Whiston Pictures Limited Filleted accounts for Companies House (small and micro)

WHISTON PICTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09895896

Whiston Pictures Limited

Filleted Unaudited Accounts

16 March 2020

Whiston Pictures Limited

Statement of Financial Position

16 March 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	6	445,081	292,140
Cash at bank and in hand		77,059	26,580
		---------	---------
		522,140	318,720

Creditors: amounts falling due within one year	7	( 100,391)		( 314,364)
		---------		---------
Net current assets			421,749	4,356
			---------	-------
Total assets less current liabilities			421,749	4,356
			---------	-------
Net assets			421,749	4,356
			---------	-------

Capital and reserves

Called up share capital	4,356	4,356
Share premium account	327,044	327,044
Profit and loss account	90,349	( 327,044)
	---------	---------
Shareholders funds	421,749	4,356
	---------	---------

These accounts have been prepared and delivered in accordance with the provisions applicable to companies 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 16 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;

- The director acknowledges his 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 14 July 2021 , and are signed on behalf of the board by:

E Barratt
Director

Company registration number: 09895896

Whiston Pictures Limited

Notes to the Accounts

Year ended 16 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Solent House, 107a Alma Road, Southampton, Hampshire, SO14 6UY, England.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

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 year from 17 March 2019 to 16 March 2020. The comparatives cover the period from 1 July 2018 to 16 March 2019.

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 paragraph 1.12 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

Turnover relates to the production of the film entitled "Make Us a Dream". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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 called "Make Us a Dream". 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 profit/(loss)

Major components of tax income

		Period from
	Year to	1 Jul 18 to
	16 Mar 20	16 Mar 19
	£	£

Current tax:

UK current tax income	( 58,398)	( 228,862)
	--------	---------
Tax on profit/(loss)	( 58,398)	( 228,862)
	--------	---------

Reconciliation of tax income

The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2019: lower than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).

		Period from
	Year to	1 Jul 18 to
	16 Mar 20	16 Mar 19
	£	£
Profit/(loss) on ordinary activities before taxation	358,995	( 555,906)
	---------	---------
High-end television tax relief	(58,398)	(228,862)
	---------	---------

6. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	365,828	–
VAT recoverable	20,855	9,453
Corporation tax recoverable	58,398	228,862
Other debtors	–	53,825
	---------	---------
	445,081	292,140
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	40,050	36,100
Amounts owed to group undertakings	33,000	–
Accruals and deferred income	27,341	49,402
Production loan	–	228,862
	---------	---------
	100,391	314,364
	---------	---------

8. Related party transactions

All transactions related to the production of the film "Make Us a Dream" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.

9. Controlling party

There was no ultimate controlling party throughout the year .