Popcorn Group Ltd Accounts

POPCORN GROUP LTD. - Company Information






Popcorn Group Ltd

	Company No. 08029654
		Filleted Unaudited Financial Statements
		31 March 2023

The Directors present their report and the accounts for the year ended 31 March 2023.

Principal activities
The principal activity of the company during the year under review was . motion picture production activities and artistic creation.




Directors

The Directors who served at any time during the year were as follows:

C. Colbert
P. Colbert






































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

P. Colbert
Director
21 December 2023

at	31 March 2023
Company No.		08029654	Notes	2023	2022
				£	£
Fixed assets
	Intangible assets		4	179,172	138,871
	Tangible assets		5	132,641	145,596

	Investments		6	742,177	237,514
				1,053,990	521,981
Current assets
	Stocks		7	2,770,309	5,706,283
	Debtors		8	723,434	661,288

	Cash at bank and in hand			540,349	229,027
				4,034,092	6,596,598
Creditors: Amount falling due within one year			9	(696,473)	(542,148)
Net current assets				3,337,619	6,054,450
Total assets less current liabilities				4,391,609	6,576,431
Creditors: Amounts falling due after more than one year			10	(10,310,844)	(8,200,000)



Net liabilities				(5,919,235)	(1,623,569)

Capital and reserves
	Called up share capital			2	2



	Profit and loss account		12	(5,919,237)	(1,623,571)

Total equity				(5,919,235)	(1,623,569)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006 and in accordance with Section 1A of FRS 102 'Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ended 31 March 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 21 December 2023 and signed on its behalf by:
P. Colbert
Director
21 December 2023

for the year ended 31 March 2023

General information

Popcorn Group Ltd is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 08029654

Its registered office is:

6 Cobb Street

London

E1 7LB

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Basis of Preparation

The financial statements have been prepared under the historical cost convention.

The functional and presentation currency of the company is Sterling. The accounts are rounded to the nearest pound.

Going Concern

At the time of approving these financial statements, the shareholders have confirmed their continuing financial support to ensure the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis by the management. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only effects that period, or in the period of the revision and future periods where the revision affects both current and future periods. Because of the inherent uncertainty, these estimated values may differ significantly from the values that have been used in preparing the financial statements and it is reasonable possibility that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the company will realise the values presented herein.

Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods and services rendered, stated net of discounts and of Value Added Tax.

Revenue arises from the sales of creative art works, film production services and related merchandise. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity. Revenue from film production services are recognised on a contractual basis at different stages of production and delivery for distribution.

Intangible fixed assets

Intangible assets are initially recorded at cost. Intangible assets represent blockchain currencies and NFT investments arising from contractual or other legal rights, are separately identifiable, the future economic benefit are probable, and the cost or value can be measured reliably. Intangible assets are measured at fair value.

Tangible fixed assets and depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation rates:

Plant and machinery

33% Straight line

Fixtures and Fittings

50% Straight line

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 profit and loss account 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for similar debt instrument. Debt instruments are subsequently measured at amortised costs.

Investments

Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks and work in progress represents finished physical goods in film and creative production expenditure in the course of development and internally created digital art (NFT's). Finished goods are measured at the lower of cost and estimated selling price. Work in progress is measured at cost. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing the stock and work in progress to its present condition.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

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 payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	23	17

4	Intangible fixed assets
			Other	Total
			£	£
		Cost
		At 1 April 2022	138,871	138,871
		Additions	40,301	40,301

		At 31 March 2023	179,172	179,172
		Amortisation and impairment





		Net book values
		At 31 March 2023	179,172	179,172
		At 31 March 2022	138,871	138,871

5	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 April 2022	10,298	205,724	216,022
		Additions	-	84,130	84,130



		At 31 March 2023	10,298	289,854	300,152
		Depreciation
		At 1 April 2022	3,407	67,019	70,426
		Charge for the year	2,966	94,281	97,247


		Disposals	-	(162)	(162)
		At 31 March 2023	6,373	161,138	167,511
		Net book values
		At 31 March 2023	3,925	128,716	132,641
		At 31 March 2022	6,891	138,705	145,596

6	Investments
			Investment in Subsidiaries	Other investments	Total
			£	£	£
		Cost or valuation
		At 1 April 2022	4	237,510	237,514
		Additions	-	504,663	504,663


		At 31 March 2023	4	742,173	742,177
		Provisions/Impairment





		Net book values
		At 31 March 2023	4	742,173	742,177
		At 31 March 2022	4	237,510	237,514

7	Stocks
			2023	2022
			£	£

		Work in progress	1,469,202	4,269,384
		Finished goods	1,301,107	1,436,899
			2,770,309	5,706,283

8	Debtors
			2023	2022
			£	£
		Trade debtors	414,872	63,515
		Amounts owed by group undertakings	61,670	36,580




		Other debtors	246,892	561,193

			723,434	661,288

9	Creditors:
		amounts falling due within one year
			2023	2022
			£	£




		Trade creditors	443,656	138,095

		Taxes and social security	48,628	37,286

		Other creditors	204,188	366,767
		Accruals and deferred income	1	-
			696,473	542,148

10	Creditors:
		amounts falling due after more than one year
			2023	2022
			£	£






		Other creditors	10,310,844	8,200,000

			10,310,844	8,200,000

Share Capital

Ordinary

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.