Registration number:
Riff Raff Entertainment Limited
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Riff Raff Entertainment Limited
Contents
Company Information |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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 |
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Accountants |
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Riff Raff Entertainment Limited
Statement of Financial Position
as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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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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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
138 |
128 |
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Share premium reserve |
1,307,221 |
878,981 |
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Retained earnings |
(801,537) |
(510,551) |
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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:
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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’.
Approved and authorised by the
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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 |
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At 1 July 2023 |
- |
- |
( |
( |
Loss for the year |
- |
- |
( |
( |
New share capital subscribed |
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- |
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At 30 June 2024 |
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( |
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 April 2022 |
- |
- |
( |
( |
Loss for the year |
- |
- |
( |
( |
New share capital subscribed |
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- |
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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
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 development and production of films and TV 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.
Disclosure of long or short period
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
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Riff Raff Entertainment Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024
Loss before tax |
Arrived at after charging/(crediting)
Year to |
1 April 2022 |
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Depreciation expense |
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Foreign currency gains/(losses) |
4,283 |
(1,435) |
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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- |
Debtors |
2024 |
2023 |
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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
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
1,800 |
- |
Taxation and social security |
16,909 |
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Other creditors |
139,911 |
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158,620 |
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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).