Registration number:
Raid Production Ltd
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Raid Production Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Raid Production Ltd
Company Information
Director |
J J W Drake |
Registered office |
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Accountants |
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Raid Production Ltd
Statement of Financial Position as at 31 May 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(87,129) |
(71,286) |
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Shareholders' deficit |
(87,128) |
(71,285) |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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J J W Drake
Director
Company registration number:
Raid Production Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the production of television programmes.
Accounting policies |
Statement of compliance
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' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a loss for the year and had net liabilities at 31 May 2024 of £87,128. At that date an amount of £89,003 was due to group undertakings who have agreed to support the company and not call for repayment until such time as the company has adequate working capital.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of production services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises turnover from the production and distribution of television programmes based on the contractual stage of completion.
Raid Production Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company during the year, was
Raid Production Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Other borrowings |
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The Other borrowings are secured by fixed and floating charges over tax credits due to the company and future sums receivable in respect of an ongoing production.
Related party transactions |
In accordance with FRS 102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between wholly owned group undertakings.
Film and television rights |
At 31 May 2024 the company held rights to multiple ongoing revenue streams for completed film and television projects. The director believes that the net present value of associated future cash flows is £98,182. In accordance with accounting standards, this amount is not reflected on the Statement of Financial Position.