Full Fat Television Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09680953 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Full Fat Television Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C Foster

Ms V Wallace

REGISTERED OFFICE:

39 Long Acre

London

WC2E 9LG

REGISTERED NUMBER:

09680953 (England and Wales)

ACCOUNTANTS:

We`ll Mind Your Own Business LTD

39 Long Acre

London

WC2E 9LG

FIXED ASSETS

Tangible assets

4

4,507

8,545

CURRENT ASSETS

Inventories

5

539,395

-

Debtors

6

1,260,211

139,779

Cash at bank

821,300

570,431

2,620,906

710,210

CREDITORS

Amounts falling due within one year

7

2,198,956

340,426

NET CURRENT ASSETS

421,950

369,784

TOTAL ASSETS LESS CURRENT LIABILITIES

426,457

378,329

CREDITORS

Amounts falling due after more than one year

8

1,000,000

970,765

NET LIABILITIES

(573,543

)

(592,436

)

CAPITAL AND RESERVES

Called up share capital

1

1

Share premium

9

500,000

500,000

Fair value reserve

9

-

187,000

Retained earnings

9

(1,073,544

)

(1,279,437

)

SHAREHOLDERS' FUNDS

(573,543

)

(592,436

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 December 2022 and were signed on its behalf by:

Mrs C Foster - Director

1.	STATUTORY INFORMATION

Full Fat Television Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent it is probable that the economic benefits will flow to the Company and the revenue can be measured reliably. Production revenue recognised is determined by reference to production costs incurred to date as a percentage of total expected costs. Overspends are recognised as soon as they arise and anticipated underspends are recognised on the completion of the programme.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Work in progress

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 24 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

1,087

32,589

33,676

Additions

-

896

896

At 31 December 2021

1,087

33,485

34,572

DEPRECIATION

At 1 January 2021

1,087

24,044

25,131

Charge for year

-

4,934

4,934

At 31 December 2021

1,087

28,978

30,065

NET BOOK VALUE

At 31 December 2021

-

4,507

4,507

At 31 December 2020

-

8,545

8,545

5.	INVENTORIES

31.12.21

31.12.20

£

£

Work-in-progress

539,395

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

53,509

5,775

Other debtors

6,353

7,373

Prepayments and accrued income

1,200,349

126,631

1,260,211

139,779

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

221

2,255

Social security and other taxes

14,628

19,648

VAT

51,957

231,668

Other creditors

5,153

8,218

Accruals and deferred income

2,126,997

78,637

2,198,956

340,426

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Amounts payable to related

parties

1,000,000

970,765

1,000,000

970,765

9.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2021

(1,279,437

)

500,000

187,000

(592,437

)

Profit for the year

205,893

205,893

Capital contribution

-

-

(187,000

)

(187,000

)

At 31 December 2021

(1,073,544

)

500,000

-

(573,544

)

10.	RELATED PARTY DISCLOSURES

During the period ended 31 Dec 2016, the company was issued with an interest free loan of £1,000,000 by a participating interest. The Loan is recognised in the accounts and measured at amortised cost using the effective interest method, applying 3% interest rate over 7 year loan period. The carrying amount of the loan at 31 Dec 2021 is £1,000,000 (2020 - £970,765). Effective interest of £29,235 (2020 - £28,275) was charged to the income statement during the year.

The loan is secured by a fixed and floating charge over the assets of the company.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs C Foster.