ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

DURAN FILMS LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2021-01-312021-01-31falsetrue2020-02-01No description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09589074 2020-02-01 2021-01-31 09589074 2019-02-01 2020-01-31 09589074 2021-01-31 09589074 2020-01-31 09589074 c:Director2 2020-02-01 2021-01-31 09589074 d:CurrentFinancialInstruments 2021-01-31 09589074 d:CurrentFinancialInstruments 2020-01-31 09589074 d:CurrentFinancialInstruments d:WithinOneYear 2021-01-31 09589074 d:CurrentFinancialInstruments d:WithinOneYear 2020-01-31 09589074 d:ShareCapital 2021-01-31 09589074 d:ShareCapital 2020-01-31 09589074 d:SharePremium 2021-01-31 09589074 d:SharePremium 2020-01-31 09589074 d:RetainedEarningsAccumulatedLosses 2021-01-31 09589074 d:RetainedEarningsAccumulatedLosses 2020-01-31 09589074 c:FRS102 2020-02-01 2021-01-31 09589074 c:AuditExempt-NoAccountantsReport 2020-02-01 2021-01-31 09589074 c:FullAccounts 2020-02-01 2021-01-31 09589074 c:PrivateLimitedCompanyLtd 2020-02-01 2021-01-31 iso4217:GBP xbrli:pure

Registered number: 09589074









DURAN FILMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021
 
DURAN FILMS LIMITED
REGISTERED NUMBER: 09589074

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2021

2021
2020
Note
£
£

  

Current assets
  

Stocks
 4 
306,410
359,258

Debtors: amounts falling due within one year
 5 
29,110
25,917

Cash at bank and in hand
 6 
1,847
2,295

  
337,367
387,470

Creditors: amounts falling due within one year
 7 
(82,490)
(132,593)

Net current assets
  
 
 
254,877
 
 
254,877

Total assets less current liabilities
  
254,877
254,877

  

Net assets
  
254,877
254,877


Capital and reserves
  

Called up share capital 
  
1,515
1,515

Share premium account
  
148,500
148,500

Profit and loss account
  
104,862
104,862

  
254,877
254,877


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
 
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DURAN FILMS LIMITED
REGISTERED NUMBER: 09589074
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2021


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2022.


M Hodgson
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
DURAN FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021

1.


General information

Duran Films Limited is a private company limited by shares and registered in England & Wales. The address of its registered office 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises distribution revenue receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the Statement of Financial Position until further costs are incurred or profits anticipated. At this point the deferred income is released to the Statement of Income and Retained Earnings.

 
2.3

Stocks

Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans from related parties.

 
2.7

Creditors

Short term creditors are measured at the transaction price, less any impairment.

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DURAN FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
The Company is eligible to claim a tax credit on film production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).


4.


Stocks

2021
2020
£
£

Film production costs
306,410
359,258

306,410
359,258



5.


Debtors

2021
2020
£
£


Trade debtors
-
7,138

Other debtors
29,110
18,779

29,110
25,917



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
1,847
2,295

1,847
2,295


Page 4
 
DURAN FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021

7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
13,418
11,018

Other taxation and social security
-
3

Other creditors
66,572
119,072

Accruals and deferred income
2,500
2,500

82,490
132,593



8.


Related party transactions

During the period £nil (2020: £20,304) was paid to Ad Hoc Films Limited, a company of which D Glynn and M Hodgson are also directors. All transactions were carried out at arms length. At the reporting date £77,572 (2020: £130,072) was due to Ad Hoc Films Limited. The loan is repayable on demand and is not interest bearing.


9.


Controlling party

Throughout the current and preceeding period, the company was under the control of the directors by virtue of their shareholding.

 
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