Kneecap Films Limited
Kneecap Films Limited
Registered number: NI689667
Unaudited Financial Statements
For the Period
14 July 2022
to
31 May 2023
Allen Fleming CA Limited
Chartered Accountants & Chartered Tax Advisors
161-163 Upper Lisburn Road
Finaghy
Belfast
BT10 0LJ
Kneecap Films Limited
Unaudited Financial Statements
For the Period
14 July 2022
to
31 May 2023
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—4 |
Kneecap Films Limited
Balance Sheet
As at
31 May 2023
Balance Sheet
Registered number:
NI689667
For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
31 May 2023 | |||
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Notes | £ | £ | |
CURRENT ASSETS | |||
Debtors | 4 |
|
|
Cash at bank and in hand |
|
||
|
|||
Creditors: Amounts Falling Due Within One Year | 5 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
||
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
||
NET LIABILITIES |
( |
||
CAPITAL AND RESERVES | |||
Called up share capital | 6 |
|
|
Profit and Loss Account |
( |
||
SHAREHOLDERS' FUNDS | (2,553,383) | ||
Kneecap Films Limited
Balance Sheet (continued)
As at
31 May 2023
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
|
Director
|
|
The notes on pages 3 to 4 form part of these financial statements.
Kneecap Films Limited
Notes to the Financial Statements
For the Period
14 July 2022
to
31 May 2023
Notes to the Financial Statements
1.
General Information
Kneecap Films Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI689667
. The registered office is 2nd Floor, Callender House, Upper Arthur Street, Belfast, BT1 4GJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 25
Kneecap Films Limited
Notes to the Financial Statements (continued)
For the Period
14 July 2022
to
31 May 2023
4.
Debtors
31 May 2023 | |
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£ | |
Due within one year | |
Trade debtors |
|
Prepayments and accrued income |
|
Corporation tax recoverable assets |
|
VAT |
|
|
|
5.
Creditors: Amounts Falling Due Within One Year
31 May 2023 | |
---|---|
£ | |
Trade creditors |
|
Other loans |
|
Other taxes and social security |
|
Accruals and deferred income |
|
Amounts owed to associates |
|
|
|
7.
Related Party Transactions
During the year, Fine Point Films Limited (a company under the control of one of the shareholders in the company) made a loan of £300,000 to the company. The amount outstanding at 31 May 2023 was £300,000.