Company registration number 10437986 (England and Wales)
SEVEN SEAS FILMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SEVEN SEAS FILMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
SEVEN SEAS FILMS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
65,390
81,049
Cash at bank and in hand
1,310
1,027
66,700
82,076
Creditors: amounts falling due within one year
5
(77,272)
(114,791)
Net current liabilities
(10,572)
(32,715)
Capital and reserves
Called up share capital
148
148
Share premium account
576,835
576,835
Profit and loss reserves
(587,555)
(609,698)
Total equity
(10,572)
(32,715)

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
Mr S Lupton
Mr J Sefton
Director
Director
Company registration number 10437986 (England and Wales)
SEVEN SEAS FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Seven Seas Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Mortimer Street, London, W1T 3BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern

Having due regard to cash flow forecasts, the directors consider that based on their continued support, it is appropriate to prepare the accounts on a going concern basis.true

 

1.3
Turnover
Turnover represents amounts receivable in developing/producing and exploiting television programmes and is recognised over the period of the production or as per the contract where payment is dependent on materials delivery.  Gross profit on production activity is recognised over the period of the production or in accordance with the underlying contract and where there is uncertainty of this being realised overages on productions are recognised as they arise and underages are recognised on completion of the productions.
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SEVEN SEAS FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,500
29,999
Other debtors
58,890
51,050
65,390
81,049
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
420
432
Taxation and social security
13,632
25,002
Other creditors
63,220
89,357
77,272
114,791
6
Related party transactions

At the year end £21,346 was owed to Detailed Films Limited, a company in which Mr James Sefton has a controlling interest. This liability is unsecured with no fixed repayment terms.

2024
2023
Amounts due to related parties
£
£
Other related parties
21,346
21,346
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