Company registration number 08850517 (England and Wales)
GOREAN FILMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GOREAN FILMS LIMITED
COMPANY INFORMATION
Directors
Ingenious Media Director Limited
Mr N A Forster
(Appointed 9 March 2023)
Secretary
FLB Company Secretarial Services Limited
Company number
08850517
Registered office
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
Auditor
Shipleys LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
GOREAN FILMS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GOREAN FILMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
5
2,606
107,512
Cash at bank and in hand
160,285
125,738
162,891
233,250
Creditors: amounts falling due within one year
6
(30,592)
(44,623)
Net current assets
132,299
188,627
Capital and reserves
Called up share capital
7
1,765,027
1,797,582
Share premium account
8
192,913
192,913
Profit and loss reserves
9
(1,825,641)
(1,801,868)
Total equity
132,299
188,627
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Ingenious Media Director Limited
Director
Company Registration No. 08850517
GOREAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Gorean Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TS.
The principal activity of the Company is to conduct a film and television development and production business.
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 amounts 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
It is the intention of the directors to cease trading in the Company in the foreseeable future and therefore as required by Financial Reporting Standard 102 Section 1A, the directors have prepared financial statements on the basis that the Company is no longer a going concern. The company is in a net asset position but has the support of Ingenious Capital Management Limited in not making further administrative support costs other than as cashflow reasonably permits. No material adjustments arose as a result of ceasing to apply the going concern basis.
1.3
Turnover
Turnover is derived from the development and/or production of film and/or television projects, and is stated net of value added tax. Turnover is recognised at the fair value of the right to consideration and is not recoginsed until there is certainty over the right to consideration. Turnover which has been recognised but not invoiced by the balance sheet date is included in debtors. Amounts invoiced in advance are included in deferred income.
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, 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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GOREAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GOREAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,100
2,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
24,613
Other debtors
2,606
82,899
2,606
107,512
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
358
Other creditors
30,234
44,623
30,592
44,623
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,765,027
1,797,582
1,765,027
1,797,582
On 28 March 2022, the issued share capital of the Company was reduced from £1,797,582 to £1,765,027 by cancelling and extinguishing 32,555 Ordinary shares of £1 each.
GOREAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
8
Share premium account
2022
2021
£
£
At the beginning and end of the year
192,913
192,913
The Share premium account records the amount above the nominal value received for shares issued.
9
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
(1,801,868)
(1,610,309)
Loss for the year
(24,334)
(192,159)
Share redemption or reduction
561
600
At the end of the year
(1,825,641)
(1,801,868)
The profit and loss account represents the cumulative profits or losses, net of dividends paid and other adjustments.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
Financial statements prepared on a basis other than going concern
In forming our opinion, we have considered the adequacy of the disclosures made in the notes of the financial statements regarding the Company's ability to continue as a going concern, the note highlights that the financial statements have not been prepared on a going concern basis. In view of this disclosure, we consider it should be drawn to your attention, but our opinion is not qualified in this respect.
The auditor's report was unqualified.
Senior Statutory Auditor:
Terrence Bourne
Statutory Auditor:
Shipleys LLP
11
Events after the reporting date
On 29 March 2023, the issued share capital of the Company was reduced from £1,765,027 to £1,644,505 by cancelling and extinguishing 120,522 Ordinary shares of £1 each.