Pelgo Films Limited - Accounts to registrar (filleted) - small 18.2
Pelgo Films Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2019 |
FOR |
PELGO FILMS LIMITED |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PELGO FILMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
BALANCE SHEET |
5 APRIL 2019 |
2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on its behalf by: |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2019 |
1. | STATUTORY INFORMATION |
Pelgo Films Limited is a |
company's registered number and registered office address can be found on the Company Information |
page. |
The principal activity of the Company is to conduct a film and television development and production |
business. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Pelgo Films Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company is exempt |
under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated |
financial statements. |
Significant judgements and estimates |
In the application of the Company's accounting policies, the directors are required to make judgments, |
estimates and assumptions about the carrying amounts 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 if the revision affects only that |
period or in the period of the revision and future periods if the revision affects both current and future |
periods. No significant judgements and estimates have been made in the year. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
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. |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in non-puttable ordinary shares. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
is entered into and are subsequently re-measured at their fair value. Changes in the fair value of |
derivatives are recognised in profit or loss in finance costs or income as appropriate. The company |
does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
Taxation |
Tax is recognised in the Income Statement, except that a charge attributable to an item of income and |
expense recognised as other comprehensive income or to an item recognised directly in equity is also |
recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted |
or substantively enacted by the balance sheet date in the countries where the Company operates and |
generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not |
reversed by the Balance sheet date, except that: |
The recognition of deferred tax assets is limited to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
Any deferred tax balances are reversed if and when all conditions for retaining associated tax |
allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of |
business combinations, when deferred tax is recognised on the differences between the fair values of |
assets acquired and the future tax deductions available for them and the differences between the fair |
values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined |
using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates |
at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non |
monetary items measured at historical cost are translated using the exchange rate at the date of the |
transaction and non-monetary items measured at fair value are measured using the exchange rate |
when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the |
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign |
currencies are recognised in the Profit and loss account except when deferred in other comprehensive |
income as qualifying cash flow hedges. |
Loans |
Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active |
market are classified as loans. Loans are initially recognised at fair value of the consideration received |
plus directly related transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. Arrangement fees and interest payable on financial liabilities that are |
classified as loans, are charged to the profit and loss account. |
The effective interest method is a method of calculating the amortised cost of a financial liability and of |
allocating the interest payable over the expected life of the liability. The effective interest rate is the rate |
that exactly discounts estimated future cashflows to the instrument's initial carrying amount. |
Calculation of the effective interest rate takes into account fees payable, that are an integral part of the |
instrument yield and transaction costs. All contractual terms of a financial instrument are considered |
when estimating future cash flows. |
A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled, |
or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - |
4. | AUDITORS' REMUNERATION |
2019 | 2018 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,517 |
780 |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
Additions |
At 5 April 2019 |
NET BOOK VALUE |
At 5 April 2019 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Other Creditors | 4,418,352 | - |
Dirt Music Holdings Pty Ltd holds fixed and floating charges dated 5 September 2018 covering all the |
property or undertaking of the company, the outstanding charge contains a negative pledge. |
Ingenious Project Finance Limited holds fixed and floating charges dated 24 August 2018 covering all |
the property or undertaking of the company, the outstanding charge contains a negative pledge. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £0.01 | 39,094 | 39,094 |
PELGO FILMS LIMITED (REGISTERED NUMBER: 09785886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 6 April 2018 | ( |
) | 3,459,645 |
Deficit for the year | ( |
) | ( |
) |
At 5 April 2019 | ( |
) | 3,128,578 |
Share premium account |
The Share Premium reserve records the amount above the nominal value received for shares issued. |
Profit and loss account |
The Profit and Loss Account represents the cumulative profits or losses, net of dividends paid and |
other adjustments. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |