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COMPANY REGISTRATION NUMBER: 14236619
Layla Film Limited
Filleted Unaudited Accounts
31 October 2024
Layla Film Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Current assets
Debtors
6
20,909
525,073
Cash at bank and in hand
19,453
128,087
--------
---------
40,362
653,160
Creditors: amounts falling due within one year
7
( 40,361)
( 653,159)
--------
---------
Net current assets
1
1
----
----
Total assets less current liabilities
1
1
----
----
Net assets
1
1
----
----
Capital and reserves
Called up share capital
1
1
----
----
Shareholders funds
1
1
----
----
These accounts 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.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
These accounts were approved by the board of directors and authorised for issue on 20 June 2025 , and are signed on behalf of the board by:
S James-Bayly
Director
Company registration number: 14236619
Layla Film Limited
Notes to the Accounts
Year ended 31 October 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 3rd Floor, 52-53 Dean Street, London, W1D 5BL, United Kingdom.
2. Statement of compliance
These accounts 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 accounts 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 accounts 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 film. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. 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. Furthermore the film had been completed as at the balance sheet date and thus the directors are therefore satisfied that the going concern assumption remains appropriate.
Comparatives
The accounts cover the year to 31 October 2024, the comparatives cover the period from incorporation through to 31 October 2023.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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 film production, as noted in "Revenue recognition" below.
Revenue recognition
Turnover relates to the production of the film entitled "Layla". 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.
4. Employees
The company has been incorporated to produce a film entitled "Layla". 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. Tax on loss
Major components of tax income
Period from
Year to
15 Jul 22 to
31 Oct 24
31 Oct 23
£
£
Current tax:
UK current tax income
( 15,354)
( 494,904)
--------
---------
Tax on loss
( 15,354)
( 494,904)
--------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
Period from
Year to
15 Jul 22 to
31 Oct 24
31 Oct 23
£
£
Loss on ordinary activities before taxation
( 15,354)
( 494,904)
--------
---------
Film tax relief
(15,354)
(494,904)
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
3,780
3,780
Prepayments and accrued income
13
19,287
VAT recoverable
1,761
7,101
Corporation tax recoverable
15,354
494,904
Other debtors
1
1
--------
---------
20,909
525,073
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,339
18,708
Accruals and deferred income
11,668
139,547
Production loan
15,354
494,904
--------
---------
40,361
653,159
--------
---------
The loan has been secured against the anticipated future film tax credit.
8. Related party transactions
During the period all transactions related to the production of the film entitled "Layla" and arose on an arm's-length basis through the normal course of business. As such, no transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1A.
9. Controlling party
In the opinion of the directors the immediate parent undertaking is Fox Cub Films Ltd, a company incorporated in England and Wales. The ultimate controlling party is Savannah James-Bayly who is the sole shareholder of Fox Cub Films Ltd.