ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

WORLD GROUP OF COMPANIES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31truefalseNo description of principal activitytrue2017-01-01 03020146 2017-01-01 2017-12-31 03020146 2017-12-31 03020146 2016-12-31 03020146 c:Director1 2017-01-01 2017-12-31 03020146 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-12-31 03020146 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 03020146 d:CurrentFinancialInstruments 2017-12-31 03020146 d:CurrentFinancialInstruments 2016-12-31 03020146 d:Non-currentFinancialInstruments 1 2017-12-31 03020146 d:Non-currentFinancialInstruments 1 2016-12-31 03020146 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 03020146 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 03020146 d:Non-currentFinancialInstruments d:AfterOneYear 2017-12-31 03020146 d:Non-currentFinancialInstruments d:AfterOneYear 2016-12-31 03020146 d:ShareCapital 2017-12-31 03020146 d:ShareCapital 2016-12-31 03020146 d:SharePremium 2017-12-31 03020146 d:SharePremium 2016-12-31 03020146 d:RetainedEarningsAccumulatedLosses 2017-12-31 03020146 d:RetainedEarningsAccumulatedLosses 2016-12-31 03020146 c:PreferenceShareClass2 2017-01-01 2017-12-31 03020146 c:PreferenceShareClass2 2017-12-31 03020146 c:PreferenceShareClass2 2016-12-31 03020146 c:EntityHasNeverTraded 2017-01-01 2017-12-31 03020146 c:FRS102 2017-01-01 2017-12-31 03020146 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 03020146 c:FullAccounts 2017-01-01 2017-12-31 03020146 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 xbrli:shares iso4217:USD xbrli:pure

Registered number: 03020146

WORLD GROUP OF COMPANIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017


WORLD GROUP OF COMPANIES LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 7


WORLD GROUP OF COMPANIES LIMITED REGISTERED NUMBER:03020146

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

		2017		2016
Note		$000		$000


Intangible assets	3		-		-
Investments	4		-		-
			-		-
Current assets
Debtors: amounts falling due within one year	5	54		54
Cash at bank and in hand		4		4
		58		58
Current liabilities
Creditors: amounts falling due within one year	6	(7,664)		(7,659)
Net current liabilities			(7,606)		(7,601)
Total assets less current liabilities			(7,606)		(7,601)
Creditors: amounts falling due after more than one year	7		(75)		(75)
Net liabilities			(7,681)		(7,676)

Capital and reserves
Called up share capital	8	300	300
Share premium account	8	9,614	9,614
Profit and loss account		(17,595)	(17,590)
		(7,681)	(7,676)

For the year ended 31 December 2017 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question 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 financial statements.

Page 1


WORLD GROUP OF COMPANIES LIMITED REGISTERED NUMBER:03020146

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2017

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2018

D J Heyman

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

World Group of Companies is a limited liability company registered in England & Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD. The company's business address is at 5 Denmark Street, London, WC2H 8LP.
The principal activity of the Company continued to be that of film, television and related media sectors.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Going concern

The loan note holder has indicated that it is not his current intention to demand repayment of the loan notes for the foreseeable future. The director therefore believes that it is appropriate for the financial statements to be prepared on a going concern basis. However if the loan note holder should demand repayment of the loan note, the going concern basis used in preparing the financial statements would be invalid and adjustments would have to be made to reduce the value of the assets to their realisable amount and to provide for any further liabilities which might arise.

2.3

Intangible assets

Rights to exploit film and television libraries are capitalised at cost as intangible fixed assets. Costs are amortised in the proportion that income for the accounting period bears to the director's forecast of total revenues to be received in the foreseeable future. If estimated future income does not exceed unamortised costs, provision is made for the shortfall.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

Short term debtors are measured at transaction price,

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditor.

Page 3


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.7

Financial instruments (continued)

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

3.	Intangible assets

		Develop-ment
		$000
	Cost
	At 1 January 2017	600
	At 31 December 2017	600
	Amortisation
	At 1 January 2017	600
	At 31 December 2017	600
	Net book value
	At 31 December 2017	-
	At 31 December 2016	-

Page 4


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	Fixed asset investments

		Investments in subsidiary companies
		$000
	Cost
	At 1 January 2017	24
	At 31 December 2017	24
	Impairment
	At 1 January 2017	24
	At 31 December 2017	24

	At 31 December 2017	-
	At 31 December 2016	-

Debtors

					2017	2016
					$000	$000


Other debtors	54	54

Page 5


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

6.	Creditors: Amounts falling due within one year
		2017	2016
		$000	$000

Preference dividends	2,720	2,720
Loan notes	3,825	3,825
Other creditors	36	33
Accruals and deferred income	1,083	1,081
	7,664	7,659

The loan notes are subject to interest payable at 12% per annum. The loan note holder has continued to waive his right to interest payable on these loan notes and accordingly no further accrual for interest has been made in these financial statements.

7.	Creditors: Amounts falling due after more than one year
		2017	2016
		$000	$000

	Share capital treated as debt	75	75

The terms and conditions attached to the non-equity shares are set out in note 8.

Allotted, called up and fully paid

30,000,000 (2016 - 30,000,000) Ordinary shares of $0.01 each	300	300

	2017	2016
	$000	$000
Shares classified as debt

Allotted, called up and fully paid

7,500,000 (2016 - 7,500,000) Convertible cumulative redeemable 5% preference shares shares of $0.01 each	75	75

Preferred shares have priority over the ordinary shareholders in the event of the winding-up of the company. For the years ended 31 December 2017 and 31 December 2016 the holders of the convertible redeemable 5% preference shares have waived their rights to dividends.

Page 6


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

9.	Related party transactions
	At the date of the Statement of Financial Position, the estate of the late J B Heyman was owed the following: - Director's current account $30,000 (2016 - $30,000), loan notes $3,825,000 (2016 - $3,825,000) and accrued loan note interest $900,000 (2016 - $900,000)

Page 7