Company Registration No. 07229059 (England and Wales)
W.E. Commissioning Company Limited
Annual report and unaudited financial statements
For the year ended 31 December 2017
Pages for filing with registrar
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
COMPANY INFORMATION
Director
M Ciccone
Secretary
MGRWK Company Secretaries Limited
Company number
07229059
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Accountants
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
2,041
14,073
Cash at bank and in hand
25,390
28,051
27,431
42,124
Creditors: amounts falling due within one year
3
(9,165,439)
(10,075,879)
Net current liabilities
(9,138,008)
(10,033,755)
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(9,138,009)
(10,033,756)
Total equity
(9,138,008)
(10,033,755)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on
15 August 2018
2018-09-04
M Ciccone
Director
Company Registration No. 07229059
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Going concern
The company had a deficiency of assets of £9,138,008 (2016: £10,033,755 ) at the year end. Included in liabilities is £9,156,685 (2016: £10,070,326 ) 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.
1.3
Turnover
Turnover represents amounts receivable
from film and soundtrack distributors
net of VAT.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Foreign exchange
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 the profit and loss account.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
1,798
Other debtors
2,041
12,275
2,041
14,073
3
Creditors: amounts falling due within one year
2017
2016
£
£
Amounts due to group undertakings
9,156,685
10,070,326
Other creditors
8,754
5,553
9,165,439
10,075,879
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
5
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiary undertakings of the group to which they are party to the transactions.
6
Parent company
The company is a wholly owned subsidiary of The Duke and Duchess, LLC, a company registered in the USA.
7
Company information
W.E. Commissioning Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.