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Company No: 08746809 (England and Wales)

WAREHOUSE 51 PRODUCTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WAREHOUSE 51 PRODUCTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WAREHOUSE 51 PRODUCTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
WAREHOUSE 51 PRODUCTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
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
WAREHOUSE 51 PRODUCTIONS LIMITED

BALANCE SHEET

As at 31 March 2024
WAREHOUSE 51 PRODUCTIONS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 593,520 657,852
593,520 657,852
Current assets
Debtors 4 196,357 192,639
Cash at bank and in hand 2,745 2,574
199,102 195,213
Creditors: amounts falling due within one year 5 ( 2,207,183) ( 2,156,023)
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 ( 52,500) ( 82,500)
Provision for liabilities 0 ( 2,321)
Net liabilities ( 1,467,061) ( 1,387,779)
Capital and reserves
Called-up share capital 7 500,000 500,000
Profit and loss account ( 1,967,061 ) ( 1,887,779 )
Total shareholder's deficit ( 1,467,061) ( 1,387,779)

For the financial 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 financial statements of Warehouse 51 Productions Limited (registered number: 08746809) were approved and authorised for issue by the Director on 10 January 2025. They were signed on its behalf by:

C V Hall
Director
WAREHOUSE 51 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WAREHOUSE 51 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover represents amounts receivable for production services net of VAT. Production fees are recognised as turnover when the film is available for delivery, except for films being produced on behalf of third parties, where income is recognised as costs are incurred.

Taxation

Current tax
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.

Financial instruments

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.

Intangible fixed assets - goodwill

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 fixed assets other than goodwill

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.

Impairment of fixed assets

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).

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Judgements and key sources of estimation uncertainty

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2023 365,795 1,277,428 1,643,223
Additions 0 456 456
At 31 March 2024 365,795 1,277,884 1,643,679
Accumulated amortisation
At 01 April 2023 170,865 814,506 985,371
Charge for the financial year 18,290 46,500 64,790
At 31 March 2024 189,154 861,005 1,050,159
Net book value
At 31 March 2024 176,641 416,879 593,520
At 31 March 2023 194,930 462,922 657,852

4. Debtors

2024 2023
£ £
Trade debtors 5,186 5,401
Other debtors 191,171 187,238
196,357 192,639

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 30,000 30,000
Trade creditors 25,693 16,586
Other taxation and social security 283 134
Other creditors 2,151,207 2,109,303
2,207,183 2,156,023

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 52,500 82,500

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500,000 Ordinary shares of £ 1.00 each 500,000 500,000

8. Related party transactions

At the balance sheet date the amount due to the director was £2,023,257 (2023 - £2,029,567).