REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Period 24 August 2022 to 31 August 2023 |
for |
Precise Films Ltd |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Period 24 August 2022 to 31 August 2023 |
for |
Precise Films Ltd |
Precise Films Ltd (Registered number: 14314446) |
Contents of the Financial Statements |
for the Period 24 August 2022 to 31 August 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Precise Films Ltd |
Company Information |
for the Period 24 August 2022 to 31 August 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Precise Films Ltd (Registered number: 14314446) |
Report of the Director |
for the Period 24 August 2022 to 31 August 2023 |
The director presents his report with the financial statements of the company for the period 24 August 2022 to 31 August 2023. |
INCORPORATION |
The company was incorporated on 24 August 2022 . |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year was that of motion picture production. |
DIRECTORS |
The directors who have held office during the period from 24 August 2022 to the date of this report are as follows: |
The director who is eligible offers himself for election at the forthcoming first Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Precise Films Ltd (Registered number: 14314446) |
Income Statement |
for the Period 24 August 2022 to 31 August 2023 |
£ |
TURNOVER |
Administrative expenses |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) |
Tax on loss |
LOSS FOR THE FINANCIAL PERIOD |
( |
) |
Precise Films Ltd (Registered number: 14314446) |
Balance Sheet |
31 August 2023 |
Notes | £ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Precise Films Ltd (Registered number: 14314446) |
Notes to the Financial Statements |
for the Period 24 August 2022 to 31 August 2023 |
1. | STATUTORY INFORMATION |
Precise Films Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Stocks and work in progress |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Production costs incurred during the period are recognised as work in progress on the balance sheet until the film is delivered to the commissioning distributor. |
Upon delivery of the film, it is acquired by the commissioning distributor and the production costs are then charged to the profit and loss account as cost of sales. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Precise Films Ltd (Registered number: 14314446) |
Notes to the Financial Statements - continued |
for the Period 24 August 2022 to 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is derived from a contract with the commissioning distributor and is recognised upon final delivery of the commissioned film. Final delivery is the point at which the film is available for theatrical release. |
Film tax credits due are recognised within other operating income. These are received as credits against eligible expenses incurred on the production of the film. |
Principal activity |
The principal activity of the company in the year was that of motion picture production. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | STOCKS |
£ |
Work-in-progress |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
Accruals and deferred income |
7. | ULTIMATE CONTROLLING PARTY |
The director, L D Kalgutkar is the ultimate controlling party owing to his majority shareholding. |