Registration number:
Three River Studios Limited
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Three River Studios Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Three River Studios Limited
Company Information
Directors |
J J W Drake S C Curran |
Company secretary |
E M Drake |
Registered office |
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Accountants |
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Three River Studios Limited
Statement of Financial Position as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Retained earnings |
103,288 |
133,995 |
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Shareholders' funds |
103,488 |
134,195 |
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.
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’.
Three River Studios Limited
Statement of Financial Position as at 31 May 2024
Approved and authorised by the
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J J W Drake
Director
Company registration number: 08544610
Three River Studios Limited
Notes to the 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 and distribution 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.
Group accounts not prepared
Going concern
The company made a profit for the year ended 31 May 2024 and had net assets at that date of £103,488.
The directors have considered the potential effect of the past writers' and actors' strikes and the directors' view is that the impact remains manageable. The company has a library of previous productions that the directors anticipate continuing to earn significant sums, and it continues to generate revenue from new work, entering significant new multi-series agreements. With the resources that the company has, together with the current actions being taken, the directors consider the company has sufficient working capital.
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.
Three River Studios Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, rebates and discounts.
The company recognises turnover from production and distribution of television programmes based upon the contractual stage of completion once the company has an unconditional right to economic benefit. The company recognises management fees and royalties based upon the period to which they relate.
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.
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 |
Fixtures and fittings and equipment |
33% reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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.
Three River Studios Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Stocks
Stocks comprises the costs of acquiring or developing rights to television programmes. Stock is written off to profit or loss as programs are recouped or sold. Where stock is impaired, the carrying amount is reduced to realisable value, with impaired loss recognised immediately on profit or loss.
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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
Profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Foreign exchange gains/losses |
9,365 |
5,831 |
Three River Studios Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Fixtures, fittings and equipment |
Total |
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Cost |
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At 1 June 2023 |
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Disposals |
( |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 June 2023 |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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Three River Studios Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Debtors |
Note |
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
Note |
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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- |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank loans |
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Non-current loans and borrowings
2024 |
2023 |
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Bank loans |
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Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company.
Three River Studios Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Commitments and guarantees |
Operating leases
The total of future minimum lease payments not reflected in the statement of financial position amounts to £2,303 (2023: £11,517).
Related party transactions |
Exemption is taken in accordance with FRS 102, paragraph 1AC.35 not to disclose transactions or amounts due with companies wholly owned within the group.
Transactions with directors |
During the year there were advances to directors of £49,500 and repayments of £60,770. Interest of £229 (2023: £820) was charged at 2.25% pa. There were no set terms in place.