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Registered number: 11382238
SILVER STAR PRODUCTIONS LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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SILVER STAR PRODUCTIONS LTD
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COMPANY INFORMATION
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SILVER STAR PRODUCTIONS LTD
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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Report to the directors on the preparation of the unaudited statutory financial statements of Silver Star Productions Ltd for the year ended 30 September 2022
We have compiled the accompanying financial statements of Silver Star Productions Ltd (the ‘company’) based on the information you have provided. These financial statements comprise the Statement of Financial Position of Silver Star Productions Ltd as at 30 September 2022, and a summary of significant accounting policies and other explanatory information.
We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.
We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com.
These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 12 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 12 April 2022. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body, for our work or for this report.
Grant Thornton UK LLP
Chartered Accountants
Liverpool
29 June 2023
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SILVER STAR PRODUCTIONS LTD
REGISTERED NUMBER:11382238
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STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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SILVER STAR PRODUCTIONS LTD
REGISTERED NUMBER:11382238
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 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:
The notes on pages 4 to 11 form part of these financial statements.
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Silver Star Productions Ltd is a private company limited by shares & incorporated in England and Wales. Registered number 11382238. Its registered office is located at Third Floor, 2 Glass Wharf, Bristol, United Kingdom, BS2 0EL.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The financial statements have been prepared on a going concern basis. The directors have considered the future funding requirements of the business and have concluded that the company will have sufficient funds to ensure that it can meet its financial liabilities as and when they fall due, for a period of at least 12 months from the date of signing of these financial statements until the future revenue streams are established.
The company meets its funding requirements through its cash at bank.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
- Production revenue is recognised on delivery of the programme.
- Royalty income is recognised in accordance with the substance of the relevant agreement.
- Production revenue from Co-productions is recognised on delivery of the service to the
co-producer.
Other operating Income comprise items that are secondary compared to the Company's principal activities. These items include the recharge of costs to other companies.
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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 profit or loss in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss..
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The average monthly number of employees, including directors, during the year was 7 (2021: 9).
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Company contributions to defined contribution pension schemes
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Charge for the year on owned assets
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Investments in associates
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The following was an associate of the company:
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Third Floor, 2 Glass Wharf, Bristol, United Kingdom, BS2 0EL
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Amounts owed by related parties
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Amounts owed by associates
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Included within director's loan account are loans of £240,000 (2021: £240,000) which are interest free, unsecured and repayable on demand.
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Creditors: Amounts falling due after more than one year
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Included within director's loan account are loans of £1,176,168 (2021: £1,189,114) which are interest bearing, unsecured and repayable on 30 September 2024.
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There were outstanding liabilities of £1,268 (2021: £Nil) at 30 September 2022. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,214 (2021: £17,402).
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SILVER STAR PRODUCTIONS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Related party transactions
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During the year the company recharged costs of £45,693 (2021: £137,523) and made purchases of £Nil (2021: £6,754) to Olga TV Limited. Included in amounts owed by associates within debtors is
£3,009 (2021: £2,746) owed by Olga TV Limited.
Included in directors loan account within creditors due withn one year is an amount of £240,000 (2021: £240,000) owing to a director, W Alli.
Included in directors loan account within creditors due after more than one year is an amount of £781,026 (2021: £823,172) owed to a director, W Alli. The loan accrued interest of £181,026 (2021: £123,172). Interest payable for the year was £57,854 (2021: £53,568).
Included in directors loan account within creditors due after more than one year is an amount of £395,142 (2021: £365,872) owed to a director, C Parsons. The loan accrued interest of £95,142 (2021: £65,872). Interest payable for the year was £29,270 (2021: £27,102).
Included in amounts owed by related parties within debtors is £251,078 (2021: £146,334) owed by Magnum Media Limited, a related party through mutual directorship.
During the year the company recharged costs of £20,453 (2021: £19,621) to Hignell Gallery Limited. Included in amounts owed by related parties within debtors is £6,199 (2021: £Nil) owed by Hignell Gallery Limited, a related party through mutual directorship.
During the year the company recharged costs of £102,122 (2021: £108,405) and made purchases of £Nil (2021: £480,000) to B M Creative Limited. Included in amounts owed by related parties within debtors is £Nil (2021: £Nil) owed by B M Creative Limited, a related party through mutual directorship.
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A prior year adjustment has been made to reallocate co-production income within turnover as a result of this relating to the principal activity of the company. There has been no impact on profit.
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