Company Registration No. 13313254 (England and Wales)
Moonage Pictures (Project IV) Limited
Financial statements
for the period ended 31 August 2024
Pages for filing with the registrar
Moonage Pictures (Project IV) Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Moonage Pictures (Project IV) Limited
Statement of financial position
As at 31 August 2024
1
31 August
2 October
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
77,297
2,415,597
Cash at bank and in hand
26,223
271,861
103,520
2,687,458
Creditors: amounts falling due within one year
6
(103,519)
(2,687,457)
Net current assets
1
1
Capital and reserves
Called up share capital
1
1

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
Frith Tiplady
Director
Company Registration No. 13313254 (England and Wales)
Moonage Pictures (Project IV) Limited
Statement of changes in equity
For the period ended 31 August 2024
2
Share capital
£
Balance at 3 October 2022
1
Year ended 2 October 2023:
Profit and total comprehensive income
-
Balance at 2 October 2023
1
Period ended 31 August 2024:
Profit and total comprehensive income
-
Balance at 31 August 2024
1
Moonage Pictures (Project IV) Limited
Notes to the financial statements
For the period ended 31 August 2024
3
1
Accounting policies
Company information

Moonage Pictures (Project IV) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 39 Long Acre, Covent Garden, London, WC2E 9LG.

1.1
Reporting period

The reporting period has been shortened to cover the 11 month period from 3 October 2023 to 31 August 2024 to align with the stage of production. The prior period of accounts covered the 12 month period from 3 October 2022 to 02 October 2023 and therefore are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Moonage Pictures Limited. These consolidated financial statements are available from its registered office, 39 Long Acre, London, England, WC2E 9LG.

Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 31 August 2024
1
Accounting policies (continued)
4
1.3
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

 

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 31 August 2024
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax credit represents the sum of the tax currently recoverable and deferred tax.

Current tax

The tax currently receivable is based on relievable losses arising as the result of high-end television tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying production expenditure and exclude items of income or expense that are deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 31 August 2024
1
Accounting policies (continued)
6
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the period in which the transactions were incurred . At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The key accounting estimate within the financial statements for this company is the valuation of the high-end TV tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 31 August 2024
7
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Period ended
Year ended
31 August
2 October
2024
2023
Number
Number
Total
-
0
34
4
Taxation
Period ended
Year ended
31 August
2 October
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(77,239)
(2,064,975)

The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

Period ended
Year ended
31 August
2 October
2024
2023
£
£
Loss before taxation
(77,239)
(2,064,975)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.04%)
(19,310)
(455,120)
Enhanced losses arising from the HETV tax credit
(72,758)
(1,804,959)
Difference between the rate of corporation tax and the rate of relief under the HETV tax credit
-
0
(244,493)
Losses carried forward
14,829
439,597
Taxation credit for the period
(77,239)
(2,064,975)
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 31 August 2024
8
5
Debtors
31 August
2 October
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
77,239
2,064,975
Amounts owed by parent undertaking
1
1
Other debtors
57
350,621
77,297
2,415,597
6
Creditors: amounts falling due within one year
31 August
2 October
2024
2023
£
£
Trade creditors
340
252,072
Other creditors
103,179
2,435,385
103,519
2,687,457
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Isla MacGillivray
Statutory Auditors:
Saffery LLP
Date of audit report:
24 March 2025
8
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a 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.

9
Parent company

The company's immediate parent undertaking is Moonage Pictures Limited, a company registered in England and Wales.

 

The ultimate controlling parties are considered to be William Gould and Matthew Read by virtue of their shareholding.

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