Popcorn Group Ltd Accounts
Popcorn Group Ltd Accounts
Popcorn Group Ltd Filleted Accounts Cover |
Company No. 08029654 | |||||||||
Popcorn Group Ltd Statement of Financial Position |
at | ||||||||||
Company No. | Notes | 2022 | 2021 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Intangible assets | 4 | |||||||||
Tangible assets | 5 | |||||||||
Investments | 6 | |||||||||
Current assets | ||||||||||
Stocks | 7 | |||||||||
Debtors | 8 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 9 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Creditors: Amounts falling due after more than one year | 10 | ( | ( | |||||||
Net liabilities | ( | ( | ||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 11 | ( | ( | |||||||
Total equity | ( | ( | ||||||||
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'. | ||||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 31 March 2022. | ||||||||||
And signed on its behalf by: | ||||||||||
Mr P Colbert - Director | ||||||||||
15th December 2022 |
Popcorn Group Ltd Notes to the Financial Statement |
for the year ended 31 March 2022 | |||||||||||||||||
1 | General information | ||||||||||||||||
Its registered number is: 08029654 | |||||||||||||||||
Its registered office is: | |||||||||||||||||
2 | Accounting policies | ||||||||||||||||
Basis of Preparation | |||||||||||||||||
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. | |||||||||||||||||
At the time of approving these financial statements, the shareholders have confirmed their continuing financial support to ensure the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. | |||||||||||||||||
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. | |||||||||||||||||
Judgements and key sources of estimation uncertainty | |||||||||||||||||
In the application of the Company's accounting policies, management are required to make judgements, 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 estimates. | |||||||||||||||||
The estimates and underlying assumptions are reviewed on an ongoing basis by the management. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods. Because of the inherent uncertainty, these estimated values may differ significantly from the values that have been used in preparing the financial statements and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Company will realise the values presented herein. | |||||||||||||||||
Revenue recognition | |||||||||||||||||
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue arises from the sales of creative art works, film production services and related merchandise. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity. Revenue from film production services are recognised on a contractual basis at different stages of of production and delivery for distribution. | |||||||||||||||||
Intangible fixed assets | |||||||||||||||||
Intangible assets are measured at fair value. | |||||||||||||||||
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation | |||||||||||||||||
33% Straight line | |||||||||||||||||
Fixtures, fittings and equipment | 50% Straight line | ||||||||||||||||
Taxation | |||||||||||||||||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | |||||||||||||||||
Investments | |||||||||||||||||
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss. | |||||||||||||||||
Stocks | |||||||||||||||||
Stocks and work in progress represents finished physical goods in film and creative production expenditure in the course of development and internally created digital art (NFT's). Finished goods are measured at the lower of cost and estimated selling price. Work in progress is measured at cost. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock and work in progress to its present condition. | |||||||||||||||||
Financial instruments | |||||||||||||||||
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. | |||||||||||||||||
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. | |||||||||||||||||
Foreign currencies | |||||||||||||||||
Leased assets | |||||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | |||||||||||||||||
Defined contribution pensions | |||||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Provisions | |||||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | |||||||||||||||||
3 | Employees | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Number | Number | ||||||||||||||||
The average monthly number of employees (including directors) during the year was: | |||||||||||||||||
4 | Intangible fixed assets | ||||||||||||||||
Other | Total | ||||||||||||||||
£ | £ | ||||||||||||||||
Cost | |||||||||||||||||
At 1 April 2021 | |||||||||||||||||
Additions | |||||||||||||||||
Disposals | |||||||||||||||||
At 31 March 2022 | |||||||||||||||||
Amortisation and impairment | |||||||||||||||||
Net book values | |||||||||||||||||
At 31 March 2022 | |||||||||||||||||
At 31 March 2021 | |||||||||||||||||
5 | Tangible fixed assets | ||||||||||||||||
Plant and machinery | Fixtures, fittings and equipment | Total | |||||||||||||||
£ | £ | £ | |||||||||||||||
Cost or revaluation | |||||||||||||||||
At 1 April 2021 | |||||||||||||||||
Additions | |||||||||||||||||
Disposals | ( | ( | ( | ||||||||||||||
At 31 March 2022 | |||||||||||||||||
Depreciation | |||||||||||||||||
At 1 April 2021 | |||||||||||||||||
Charge for the year | |||||||||||||||||
Disposals | ( | ( | ( | ||||||||||||||
At 31 March 2022 | |||||||||||||||||
Net book values | |||||||||||||||||
At 31 March 2022 | |||||||||||||||||
At 31 March 2021 | |||||||||||||||||
6 | Investments | ||||||||||||||||
Investment in Subsidiaries | Other investments - Unlisted | Total | |||||||||||||||
£ | £ | £ | |||||||||||||||
Cost or valuation | |||||||||||||||||
At 1 April 2021 | |||||||||||||||||
Additions | |||||||||||||||||
At 31 March 2022 | |||||||||||||||||
Provisions/Impairment | |||||||||||||||||
Net book values | |||||||||||||||||
At 31 March 2022 | |||||||||||||||||
At 31 March 2021 | |||||||||||||||||
7 | Stocks | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
£ | £ | ||||||||||||||||
Work in progress | |||||||||||||||||
Stock | |||||||||||||||||
8 | Debtors | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
£ | £ | ||||||||||||||||
Trade debtors | |||||||||||||||||
Amounts owed by group undertakings | |||||||||||||||||
Other debtors | |||||||||||||||||
9 | Creditors: | ||||||||||||||||
amounts falling due within one year | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
£ | £ | ||||||||||||||||
Trade creditors | |||||||||||||||||
Other taxes and social security | |||||||||||||||||
Other creditors | |||||||||||||||||
10 | Creditors: | ||||||||||||||||
amounts falling due after more than one year | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
£ | £ | ||||||||||||||||
Other creditors | |||||||||||||||||
11 | Reserves | ||||||||||||||||
12 | Related party disclosures | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Transactions with related parties | £ | £ | |||||||||||||||
Description of relationship between the parties | Common director | ||||||||||||||||
Amount due from/(to) the related party | |||||||||||||||||
Description of relationship between the parties | Common director | ||||||||||||||||
Amount due from/(to) the related party | ( | ( | |||||||||||||||
13 | Controlling party | ||||||||||||||||
There is no one single controlling party. | |||||||||||||||||