Lotus Wallace Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12512992

Lotus Wallace Limited

Filleted Unaudited Financial Statements

31 December 2024

Lotus Wallace Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Current assets

Stocks		12,906,319	10,036,071
Debtors	5	2,434,064	2,173,528
Cash at bank and in hand		1,362,234	736,087
		-------------	-------------
		16,702,617	12,945,686

Creditors: amounts falling due within one year	6	16,702,616	12,945,685
		-------------	-------------
Net current assets		1	1
		----	----
Total assets less current liabilities		1	1

Accruals and deferred income	1,551	1,551
	-------	-------
Net liabilities	( 1,550)	( 1,550)
	-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 1,551)	( 1,551)
	-------	-------
Shareholders deficit	( 1,550)	( 1,550)
	-------	-------

These financial statements 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 December 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

J Taylor
Director

Company registration number: 12512992

Lotus Wallace Limited

Notes to the Financial Statements

Year ended 31 December 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 2nd Floor, 17 Short's Gardens, London, WC2H 9AT, United Kingdom.

2. Statement of compliance

These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Income tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discontinued. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Stocks

Stocks consist of work in progress and represent film productions costs. The costs are recorded at the lower of cost and net realisable value, and are net of Value Added Tax.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).

5. Debtors

	2024	2023
	£	£
Trade debtors	227,825	15,971
Other debtors	2,206,239	2,157,557
	------------	------------
	2,434,064	2,173,528
	------------	------------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	189,952	937
Other creditors	49,455	49,563
Production advances	16,463,209	12,895,185
	-------------	-------------
	16,702,616	12,945,685
	-------------	-------------

Production advances are in respect of funding received by the company to produce the film.

7. Contingencies

Charges have been made against the company's assets including its rights, title and interest in and to the film, in favour of the following entities who have advanced funds to finance film production costs: - City National Bank - Argonaut Entertainment, L.P.