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COMPANY REGISTRATION NUMBER: 15734209
The Fates Limited
Filleted Unaudited Accounts
31 October 2024
The Fates Limited
Statement of Financial Position
31 October 2024
31 Oct 24
Note
£
Current assets
Debtors
5
1,749,879
Cash at bank and in hand
414,367
------------
2,164,246
Creditors: amounts falling due within one year
6
( 2,164,146)
------------
Net current assets
100
----
Total assets less current liabilities
100
----
Net assets
100
----
Capital and reserves
Called up share capital
7
100
----
Shareholders funds
100
----
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 31 October 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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 ;
- The director acknowledges his 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 17 February 2025 , and are signed on behalf of the board by:
M Stylianides
Director
Company registration number: 15734209
The Fates Limited
Notes to the Accounts
Period from 22 May 2024 to 31 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 C/O Farrow Accounting & Tax Limited, Unit T13 Tideway Yard, 125 Mortlake High Street, London, SW14 8SN, England.
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.
Comparatives
The accounts cover the period from incorporation through to 31 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 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 "G'wed - Series 2". 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 "G'wed - Series 2". 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
31 Oct 24
£
Trade debtors
7,093
Prepayments and accrued income
1,278,407
VAT recoverable
106,322
Corporation tax recoverable
358,057
------------
1,749,879
------------
6. Creditors: amounts falling due within one year
31 Oct 24
£
Trade creditors
46,626
Accruals and deferred income
12,000
Social security and other taxes
5,000
Production loan
2,099,969
Other creditors
551
------------
2,164,146
------------
The loan has been secured against the anticipated future license fee and high-end television tax credit.
7. Called up share capital
Issued, called up and fully paid
31 Oct 24
No.
£
Ordinary shares of £ 1 each
100
100
----
----
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: Coutts & Company
9. Related party transactions
All transactions related to the production of the television series entitled "G'wed" and arose on an arm's-length basis through the normal course of business. 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 transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10. Controlling party
The immediate parent undertaking is Golden Path Productions Limited , a company incorporated in England and Wales. The ultimate controlling party is the director, M Stylianides .