Company Registration No. 08599531 (England and Wales)
KING BERT PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
KING BERT PRODUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
KING BERT PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
14,688
29,848
Investments
4
5
5
14,693
29,853
Current assets
Trade and other receivables
6
1,038,973
2,166,928
Cash and cash equivalents
104,550
1,092,552
1,143,523
3,259,480
Current liabilities
7
(1,071,519)
(3,094,836)
Net current assets
72,004
164,644
Total assets less current liabilities
86,697
194,497
Provisions for liabilities
(2,791)
(5,676)
Net assets
83,906
188,821
Equity
Called up share capital
8
4
4
Retained earnings
83,902
188,817
Total equity
83,906
188,821
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period 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.
KING BERT PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
J Sargent
Director
Company Registration No. 08599531
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
King Bert Productions Limited
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is 27 Mortimer Street, London, W1T 3BL.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue represents amounts receivable in developing/producing and exploiting television programmes and is recognised over the period of the production or as per the contract where payment is dependent on materials delivered. Gross profit on production activity is recognised over the period of the production or in accordance with the underlying contract and where there is uncertainty of this being realised overages on productions are recognised as they arise and underages are recognised on completion of the productions.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Straight line
Computer equipment
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss.
1.4
Investments in subsidiaries
Except as stated below, fixed asset investments, including investments in subsidiaries are shown at cost less provision for impairment.
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 9 (2017 - 14).
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 5 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 August 2017
37,096
Additions
2,771
Disposals
(6,116)
At 31 December 2018
33,751
Depreciation and impairment
At 1 August 2017
7,248
Depreciation charged in the period
11,957
Eliminated in respect of disposals
(142)
At 31 December 2018
19,063
Carrying amount
At 31 December 2018
14,688
At 31 July 2017
29,848
4
Fixed asset investments
2018
2017
£
£
Investments
5
5
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2017 & 31 December 2018
5
Carrying amount
At 31 December 2018
5
At 31 July 2017
5
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 6 -
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Big Bert Limited
England and Wales
Television Production
Ordinary Shares
100.00
Happy Bert Ltd
Scotland
Television Production
Ordinary Shares
100.00
Little Bert Limited
England and Wales
Television Production
Ordinary
100.00
Queen Bert Limited (Formerly Spice Productions Limited)
England and Wales
Television Production
Ordinary Shares
100.00
The investments in subsidiaries are stated at cost.
6
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
113,750
1,097,214
Corporation tax recoverable
33,844
-
Amounts owed by group undertakings
153,225
339,452
Other receivables
738,154
730,262
1,038,973
2,166,928
7
Current liabilities
2018
2017
£
£
Trade payables
50,228
594,685
Corporation tax
-
41,562
Other taxation and social security
21,055
498,155
Other payables
1,000,236
1,960,434
1,071,519
3,094,836
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
400 Ordinary shares of 1p each
4
4
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 7 -
9
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is the ultimate parent company or a wholly owned by a member of that group.