Intermission Film Limited - Period Ending 2021-07-31
Intermission Film Limited - Period Ending 2021-07-31
Registration number:
Intermission Film Limited
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Intermission Film Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Intermission Film Limited
Company Information
Directors |
S C Cryer S J Cryer |
Registered office |
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Bankers |
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Accountants |
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Intermission Film Limited
Statement of Financial Position as at 31 July 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
2,266,292 |
1,889,312 |
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Shareholders' funds |
2,266,392 |
1,889,412 |
For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Intermission Film Limited
Statement of Financial Position as at 31 July 2021
Approved and authorised by the
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S C Cryer
Director
Company registration number: 07701034
Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the production of audiovisual and design advertising.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year and had net assets at 31 July 2021 of £2,266,392, including cash at bank of £1,486,901.
The directors have considered the potential effect of the current COVID-19 crisis and, although there is no certainty as to when this will end, the directors' view is that the impact remains manageable. The company's services remain in high demand, particularly the online streaming segment of the business and the company was able to continue to operate remotely while the restrictions were in place and the latest management accounts demonstrate the company remains profitable. With the lifting of restrictions and the resources that the company has, the company is well placed to weather the crisis.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises turnover for services provided based upon the contractual stage of completion and once it is probable that future economic benefit will flow to the company.
Government grants
Government grants have been recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and that the grants will be received. The grants have been recognised based on the accrual model relating to revenue, which has been recognised in other operating income in the period in which it becomes receivable.
Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Property |
Over the period of lease on straight line |
Fixtures & Fittings |
25% straight line |
Computer Equipment |
25 - 33% straight line |
Editing Equipment |
25 - 33% straight line |
Motor Vehicles |
25% straight line |
Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Finance leases and hire purchase
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Tangible assets |
Leasehold property |
Fixtures & fittings |
Motor vehicles |
Computer equipment |
Editing equipment |
Total |
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Cost or valuation |
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At 1 August 2020 |
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Additions |
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At 31 July 2021 |
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Depreciation |
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At 1 August 2020 |
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- |
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Charge for the year |
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At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Other debtors includes an amount of £46,767 (2020: £46,767) receivable in greater than one year and is secured in respect of future rental obligations.
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
2021 |
2020 |
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Loans and borrowings |
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Loans and borrowings relate to obligations under finance leases that are secured on the assets involved.
Commitments under operating leases |
The total of future minimum lease payments not reflected in the statement of financial position amounts to £331,540 (2020: £510,700).
Related party transactions |
Exemption is taken under FRS102 paragraph IAC.35 not to disclose transactions or amounts due with companies wholly owned within the group.
Intermission Film Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Transactions with directors |
At 31 July 2021 an amount of £25,334 (2020: £2,045) was due to the company from the director. During the year there were advances of £325,971 and repayments of £305,668. Interest amounting to £2,986 (2020: £2,688), charged at 2.25% and 2% pa, is payable to the company. There are no agreed terms.