| TULIP ENTERTAINMENT LIMITED |
| Registered number: |
14998033 |
| Balance Sheet |
| as at 31 July 2024 |
|
| Notes |
|
|
2024 |
|
| £ |
|
| Current assets |
| Work in progress |
|
|
907,334 |
| Debtors |
3 |
|
485,100 |
| Cash at bank and in hand |
|
|
137 |
|
|
|
1,392,571 |
|
|
|
| Creditors: amounts falling due within one year |
4 |
|
(971,963) |
|
| Net current assets |
|
|
|
420,608 |
|
|
| Net assets |
|
|
|
420,608 |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
| Profit and loss account |
|
|
|
420,607 |
|
| Shareholders' funds |
|
|
|
420,608 |
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr. Mohit Chhabra |
| Director |
| Approved by the board on 9 April 2025 |
|
| TULIP ENTERTAINMENT LIMITED |
| Notes to the Accounts |
| for the period from 12 July 2023 to 31 July 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The company is producing the British qualifying film tentatively titled as "Pinky Promise" (the Film). All of the turnover recognised by the Company relates only to this Film. The turnover in the profit & loss account relates to the advances/funding received from 11.11 Productions LLP, India in relation to the acquisition of the Film. |
|
|
Cost of sales |
|
Production cost of the Film is recognised in the profit and loss account as cost of sales for the amount of funding received. Balance production cost is carried forward as work in progress and is deemed recoverable from the future income/revenue of the Film. |
|
|
Work in progress |
|
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Balance production cost of the Film at the balance sheet date is carried forward as work in progress on the basis that it is deemed recoverable from the future income/revenue of the Film. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The tax credit claimed relates to the Film. Deferred tax assets based on timing difference is not applicable in respect of this Company's claim for tax credit. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2024 |
|
| Number |
|
|
|
Average number of persons employed by the company |
0 |
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2024 |
|
| £ |
|
|
|
Trade debtors |
24,200 |
|
VAT receivable |
189 |
|
Other debtors |
460,711 |
|
|
|
|
|
|
485,100 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2024 |
|
| £ |
|
|
|
Trade creditors |
886,213 |
|
Other creditors |
85,750 |
|
|
|
|
|
|
971,963 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Related party transactions |
|
|
During the period ended 31/07/2024, Sumo Films Ltd invoiced the company for £25,750 towards line production fee and services. During the period ended 31/07/2024, KNC Travels Ltd invoiced the Company for £187,170 towards hotel accommodation services. During the period ended 31/07/2024, Forcast Ltd invoiced the Company for £28,050 towards producer fee, research & recce expenses and visa services. At the balance sheet date of 31/07/2024, unsecured short term loan payable to Forcast Ltd is £85,750 which is included under other creditors. Mr. Mohit Chhabra, the director of the Company is also a director of Sumo Films Ltd, KNC Travels Ltd and Forcast Ltd. During the period ended 31/07/2024, Rachita Kapoor Casting Ltd invoiced the Company for £95,209 towards supply of supporting artists, extras, dancers and casting services. Mr. Mohit Chhabra, the director of the Company was a director of Rachita Kapoor Casting Ltd and he has resigned on 31/03/2024. During the period ended 31/07/2024, Bollywood Chaska Ltd invoiced the Company for £47,482 towards cast & crew catering services. Mr. Mohit Chhabra, the director of the Company was PSC of Bollywood Chaska Ltd and he has ceased to be PSC on 23/02/2024. The director of all the companies confirm that all transactions between these companies has been on arms-length basis. |
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| 6 |
Controlling party |
|
|
Mr. Mohit Chhabra, director and PSC of the Company is the ultimate controlling party. |
|
|
| 7 |
Other information |
|
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TULIP ENTERTAINMENT LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suit 207 Boston House Business Centre |
|
69-75 Boston Manor Road |
|
Brentford |
|
England |
|
TW8 9JJ |