Southwell Films Ltd Filleted accounts for Companies House (small and micro)

SOUTHWELL FILMS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 13380184

Southwell Films Ltd

Filleted Unaudited Accounts

31 October 2023

Southwell Films Ltd

Statement of Financial Position

31 October 2023

	2023	2022
Note	£	£

Current assets

Debtors	6	113,948	465,853
Cash at bank and in hand		58,173	123,194
		---------	---------
		172,121	589,047

Creditors: amounts falling due within one year	7	( 172,021)	( 588,947)
		---------	---------
Net current assets		100	100
		----	----
Total assets less current liabilities		100	100
		----	----
Net assets		100	100
		----	----

Capital and reserves

Called up share capital	8	100	100
		----	----
Shareholders funds		100	100
		----	----

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 comprehensive income has not been delivered.

For the year ending 31 October 2023 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 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

These accounts were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:

J G Natasegara
Director

Company registration number: 13380184

Southwell Films Ltd

Notes to the Accounts

Year ended 31 October 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 82 Wandsworth Bridge Road, London, SW6 2TF, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Significant estimation technique adopted

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 film production, as noted in "Revenue recognition" below.

Comparatives

The accounts cover the year from 1 November 2022 through to 31 October 2023. The comparatives cover the period from incorporation through to 31 October 2022 and as such the comparatives are not entirely comparable.

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) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover relates to the production of the film entitled "Refugee Olympic Team". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employees

The company has been incorporated to produce a film entitled "Refugee Olympic Team". 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

		Period from
	Year to	6 May 21 to
	31 Oct 23	31 Oct 22
	£	£

Current tax:

UK current tax income	( 91,155)	( 356,250)
	--------	---------
Tax on loss	( 91,155)	( 356,250)
	--------	---------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).

		Period from
	Year to	6 May 21 to
	31 Oct 23	31 Oct 22
	£	£
Loss on ordinary activities before taxation	( 91,155)	( 356,250)
	--------	---------
Film tax relief	(91,155)	(356,250)
	--------	---------

6. Debtors

	2023	2022
	£	£
Prepayments and accrued income	–	78,845
VAT recoverable	14,026	30,495
Corporation tax recoverable	91,155	356,250
Other debtors	8,767	263
	---------	---------
	113,948	465,853
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	1,169
Trade creditors	4,378	13,221
Amounts owed to group undertakings	–	6,060
Accruals and deferred income	76,488	212,247
Production loan	91,155	356,250
	---------	---------
	172,021	588,947
	---------	---------

The loan has been secured against the anticipated future film tax credit.

8. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Related party transactions

The company was under the control of J G Natasegara through the current period. During the period, the following related-party transactions took place. All transactions related to the production of the film "Refugee Olympic Team" and arose on an arm's-length basis through the normal course of business. £2,585 (2022: £10,017) in expenses was invoiced by J G Natasegara . £109,109 (2022: £684,911) in production and associated costs was invoiced by Violet Films Limited, a company controlled by J G Natasegara During the year no loans were received (2022: £5,299) from Violet Films Limited, a company controlled by J G Natasegara . At the balance sheet date, £nil (2022: £5,299) was due to Violet Films Limited. During the year no loans were received (2022: £761) from Pitlochry Films Ltd, a company controlled by J G Natasegara . At the balance sheet date, £nil (2022: £761) was due to Pitlochry Films Ltd. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1a.