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Registered number: 11623712
Factualfiction Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11623712
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 93,883 25,228
Investments 5 3 3
93,886 25,231
CURRENT ASSETS
Stocks 6 3,235 68,640
Debtors 7 286,469 1,444,090
Cash at bank and in hand 181,894 209,535
471,598 1,722,265
Creditors: Amounts Falling Due Within One Year 8 (261,629 ) (1,506,512 )
NET CURRENT ASSETS (LIABILITIES) 209,969 215,753
TOTAL ASSETS LESS CURRENT LIABILITIES 303,855 240,984
Creditors: Amounts Falling Due After More Than One Year 9 (8,320 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation - (6,307 )
NET ASSETS 295,535 234,677
CAPITAL AND RESERVES
Called up share capital 11 943 943
Share premium account 498,413 498,413
Profit and Loss Account (203,821 ) (264,679 )
SHAREHOLDERS' FUNDS 295,535 234,677
Page 1
Page 2
For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Dalton
Director
15/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Factualfiction Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11623712 . The registered office is Spring House Hutts Lane, Grewelthorpe, Ripon, North Yorkshire, HG4 3DA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is derived from the development and/or production of film and/or television projects, and is stated net of value added tax. Turnover is recognised at the fair value of the right to consideration and is not recoginsed until there is certainty over the right to consideration. Turnover which has been recognised but not invoiced by the balance sheet date is included in debtors. Amounts invoiced in advance are included in deferred income.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stock and work in progress other than long term contracts, are stated at the lower of cost and net realisable value. Cost comprises contractual expenditure in respect of the film and/or television projects being developed and/or produced. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing, selling and distribution costs.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2024 40,199 - 40,199
Additions 38,466 47,452 85,918
As at 31 December 2024 78,665 47,452 126,117
Depreciation
As at 1 January 2024 14,971 - 14,971
Provided during the period 14,386 2,877 17,263
As at 31 December 2024 29,357 2,877 32,234
Net Book Value
As at 31 December 2024 49,308 44,575 93,883
As at 1 January 2024 25,228 - 25,228
5. Investments
Subsidiaries
£
Cost
As at 1 January 2024 3
As at 31 December 2024 3
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 3
As at 1 January 2024 3
6. Stocks
2024 2023
£ £
Work in progress 3,235 68,640
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,309 27,046
Amounts owed by group undertakings - 1,415,685
Other debtors 273,160 1,359
286,469 1,444,090
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,992 -
Trade creditors 824 393
Amounts owed to group undertakings 11 11
Other creditors 236,648 1,470,805
Taxation and social security 19,154 35,303
261,629 1,506,512
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,320 -
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,992 -
Later than one year and not later than five years 8,320 -
13,312 -
13,312 -
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 943 943
Page 5