0
6 February 2025
false
false
false
false
false
false
false
false
false
false
true
true
false
false
false
false
true
No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
13903994
2023-06-01
2024-05-31
13903994
2024-05-31
13903994
2023-05-31
13903994
2022-02-09
2023-05-31
13903994
2023-05-31
13903994
2022-02-08
13903994
bus:Director3
2023-06-01
2024-05-31
13903994
core:WithinOneYear
2024-05-31
13903994
core:WithinOneYear
2023-05-31
13903994
core:ShareCapital
2024-05-31
13903994
core:ShareCapital
2023-05-31
13903994
core:RetainedEarningsAccumulatedLosses
2024-05-31
13903994
core:RetainedEarningsAccumulatedLosses
2023-05-31
13903994
bus:SmallEntities
2023-06-01
2024-05-31
13903994
bus:Audited
2023-06-01
2024-05-31
13903994
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
13903994
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
13903994
bus:FullAccounts
2023-06-01
2024-05-31
13903994
core:ParentEntities
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
13903994
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 May 2024
Current assets
Stocks |
162,215 |
– |
Debtors |
5 |
205,124 |
654,430 |
Cash at bank and in hand |
10,144 |
259,695 |
|
--------- |
--------- |
|
377,483 |
914,125 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
379,803) |
(
915,139) |
|
--------- |
--------- |
Net current liabilities |
(
2,320) |
(
1,014) |
|
------- |
------- |
Total assets less current liabilities |
(
2,320) |
(
1,014) |
|
------- |
------- |
Net liabilities |
(
2,320) |
(
1,014) |
|
------- |
------- |
|
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
(
2,322) |
(
1,016) |
|
------- |
------- |
Shareholders deficit |
(
2,320) |
(
1,014) |
|
------- |
------- |
|
|
|
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 comprehensive income has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
6 February 2025
, and are signed on behalf of the board by:
Company registration number:
13903994
Notes to the Financial Statements |
|
Year ended 31 May 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 Bankstock Building 2nd Floor, 42-44 De Beauvoir Crescent, London, N1 5SB, United Kingdom.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Comparatives
The accounts cover the period from 01 June 2023 to 31 May 2024. The comparatives cover the period from 09 February 2022 to 31 May 2023.
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 and estimates to complete. 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 "Pile Up". 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stock represents deferred production costs which are yet to be realised. Production costs are recognised in the profit and loss account as soon as the related production revenue is recognised.
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.
4.
Employees
The company has been incorporated to produce a high-end television series entitled "Pile Up". 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.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Prepayments and accrued income |
204,159 |
227,050 |
VAT Recoverable |
859 |
90,673 |
Corporation Tax Recoverable |
– |
324,345 |
Other debtors |
106 |
12,362 |
|
--------- |
--------- |
|
205,124 |
654,430 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
– |
607,653 |
Amounts owed to group undertakings |
372,304 |
275,844 |
Accruals and deferred income |
7,499 |
19,681 |
Social security and other taxes |
– |
7,277 |
Other creditors |
– |
4,684 |
|
--------- |
--------- |
|
379,803 |
915,139 |
|
--------- |
--------- |
|
|
|
Amounts owed to group undertakings have been secured against the anticipated future high-end television tax credit.
7.
Summary audit opinion
The auditor's report dated
6 February 2025
was
unqualified
.
The senior statutory auditor was
Stephen Joberns
, for and on behalf of
Shipleys LLP
.
8.
Related party transactions
The Company has taken advantage of the exemption, under the terms of FRS 102 Paragraph 33.1A, not to disclose related party transactions with wholly owned subsidiaries within the group. During the period all related party transactions that took place related to the production of the television series entitled "Pile Up" and arose on an arm's length basis through the normal course of business. As such, no further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A. Rockpool (Security Trustee Limited) has a fixed and floating charge over all the property or undertaking of the Company.
9.
Controlling party
In the opinion of the directors the immediate parent undertaking is
Blink Entertainment Limited
, a company incorporated in England and Wales. The smallest group in which the results of the Company are consolidated is Tin Roof Media Limited
for which the financial statements are publicly available and can be obtained from Charles Ogilvie, Bankstock Building 42-44 De Beauvoir Crescent, 2nd Floor, London, England, N1 5SB.