Brassic Legacy Ltd Filleted accounts for Companies House (small and micro)
Brassic Legacy Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
14628758
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Statement of Financial Position |
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6 Nov 23 |
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Note |
£ |
Current assets
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current assets |
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---- |
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Total assets less current liabilities |
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---- |
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Net assets |
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---- |
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Capital and reserves
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Called up share capital |
8 |
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---- |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its Accounts for the period in question in accordance with section 476
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Accounts
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These Accounts were approved by the
board of directors
and authorised for issue on
12 January 2024
, and are signed on behalf of the board by:
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Director |
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Company registration number:
14628758
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Notes to the Accounts |
Period from 31 January 2023 to 6 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 138 Portobello Road, London, W11 2DZ, England.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Comparatives
The accounts cover the period from incorporation through to 06 November 2023, hence there are no comparative figures.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Revenue recognition
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference
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 a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4.
Employees
The company has been incorporated to produce a high-end television series entitled "Brassic - Series 6". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Tax on loss
Major components of tax income
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Period from |
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31 Jan 23 to |
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6 Nov 23 |
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£ |
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Current tax:
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UK current tax income |
(
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Tax on loss |
(
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Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the
standard rate of corporation tax in the UK
of
19
%.
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Period from |
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31 Jan 23 to |
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6 Nov 23 |
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£ |
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Loss on ordinary activities before taxation |
(
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High-end television tax relief |
(1,334,013) |
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6.
Debtors
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6 Nov 23 |
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£ |
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Prepayments and accrued income |
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Corporation tax recoverable |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
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6 Nov 23 |
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£ |
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Trade creditors |
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Accruals and deferred income |
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Social security and other taxes |
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Production loan |
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Other creditors |
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The loan has been secured against the anticipated future high-end television tax credit.
8.
Called up share capital
Issued, called up and fully paid
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6 Nov 23 |
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No. |
£ |
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1 |
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9.
Contingent liabilities
Charges have been made against the televisions series in favour of the following parties to secure their interests in the copyright of and title to the television series: Sky Studios Ltd Bank of Montreal
10.
Related party transactions
The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. During the period, all related party transactions related to the production of the television series entitled "Brassic - series 6" and arose on an arm's-length basis through the normal course of business. As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
11.
Controlling party
In the opinion of the directors the parent undertaking and controlling party is Calamity Films Limited, a company incorporated in England and Wales. The ultimate controlling party is
D E Livingstone
by right of sole shareholding in Calamity Films Limited.