ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

GURU KIRPA FILMS LTD - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-05-312020-05-312021-05-26false2019-06-01Motion picture production activities00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11377579 2019-06-01 2020-05-31 11377579 2018-05-23 2019-05-31 11377579 2020-05-31 11377579 2019-05-31 11377579 c:Director1 2019-06-01 2020-05-31 11377579 d:CurrentFinancialInstruments 2020-05-31 11377579 d:CurrentFinancialInstruments 2019-05-31 11377579 d:Non-currentFinancialInstruments 2020-05-31 11377579 d:Non-currentFinancialInstruments 2019-05-31 11377579 d:CurrentFinancialInstruments d:WithinOneYear 2020-05-31 11377579 d:CurrentFinancialInstruments d:WithinOneYear 2019-05-31 11377579 d:Non-currentFinancialInstruments d:AfterOneYear 2020-05-31 11377579 d:Non-currentFinancialInstruments d:AfterOneYear 2019-05-31 11377579 d:ShareCapital 2020-05-31 11377579 d:ShareCapital 2019-05-31 11377579 d:RetainedEarningsAccumulatedLosses 2020-05-31 11377579 d:RetainedEarningsAccumulatedLosses 2019-05-31 11377579 c:OrdinaryShareClass1 2019-06-01 2020-05-31 11377579 c:OrdinaryShareClass1 2020-05-31 11377579 c:OrdinaryShareClass1 2019-05-31 11377579 c:FRS102 2019-06-01 2020-05-31 11377579 c:AuditExempt-NoAccountantsReport 2019-06-01 2020-05-31 11377579 c:FullAccounts 2019-06-01 2020-05-31 11377579 c:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11377579










GURU KIRPA FILMS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2020
 
GURU KIRPA FILMS LTD
REGISTERED NUMBER: 11377579

BALANCE SHEET
AS AT 31 MAY 2020

2020
2019
Note
£
£

  

Current assets
  

Stocks
 4 
-
4,267,932

Debtors: amounts falling due within one year
 5 
4,652
777,694

Cash at bank and in hand
 6 
20,104
8,259

  
24,756
5,053,885

Creditors: amounts falling due within one year
 7 
(779,978)
(4,124,097)

Net current (liabilities)/assets
  
 
 
(755,222)
 
 
929,788

Total assets less current liabilities
  
(755,222)
929,788

Creditors: amounts falling due after more than one year
 8 
-
(173,969)

  

Net (liabilities)/assets
  
(755,222)
755,819


Capital and reserves
  

Called up share capital 
 9 
300
300

Profit and loss account
  
(755,522)
755,519

  
(755,222)
755,819


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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.

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. 





H S Chohan
Director

Date: 26 May 2021
Page 1
 
GURU KIRPA FILMS LTD
REGISTERED NUMBER: 11377579

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2020


The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
GURU KIRPA FILMS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

1.


General information

The company was incorporated on 23 May 2018 in England and Wales and started trading on the same day. The registered office of the company for the year was 2 Communications Road, Greenham Business Park, Newbury RG19 6AB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

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.

 
2.3

Revenue

Revenue is derived from the contract with the commissioning distributor, and is recognised upon final delivery of the film being commissioned. Final delivery is considered the point at which the film is available for theatrical release.
Film tax credits due are recognised within other operating income. These funds are received as credit against eligible expenditure incurred on the production of the film.

 
2.4

Stock and work in progress

Production costs incurred during the period are recognised as work in progress on the balance sheet until the film is delivered to the commissioning distributor.

Upon delivery of the film, it is acquired by the commissioning distributor and the production costs are then charged to the profit and loss account as cost of sales.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3
 
GURU KIRPA FILMS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

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.


3.


Employees

The company has no employees other than the directors, who did not receive any remuneration (2019 - £NIL).


4.


Stock and work in progress

2020
2019
£
£

Production costs
-
4,267,932

-
4,267,932



5.


Debtors

2020
2019
£
£


Other debtors
4,652
777,694

4,652
777,694



6.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
20,105
8,259

20,105
8,259


Page 4
 
GURU KIRPA FILMS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

7.


Creditors: Amounts falling due within one year

2020
2019
£
£

Trade creditors
-
4,073,114

Amounts owed to group undertakings
-
50

Other creditors
779,978
50,933

779,978
4,124,097



8.


Creditors: Amounts falling due after more than one year

2020
2019
£
£

Amounts owed to group undertakings
-
173,969

-
173,969



9.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



300 (2019 - 300) Ordinary shares of £1 each
300
300



10.


Prior year adjustment

The directors have decided to restate the profit and loss account to accurately reflect the film tax credit as other operating income.


11.


Controlling party

H S Chohan is the ultimate controlling party owing to his majority shareholding. 


Page 5