IRIS Accounts Production v24.3.0.553 14314446 director 24.8.22 31.8.23 31.8.23 0 false true false false true false 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh143144462022-08-23143144462023-08-31143144462022-08-242023-08-31143144462022-08-2314314446ns15:EnglandWales2022-08-242023-08-3114314446ns14:PoundSterling2022-08-242023-08-3114314446ns10:Director12022-08-242023-08-3114314446ns10:PrivateLimitedCompanyLtd2022-08-242023-08-3114314446ns10:SmallEntities2022-08-242023-08-3114314446ns10:AuditExempt-NoAccountantsReport2022-08-242023-08-3114314446ns10:SmallCompaniesRegimeForDirectorsReport2022-08-242023-08-3114314446ns10:SmallCompaniesRegimeForAccounts2022-08-242023-08-3114314446ns10:FullAccounts2022-08-242023-08-3114314446ns10:RegisteredOffice2022-08-242023-08-3114314446ns10:Director22022-08-242023-08-3114314446ns5:CurrentFinancialInstruments2023-08-3114314446ns5:ShareCapital2023-08-3114314446ns5:RetainedEarningsAccumulatedLosses2023-08-31
REGISTERED NUMBER: 14314446 (England and Wales)















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: L D Kalgutkar





REGISTERED OFFICE: 2 Communications Road
Greenham Business Park
Newbury
Berkshire
RG19 6AB





REGISTERED NUMBER: 14314446 (England and Wales)






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:

V K Gulwani - appointed 24 August 2022 - resigned 30 August 2023
L D Kalgutkar - appointed 30 August 2023

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:





L D Kalgutkar - Director


26 February 2025

Precise Films Ltd (Registered number: 14314446)

Income Statement
for the Period 24 August 2022 to 31 August 2023

£   

TURNOVER -

Administrative expenses 7,689
OPERATING LOSS and
LOSS BEFORE TAXATION (7,689 )

Tax on loss -
LOSS FOR THE FINANCIAL
PERIOD

(7,689

)

Precise Films Ltd (Registered number: 14314446)

Balance Sheet
31 August 2023

Notes £   
CURRENT ASSETS
Stocks 4 2,860,399
Debtors 5 10,133
Cash at bank 339
2,870,871
CREDITORS
Amounts falling due within one year 6 2,878,460
NET CURRENT LIABILITIES (7,589 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,589

)

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings (7,689 )
(7,589 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





L D Kalgutkar - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2,860,399

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 10,133

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 2,678,997
Other creditors 196,463
Accruals and deferred income 3,000
2,878,460

7. ULTIMATE CONTROLLING PARTY

The director, L D Kalgutkar is the ultimate controlling party owing to his majority shareholding.