W.E. Commissioning Company Limited
Abbreviated accounts
31 December 2014
MGR Weston Kay LLP
Chartered Accountants
55 Loudoun Road
St John's Wood
London NW8 0DL
Company Registration No. 07229059
(England and Wales)
W.E. Commissioning Company Limited
Abbreviated accounts
For the year ended 31 December 2014
Contents
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
W.E. Commissioning Company Limited
Abbreviated balance sheet
As at 31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
247,107
Current assets
Debtors
25,862
23,321
Cash at bank and in hand
129,058
138,943
154,920
162,264
Creditors: amounts falling due within one year
(8,059,862)
(8,186,846)
Net current liabilities
(7,904,942)
(8,024,582)
Total assets less current liabilities
(7,904,942)
(7,777,475)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(7,904,943)
(7,777,476)
Shareholders' funds
(7,904,942)
(7,777,475)
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The member has not required the company to obtain an audit of these financial statements in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board for issue on 6 August 2015
Ms M L Ciccone
Director
Company Registration No. 07229059
W.E. Commissioning Company Limited
Notes to the abbreviated accounts
For the year ended 31 December 2014
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company made a loss for the year of £127,467 (2013: a profit of £877,596) and had a deficiency of assets of £7,904,942 (2013: £7,777,475) at the year end. Included in liabilities is £8,051,449 (2013: £8,146,545) owed to the parent company The Duke and Duchess, LLC. This loan is only repayable from film receipts earned by the company. Taking this into consideration, the director considers it appropriate to prepare the accounts on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable from film distributors net of VAT.
1.4
Film rights
The costs of acquiring film rights are capitalised as they are incurred and included in intangible fixed assets. The costs of the film rights are thereafter carried at the lower of cost and net realisable value. Net realisable value is calculated as estimated film income less estimated direct film costs.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Intangible assets
£
Cost
At 1 January 2014 & at 31 December 2014
13,845,954
Depreciation
At 1 January 2014
13,598,846
Charge for the year
247,108
At 31 December 2014
13,845,954
Net book value
At 31 December 2014
-
At 31 December 2013
247,107
W.E. Commissioning Company Limited
Notes to the abbreviated accounts
For the year ended 31 December 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary of £1 each
1
1