Tribune Pictures Limited Filleted accounts for Companies House (small and micro)

TRIBUNE PICTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10281741

Tribune Pictures Limited

Filleted Unaudited Accounts

31 December 2022

Tribune Pictures Limited

Statement of Financial Position

31 December 2022

	2022	2021
		(restated)
Note	£	£

Current assets

Work in progress		7,686,558	7,091,759
Debtors	4	19,907	18,673
Cash at bank and in hand		–	216
		------------	------------
		7,706,465	7,110,648

Creditors: amounts falling due within one year	5	( 323,670)	( 291,425)
		------------	------------
Net current assets		7,382,795	6,819,223
		------------	------------
Total assets less current liabilities		7,382,795	6,819,223

Creditors: amounts falling due after more than one year	6	( 8,176,356)	( 7,059,005)
		------------	------------
Net liabilities		( 793,561)	( 239,782)
		------------	------------

Capital and reserves

Called up share capital	500	500
Profit and loss account	( 794,061)	( 240,282)
	---------	---------
Shareholders deficit	( 793,561)	( 239,782)
	---------	---------

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

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Directors' 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

Tribune Pictures Limited

Statement of Financial Position (continued)

31 December 2022

These accounts were approved by the board of directors and authorised for issue on 21 March 2024 , and are signed on behalf of the board by:

R MacLean

Director

Company registration number: 10281741

Tribune Pictures Limited

Notes to the Accounts

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, United Kingdom.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have reviewed the projected costs of the film production assets and contractual funding thereon, and consider there to be adequate resources in place. The company has net current assets of £7,382,795 (2021: £6,819,223). The funding of the company is primarily in long term loan funding repayable from the residual recoveries of the underlying film assets held. On this basis, and on the projected exploitation of film production assets, directors continue to prepare accounts on the going concern basis.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Work in progress

Work in progress represents film production assets, and is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the asset to its present state.

4. Debtors

	2022	2021
		(restated)
	£	£
Other debtors	19,907	18,673
	--------	--------

5. Creditors: amounts falling due within one year

	2022	2021
		(restated)
	£	£
Bank loans and overdrafts	11,739	10,000
Trade creditors	45,370	12,878
Other loans	14,000	14,000
Other creditors	252,561	254,547
	---------	---------
	323,670	291,425
	---------	---------

6. Creditors: amounts falling due after more than one year

	2022	2021
		(restated)
	£	£
Bank loans and overdrafts	24,389	34,389
Other loans	8,151,967	7,024,616
	------------	------------
	8,176,356	7,059,005
	------------	------------

7. Prior period errors

In the period to 31 July 2019, a balance of £512,825 was reflected in the financial statements as deferred income rather than as long term loan funding. Additionally an amount of £300,004 was shown in work in progress and deferred income after having been utilised. These were each reallocated, reducing other creditors due within one year by £812,829, increasing other loans due after more than one year by £512,825, and reducing current assets by £300,004. In the period to 31 December 2020, a balance of £2,661,776 was reflected in the financial statements as deferred income rather than as long term loan funding. This was reallocated, reducing other creditors due within one year by £2,661,776 and increasing other loans due after more than one year by the same. There is no change to profit and loss from the above corrections, and no change to opening reserves for the year to 31 December 2022 or the comparative year to 31 December 2021.

8. Related party transactions

At 31 December 2022, a balance of £ 19,534 was due from ITHOD Productions Limited (formerly Blackwater Lane Productions Limited), a company related via common control as at the year-end (2021: £ 18,300 ).

9. Controlling party

The ultimate controlling party is R MacLean by virtue of his shareholding.