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No description of principal activity
2023-11-03
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
15257522
2023-11-03
2024-10-04
15257522
2024-10-04
15257522
2023-11-02
15257522
bus:Director3
2023-11-03
2024-10-04
15257522
core:WithinOneYear
2024-10-04
15257522
core:UKTax
2023-11-03
2024-10-04
15257522
core:ShareCapital
2024-10-04
15257522
bus:SmallEntities
2023-11-03
2024-10-04
15257522
bus:AuditExemptWithAccountantsReport
2023-11-03
2024-10-04
15257522
bus:SmallCompaniesRegimeForAccounts
2023-11-03
2024-10-04
15257522
bus:PrivateLimitedCompanyLtd
2023-11-03
2024-10-04
15257522
bus:FullAccounts
2023-11-03
2024-10-04
COMPANY REGISTRATION NUMBER:
15257522
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
4 October 2024
Current assets
Debtors |
6 |
3,214,952 |
Cash at bank and in hand |
1,841,046 |
|
------------ |
|
5,055,998 |
|
|
|
Creditors: amounts falling due within one year |
7 |
(
5,055,997) |
|
------------ |
Net current assets |
1 |
|
---- |
Total assets less current liabilities |
1 |
|
---- |
Net assets |
1 |
|
---- |
|
|
|
Capital and reserves
Called up share capital |
1 |
|
---- |
Shareholders funds |
1 |
|
---- |
|
|
These accounts 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 comprehensive income has not been delivered.
For the period ending 4 October 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 accounts for the period 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 accounts
.
These accounts were approved by the
board of directors
and authorised for issue on
5 February 2025
, and are signed on behalf of the board by:
Company registration number:
15257522
Period from 3 November 2023 to 4 October 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 37 Gilbert South Street, Park Hill, Sheffield, S2 5QY, United Kingdom.
2.
Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business - The impact on the ability of our suppliers to meet our needs - The impact of our staff's ability to perform their duties - The impact on our cash position of a period of minimum activity A detailed budget and cashflow have been prepared for the production and delivery of the television series. Funds to meet the cashflow requirements are contractually in place and the production is expected to be completed within the secured finance with delivery expected in the forthcoming period. After considering all factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Comparatives
The accounts cover the period from incorporation through to 4 October 2024, hence there are no comparative figures.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Revenue recognition
Turnover relates to the production of the television series entitled "Adolescence". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Financial instruments
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 entity after deducting all of its financial liabilities. 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 future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4.
Employees
The company has been incorporated to produce a high-end television series entitled "Adolescence". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Tax on loss
Major components of tax income
|
Period from |
|
3 Nov 23 to |
|
4 Oct 24 |
|
£ |
|
|
Current tax:
UK current tax income |
(
2,455,068) |
|
------------ |
Tax on loss |
(
2,455,068) |
|
------------ |
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the
standard rate of corporation tax in the UK
of
19
%.
|
Period from |
|
3 Nov 23 to |
|
4 Oct 24 |
|
£ |
Loss on ordinary activities before taxation |
(
2,455,068) |
|
------------ |
High-end television tax relief |
(2,455,068) |
|
------------ |
|
|
6.
Debtors
|
4 Oct 24 |
|
£ |
Trade debtors |
360 |
VAT recoverable |
744,780 |
Corporation tax recoverable |
2,455,068
|
Other debtors |
14,744 |
|
------------ |
|
3,214,952 |
|
------------ |
|
|
7.
Creditors:
amounts falling due within one year
|
4 Oct 24 |
|
£ |
Trade creditors |
90,274 |
Accruals and deferred income |
2,471,994 |
Production loan |
2,455,068 |
Other creditors |
38,661 |
|
------------ |
|
5,055,997 |
|
------------ |
|
|
The loan has been secured against the anticipated future high-end television tax credit.
8.
Contingent liabilities
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Netflix Worldwide Entertainment LLC
9.
Related party transactions
The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10.
Controlling party
In the opinion of the directors the parent undertaking and controlling party is
Warp Films Limited
, a company incorporated in England and Wales. The ultimate parent undertaking and controlling party is Park Hill Holdings Ltd, a company incorporated in England and Wales.