Sister (Split 3) Limited Filleted accounts for Companies House (small and micro)

SISTER (SPLIT 2024) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13240212

Sister (Split 3) Limited

Filleted Financial Statements

30 September 2022

Sister (Split 3) Limited

Statement of Financial Position

30 September 2022

	2022	2021
Note	£	£

Current assets

Debtors	6	3,633,651	5,148,479
Cash at bank and in hand		103,399	163,886
		------------	------------
		3,737,050	5,312,365

Creditors: amounts falling due within one year	7	( 1,335,215)	( 3,373,703)
		------------	------------
Net current assets		2,401,835	1,938,662
		------------	------------
Total assets less current liabilities		2,401,835	1,938,662
		------------	------------
Net assets		2,401,835	1,938,662
		------------	------------

Capital and reserves

Called up share capital	8	1	1
Profit and loss account		2,401,834	1,938,661
		------------	------------
Shareholders funds		2,401,835	1,938,662
		------------	------------

These financial statements 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.

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.

These financial statements were approved by the board of directors and authorised for issue on 9 February 2023 , and are signed on behalf of the board by:

D Isaacs

Director

Company registration number: 13240212

Sister (Split 3) Limited

Notes to the Financial Statements

Year ended 30 September 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17-18 Haywards Place, London, EC1R 0EQ, United Kingdom.

2. Statement of compliance

These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

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

Comparatives

The accounts cover the period from 1 October 2021 to 30 September 2022. The comparatives cover the period from 2 March 2021 to 30 September 2021.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying 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 the television series entitled "The Split - Series 3". 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 high-end television series called "The Split - Series 3". 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
	Year to	2 Mar 21 to
	30 Sep 22	30 Sep 21
	£	£

Current tax:

UK current tax income	( 466,398)	( 1,942,471)
	---------	------------
Tax on loss	( 466,398)	( 1,942,471)
	---------	------------

Reconciliation of tax income

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

		Period from
	Year to	2 Mar 21 to
	30 Sep 22	30 Sep 21
	£	£
Loss on ordinary activities before taxation	( 3,225)	( 3,810)
	-------	-------
High-end television tax relief	(466,398)	(1,942,471)
	---------	------------

6. Debtors

	2022	2021
	£	£
Prepayments and accrued income	2,981,830	2,365,539
VAT recoverable	–	649,479
Corporation tax recoverable	466,398	1,942,471
Other debtors	185,423	190,990
	------------	------------
	3,633,651	5,148,479
	------------	------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	–	65,188
Accruals and deferred income	1,129,970	1,231,846
Social security and other taxes	3,922	26,090
Production loan	201,323	2,013,493
Other creditors	–	37,086
	------------	------------
	1,335,215	3,373,703
	------------	------------

The loan has been secured against the anticipated future high-end television tax credit.

8. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

9. Contingent liabilities

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

10. Summary audit opinion

The auditor's report for the year dated 14 February 2023 was unqualified .

The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .

11. Related party transactions

During the year no related-party transactions took place. All transactions related to the production of the television series "The Split - Series 3" and arose on an arm's-length basis through the normal course of business. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. 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 immediate parent undertaking is Sister Pictures Limited , a company incorporated in England and Wales. The smallest and largest group for which accounts are prepared and in which the results of the company are consolidated is Sister Holdings Limited. Copies of the group accounts can be obtained from Utopia Village, 7 Chalcot Road, London, United Kingdom, NW1 8LH.