OVERCROSS FILMS LIMITED - Filleted accounts

OVERCROSS FILMS LIMITED - Filleted accounts

OVERCROSS FILMS LIMITED - Company Information

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Registered number
09352462
OVERCROSS FILMS LIMITED
Filleted Accounts
31 December 2020
OVERCROSS FILMS LIMITED
Registered number: 09352462
Balance Sheet
as at 31 December 2020
Notes 2020 2019
£ £
Current assets
Work in progress 1,782,336 -
Debtors 3 6,201 30,579
Cash at bank and in hand 10,312 295,010
1,798,849 325,589
Creditors: amounts falling due within one year 4 (1,762,352) (275,708)
Net current assets 36,497 49,881
Net assets 36,497 49,881
Capital and reserves
Called up share capital 1 1
Profit and loss account 36,496 49,880
Shareholder's funds 36,497 49,881
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Brian Brake
Director
Approved by the board on 15 September 2021
OVERCROSS FILMS LIMITED
Notes to the Accounts
for the year ended 31 December 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. The Company is currently producing the film tentatively titled as Dostana 2 (the Film). Production cost of the Film at the balance sheet date is carried forward as work in progress on the basis that it is deemed recoverable from the future income/revenue of the Film.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2020 2019
£ £
Prepaid expenses - 30,578
VAT receivable 6,200 -
Other debtors 1 1
6,201 30,579
4 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 17,352 -
Advance against acquisition of Film 1,745,000 275,000
Other creditors - 708
1,762,352 275,708
5 Controlling party
Mr Parth Dholakia, the PSC of the Company is the ultimate controlling party.
6 Other information
OVERCROSS FILMS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
c/o Suite F
1-3 Canfield Place
London
NW6 3BT
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