March Films Limited Filleted accounts for Companies House (small and micro)

MARCH FILMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10951309

March Films Limited

Filleted Unaudited Accounts

31 December 2019

March Films Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Current assets

Debtors	6	38,329	50,659
Cash at bank and in hand		54,157	134,381
		--------	---------
		92,486	185,040

Creditors: amounts falling due within one year	7	( 92,386)	( 184,940)
		--------	---------
Net current assets		100	100
		----	----
Total assets less current liabilities		100	100
		----	----
Net assets		100	100
		----	----

Capital and reserves

Called up share capital	100	100
	----	----
Shareholders funds	100	100
	----	----

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

These accounts were approved by the board of directors and authorised for issue on 15 December 2020 , and are signed on behalf of the board by:

M E Bentley

Director

Company registration number: 10951309

March Films Limited

Notes to the Accounts

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, United Kingdom, WC2H 7DQ.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial have been prepared on a going concern basis. A detailed budget and cashflow have been prepared for the production and delivery of the film entitled "The Phantom". Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. The directors are therefore satisfied that the going concern assumption remains appropriate.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below.

Revenue recognition

Turnover relates to the production of the film entitled "The Phantom". It represents the value of the work done in the period, including estimates of amounts not invoices and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Particulars of employees

The company has been incorporated to produce a film entitled "The Phantom". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.

None of the Directors received any form of remuneration.

5. Tax on loss

Major components of tax income

		Period from
	Year to	7 Sep 17 to
	31 Dec 19	31 Dec 18
	£	£

Current tax:

UK current tax income	( 32,114)	( 25,735)
	--------	--------
Tax on loss	( 32,114)	( 25,735)
	--------	--------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is lower than (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

		Period from
	Year to	7 Sep 17 to
	31 Dec 19	31 Dec 18
	£	£
Loss on ordinary activities before taxation	( 32,114)	( 25,735)
	--------	--------
Film tax relief	(32,114)	(25,735)
	--------	--------

6. Debtors

	2019	2018
	£	£
VAT Recoverable	6,115	22,153
Corporation tax recoverable	32,114	25,735
Other debtors	100	2,771
	--------	--------
	38,329	50,659
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	11,920
Accruals and deferred income	92,386	173,020
	--------	---------
	92,386	184,940
	--------	---------

8. Related party transactions

During the year, all related-party transactions that took place related to the production of the film entitled "The Phantom" and arose on an arm's-length basis through the normal course of business. As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.

9. Controlling party

In the opinion of the directors the parent undertaking and controlling party throughout the year was Sulcate Productions Limited , a company incorporated in England and Wales.