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COMPANY REGISTRATION NUMBER: 12116436
Custard Productions Ltd
Filleted Unaudited Accounts
31 March 2025
Custard Productions Ltd
Statement of Financial Position
31 March 2025
31 Mar 25
31 Jul 24
Note
£
£
Current assets
Stocks
75,125
Debtors
5
1,005,843
Cash at bank and in hand
239,022
23,573
------------
--------
1,244,865
98,698
Creditors: amounts falling due within one year
6
( 1,245,569)
( 99,402)
------------
--------
Net current liabilities
( 704)
( 704)
----
----
Total assets less current liabilities
( 704)
( 704)
----
----
Net liabilities
( 704)
( 704)
----
----
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
( 705)
( 705)
----
----
Shareholders deficit
( 704)
( 704)
----
----
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 income and retained earnings has not been delivered.
For the period ending 31 March 2025 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 period in question in accordance with section 476 ;
- The directors acknowledge their 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 5 August 2025 , and are signed on behalf of the board by:
T P C Hawkins
Director
Company registration number: 12116436
Custard Productions Ltd
Notes to the Accounts
Period from 1 August 2024 to 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fifth Floor, Clareville House, 26-27 Oxendon Street, St James', London, SW1Y 4EL, England.
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.
Significant estimation technique adopted
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, as noted in "Revenue Recognition" below.
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) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.
Revenue recognition
Turnover relates to the production of the film entitled "Animol". 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 called "Animol". 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 Mar 25
31 Jul 24
£
£
VAT recoverable
61,465
Corporation tax recoverable
847,962
Other debtors
96,416
------------
----
1,005,843
------------
----
6. Creditors: amounts falling due within one year
31 Mar 25
31 Jul 24
£
£
Trade creditors
72,513
1,543
Accruals and deferred income
298,459
93,680
Corporation tax
211,990
Social security and other taxes
3,475
Production loan
658,611
Other creditors
3,996
704
------------
--------
1,245,569
99,402
------------
--------
The loan has been secured against the anticipated future Independent Film Tax Credit.
7. Called up share capital
Issued, called up and fully paid
31 Mar 25
31 Jul 24
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
8. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Coutts & Company Film4, a division of Channel Four Television Corporation The British Film Institute Paterson James Limited Sky UK Limited
9. Related party transactions
All transactions related to the production of the film "Animol" and arose on an arm's-length basis through the normal course of business.
10. Controlling party
The company was under the control of A Gharoro-Akpojotor throughout the period.