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Registered number: 14798501










OCEAN MEDIA PRODUCTION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2024

 
OCEAN MEDIA PRODUCTION LIMITED
REGISTERED NUMBER: 14798501

BALANCE SHEET
AS AT 30 APRIL 2024

2024
£

  

Current assets
  

Stocks
  
1,435,977

Debtors: amounts falling due within one year
  
22,097

Cash at bank and in hand
  
142,871

  
1,600,945

Creditors: amounts falling due within one year
  
(1,606,555)

Net current (liabilities)/assets
  
 
 
(5,610)

Total assets less current liabilities
  
(5,610)

  

Net (liabilities)/assets
  
(5,610)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(5,710)

  
(5,610)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



T Sian
Director

Date: 7 April 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
OCEAN MEDIA PRODUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

The principal activity for the period was motion picture production.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Revenue Recognition

Revenue is derived from a contract with the commissioning distributor and its recognised upon final delivery of the commissioned film. Final delivery is the point at which the film is available for theatrical release.
Film tax credits due are recognised within other operating income. These are received as credit against eligible expenditure incurred on the production of the film.

  
2.3

Stock and Work in progress

Production costs incurred during the period are recognised as work in progress on the balance sheet until the film is delivered to the commissioning distributor.
Upon delivery of the film, it is acquired by the commissioning distributor and the production costs are then charged to the profit and loss account as cost of sales.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 2

 
OCEAN MEDIA PRODUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration.


4.


Stock and work in progress

2024
£

Production costs
1,435,977

1,435,977



5.


Debtors

2024
£


Other debtors
22,097

22,097



6.


Cash and cash equivalents

2024
£

Cash at bank and in hand
142,871

142,871



7.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
914,013

Other creditors
673,542

Accruals
19,000

1,606,555


Page 3

 
OCEAN MEDIA PRODUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1 each
100





Page 4