Company No:
Contents
DIRECTOR | C V Hall |
REGISTERED OFFICE | 22 Wycombe End |
Beaconsfield | |
Buckinghamshire | |
HP9 1NB | |
United Kingdom |
COMPANY NUMBER | 08746809 (England and Wales) |
ACCOUNTANT | Evelyn Partners (Thames Valley) Limited |
22 Wycombe End | |
Beaconsfield | |
Buckinghamshire | |
HP9 1NB |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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593,520 | 657,852 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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199,102 | 195,213 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (2,008,081) | (1,960,810) | ||
Total assets less current liabilities | (1,414,561) | (1,302,958) | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities |
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Warehouse 51 Productions Limited (registered number:
C V Hall
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Warehouse 51 Productions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Warehouse 51 Productions Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The company meets its day to day working capital requirements through a loan from its director, C V Hall, and it relies on his continued support. The director, having considered a future period of twelve months, considers it appropriate to prepare the financial statements on the going concern basis.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
***Basic financial assets***
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
***Basic financial liabilities***
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. which is 20 years.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Film production costs are capitalised as intangible fixed assets when the company holds the rights to the film. the costs of production can be reliably measured and there is an intention for future cash flows to be generated.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. The useful economic lives is based upon the expected revenues receivable from the distribution of television programme rights. Where no economic inflows yet arise from the intangible fixed assets, no amortisation has been provided.
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
***Key sources of estimation uncertainty***
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
***Amortisation and impairment of film production costs***
The company capitalises film production costs when it holds the rights to the film. The production costs are then amortised based on contracted revenue and budgeted revenue. An element of the future cash flows related to the film productions are therefore estimated. Budgeted revenue is estimated by the director based on the revenue already agreed and current market conditions. If the budgeted revenue is not realised as expected, the production costs will require impairment in future reporting periods. Note 3 shows the current net book value of the production costs.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Goodwill | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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At the balance sheet date the amount due to the director was £2,023,257 (2023 - £2,029,567).