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

REGISTERED NUMBER: 02926804 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2019

FOR

CHIEF PRODUCTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M E Offland

Mr C E Offland

SECRETARY:

Mr M E Offland

REGISTERED OFFICE:

Long House Michigan Avenue

Media City

Salford

Manchester

M50 2GY

REGISTERED NUMBER:

02926804 (England and Wales)

ACCOUNTANTS:

Kay Johnson Gee Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

964,612

760,860

Investments

5

50

50

Investment property

6

586,105

380,141

1,550,767

1,141,051

CURRENT ASSETS

Stocks

509,886

209,846

Debtors

7

1,145,558

1,327,512

Cash at bank and in hand

308,522

1,072,636

1,963,966

2,609,994

CREDITORS

Amounts falling due within one year

8

(2,207,800

)

(2,061,611

)

NET CURRENT (LIABILITIES)/ASSETS

(243,834

)

548,383

TOTAL ASSETS LESS CURRENT LIABILITIES

1,306,933

1,689,434

CREDITORS

Amounts falling due after more than one year

9

(244,428

)

(234,789

)

PROVISIONS FOR LIABILITIES

(27,806

)

(7,945

)

NET ASSETS

1,034,699

1,446,700

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

1,033,699

1,445,700

SHAREHOLDERS' FUNDS

1,034,699

1,446,700

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit And Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd July 2020 and were signed on its behalf by:

Mr C E Offland - Director

1.	STATUTORY INFORMATION

Chief Productions Limited is a private company, limited by shares, registered in England and Wales, registration

number 02926804. The address of the registered office and principal trade of business is Long House Michigan

Avenue, Mediacity, Salford, Greater Manchester, M50 2GY.

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.

Turnover

Turnover from a contract to provide goods or services is recognised in the period in which the good or services

are provided in accordance with the stage of completion of the contract when all of the following conditions

are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Leasehold property

-

2.5% Straight Line

Fixtures and Fitting

-

20% Straight Line

Plant and Equipment

-

33% Straight Line

Motor vehicles

-

33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is initially recognised at cost. At each balance sheet date the directors consider the

valuation. Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based

on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and

attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are represented by cash at bank and in hand. Bank borrowings and overdrafts are

included in creditors.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they stated at

cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2018 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st November 2018

807,432

543,567

1,350,999

Additions

136,349

155,267

291,616

Disposals

-

(76,033

)

(76,033

)

At 31st October 2019

943,781

622,801

1,566,582

DEPRECIATION

At 1st November 2018

127,810

462,329

590,139

Charge for year

22,120

65,744

87,864

Eliminated on disposal

-

(76,033

)

(76,033

)

At 31st October 2019

149,930

452,040

601,970

NET BOOK VALUE

At 31st October 2019

793,851

170,761

964,612

At 31st October 2018

679,622

81,238

760,860

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1st November 2018

and 31st October 2019

50

NET BOOK VALUE

At 31st October 2019

50

At 31st October 2018

50

Investments in associated undertakings represents 50% of the issued share capital of You Are Here Productions

Limited. The directors of Chief Productions Limited do not consider the company to have control of You Are

Here Productions Limited as it does not hold a majority interest and does not exert a controlling influence on

the strategic direction of that company.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st November 2018

380,141

Additions

205,964

At 31st October 2019

586,105

NET BOOK VALUE

At 31st October 2019

586,105

At 31st October 2018

380,141

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

354,939

351,382

Other debtors

790,619

976,130

1,145,558

1,327,512

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

27,835

27,835

Hire purchase contracts (see note 10)

16,000

5,665

Trade creditors

513,423

622,739

Taxation and social security

472,292

814,349

Other creditors

1,178,250

591,023

2,207,800

2,061,611

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

215,899

234,789

Hire purchase contracts (see note 10)

28,529

-

244,428

234,789

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

16,000

5,665

Between one and five years

28,529

-

44,529

5,665

Non-cancellable

operating leases

2019

2018

£

£

Within one year

9,935

6,535

Between one and five years

1,529

7,776

11,464

14,311

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

243,734

262,624

Hire purchase contracts

44,529

5,665

288,263

268,289

The bank loan is secured against the leasehold property.

Net obligations under the hire purchase contracts are secured against the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1.00

1,000

1,000

13.	RELATED PARTY DISCLOSURES

As at 31 October 2019, the company was owed £27,807 (2018: £26,502) by Chief Productions Sydney PTY, a

related party by virtue of C E Offland being both director and shareholder.

As at 31 October 2019, £88,123 (2018: £22,248 owed by) was owed to the company by one of the directors

and £102,679 (2018: £7,833 owed to) was owed by the company to another director.

Interest is payable on all balances at 2.5%.