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

ARCHERY PICTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09203926

Archery Pictures Limited

Filleted Unaudited Accounts

31 December 2020

Archery Pictures Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	17,547	13,509
Investments	6	152	152
		--------	--------
		17,699	13,661

Current assets

Debtors	7	866,219	1,058,605
Cash at bank and in hand		2,782,022	2,260,121
		------------	------------
		3,648,241	3,318,726

Creditors: amounts falling due within one year	8	( 1,091,899)	( 422,909)
		------------	------------
Net current assets		2,556,342	2,895,817
		------------	------------
Total assets less current liabilities		2,574,041	2,909,478
		------------	------------
Net assets		2,574,041	2,909,478
		------------	------------

Capital and reserves

Called up share capital	11	11
Share premium account	999,999	999,999
Profit and loss account	1,574,031	1,909,468
	------------	------------
Shareholders funds	2,574,041	2,909,478
	------------	------------

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 31 December 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 accounts 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 accounts .

Archery Pictures Limited

Statement of Financial Position (continued)

31 December 2020

These accounts were approved by the board of directors and authorised for issue on 25 January 2022 , and are signed on behalf of the board by:

S C S Thykier

Director

Company registration number: 09203926

Archery Pictures Limited

Notes to the Accounts

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 3 Archery Close, London, W2 2BE, United Kingdom.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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 film production, as noted in "Revenue Recognition" below.

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 section 1A 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 television series. 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Equipment	-	25 % straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2019: 8 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2020	1,830	21,901	23,731
Additions	–	11,429	11,429
	-------	--------	--------
At 31 December 2020	1,830	33,330	35,160
	-------	--------	--------
Depreciation
At 1 January 2020	953	9,269	10,222
Charge for the year	458	6,933	7,391
	-------	--------	--------
At 31 December 2020	1,411	16,202	17,613
	-------	--------	--------
Carrying amount
At 31 December 2020	419	17,128	17,547
	-------	--------	--------
At 31 December 2019	877	12,632	13,509
	-------	--------	--------

6. Investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 January 2020 and 31 December 2020	52	100	152
	----	----	----
Impairment
At 1 January 2020 and 31 December 2020	–	–	–
	----	----	----

Carrying amount
At 31 December 2020	52	100	152
	----	----	----
At 31 December 2019	52	100	152
	----	----	----

7. Debtors

	2020	2019
	£	£
Trade debtors	183,921	39,677
Amounts owed by group undertakings and undertakings in which the company has a participating interest	20,227	15,757
Prepayments and accrued income	648,784	991,541
VAT recoverable	–	9,217
Other debtors	13,287	2,413
	---------	------------
	866,219	1,058,605
	---------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	17,808	21,055
Amounts owed to group undertakings and undertakings in which the company has a participating interest	65,130	102,902
Accruals and deferred income	40,461	94,780
Corporation tax	41,976	171,897
Social security and other taxes	426,474	30,980
Dividends payable	500,000	–
Other creditors	50	1,295
	------------	---------
	1,091,899	422,909
	------------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	761	18,750
Later than 1 year and not later than 5 years	2,282	–
	-------	--------
	3,043	18,750
	-------	--------

10. Contingent liabilities

Charges have been made against the series in favour of the following parties to secure their interests in the copyright of and title to the series: Coutts & Company

11. Related party transactions

During the year no related-party transactions took place. All transactions related to the productions in the year 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.

12. Controlling party

In the opinion of the directors the controlling party is S C S Thykier .