QM Film Productions Ltd Filleted accounts for Companies House (small and micro)
QM Film Productions Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
11684818
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Statement of Financial Position |
31 Dec 21 |
30 Nov 20 |
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Note |
£ |
£ |
Current assets
Debtors |
6 |
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Cash at bank and in hand |
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– |
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------------ |
------- |
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Creditors: amounts falling due within one year |
7 |
(
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(
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------------ |
------- |
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Net current assets |
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---- |
---- |
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Total assets less current liabilities |
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---- |
---- |
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Net assets |
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---- |
---- |
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Capital and reserves
Called up share capital |
8 |
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---- |
---- |
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Shareholders funds |
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---- |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the period 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
8 April 2022
, and are signed on behalf of the board by:
|
Director |
Company registration number:
11684818
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Notes to the Accounts |
Period from 1 December 2020 to 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 140 Wardour Street, London, W1F8ZT, England.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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.
Significant estimation technique adopted
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.
Comparatives
The accounts cover the period from 1 December 2020 to 31 December 2021. The comparatives cover the period from incorporation on 1 December 2019 to 30 November 2020.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
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.
Revenue recognition
Income tax
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.
Employees
The company has been incorporated to produce a film entitled "The Queen Mary". 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 |
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1 Dec 20 to |
Year to |
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31 Dec 21 |
30 Nov 20 |
|
£ |
£ |
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Current tax:
UK current tax income |
(
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– |
------------ |
---- |
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Tax on loss |
(
|
– |
------------ |
---- |
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Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2020: the same as) the
standard rate of corporation tax in the UK
of
19
% (2020:
19
%).
Period from |
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1 Dec 20 to |
Year to |
|
31 Dec 21 |
30 Nov 20 |
|
£ |
£ |
|
Loss on ordinary activities before taxation |
(
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– |
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---- |
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Film tax relief |
(1,133,327) |
– |
------------ |
---- |
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6.
Debtors
31 Dec 21 |
30 Nov 20 |
|
£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
– |
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Prepayments and accrued income |
|
– |
VAT recoverable |
9,256 |
– |
Corporation tax recoverable |
1,133,327 |
– |
Other debtors |
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------- |
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------- |
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7.
Creditors:
amounts falling due within one year
31 Dec 21 |
30 Nov 20 |
|
£ |
£ |
|
Trade creditors |
|
– |
Accruals and deferred income |
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Social security and other taxes |
|
– |
Production loan |
2,354,263 |
– |
Other creditors |
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– |
------------ |
------- |
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The loan has been secured against the anticipated future film tax credit.
8.
Called up share capital
Issued, called up and fully paid
31 Dec 21 |
30 Nov 20 |
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No. |
£ |
No. |
£ |
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|
100 |
|
100 |
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---- |
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9.
Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: National Bank of Canada Trinity Media Financing International Limited LEGEND3D, Inc.
10.
Related party transactions
All transactions related to the production of the film "The Queen Mary" and arose on an arm's length basis through the normal course of business. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
11.
Controlling party
The company was under the joint control of
L Sylvest
& Rocket Science Industries Limited.