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Registration number: 05833208

Impossible Factual Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Impossible Factual Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Impossible Factual Limited

Company Information

Directors

J J W Drake

S Maher

Registered office

24 Lady Place
Sutton Courtenay
Abingdon
OX14 4FB

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Impossible Factual Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

311,322

311,322

Tangible assets

5

8,063

6,535

Investments

6

111

11

 

319,496

317,868

Current assets

 

Stocks

7

41,288

48,000

Debtors

8

279,347

546,767

Cash at bank and in hand

 

16,725

8,996

 

337,360

603,763

Creditors: Amounts falling due within one year

9

(357,537)

(490,362)

Net current (liabilities)/assets

 

(20,177)

113,401

Total assets less current liabilities

 

299,319

431,269

Provisions for liabilities

(696)

(742)

Net assets

 

298,623

430,527

Capital and reserves

 

Called up share capital

10

10

Retained earnings

298,613

430,517

Shareholders' funds

 

298,623

430,527

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:

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.

 

Impossible Factual Limited

Statement of Financial Position as at 31 May 2024

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 

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

J J W Drake

Director

Company registration number: 05833208

 

Impossible Factual Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
24 Lady Place
Sutton Courtenay
Abingdon
OX14 4FB

The principal activity of the company is that of production and distribution of television 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.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.

Going concern

The company made a loss for the year ended 31 May 2024 but had net assets at that date amounting to £298,623.

The company has a library of previous productions that the directors anticipate will continue to earn significant sums, and it continues to generate revenue from new work partially based on the use of archive footage.

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.

 

Impossible Factual Limited

Notes to the Unaudited 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 the production and distribution of television programmes based on the contractual stage of completion.

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 current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

 

Impossible Factual Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Intangible assets

Separately acquired intangible assets are shown at historical cost. Internally-generated intangible assets are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation commences once the economic benefit starts to accrue.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Distribution rights

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

Impossible Factual Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 6 (2023 - 7).

4

Intangible assets

Distribution rights
 £

Cost

At 1 June 2023

1,236,322

At 31 May 2024

1,236,322

Impairment

At 1 June 2023

925,000

At 31 May 2024

925,000

Carrying amount

At 31 May 2024

311,322

At 31 May 2023

311,322

 

Impossible Factual Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 June 2023

22,440

Additions

5,218

At 31 May 2024

27,658

Depreciation

At 1 June 2023

15,905

Charge for the year

3,690

At 31 May 2024

19,595

Carrying amount

At 31 May 2024

8,063

At 31 May 2023

6,535

 

Impossible Factual Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

111

11

Subsidiaries

£

Cost

At 1 June 2023

11

Additions

100

At 31 May 2024

111

7

Stocks

2024
£

2023
£

Work in progress

41,288

48,000

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

171,740

340,363

Amounts owed by group undertakings

11

33,480

26,348

Other debtors

 

74,127

180,056

 

279,347

546,767

 

Impossible Factual Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

10

100,130

205,721

Trade creditors

 

67,867

15,238

Amounts owed to group undertakings

 

38,070

40,721

Taxation and social security

 

25,195

11,573

Other creditors

 

126,275

217,109

 

357,537

490,362

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

100,130

205,721

The bank overdraft is secured by a fixed charge over the production rights of a TV programme and a fixed and floating charge over the other assets and undertakings of the company.

11

Related party transactions

In accordance with FRS 102, paragraph 1AC.35 exemption is taken not to disclose transactions or amounts falling due with companies wholly owned within the group.

At 31 May 2024 an amount of £500 (2023: £Nil) was due to a director. During the year there were advances of £500 and no repayments. No interest has been charged and there are no terms in place.

12

Film and television rights

At 31 May 2024 the company held rights to multiple ongoing revenue streams for completed film and television projects. The director believes that the net present value of associated future cash flows is £273,876. In accordance with accounting standards, this amount is not reflected on the Statement of Financial Position.