ACCOUNTS - Final Accounts preparation

TAILWIND PRODUCTIONS LTD. - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-312023-05-112021-08-01falseNo description of principal activity1110truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05184992 2021-08-01 2022-07-31 05184992 2020-08-01 2021-07-31 05184992 2022-07-31 05184992 2021-07-31 05184992 2020-08-01 05184992 c:Director1 2021-08-01 2022-07-31 05184992 c:Director2 2021-08-01 2022-07-31 05184992 d:PlantMachinery 2021-08-01 2022-07-31 05184992 d:PlantMachinery 2022-07-31 05184992 d:PlantMachinery 2021-07-31 05184992 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 05184992 d:FurnitureFittings 2021-08-01 2022-07-31 05184992 d:FurnitureFittings 2022-07-31 05184992 d:FurnitureFittings 2021-07-31 05184992 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 05184992 d:OwnedOrFreeholdAssets 2021-08-01 2022-07-31 05184992 d:CurrentFinancialInstruments 2022-07-31 05184992 d:CurrentFinancialInstruments 2021-07-31 05184992 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 05184992 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 05184992 d:ShareCapital 2022-07-31 05184992 d:ShareCapital 2021-07-31 05184992 d:RetainedEarningsAccumulatedLosses 2022-07-31 05184992 d:RetainedEarningsAccumulatedLosses 2021-07-31 05184992 c:OrdinaryShareClass1 2021-08-01 2022-07-31 05184992 c:OrdinaryShareClass1 2022-07-31 05184992 c:OrdinaryShareClass1 2021-07-31 05184992 c:FRS102 2021-08-01 2022-07-31 05184992 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 05184992 c:FullAccounts 2021-08-01 2022-07-31 05184992 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 05184992 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 05184992 d:AcceleratedTaxDepreciationDeferredTax 2021-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05184992

TAILWIND PRODUCTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2022

TAILWIND PRODUCTIONS LIMITED

REGISTERED NUMBER: 05184992

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		3,176		5,006
			3,176		5,006
Current assets
Debtors: amounts falling due within one year	5	144,660		70,860
Cash at bank and in hand		148,288		190,300
		292,948		261,160
Creditors: amounts falling due within one year	6	(100,808)		(121,757)
Net current assets			192,140		139,403
Total assets less current liabilities			195,316		144,409
Provisions for liabilities
Deferred tax	7	(603)		(950)
			(603)		(950)
Net assets			194,713		143,459

Capital and reserves
Called up share capital	8	300	300
Profit and loss account		194,413	143,159
		194,713	143,459

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TAILWIND PRODUCTIONS LIMITED

REGISTERED NUMBER: 05184992

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2022

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 the 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 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 by:

W Graves	J Pearce
Director	Director

Date: 11 May 2023	Date:11 May 2023

The notes on pages 3 to 8 form part of these financial statements.

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TAILWIND PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1.	Statutory information

Tailwind Productions Ltd. is a private company, limited by shares and registered in England and Wales. The registered office address is 101 New Cavendish Street, London, W1W 6XH. The functional and presentational currency is pounds sterling.

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

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

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.

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TAILWIND PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

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:

				Plant and machinery	-	33.33%	On Cost
				Fixtures and fittings	-	20.00%	On Cost

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.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.7

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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TAILWIND PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the year was 11 (2021 - 10).

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TAILWIND PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 August 2021	55,045	1,853	56,898
Additions	824	-	824
At 31 July 2022	55,869	1,853	57,722
Depreciation
At 1 August 2021	50,039	1,853	51,892
Charge for the year on owned assets	2,654	-	2,654
At 31 July 2022	52,693	1,853	54,546
Net book value
At 31 July 2022	3,176	-	3,176
At 31 July 2021	5,006	-	5,006

Debtors

					2022	2021
					£	£


Trade debtors	142,671	39,492
Other debtors	989	984
Prepayments and accrued income	1,000	30,384
	144,660	70,860

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TAILWIND PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Corporation tax	17,200	18,342
Other taxation and social security	42,137	43,218
Other creditors	37,471	56,197
Accruals and deferred income	4,000	4,000
	100,808	121,757

7.	Deferred taxation

	2022	2021
	£	£

At beginning of year	(951)	(1,397)
Charged to profit or loss	348	446
At end of year	(603)	(951)

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

	Accelerated capital allowances	(604)	(951)
		(604)	(951)

8.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

300 (2021 - 300) Ordinary shares of £1.00 each	300	300

9.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,370 (2021 - £4,947).

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TAILWIND PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

10.	Controlling party

There is no one single controlling party.

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