COMPANY REGISTRATION NUMBER:
12177734
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Current assets
Debtors |
5 |
– |
949,710 |
Cash at bank and in hand |
46,403 |
65,680 |
|
-------- |
------------ |
|
46,403 |
1,015,390 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
– |
2,668,921 |
|
-------- |
------------ |
Net current assets/(liabilities) |
46,403 |
(
1,653,531) |
|
-------- |
------------ |
Total assets less current liabilities |
46,404 |
(
1,653,530) |
|
|
|
|
Accruals and deferred income |
4,000 |
16,270 |
|
-------- |
------------ |
Net assets/(liabilities) |
42,404 |
(
1,669,800) |
|
-------- |
------------ |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
42,304 |
(
1,669,900) |
|
-------- |
------------ |
Shareholders funds/(deficit) |
42,404 |
(
1,669,800) |
|
-------- |
------------ |
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
6 March 2025
, and are signed on behalf of the board by:
Mr Christopher Curling |
Director |
|
Company registration number:
12177734
Notes to the Financial Statements |
|
Year ended 31 March 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 99 Kenton Road, Harrow, Middlesex, HA3 0AN.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable to the Company for the exploitation of the film, net of discounts and of Value Added Tax. 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. The Company had received equity (funding) from various parties which is only repayable from the exploitation revenue of the film "Daliland." The director's view is that it is unlikely that the film will generate further substantial income to repay the equity participators. Hence, the Company has recognised all the funding as income.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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 the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Intangible assets
|
Film asset |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
1 |
|
---- |
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
---- |
Carrying amount |
|
At 31 March 2024 |
1 |
|
---- |
At 31 March 2023 |
1 |
|
---- |
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
949,610 |
Other debtors |
– |
100 |
|
---- |
--------- |
|
– |
949,710 |
|
---- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
– |
2,668,921 |
|
---- |
------------ |
|
|
|