Company No:
Contents
DIRECTORS | L P Marshall |
P H Marshall |
REGISTERED OFFICE | 56 Kingsdown Parade Kingsdown Parade |
Bristol | |
BS6 5UQ | |
United Kingdom |
COMPANY NUMBER | 03081973 (England and Wales) |
ACCOUNTANT | Evelyn Partners LLP |
Portwall Place | |
Portwall Lane | |
Bristol | |
BS1 6NA |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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84,296 | 163,567 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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2,275,175 | 2,578,089 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 1,837,681 | 2,008,740 | ||
Total assets less current liabilities | 1,921,977 | 2,172,307 | ||
Creditors: amounts falling due after more than one year | 6 |
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Provision for liabilities | 7 |
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Icon Films Limited (registered number:
L P Marshall
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Icon Films Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 56 Kingsdown, Bristol, England, BS6 5UQ.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Icon Films Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
Amounts receivable for work carried out in producing television programmes is recognised on the basis of the value of costs incurred related to the production activity. Gross profit on production activity is recognised based upon the stage of completion of the production and in accordance with the underlying contract. Overspends are recognised as soon as they arise and underspends are recognised on completion of the production.
Amounts receivable for distribution income are recognised when receivable.
Amounts receivable for royalty income are recognised when receivable, which is when the company has been notified of sums due to it.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
In May 2023 the vesting conditions attached to the company's share options were not met and therefore all options were cancelled.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Leasehold improvements | depreciated over the life of the lease |
Vehicles |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of the grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive income in the same period as the related expenditure.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 April 2023 |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||||||||
At 01 April 2023 |
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Charge for the financial year |
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Disposals |
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At 31 March 2024 |
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Net book value | |||||||||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Other loans |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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In 2023, management made a provision for property refurbishment commitments.
Other financial commitments
2024 | 2023 | ||
£ | £ | ||
Not later than 1 year | 153,516 | 153,516 | |
Later than 1 year and not later than 5 years | 307,032 | 460,548 | |
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At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods.
During the period, the Company paid dividends to its directors totalling £Nil (2023 - £4,000).
During the year, the Company paid £5,923 (2023 - £63,721) to daughters of the directors, with respect to employment services.
During the year, the Company made payments of £5,200 (2023 - £8,160) to a company under common control in respect of membership fees. At the year end, a balance of £Nil (2022 - £Nil) was owed.