Essential Nitrate WK Ibiza Ltd Company accounts

ESSENTIAL NITRATE WK IBIZA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10015279

Essential Nitrate WK Ibiza Ltd

Unaudited Financial Statements

31 August 2020

Essential Nitrate WK Ibiza Ltd

Financial Statements

Year ended 31 August 2020

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4

Essential Nitrate WK Ibiza Ltd

Directors' Report

Year ended 31 August 2020

The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2020 .

Directors

The directors who served the company during the year were as follows:

Mr RC Conway
Mr AC Curtis
L J Chapman
M C Gerrie

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 31 August 2021 and signed on behalf of the board by:

Mr RC Conway

Director

Registered office:

White Stacks

The Street

Wilmington

Polegate

BN26 5SQ

Essential Nitrate WK Ibiza Ltd

Statement of Income and Retained Earnings

Year ended 31 August 2020

		Period from
	Year to	1 Mar 18 to
	31 Aug 20	31 Aug 19
Note	£	£
Turnover	7,435	1,127,438

Cost of sales	7,435	802,881
	-------	------------
Gross profit	–	324,557

	----	---------
Operating profit	–	324,557

	----	---------
Profit before taxation	–	324,557

Tax on profit	–	( 252,450)
	----	---------
Profit for the financial year and total comprehensive income	–	577,007
	----	---------

Retained losses at the start of the year	–	( 577,007)
	----	---------
Retained earnings at the end of the year	–	–
	----	---------

All the activities of the company are from continuing operations.

Essential Nitrate WK Ibiza Ltd

Statement of Financial Position

31 August 2020

	2020	2019
Note	£	£

Current assets

Debtors	4	32,166	288,850
Cash at bank and in hand		32,184	44,538
		--------	---------
		64,350	333,388

Creditors: amounts falling due within one year	5	64,340	333,378
		--------	---------
Net current assets		10	10
		----	----
Total assets less current liabilities		10	10
		----	----
Net assets		10	10
		----	----

Capital and reserves

Called up share capital	10	10
	----	----
Shareholders funds	10	10
	----	----

These financial statements have been prepared 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'.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 August 2021 , and are signed on behalf of the board by:

Mr RC Conway	Mr AC Curtis
Director	Director

Company registration number: 10015279

Essential Nitrate WK Ibiza Ltd

Notes to the Financial Statements

Year ended 31 August 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 White Stacks, The Street, Wilmington, Polegate, BN26 5SQ, UK.

2. Statement of compliance

These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Significant estimation technique adopted

Accruals are estimated by reference tp 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 "Turnover " above.

Employees

The company has been incorporated to produce a film call "Ibiza: The Silent Movie". In common with the film and television industry the majority of the crew are hired in short term contracts for the duration of principal photography or are self-employed.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2020	2019
	£	£
Other debtors	32,166	288,850
	--------	---------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,373	44,772
Social security and other taxes	3,083	–
Other creditors	59,884	288,606
	--------	---------
	64,340	333,378
	--------	---------

6. 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.

7. Contingencies

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: Silver Reel Entertainment Mezzanine Fund L P

8. Related party transactions

During the yea no related-party transactions took place. All transactions related to the production of the film "Ibiza: The Silent Movie " arose on an arms=length basis through the normal course of business No transactions with related parties were undertaken such as required to be disc;used under FRS 102.