Independent Distribution Limited 31/12/2020 iXBRL

INDEPENDENT DISTRIBUTION LIMITED - Company Information

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Company registration number: 05549580

Independent Distribution Limited

Filleted financial statements

31 December 2020

Independent Distribution Limited

Contents

Directors and other information

Director's responsibilities statement

Statement of financial position

Notes to the financial statements

Independent Distribution Limited

Directors and other information


	Director	Mr L Roeg


	Company number	05549580


	Registered office	195 Wardour Street
		London
		W1F 8ZG


	Business address	195 Wardour Street
		London
		W1F 8ZG


	Auditor	Riverside Accountancy Lancaster Limited
		Second Floor, Riverside Offices
		26 St Georges Quay
		Lancaster
		LA1 1RD




	Bankers	Coutts & Co
		440 Strand
		London
		WC2R 0QS

Independent Distribution Limited

Director's responsibilities statement

Year ended 31 December 2020

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently; and

- make judgments and accounting estimates that are reasonable and prudent.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Distribution Limited

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Current assets
Debtors	5	3,432		3,432
Cash at bank and in hand		4,512		4,586
		_______		_______
		7,944		8,018
Creditors: amounts falling due
within one year	6	( 48,924)		( 46,823)
		_______		_______
Net current liabilities			( 40,980)		( 38,805)
			_______		_______
Total assets less current liabilities			( 40,980)		( 38,805)

			_______		_______
Net liabilities			( 40,980)		( 38,805)
			_______		_______

Capital and reserves
Called up share capital	7		1		1
Profit and loss account			( 40,981)		( 38,806)
			_______		_______
Shareholders deficit			( 40,980)		( 38,805)
			_______		_______

These financial statements 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 28 September 2021 , and are signed on behalf of the board by:

Mr L Roeg

Director

Company registration number: 05549580

Independent Distribution Limited

Notes to the financial statements

Year ended 31 December 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 195 Wardour Street, London, W1F 8ZG.

2. Statement of compliance

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

The financial statements have been rounded to the nearest £1.

Going concern

During the past couple of years the company has been developing its portfolio of digital rights. It is the intention of the company to continue these activities and accordingly will in a least the medium term, continue to be dependent upon the support of its parent company. Its parent company has undertaken not to seek repayment until at least 31 December 2021 unless the company is in a position to do so. The company's cash flow forecast for the period to 31 December 2021 suggests that the company will require additional support for at least that period. The company has received assurances from its parent that it anticipates being able to meet any funding requirements in that period. Based on these undertakings the directors considers its appropriate to prepare the financial statements on a going concern basis.

Turnover

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.

When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

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 or 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. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Debtors

	2020	2019
	£	£
Other debtors	3,432	3,432
	_______	_______

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,800	-
Other creditors	47,124	46,823
	_______	_______
	48,924	46,823
	_______	_______

7. Called up share capital

Issued, called up and fully paid

	2020		2019
	No	£	No	£
Ordinary shares shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

8. Summary audit opinion

The auditor's report for the year dated 29 September 2021 was unqualified, however, the auditor drew attention to the following by way of emphasis.

In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern. The company incurred a net loss during the year ended 31st December 2020 and as of that date; the company's current liabilities exceeded its total assets. These conditions, along with other matters as set in forth in Note 3 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. Details of the circumstances relating to this emphasis of matter are described in Note 3. Our opinion is not qualified in this respect.

The senior statutory auditor was Lyndsay Nicholson ACA for and on behalf of Riverside Accountancy Lancaster Limited

9. Controlling party

The Immediate Parent Company is Independent Film Productions Limited, a company registered in England and Wales and the ultimate parent company is Living Captial Group Limited, a company incorporated in Malta. The ultimate controlling party is Andreas Versteegh , a national and resident of Sweden, as he is the sole shareholder of Living Captial Group Limited.The ultimate parent company that produces consolidated accounts is Living Capital Group Limited whose registered office is Nouv, Triq MRO Frank Gallea, Zebbug, ZBG 9019, Malta.