ACCOUNTS - Final Accounts

PORTOBELLO FILMS & TELEVISION LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-31false2021-11-01production of feature films22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08747782 2021-11-01 2022-10-31 08747782 2020-11-01 2021-10-31 08747782 2022-10-31 08747782 2021-10-31 08747782 c:Director1 2021-11-01 2022-10-31 08747782 d:CurrentFinancialInstruments 2022-10-31 08747782 d:CurrentFinancialInstruments 2021-10-31 08747782 d:Non-currentFinancialInstruments 2022-10-31 08747782 d:Non-currentFinancialInstruments 2021-10-31 08747782 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 08747782 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 08747782 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 08747782 d:Non-currentFinancialInstruments d:AfterOneYear 2021-10-31 08747782 d:ShareCapital 2022-10-31 08747782 d:ShareCapital 2021-10-31 08747782 d:RetainedEarningsAccumulatedLosses 2022-10-31 08747782 d:RetainedEarningsAccumulatedLosses 2021-10-31 08747782 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 08747782 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-10-31 08747782 c:OrdinaryShareClass1 2021-11-01 2022-10-31 08747782 c:OrdinaryShareClass1 2022-10-31 08747782 c:OrdinaryShareClass1 2021-10-31 08747782 c:FRS102 2021-11-01 2022-10-31 08747782 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 08747782 c:FullAccounts 2021-11-01 2022-10-31 08747782 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08747782

PORTOBELLO FILMS & TELEVISION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

PORTOBELLO FILMS & TELEVISION LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 6

PORTOBELLO FILMS & TELEVISION LIMITED

REGISTERED NUMBER: 08747782

BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022		2021
Note		£		£


Current assets
Work in progress	4	974,726		-
Debtors: amounts falling due within one year	5	1		1
Cash at bank and in hand	6	7,259		-
		981,986		1
Creditors: amounts falling due within one year	7	(57,092)		(720)
Net current assets/(liabilities)			924,894		(719)
Total assets less current liabilities			924,894		(719)
Creditors: amounts falling due after more than one year	8		(971,214)		-

Net liabilities			(46,320)		(719)

Capital and reserves
Called up share capital	10	1	1
Profit and loss account		(46,321)	(720)
		(46,320)	(719)

Page 1

PORTOBELLO FILMS & TELEVISION LIMITED

REGISTERED NUMBER: 08747782

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 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 profit and loss account 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:

................................................

E A Abraham

Director

Date: 23 September 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

PORTOBELLO FILMS & TELEVISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

1.	General information

Portobello Films & Television Limited is a private company, limited by shares, incorporated in England and Wales with a registration number of 08747782. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the company and its parent company has agreed to provide such support to the company as is necessary for it to meet its liabilities for a period of at least twelve months from the date of signing these financial statements.

2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises of film related production expenses incurred in relation to ongoing projects which are in progress.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to the amount expected to be recovered. The impairment loss is recognised immediately in profit or loss.

Page 3

PORTOBELLO FILMS & TELEVISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

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.

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.

2.8

Financial instruments

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.

2.9

Related parties transaction exemption

The company has taken advantage of the exemption within Financial Reporting Standard 102 - Section 1A, in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.

Employees

The average monthly number of employees, including non-payrolled directors, during the year was 2 (2021 - 2).

Page 4

PORTOBELLO FILMS & TELEVISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

4.	Stocks
		2022	2021
		£	£

	Work in progress	974,726	-

Work in progress relates to production expenses for a film that has not been completed.

Debtors

					2022	2021
					£	£


Called up share capital not paid	1	1

6.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	7,259	-

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

Trade creditors	2,460	-
Amounts owed to group companies	49,479	-
Other creditors	53	-
Accruals and deferred income	5,100	720
	57,092	720

Page 5

PORTOBELLO FILMS & TELEVISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

8.	Creditors: Amounts falling due after more than one year
		2022	2021
		£	£

Amounts owed to group companies	947,900	-
Accruals and deferred income	23,314	-
	971,214	-

The amount owed to group companies relates to a loan that was drawn down on 14 April 2022. The loan amount and accrued interest is repayable in full on 31 December 2026. The loan is unsecured and bears interest at 3% per annum above the Bank of England base rate. Interest accrued on the loan was £23,314.

9.	Financial instruments
		2022	2021
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	7,259	-

Financial assets measured at fair value through profit or loss comprise cash at bank.

10.	Share capital
		2022	2021
		£	£

Allotted, called up and unpaid

1 (2021 - 1) Ordinary share of £1	1	1

11.	Ultimate parent undertaking

The company's ultimate parent undertaking is The Common Humanity Arts Trust, a company incorporated in England and Wales with a registered office address of Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

Page 6