NEW_BLACK_FILMS_TENNIS_LT - Accounts

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

For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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

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

New Black Films Tennis Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 54 Poland Street, London, W1F 7NJ.

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.

The company meets its day to day working capital requirements through support from related parties.

Despite the company's position and the net current liabilities the the company has, the directors are not aware of any material uncertainty that would affect the company's ability to continue as a going concern. Therefore, the director remains satisfied that the going concern basis of accounting remains appropriate and these financial statements have been prepared accordingly on this basis.

Cash at bank and in hand 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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

There have been no critical judgements, estimates and assumptions made in the preparation of these financial statements.

A balance of £26,284 due to parent company New Black Films Limited has been written off during the year due to the balance being deemed irrecoverable by the directors.

Other debtors with a balance of £2,078 have been deemed irrecoverable by the directors and have therefore been written off during the year. Other creditors of £668 have also been written off during the year as the directors believe these amounts will not be called in to be paid. The above write offs are included within other loans write off and the balance makes up £1,410.

The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).

Media Squared Films PLC has registered a charge against the company in relation to the film, 'Battle Of The Sexes'.

The amount secured is all monies due or to become due from the company to Media Squared Films PLC. The particulars are all of the right title and interest in the entire copyright and all other rights throughout the universe in the screenplay, the musical compositions and sound recordings.

The company operated a loan account with New Black Films Limited, which is the parent company of New Black Films Tennis Ltd. At the balance sheet date, the company owed £26,284 (2017: £24,217) to New Black Films Limited and this is included within the creditors balance. During the year, the movement on the loan consisted of advances to the company of £2,067 with no repayments being made. This loan has been written off during the year as the balance has been considered irrecoverable by the directors.

The company operated a loan account with Shooting For Socrates The Film Limited, which is a related party due to common control. At the balance sheet date, Shooting For Socrates The Film Limited owed £20,000 (2017: £20,000) to the company and this is included within the debtors balance. During the year, there was no movement on this balance. The loan is repayable on demand and no interest is being charged on the outstanding amount.

The parent company of New Black Films Tennis Ltd is New Black Films Limited by virtue of their 100% shareholding in the company. No consolidated accounts are required under the small companies regime and, therefore, have not been prepared.

The controlling parties of New Black Films Tennis Ltd are the directors by virtue of their day to day running of the company and ownership in New Black Films Limited.