Contents of the Financial Statements
for the Period Ended 31 October 2025
Balance sheet
As at
31 October 2025
|
Notes
|
13 months to 31 October 2025
|
|
|
£
|
| Current assets |
| Cash at bank and in hand: |
|
2,605
|
| Total current assets: |
|
2,605
|
| Creditors: amounts falling due within one year: |
3 |
(7,667)
|
| Net current assets (liabilities): |
|
(5,062)
|
| Total assets less current liabilities: |
|
(5,062)
|
| Total net assets (liabilities): |
|
(5,062)
|
| Capital and reserves |
| Called up share capital: |
|
1
|
| Profit and loss account: |
|
(5,063)
|
| Shareholders funds: |
|
(5,062)
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 October 2025 the company was entitled to exemption 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
07 July 2026
and signed on behalf of the board by:
Name:
Susannah Jane Hunt
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 October 2025
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Turnover represents the value, net of VAT, of goods and services provided to third parties in the ordinary course of business. Grant and sponsorship income is recognised in the period in which the entitlement to the income arises, where there are no repayment conditions attached.Other accounting policies
Basis of preparation. The financial statements have been prepared in accordance with FRS 102 Section 1A 'Small Entities' and the Companies Act 2006, on the going concern basis. At the balance sheet date the company held cash of £2,605 and owed £7,000 to its director. The director is preparing a claim for the Enhanced Audio-Visual Expenditure Credit (AVEC), estimated at approximately £18,810 net of related tax, to be submitted by way of an amended Corporation Tax return once British Film Institute certification has been obtained; no amount has been recognised in these financial statements in respect of this claim. The director has confirmed that she will continue to support the company financially and will not seek repayment of the director's loan account until the company is able to settle it, and on this basis considers the going concern basis of preparation to remain appropriate for at least twelve months from the date of approval of these financial statements.
Production expenditure. The company's principal trade is the production of a single short film. Production costs incurred during the period have been expensed as incurred. The director considers this treatment appropriate for a special-purpose vehicle whose principal activity is the production of a single qualifying film.
Audio-Visual Expenditure Credit. The company expects to be entitled to claim an Enhanced Audio-Visual Expenditure Credit of up to 53% of qualifying expenditure, capped at 80% of total core expenditure. As at the balance sheet date the claim had not been submitted to HMRC and British Film Institute certification had not been obtained. Accordingly, no income or receivable in respect of the credit has been recognised in these financial statements. The credit, and the related tax, will be recognised in the period in which the claim is agreed, by way of an amended Corporation Tax return.
Taxation. Current tax is provided at the amounts expected to be paid (or recovered) using tax rates and laws enacted or substantively enacted by the balance sheet date. The company incurred a loss for the period and no Corporation Tax is payable.
Notes to the Financial Statements
for the Period Ended 31 October 2025
2. Employees
|
13 months to 31 October 2025 |
| Average number of employees during the period |
0
|
Notes to the Financial Statements
for the Period Ended 31 October 2025
3. Creditors: amounts falling due within one year note
Amounts falling due within one year comprise the director's loan account of £7,000 (see related party note) and other creditors and accruals of approximately £667, representing the net timing of VAT and other period-end items outstanding at the balance sheet date, to be finalised by the company's reporting accountants.
Notes to the Financial Statements
for the Period Ended 31 October 2025
4. Financial commitments
On 20 October 2024, the company entered into a side letter with a third-party sponsor under which the sponsor contributed £37,500 to the production of the Film. The agreement provides that the contribution is non-recoverable and that the sponsor has no equity, ownership or repayment right. In the event that the Film generates Net Proceeds (after distribution costs), 100% of the Net Proceeds are payable to the sponsor until the contribution is recouped. As at the balance sheet date no Net Proceeds have arisen, and the director considers the likelihood of material future Net Proceeds to be low. This contingent obligation has not been provided for in the balance sheet.
Notes to the Financial Statements
for the Period Ended 31 October 2025
5. Related party transactions
| Name of the related party: |
Susannah Jane Hunt
|
| Relationship: |
Director and sole shareholder
|
| Description of the Transaction: |
Interest-bearing loan advanced by the director to fund production costs and working capital of the company. Pre-agreed interest of £1,000 has been accrued on the advance. The loan is unsecured, repayable on demand, and considered by the director to be on arm's length terms.
|
| £ |
| Balance at 31 October 2025 |
|
7,000
|
Notes to the Financial Statements
for the Period Ended 31 October 2025
6. Post balance sheet events
Further production-related expenditure totalling approximately £6,500 has been invoiced in the period following the balance sheet date, in connection with the completion, delivery and exploitation of the Film. Of this, approximately £1,000 had been paid as at the date of approval of these financial statements, and approximately £5,500 remains outstanding. Payment of the outstanding balance is deferred until receipt of the AVEC payable credit from HMRC, and is expected to be settled before 28 February 2027 to preserve the qualifying expenditure under the 4-month rule.
The director intends to submit a claim for the Enhanced Audio-Visual Expenditure Credit (AVEC/IFTC), estimated at approximately £18,810 net of related tax (of which approximately £16,437 relates to Year 1 expenditure and approximately £2,373 to Year 2 expenditure). The company's Corporation Tax return for this period does not include that claim. The claim will be made by way of an amended Corporation Tax return, together with the required Additional Information Form, once the company has obtained a British Film Institute final certificate and the supporting reporting accountant's report. No amount has been recognised in these financial statements in respect of the credit, as it had not been submitted to HMRC as at the date of approval of these financial statements.