REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 |
FOR |
MAGIC MASK PICTURES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 |
FOR |
MAGIC MASK PICTURES LIMITED |
MAGIC MASK PICTURES LIMITED (REGISTERED NUMBER: 07279440) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MAGIC MASK PICTURES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Chartered Accountants & |
Chartered Tax Advisers |
17 Short's Gardens |
London |
WC2H 9AT |
MAGIC MASK PICTURES LIMITED (REGISTERED NUMBER: 07279440) |
BALANCE SHEET |
31 AUGUST 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company. |
MAGIC MASK PICTURES LIMITED (REGISTERED NUMBER: 07279440) |
BALANCE SHEET - continued |
31 AUGUST 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MAGIC MASK PICTURES LIMITED (REGISTERED NUMBER: 07279440) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2022 |
1. | STATUTORY INFORMATION |
Magic Mask Pictures Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Government grants |
The company accounts for Film Tax Credits as a government grant under IAS20, recording the estimated value of the credit as other operating income in the year the film production costs were incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
MAGIC MASK PICTURES LIMITED (REGISTERED NUMBER: 07279440) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,194 |
7. | DEFERRED TAX |
£ |
Balance at 1 September 2021 | ( |
) |
Credit to Income Statement during year | ( |
) |
Balance at 31 August 2022 | ( |
) |
8. | RELATED PARTY DISCLOSURES |
Corolo Film & Video Limited |
Ultimate Holding Company |
Purchase of film rights, Seeing Heaven, at cost. |
2022 | 2021 |
£ | £ |
Amount due to related party at the balance sheet date |
29,006 |
29,349 |
I C Powell |
Company Director |
Unpaid sundry expenses on behalf of the company. |
2022 | 2021 |
£ | £ |
Amount due to related party at the balance sheet date |
36,569 |
36,315 |
MAGIC MASK PICTURES LIMITED (REGISTERED NUMBER: 07279440) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2022 |
9. | ULTIMATE CONTROLLING PARTY |
The Director regards the ultimate holding company to be Corolo Film & Video Limited, a company registered in England. This company holds 75% of the share capital of Magic Mask Pictures Ltd. The company relies on the continued support of its holding company and the director. |