Save The Cinema Film Limited Filleted accounts for Companies House (small and micro)

SAVE THE CINEMA FILM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12794658

Save The Cinema Film Limited

Filleted Unaudited Accounts

30 November 2021

Save The Cinema Film Limited

Statement of Financial Position

30 November 2021

	30 Nov 21	31 Mar 21
Note	£	£

Current assets

Debtors	6	463,109	2,317,365
Cash at bank and in hand		68,389	47,149
		---------	------------
		531,498	2,364,514

Creditors: amounts falling due within one year	7	( 531,398)	( 2,364,414)
		---------	------------
Net current assets		100	100
		----	----
Total assets less current liabilities		100	100
		----	----
Net assets		100	100
		----	----

Capital and reserves

Called up share capital	100	100
	----	----
Shareholders funds	100	100
	----	----

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 comprehensive income has not been delivered.

For the period ending 30 November 2021 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 period 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 .

These accounts were approved by the board of directors and authorised for issue on 10 February 2022 , and are signed on behalf of the board by:

M S Williams

Director

Company registration number: 12794658

Save The Cinema Film Limited

Notes to the Accounts

Period from 1 April 2021 to 30 November 2021

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, England.

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.

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will have in the coming months. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business - The impact on the ability of our suppliers to meet our needs - The impact of our staff's ability to perform their duties - The impact on our cash position of a period of minimum activity A detailed budget and cashflow have been prepared for the production and delivery of the film. Funds to meet the cashflow requirements are contractually in place and the director does not anticipate any material overspend. Furthermore the film was delivered at the point of signature of these accounts and thus the director is therefore satisfied that the going concern assumption remains appropriate.

Comparatives

The accounts cover the period from 1 April 2021 to 30 November 2021. The comparatives cover the period from incorporation on 5 August 2020 to 31 March 2021.

The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.

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.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover relates to the production of the film entitled "Save The Cinema". 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.

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. Employees

The company has been incorporated to produce a film entitled "Save The Cinema". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.

None of the Directors received any form of remuneration.

5. Tax on loss

Major components of tax income

	Period from	Period from
	1 Apr 21 to	5 Aug 20 to
	30 Nov 21	31 Mar 21
	£	£

Current tax:

UK current tax income	( 370,644)	( 1,470,320)
	---------	------------
Tax on loss	( 370,644)	( 1,470,320)
	---------	------------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the period is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	Period from	Period from
	1 Apr 21 to	5 Aug 20 to
	30 Nov 21	31 Mar 21
	£	£
Loss on ordinary activities before taxation	( 370,644)	( 1,470,320)
	---------	------------
Film tax relief	(370,644)	(1,470,320)
	---------	------------

6. Debtors

	30 Nov 21	31 Mar 21
	£	£
Prepayments and accrued income	32,058	154,730
VAT recoverable	31,242	150,052
Corporation tax recoverable	370,644	1,470,320
Other debtors	29,165	542,263
	---------	------------
	463,109	2,317,365
	---------	------------

7. Creditors: amounts falling due within one year

	30 Nov 21	31 Mar 21
	£	£
Trade creditors	112,352	440,745
Amounts owed to group undertakings	108,400	–
Accruals and deferred income	310,646	229,334
Social security and other taxes	–	505
Production loan	–	1,693,830
	---------	------------
	531,398	2,364,414
	---------	------------

8. Contingent liabilities

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: Ffilm Cymru Wales CBC Sky UK Limited Head Gear Films FN Ltd Lip Sync Productions LLP

9. Related party transactions

During the period all transactions related to the production of the film entitled "Save The Cinema" and arose on an arm's-length basis through the normal course of business. As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.