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COMPANY REGISTRATION NUMBER: 02259408
SHARPE FILM LIMITED
Filleted Unaudited Financial Statements
29 April 2024
SHARPE FILM LIMITED
Statement of Financial Position
29 April 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
180
Cash at bank and in hand
15,672
9,135
--------
-------
15,672
9,315
Creditors: amounts falling due within one year
6
21,029
16,249
--------
--------
Net current liabilities
5,357
6,934
-------
-------
Total assets less current liabilities
( 5,357)
( 6,934)
-------
-------
Net liabilities
( 5,357)
( 6,934)
-------
-------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 6,357)
( 7,934)
-------
-------
Shareholders deficit
( 5,357)
( 6,934)
-------
-------
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 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 January 2025 , and are signed on behalf of the board by:
S.J. Sutherland
Director
Company registration number: 02259408
SHARPE FILM LIMITED
Notes to the Financial Statements
Year ended 29 April 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 14 Stratford Road, London, W8 6QD.
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
The turnover shown in the profit and loss represents all film production income during the year, exclusive of value added tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Equipment
Total
£
£
Cost
At 30 April 2023 and 29 April 2024
3,895
3,895
-------
-------
Depreciation
At 30 April 2023 and 29 April 2024
3,895
3,895
-------
-------
Carrying amount
At 29 April 2024
-------
-------
At 29 April 2023
-------
-------
5. Debtors
2024
2023
£
£
Other debtors
180
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
613
Corporation tax
190
Social security and other taxes
5,275
389
Amounts owed to associated undertakings
7,865
7,548
Other creditors
7,699
7,699
--------
--------
21,029
16,249
--------
--------
Other creditors include director's loan of £6,389 (2023: £6,389). The loan is unsecured, interest free and repayable on demand.
7. Related party transactions
During the year ended 29th April 2024. Sharpe Film Limited paid distribution expenses of £84,654 to related parties. The related parties include Celtic Films Entertainment Limited, in which Mr S J Sutherland and Mrs M Sutherland are directors, and Picture Palace Films Limited in which Mrs R L Glaister is a director. RELATED PARTIES Picture Celtic Films Palace Entertainment Films Ltd Ltd £ £ Distribution Payments re Sharpe Series 42,327 (2023: 28,667) 42,327 (2023: 28,667) As at the year end, there was an amount of £1,516 (2023: £1,200) owed to Celtic Films Entertainment Limited. The balance due is unsecured, interest free and repayable on demand.