Common People Films Limited
Unaudited Financial Statements
For the year ended 31 August 2024
Pages for Filing with Registrar
Company Registration No. 10911884 (England and Wales)
Common People Films Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Common People Films Limited
Balance Sheet
As at 31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
59,370
13,455
Current assets
Debtors
4
779,790
437,059
Cash at bank and in hand
176,764
128,543
956,554
565,602
Creditors: amounts falling due within one year
5
(864,575)
(454,387)
Net current assets
91,979
111,215
Total assets less current liabilities
151,349
124,670
Creditors: amounts falling due after more than one year
6
(26,183)
(31,945)
Net assets
125,166
92,725
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
125,066
92,625
Total equity
125,166
92,725
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Common People Films Limited
Balance Sheet (Continued)
As at 31 August 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
A Roberts
Director
Company Registration No. 10911884
Common People Films Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 3
1
Accounting policies
Company information
Common People Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Kenbury Street, London, England, SE5 9BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directortrues have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised in respect of productions from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which the shoot commences. No profit element is recognised until the company is able to estimate the profit of the production reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the period of the lease
Fixtures and fittings
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Common People Films Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 4
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Common People Films Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 5
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
3
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
23,898
23,898
Additions
35,728
21,437
57,165
At 31 August 2024
35,728
45,335
81,063
Depreciation and impairment
At 1 September 2023
10,443
10,443
Depreciation charged in the year
2,977
8,273
11,250
At 31 August 2024
2,977
18,716
21,693
Carrying amount
At 31 August 2024
32,751
26,619
59,370
At 31 August 2023
13,455
13,455
Common People Films Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 6
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
275,225
251,310
Other debtors
219,417
183,108
Prepayments and accrued income
285,148
2,641
779,790
437,059
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,555
5,555
Trade creditors
491,764
166,208
Corporation tax
65,845
73,101
Other taxation and social security
63,306
60,761
Other creditors
7,274
18,602
Accruals and deferred income
230,831
130,160
864,575
454,387
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,183
31,945
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Common People Films Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 7
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
66,688
9
Related party transactions
Dividends totalling £173,100 (2023: £105,000) were paid to the directors in the year.
At the balance sheet date £186,300 (2023: £175,797) was due from the directors of the company. Interest of £4,727 (2023: £3,291) has been charged on these advances. The advances are to be repaid in full by May 2025.
10
Ultimate controlling party
There is no ultimate controlling party.