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Registration number: 10956747

Riff Raff Entertainment Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Riff Raff Entertainment Limited

Contents

Company Information

1

Statement of Financial Position

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Riff Raff Entertainment Limited

Company Information

Directors

Mr A J Glencross

Mr S G Fuss

Mr D J Law

Mr B J Jackson

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Riff Raff Entertainment Limited

Statement of Financial Position
as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,415

2,419

Current assets

 

Stocks

6

122,568

-

Debtors

7

143,761

32,310

Cash at bank and in hand

 

395,698

412,121

 

662,027

444,431

Creditors: Amounts falling due within one year

8

(158,620)

(78,292)

Net current assets

 

503,407

366,139

Net assets

 

505,822

368,558

Capital and reserves

 

Called up share capital

138

128

Share premium reserve

1,307,221

878,981

Retained earnings

(801,537)

(510,551)

Shareholders' funds

 

505,822

368,558

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................

Mr D J Law

Director

Company registration number: 10956747

 

Riff Raff Entertainment Limited

Statement of Changes in Equity
for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2023

-

-

(510,551)

(510,551)

Loss for the year

-

-

(290,986)

(290,986)

New share capital subscribed

138

1,307,221

-

1,307,359

At 30 June 2024

138

1,307,221

(801,537)

505,822

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

-

-

(31,456)

(31,456)

Loss for the year

-

-

(479,095)

(479,095)

New share capital subscribed

128

878,981

-

879,109

At 30 June 2023

128

878,981

(510,551)

368,558

 

Riff Raff Entertainment Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the development and production of films and TV programmes.

2

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.

Disclosure of long or short period

The financial statements are prepared for the year ended 30 June 2024. The comparatives relate to the period from 1 April 2022 to 30 June 2023.

Going concern

The company had net assets at 30 June 2024 amounting to £505,822 including cash at bank of £395,698. The directors closely monitor working capital requirements and consider the company cash reserves to be adequate compared with projected annual spend.

The directors have considered the on-going effect of the current economic conditions and it is their view that any impact on the company remains manageable.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Riff Raff Entertainment Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of film and TV programs in the ordinary course of the company's activities net of value added tax.

Turnover derived under development contracts is recognised in the period in which all contractual conditions have been met.

Turnover for production services is recognised in the period where the services are provided or at the date the company becomes entitled to the income in accordance with the service contract.

Income contributions from third parties in respect of "first look" arrangements are recognised to the extent that the development expenditure has been incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment
 

25% straight line

 

Riff Raff Entertainment Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Work in progress

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises development expenditure and directly associated overheads. At each
reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount
is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in
profit or loss.

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.

Share premium represents the amount received by the company for shares purchased in excess of their nominal value, net of transaction costs.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 4).

 

Riff Raff Entertainment Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

4

Loss before tax

Arrived at after charging/(crediting)

Year to
30 June 2024
£

1 April 2022
to
30 June 2023
£

Depreciation expense

1,172

1,722

Foreign currency gains/(losses)

4,283

(1,435)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

5,926

5,926

Additions

1,166

1,166

At 30 June 2024

7,092

7,092

Depreciation

At 1 July 2023

3,506

3,506

Charge for the year

1,171

1,171

At 30 June 2024

4,677

4,677

Carrying amount

At 30 June 2024

2,415

2,415

At 30 June 2023

2,419

2,419

6

Stocks

2024
£

2023
£

Work in progress

122,568

-

7

Debtors

2024
£

2023
£

Other debtors

143,761

32,310

143,761

32,310

 

Riff Raff Entertainment Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

1,800

-

Taxation and social security

16,909

15,803

Other creditors

139,911

62,489

158,620

78,292

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £6,112 (2023; £42,232).