Danmazercomultracorp Limited - Period Ending 2022-10-31

Danmazercomultracorp Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Danmazercomultracorp Limited

Company Information

Director

D G Mazer

Company secretary

D C Donovan

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Bankers

HSBC Bank Plc 117 Great Portland Street London W1W 6QJ

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Danmazercomultracorp Limited

Statement of Financial Position as at 31 October 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	627	2,490
Investment property	5	-	474,030
Other financial assets	6	385,806	455,465
		386,433	931,985
Current assets
Debtors	7	772,277	615,485
Cash at bank and in hand		682,966	873,544
		1,455,243	1,489,029
Creditors: Amounts falling due within one year	8	(316,450)	(793,258)
Net current assets		1,138,793	695,771
Total assets less current liabilities		1,525,226	1,627,756
Provisions for liabilities		(12,851)	-
Net assets		1,512,375	1,627,756
Capital and reserves
Called up share capital		100	100
Retained earnings		1,512,275	1,627,656
Shareholders' funds		1,512,375	1,627,756

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Danmazercomultracorp Limited

Statement of Financial Position as at 31 October 2022

Approved and authorised by the director on 29 January 2024
 

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

D G Mazer

Director

Company registration number: 08756437

Danmazercomultracorp Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of services to the entertainment industry.

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a profit for the year ended 31 October 2022 and had net assets of £1,512,375 at that date, including cash at bank of £682,966.

The director has considered the effect of the writers' strike within the industry and the director's view is that the impact remains manageable. The company has the rights to earn commissions from repeat performances of film & television productions on home entertainment channels. The company has continued to win new work and the director is travelling for film shoots which will produce future revenue.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover in respect of consultancy is recognised over the course of the contract. Turnover in respect of writing fees and similar are recognised when the company has met its obligations under the contract and delivered each stage of the work to the customer. Royalties for previous productions are recognised in the period in which they are earned.

Danmazercomultracorp Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	33.3% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Danmazercomultracorp Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Investments

Publicly traded investments are measured at fair value at each year end with changes in valuation recognised in comprehensive income. Non-listed investments are also measured at fair value where a reliable valuation is available. Any changes in valuation are recognised in comprehensive income.

Other investments in non-listed shares are stated at deemed original cost less any provisions for diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company during the year, was 1 (2021 - 1).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 November 2021	9,146	9,146
Additions	681	681
At 31 October 2022	9,827	9,827
Depreciation
At 1 November 2021	6,656	6,656
Charge for the year	2,544	2,544
At 31 October 2022	9,200	9,200
Carrying amount
At 31 October 2022	627	627
At 31 October 2021	2,490	2,490

Danmazercomultracorp Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

5	Investment properties

	2022 £
Fair Value
At 1 November 2021	474,030
Disposals	(474,030)
At 31 October 2022	-

6	Other financial assets (current and non-current)

	Listed Investments £	Total £
Non-current financial assets
Fair value
At 1 November 2021	455,465	455,465
Fair value adjustments	(53,750)	(53,750)
Additions	8,384	8,384
Disposals	(24,293)	(24,293)
At 31 October 2022	385,806	385,806
At 31 October 2022	385,806	385,806

7

Debtors

	2022 £	2021 £
Trade debtors	20,922	27,041
Other debtors	751,355	588,444
	772,277	615,485

Danmazercomultracorp Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

8

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Trade creditors	13	-
Taxation and social security	266,500	393,369
Accruals and deferred income	41,148	397,750
Other creditors	8,789	2,139
	316,450	793,258

9	Transactions with directors

At 31 October 2022 an amount of £499,309 (2021: £481,458) was due from the director. During the year there were advances of £535,818 and repayments of £532,365. Interest of £14,398 (2021: £13,838) has been charged at a rate of 2% pa. There are no fixed terms in place.

10	Profit and Loss Reserve

The profit and loss account includes all current and prior year retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £38,082 is not distributable in accordance with the Companies Act 2006.