
30 August 2024
Magnolia Mae Films Limited
Statement of Financial Position
30 August 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
5
5
Current assets
Stocks
1,248,802
1,277,450
Debtors
6
1,611,461
1,575,872
Cash at bank and in hand
11,569
93,296
------------
------------
2,871,832
2,946,618
Creditors: amounts falling due within one year
7
1,373,990
1,226,600
------------
------------
Net current assets
1,497,842
1,720,018
------------
------------
Total assets less current liabilities
1,497,847
1,720,023
------------
------------
Net assets
1,497,847
1,720,023
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,497,846
1,720,022
------------
------------
Shareholders funds
1,497,847
1,720,023
------------
------------
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 30 August 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Magnolia Mae Films Limited
Statement of Financial Position (continued)
30 August 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Ms Gabrielle Tana
Director
Company registration number: 08637191
Magnolia Mae Films Limited
Notes to the Financial Statements
Year ended 30 August 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stocks is work in progress and represents development costs of potential film/television productions. The costs are recorded at the lower of cost and net realisable value and are net of Value Added Tax.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investments
Shares in group undertakings
£
Cost
At 31 August 2023 and 30 August 2024
5
----
Impairment
At 31 August 2023 and 30 August 2024
----
Carrying amount
At 30 August 2024
5
----
At 30 August 2023
5
----
6. Debtors
2024
2023
£
£
Trade debtors
895,863
860,244
Other debtors
715,598
715,628
------------
------------
1,611,461
1,575,872
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,058
22,058
Other creditors
1,351,932
1,204,542
------------
------------
1,373,990
1,226,600
------------
------------
8. Director's advances, credits and guarantees
During the period various expenses were paid on behalf of Ms. Gabrielle Tana. Ms Tana also made various deposits in the company. The balance due to Ms Tana at the year-end amounted to £80,282 (2023 - £28,892).
9. Related party transactions
The company was under the control of Ms. Gabrielle Tana throughout the current and previous year. During the period various expenses were paid on behalf of Polunin Limited and Akiko Films Limited, companies under the control of the director Ms. Tana. The balance due form Akiko FIlms Limited at the year-end amounted to £1,914. The company made various payments to and on behalf of Magnolia Mae Films LLC during the year. The balance due from Magnolia Mae Films LLC at the year-end amounted to £ 872,709 .
10. Controlling party
The ultimate parent company is Magnolia Mae Films LLC .