Company registration number 08746809 (England and Wales)
WAREHOUSE 51 PRODUCTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
WAREHOUSE 51 PRODUCTIONS LIMITED
COMPANY INFORMATION
Director
C V Hall
Company number
08746809
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
WAREHOUSE 51 PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WAREHOUSE 51 PRODUCTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
735,387
979,769
Current assets
Debtors
4
76,417
321,407
Cash at bank and in hand
4,551
5,985
80,968
327,392
Creditors: amounts falling due within one year
5
(1,972,584)
(2,163,686)
Net current liabilities
(1,891,616)
(1,836,294)
Total assets less current liabilities
(1,156,229)
(856,525)
Creditors: amounts falling due after more than one year
6
(112,500)
(162,500)
Net liabilities
(1,268,729)
(1,019,025)
Capital and reserves
Called up share capital
7
500,000
500,000
Profit and loss reserves
(1,768,729)
(1,519,025)
Total equity
(1,268,729)
(1,019,025)
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 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have 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 2 December 2022
C V Hall
Director
Company Registration No. 08746809
WAREHOUSE 51 PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Warehouse 51 Productions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through a loan from its director, C V Hall, and it relies on his continued support. The director, having considered a future period of twelve months, considers it appropriate to prepare the financial statements on the going concern basis.
true
1.3
Turnover
Turnover represents amounts receivable for
production
services net of VAT
. Production fees are recognised as turnover when the film is available for delivery, except for films being produced on behalf of third parties, where income is recognised as costs are incurred.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives
.
The useful economic lives is based upon the expected revenues receivable from the distribution of television programme rights. Where no economic inflows yet arise from the intangible fixed assets, no amortisation has been provided.
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
WAREHOUSE 51 PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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).
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.12
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
2022
2021
Number
Number
Total
2
4
WAREHOUSE 51 PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2021
365,795
1,284,283
1,650,078
Other changes
-
(7,960)
(7,960)
At 31 March 2022
365,795
1,276,323
1,642,118
Amortisation and impairment
At 1 April 2021
134,285
536,024
670,309
Amortisation charged for the year
18,290
218,132
236,422
At 31 March 2022
152,575
754,156
906,731
Carrying amount
At 31 March 2022
213,220
522,167
735,387
At 31 March 2021
231,510
748,259
979,769
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
9,649
29,599
Other debtors
66,768
291,808
76,417
321,407
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
30,000
187,698
Trade creditors
16,155
124,896
Taxation and social security
4,367
20,538
Other creditors
1,922,062
1,830,554
1,972,584
2,163,686
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
112,500
162,500
WAREHOUSE 51 PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
500,000 Ordinary shares of £1 each
500,000
500,000
8
Related party transactions
At the balance sheet date the amount due to the director was £1,899,401 (2021 - £1,815,546).