ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

WORLD GROUP OF COMPANIES LIMITED - Company Information

Registered number: 03020146

WORLD GROUP OF COMPANIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018


WORLD GROUP OF COMPANIES LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 7


WORLD GROUP OF COMPANIES LIMITED REGISTERED NUMBER:03020146

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2018

		2018		2017
Note		$000		$000

Fixed assets
Investments	4		-		-
Current assets
Debtors: amounts falling due within one year	5	54		54
Cash at bank and in hand		4		4
		58		58
Current liabilities
Creditors: amounts falling due within one year	6	(7,664)		(7,664)
Net current liabilities			(7,606)		(7,606)
Total assets less current liabilities			(7,606)		(7,606)
Creditors: amounts falling due after more than one year	7		(75)		(75)

Net liabilities			(7,681)		(7,681)

Capital and reserves
Called up share capital	8	300	300
Share premium account		9,614	9,614
Profit and loss account		(17,595)	(17,595)
		(7,681)	(7,681)

For the year ended 31 December 2018 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1


WORLD GROUP OF COMPANIES LIMITED REGISTERED NUMBER:03020146

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2018

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2020.

D J Heyman

Director

Page 2


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	General information

World Group of Companies is a limited liability company incorporated in England & Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD. The company's business address is at 45 Eagle Street, London, WC1R 4FS.
The principal activity of the Company continued to be that of film, television and related media sectors.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied.

2.2

Going concern

At the Statement of Financial Position date the company had a net deficit of $7.7 million. This principally comprises equity of $75,000 classified as debt, cumulative unpaid preference share dividends of $2,720,000, loan notes of $3,825,000, and cumulative accrued loan note interest of $900,000. The loan note holder has confirmed that there is no intention to demand repayment and all preference dividends and loan note interest have been waived since the year ended 31 December 2001. The director has also confirmed that it is his intention to ensure that the company will have sufficient financial resources made available to enable it to meet any liabilities that may fall due for at least twelve months from the date of his approval of these financial statements. On this basis the director believes that it remains appropriate for the financial statements to be prepared on a going concern basis.

2.3

Intangible assets

Rights to exploit film and television libraries are capitalised at cost as intangible fixed assets. Costs are amortised in the proportion that income for the accounting period bears to the director's forecast of total revenues to be received in the foreseeable future. If estimated future income does not exceed unamortised costs, provision is made for the shortfall.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

Short term debtors are measured at the transaction price,

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WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from third and related parties and investments in non-puttable ordinary shares.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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.

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WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

3.	Intangible assets

		Develop-ment
		$000
	Cost
	At 1 January 2018	600
	At 31 December 2018	600
	Amortisation
	At 1 January 2018	600
	At 31 December 2018	600
	Net book value
	At 31 December 2018	-
	At 31 December 2017	-

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WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

4.	Fixed asset investments

		Investments in subsidiary companies
		$000
	Cost
	At 1 January 2018	24
	At 31 December 2018	24
	Impairment
	At 1 January 2018	24
	At 31 December 2018	24
	Net book value
	At 31 December 2018	-
	At 31 December 2017	-

Debtors

					2018	2017
					$000	$000


Other debtors	54	54

6.	Creditors: Amounts falling due within one year
		2018	2017
		$000	$000

Loan notes	3,825	3,825
Accrued loan note interest	900	900
Dividends payable	2,720	2,720
Other creditors	36	36
Accruals	183	183
	7,664	7,664

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WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

7.	Creditors: Amounts falling due after more than one year
		2018	2017
		$000	$000

	Share capital treated as debt	75	75

The terms and conditions attached to the non-equity shares are set out in note 8.

Allotted, called up and fully paid

30,000,000 Ordinary shares of $0.01 each	300	300

	2018	2017
	$000	$000
Shares classified as debt

Allotted, called up and fully paid

7,500,000 Convertible cumulative redeemable 5% preference shares of $0.01 each	75	75

Preference shares have priority over the ordinary shareholders in the event of the winding-up of the company. For the years ended 31 December 2018 and 31 December 2017 the holders of the convertible redeemable 5% preference shares have waived their rights to dividends.

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