Registered number:
08445965
GAVIN KALIN PRODUCTIONS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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GAVIN KALIN PRODUCTIONS LIMITED
REGISTERED NUMBER:
08445965
BALANCE SHEET
AS AT
31 MARCH 2020
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 income and retained earnings 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
21 October 2020
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GAVIN KALIN PRODUCTIONS LIMITED
REGISTERED NUMBER:
08445965
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2020
The notes on pages 3 to 7 form part of these financial statements.
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GAVIN KALIN PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Gavin Kalin Productions Limited is a private company limited by shares and incorporated in England. The address of the registered office is The Basement, 81 Marylands Road, London W9 2DS.
2.
Accounting policies
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Basis of preparation of financial statements
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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
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The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through its own resources, loans and third parties who have provided funds specifically to invest in theatrical productions.
At the time of approving these financial statements, government restrictions relating to the coranavirus pandemic have forced all theatres to close in the UK as have restrction in the US. Although the potential effect of the coravirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
The director has prepared forecasts and cash flow projections based on current and anticipated future activities and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the company's financial statements but with the proviso nthat a material uncertainty exists over the company's future.
Turnover comprises revenue recognised by the company in respect of management fees, royalties and its share of profits from its investments in theatrical productions receivable for the reporting period.
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Investments in productions
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Investments in theatrical productions are recognised at the recoupable amount at the balance sheet date being the amount invested less amounts recovered, plus anticipated profits after making provision for losses where recovery of outstanding investments in full is not anticipated.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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GAVIN KALIN PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, bank overdraft and loans from other third parties.
Short term creditors are measured at the transaction price.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and retained earnings
except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of income and retained earnings within 'other operating income'.
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
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GAVIN KALIN PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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The average monthly number of employees, including directors, during the year was
1
(2019 -
1
)
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Investments in subsidiary companies
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GAVIN KALIN PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Current asset investments
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Investments in theatre productions
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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GAVIN KALIN PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Related party transactions
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At the balance sheet date creditors include £4,407 (2019: £1,116) due to the director of the company.
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During the year the company was under the control of the director, G Kalin, by virtue of his shareholding.
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