Percy Productions Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09444654 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 6 APRIL 2019 TO 31 JULY 2019

FOR

PERCY PRODUCTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ingenious Media Director Limited

Mr S Mihhaljov

SECRETARY:

FLB Company Secretarial Services Ltd

REGISTERED OFFICE:

150 Wharfedale Road

Winnersh Triangle

Wokingham

Berkshire

RG41 5RB

REGISTERED NUMBER:

09444654 (England and Wales)

INDEPENDENT AUDITORS:

Shipleys LLP, Statutory Auditor

10 Orange Street

Haymarket

London

WC2H 7DQ

CURRENT ASSETS

Debtors

5

4,064,100

82,794

Cash at bank

234,944

4,145,633

4,299,044

4,228,427

CREDITORS

Amounts falling due within one year

6

(48,040

)

(6,750

)

NET CURRENT ASSETS

4,251,004

4,221,677

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,251,004

4,221,677

CAPITAL AND RESERVES

Called up share capital

7

46,597

Share premium

8

4,795,175

Retained earnings

8

(590,768

)

(620,095

)

SHAREHOLDERS' FUNDS

4,251,004

4,221,677

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

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 and authorised for issue on 7 April 2020
and were signed on its behalf by:

Ingenious Media Director Limited - Director

1.	STATUTORY INFORMATION

Percy Productions Limited is a private company, limited by shares , registered in England and Wales.

The 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Material Uncertainty relating to going concern

We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will

have in the upcoming 12 month period from the signing of the financial statements. In establishing

whether to continue to report under the going concern assumption we have considered the following

points:

- The impact on the day to day trade of the business

- The impact on our cash position of a period of minimum activity

- Current sales forecasts for the film in production at year end

- The timing and recoverability of the future film receipts

We have measures in place to try to ensure the company remains a going concern but due to the

potential impact of Covid-19 and how rapidly the responses to Covid-19 are developing we see it as

prudent to indicate a material uncertainty exists that may cast doubt on the company's ability to

continue as a going concern by virtue of future timing and recoverability of film receipts.

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.

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.

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 period was NIL (2019 - NIL).

4.	AUDITORS' REMUNERATION

Period

6.4.19

to

Year Ended

31.7.19

5.4.19

£

Fees payable to the company's auditors for the audit of the
company's financial statements

2,000

2,179

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

£

Other debtors

4,064,100

82,794

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

£

Other creditors

48,040

6,750

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

value:

£

4,659,698

Ordinary A

£0.01

46,597

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

At 6 April 2019

(620,095

)

4,795,175

4,175,080

Profit for the period

29,327

At 31 July 2019

(590,768

)

4,795,175

4,204,407

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.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified. The report drew attention to the following matter:

The impact of macro-economic uncertainties on our audit

Our audit of the financial statements requires us to obtain an understanding of all relevant

uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties

such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made

by the directors and the related disclosures and the appropriateness of the going concern basis of

preparation of the financial statements. All of these depend on assessments of the future economic

environment and the company's future prospects and performance.

Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and

at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full

range of possible outcomes and their impacts unknown. We applied a standardised firm-wide

approach in response to these uncertainties when assessing the company's future prospects and

performance. However, no audit should be expected to predict the unknowable factors or all possible

future implications for a company associated with these particular events.

Conclusions relating to going concern

In forming our opinion, we have considered the adequacy of the disclosures made in the notes of the

financial statements and our above text. These disclosures indicate the existence of uncertainties that

cast doubt on the Company's ability to continue as a going concern. In view of these uncertainties we

consider that it should be drawn to your attention but our opinion is not qualified in this respect.

Stephen Joberns (Senior Statutory Auditor)

For and on behalf of Shipleys LLP, Statutory Auditor

Percy Productions Limited - Accounts to registrar (filleted) - small 18.2

Percy Productions Limited - Accounts to registrar (filleted) - small 18.2