Hotwells Productions Limited - Accounts to registrar (filleted) - small 18.2
Hotwells Productions Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
FOR |
HOTWELLS PRODUCTIONS LIMITED |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HOTWELLS PRODUCTIONS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Registered Auditors |
250 Wharfedale Road |
Winnersh Triangle |
Berkshire |
RG41 5TP |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
BALANCE SHEET |
25 MARCH 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
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 |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
1. | STATUTORY INFORMATION |
Hotwells Productions Limited is a |
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 |
Going Concern |
It is the intention of the directors to cease trading in the Company in the foreseeable future and therefore as required by Financial Reporting Standard 102 Section 1A, the directors have prepared financial statements on the basis that the Company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Hotwells Productions 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 were made in the period. |
Turnover |
Turnover is derived from the development and/or production of film and/or television projects, and is stated net of value added tax. Turnover is recognised at the fair value of the right to consideration and is not recoginsed until there is certainty over the right to consideration. Turnover which has been recognised but not invoiced by the balance sheet date is included in debtors. Amounts invoiced in advance are included in deferred income. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
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. |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
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 period was NIL (2019 - NIL). |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 2 April 2019 |
and 25 March 2020 |
NET BOOK VALUE |
At 25 March 2020 |
At 1 April 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
Contained within the above is a balance of £nil (2019: £nil) in relation to foreign exchange contracts held at fair value. During the year, £nil was charged to the profit and loss (2019: £107,365) in respect of these. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Taxation and social security |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Other creditors | 39,363 | 75,863 |
Ingenious Project Finance Limited holds fixed and floating charges dated 5 December 2016 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge. |
HOTWELLS PRODUCTIONS LIMITED (REGISTERED NUMBER: 08381750) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 2 APRIL 2019 TO 25 MARCH 2020 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
A Ordinary | £0.14 | 14 | 567,360 |
On 14 May 2019 the issued share capital of the Company was reduced from £567,360 to £14 by cancelling and extinguishing 4,052,473 A Ordinary shares of £0.14. |
9. | RESERVES |
Retained |
earnings |
£ |
At 2 April 2019 | ( |
) |
Profit for the period |
Purchase of own shares | 359,937 |
At 25 March 2020 |
Profit and loss account |
The Profit and Loss Account represents the cumulative profits or losses, net of dividends paid and other adjustments. |
10. | POST BALANCE SHEET EVENTS |
The subsidiary Testament Films Limited was disposed of on 22 September 2020. |