COMPANY REGISTRATION NUMBER:
15117883
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Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
5 |
617,791 |
|
Cash at bank and in hand |
511,938 |
|
------------ |
|
1,129,729 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
1,129,728) |
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------------ |
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Net current assets |
1 |
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---- |
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Total assets less current liabilities |
1 |
|
---- |
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Net assets |
1 |
|
---- |
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|
|
Capital and reserves
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Called up share capital |
1 |
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---- |
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Shareholders funds |
1 |
|
---- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
5 June 2025
, and are signed on behalf of the board by:
Company registration number:
15117883
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Notes to the Financial Statements |
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Period from 6 September 2023 to 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sky Central, Grant Way, Isleworth, Middlesex, TW7 5QD, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
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, they continue to adopt the going concern basis in preparing the financial statements. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business - The impact on the ability of our suppliers to meet our needs - The impact of our staff's ability to perform their duties - The impact on our cash position of a period of minimum activity A detailed budget and cashflow have been prepared for the production and delivery of the television series. Funds to meet the cashflow requirements are contractually in place and the Directors do not anticipate any material overspend. A large proportion of the production has been completed by the period end including all of the principal photography. The Directors are anticipating completion and formal delivery in the forthcoming period. After considering all factors, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Comparatives
The accounts cover the period from incorporation through to 31 December 2024, hence there are no comparative figures.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Cost of sales
Cost of sales are costs directly attributable to the delivery of long-term contracts and are recognised on an accruals basis.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below. There are no other judgements or key sources of estimation uncertainty
Revenue recognition
Turnover relates to the production of the television series entitled "Missing Dead or Alive Series 2". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4.
Employees
The company has been incorporated to produce a high-end television series called "Missing Dead or Alive Series 2". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Debtors
|
31 Dec 24 |
|
£ |
|
Prepayments and accrued income |
84,031 |
|
VAT recoverable |
|
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Corporation tax recoverable |
|
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Other debtors |
1 |
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--------- |
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617,791 |
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--------- |
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6.
Creditors:
amounts falling due within one year
|
31 Dec 24 |
|
£ |
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Trade creditors |
228,287 |
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Accruals and deferred income |
368,858 |
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Social security and other taxes |
1,524 |
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Production loan |
|
|
------------ |
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1,129,728 |
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------------ |
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The loan has been secured against the anticipated future high-end television tax credit.
7.
Summary audit opinion
The auditor's report dated
6 June 2025
was
unqualified
.
The senior statutory auditor was
Gurvir Cheema
, for and on behalf of
Moore Kingston Smith LLP
.
8.
Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the television series "Missing Dead or Alive Series 2" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
9.
Controlling party
In the opinion of the Directors the immediate parent undertaking is Blast! Films Limited, a company incorporated in the UK. The Company's ultimate parent and the smallest and largest group in which the results of the Company are consolidated is Comcast, a company incorporated in the United States of America and registered in Pennsylvania. The Company is ultimately controlled by Comcast and operates together with Comcast's other subsidiaries, as part of the Group. The only group in which results of the Company are consolidated is that headed by Comcast. The consolidated financial statements of the Group are available to the public and may be obtained from Comcast Investor Relations at Comcast Corporation, One Comcast Center, Philadelphia, PA 19103, USA. Or at https: