ACCOUNTS - Final Accounts preparation

GUNPOWDER IMMERSIVE LIMITED - Company Information

Registered number: 13574136

GUNPOWDER IMMERSIVE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 07 JANUARY 2022


GUNPOWDER IMMERSIVE LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


GUNPOWDER IMMERSIVE LIMITED REGISTERED NUMBER:13574136

STATEMENT OF FINANCIAL POSITION

AS AT 7 JANUARY 2022

		2022
Note		£

Fixed assets
Intangible assets	4		2,764,161
Tangible assets	5		1,374
			2,765,535
Current assets
Debtors: amounts falling due within one year	6	1,279,742
Cash at bank and in hand		151,124
		1,430,866
Current liabilities
Creditors: amounts falling due within one year	7	(3,733,314)
Net current liabilities			(2,302,448)
Net assets			463,087

Capital and reserves
Called up share capital	8	1
Profit and loss account		463,086
		463,087

The director considers 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 Period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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.

Page 1


GUNPOWDER IMMERSIVE LIMITED REGISTERED NUMBER:13574136

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 7 JANUARY 2022

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 February 2022.

J P Scott

Director

The notes on pages 3 to 6 form part of these financial statements.

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GUNPOWDER IMMERSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 7 JANUARY 2022

1.	General information

Gunpowder Immersive Limited is a limited liability company incorporated in England and Wales, with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.

The Company's principal activity is the production and promotion of bespoke designed entertainment shows.The company's functional and presentational currency is £ sterling.

The company was incorporated on 19 August 2021 and commenced development of the show on 1 November 2021.

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

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

2.3

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.4

Intangible assets

Costs associated with the creation of a new show are capitalised and are then expensed over the years in which the performances take place by amortisation over the expected life of the show on a straight line basis.
Creation costs comprise salaries and fees paid to creators and designers during the creation and rehearsal period. The Company reviews the book values of unamortised creation costs for the production on an on-going basis and , where conditions warrant, may revise the estimated revenue and the resultant amortisation period for creation costs based on past experience of shows created within the Group. If appropriate, the Company then writes down creation costs to an amount not exceeding the net recoverable amount, i.e. forecasted revenue net of direct operating expenses.
Creation costs relate to the development of a new show which has not yet been completed. No amortisation is to be provided until the development is complete and the company starts to generate income from its use.

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GUNPOWDER IMMERSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 7 JANUARY 2022

2.Accounting policies (continued)

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

20%

Straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at the transaction price.

2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

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.

Employees

The company has no employees other than the director during the current period.

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GUNPOWDER IMMERSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 7 JANUARY 2022

4.	Intangible assets

		Creation costs
		£
	Cost
	Additions	2,764,161
	At 7 January 2022	2,764,161

	Net book value
	At 7 January 2022	2,764,161

5.	Tangible fixed assets

		Computer equipment
		£
	Cost
	Additions	1,374
	At 7 January 2022	1,374

	Net book value
	At 7 January 2022	1,374

Debtors

					2022
					£


	Trade debtors	1,200
	Other debtors	545,720
	Prepayments and accrued income	20,563
	Tax recoverable	712,259
		1,279,742

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GUNPOWDER IMMERSIVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 7 JANUARY 2022

7.	Creditors: Amounts falling due within one year
		2022
		£

	Trade creditors	290,400
	Amounts owed to group undertakings	3,325,807
	Accruals and deferred income	117,107
		3,733,314

8.	Share capital
		2022
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1	1

On incorporation 1 Ordinary share of £1 was allotted and fully paid to provide initial working capital.

9.	Commitments under operating leases
	At 7 January 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2022
		£

	Not later than 1 year	430,493
	Later than 1 year and not later than 5 years	1,543,125
	Later than 5 years	784,000
		2,757,618

10.	Controlling party

The director regards Ellipsis Entertainment Limited, a company registered in England and Wales, as the ultimate controlling party.

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