Company Registration No. 07229059 (England and Wales)
W.E. Commissioning Company Limited
Annual report and unaudited financial statements
For the year ended 31 December 2020
Pages for filing with registrar
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
4,608
3,542
Cash at bank and in hand
8,407
15,941
13,015
19,483
Creditors: amounts falling due within one year
4
(5,030)
(6,553)
Net current assets
7,985
12,930
Creditors: amounts falling due after more than one year
5
(9,050,897)
(9,316,442)
Net liabilities
(9,042,912)
(9,303,512)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(9,042,913)
(9,303,513)
Total equity
(9,042,912)
(9,303,512)
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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 September 2021
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 2020
- 3 -
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 net liability position of £9,042,912 (2019: £9,
303,
512 ) at the year end. Included in liabilities is £9,050,89
7
(2019: £9,
316,442
) owed to the parent company. 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(2019 - 1).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
272
Other debtors
4,608
3,270
4,608
3,542
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
5,030
6,553
W.E. COMMISSIONING COMPANY LIMITED
W.E. Commissioning Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Loan from parent company
9,050,897
9,316,442
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
7
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.
8
Parent company
The company is a wholly owned subsidiary of The Duke and Duchess, LLC, a company registered in the USA.
9
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 £.