Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false2Motion picture production activitiestrue2023-07-012falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14194289 2023-07-01 2024-06-30 14194289 2022-06-24 2023-06-30 14194289 2024-06-30 14194289 2023-06-30 14194289 c:Director2 2023-07-01 2024-06-30 14194289 d:CurrentFinancialInstruments 2024-06-30 14194289 d:CurrentFinancialInstruments 2023-06-30 14194289 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 14194289 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 14194289 d:ShareCapital 2024-06-30 14194289 d:ShareCapital 2023-06-30 14194289 d:RetainedEarningsAccumulatedLosses 2024-06-30 14194289 d:RetainedEarningsAccumulatedLosses 2023-06-30 14194289 c:OrdinaryShareClass1 2023-07-01 2024-06-30 14194289 c:OrdinaryShareClass1 2024-06-30 14194289 c:FRS102 2023-07-01 2024-06-30 14194289 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 14194289 c:FullAccounts 2023-07-01 2024-06-30 14194289 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14194289 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14194289














ITHACA FILMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
ITHACA FILMS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
ITHACA FILMS LIMITED
REGISTERED NUMBER:14194289

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
144,233
113,243

Cash at band and in hand
  
45,704
12,102

  
189,937
125,345

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(892,804)
(410,281)

Net current liabilities
  
 
 
(702,867)
 
 
(284,936)

  

Net liabilities
  
(702,867)
(284,936)


Capital and reserves
  

Called up share capital 
 6 
1
1

Profit and loss account
  
(702,868)
(284,937)

  
(702,867)
(284,936)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.




U Pasolini Dall'onda
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
ITHACA FILMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Ithaca Films Limited is a private limited liability company registered in England and Wales. Its registered office address and business address is at 36 Chepstow Place, London, W2 4TA.
The principal activity of the company is that of film production.
The company's functional and presentational currency is £ sterling

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss in the period and has net current liabilities and net liabilities at the reporting date. The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the shareholder. The directors are satisfied that suitable facilities will continue to be made available for at least twelve months from the date of approval of these financial statements and that the Company will be able to meet its working capital requirements for the foreseeable future.

 
2.3

Foreign currency translation

Foreign currency translations are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end, foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non - monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period- end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.4

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax.
Where the company has incomplete productions at the period end, income and expenditure for these productions are recognised so that it reflects the partial performance of the company's contractual obligations. For such productions the amount of revenue reflects the value of work performed.
Income in respect of the exploitation of rights is recognised in accordance with the terms of the agreements.

Page 2

 
ITHACA FILMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


  
2.7

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, and cash and cash equivalents and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transactions costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors, other debtors and loans to related parties.
Cash and cash equivalents are represented by cash balances and call deposits.


3.


Employees



The average monthly number of employees, including directors, during the period was 2 (2023 - 2).

Page 3

 
ITHACA FILMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Debtors

2024
2023
£
£


Other debtors
685
106,578

Prepayments and accrued income
143,548
6,665

144,233
113,243



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
837,931
-

Trade creditors
586
714

Amounts owed to group undertakings
50,000
-

Accruals and deferred income
4,287
409,567

892,804
410,281


The other loans are secured on a tax rebate which is received after date and repays the loan in full. 


6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



7.


Controlling party

The immediate and ultimate parent undertaking is Redwave Films (UK) Limited, a company registered in England and Wales. It's registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD.

 
Page 4