ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

GURU KIRPA FILMS LTD - Company Information

Print Friendly Version

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse0Motion picture production activities Video production activities2021-12-01false0 11377579 2021-12-01 2022-11-30 11377579 2020-12-01 2021-11-30 11377579 2022-11-30 11377579 2021-11-30 11377579 c:Director1 2021-12-01 2022-11-30 11377579 d:CurrentFinancialInstruments 2022-11-30 11377579 d:CurrentFinancialInstruments 2021-11-30 11377579 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 11377579 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 11377579 d:ShareCapital 2022-11-30 11377579 d:ShareCapital 2021-11-30 11377579 d:RetainedEarningsAccumulatedLosses 2022-11-30 11377579 d:RetainedEarningsAccumulatedLosses 2021-11-30 11377579 c:OrdinaryShareClass1 2021-12-01 2022-11-30 11377579 c:OrdinaryShareClass1 2022-11-30 11377579 c:OrdinaryShareClass1 2021-11-30 11377579 c:FRS102 2021-12-01 2022-11-30 11377579 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 11377579 c:FullAccounts 2021-12-01 2022-11-30 11377579 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11377579










GURU KIRPA FILMS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022
 
GURU KIRPA FILMS LTD
REGISTERED NUMBER: 11377579

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
65,819
65,918

Cash at bank and in hand
 5 
824
10,922

  
66,643
76,840

Creditors: amounts falling due within one year
 6 
(80,309)
(912,199)

Net current liabilities
  
 
 
(13,666)
 
 
(835,359)

Total assets less current liabilities
  
(13,666)
(835,359)

  

Net liabilities
  
(13,666)
(835,359)


Capital and reserves
  

Called up share capital 
 7 
300
300

Profit and loss account
  
(13,966)
(835,659)

  
(13,666)
(835,359)


The director considers 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 director acknowledges his 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. 





H S Chohan
Director

Date: 30 August 2023

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
GURU KIRPA FILMS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

The company was incorporated on 23 May 2018 in England and Wales and started trading on the same day. The registered office of the company for the year was 2 Communications Road, Greenham Business Park, Newbury RG19 6AB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is derived from the contract with the commissioning distributor, and is recognised upon final delivery of the film being commissioned. Final delivery is considered the point at which the film is available for theatrical release.
Film tax credits due are recognised within other operating income. These funds are received as credit against eligible expenditure incurred in the production of the film.

 
2.4

Stock and work in progress

Production costs incurred during the period are recognised as work in progress on the balance sheet until the film is delivered to the commissioning distributor.

Upon delivery of the film, it is acquired by the commissioning distributor and the production costs are then charged to the profit and loss account as cost of sales.

 
2.5

Debtors

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.

Page 2
 
GURU KIRPA FILMS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

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.

 
2.7

Creditors

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.


3.


Employees

The company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).


4.


Debtors

2022
2021
£
£


Other debtors
65,819
65,918

65,819
65,918



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
824
10,922

824
10,922



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
-
69,783

Other creditors
78,389
838,416

Accruals and deferred income
1,920
4,000

80,309
912,199


Page 3
 
GURU KIRPA FILMS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

7.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



300 (2021 - 300) Ordinary shares of £1 each
300
300



8.


Related party transactions

Included within other debtors, was £500 (2021: £500) owed by Ramleela Films Ltd in which Mr H S Chohan is also a director.


9.


Controlling party

H S Chohan is the ultimate controlling party owing to his majority shareholding. 


Page 4