Company Registration No. 09635288 (England and Wales)
Little Bert Limited
Annual report and unaudited financial statements
for the year ended 28 February 2020
Little Bert Limited
Contents
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 8
Little Bert Limited
Directors' report
For the year ended 28 February 2020
Page 1
The directors present their annual report and financial statements for the year ended 28 February 2020.
Principal activities
The principal activity of the company continued to be that of television programme production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Conor McCaughan
Josephine Sargent
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Josephine Sargent
Director
25 February 2021
Little Bert Limited
Profit and loss account
For the year ended 28 February 2020
Page 2
Year
Period
ended
ended
28 February
28 February
2020
2019
Notes
£
£
Turnover
-
1,600,914
Cost of sales
(10,197)
(1,966,881)
Gross loss
(10,197)
(365,967)
Administrative expenses
(3,500)
(8,500)
Loss before taxation
(13,697)
(374,467)
Tax on loss
2
-
388,679
(Loss)/profit for the financial year
(13,697)
14,212
Little Bert Limited
Balance sheet
As at 28 February 2020
Page 3
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
41,110
593,728
Cash at bank and in hand
7,547
6,333
48,657
600,061
Creditors: amounts falling due within one year
4
(27,645)
(565,352)
Net current assets
21,012
34,709
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
21,010
34,707
Total equity
21,012
34,709
For the financial year ended 28 February 2020 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 year in question in accordance with section 476
.
These financial statements have been prepared 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 25 February 2021 and are signed on its behalf by:
Josephine Sargent
Director
Company Registration No. 09635288
Little Bert Limited
Notes to the financial statements
For the year ended 28 February 2020
Page 4
1
Accounting policies
Company information
Little Bert Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
22 Bloomsbury Street, London, WC1B 3QJ.
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
Turnover
In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts for on-going services is determined by reference to the stage of completion.
The "percentage completion method" is used to determine the appropriate amount to recognise in a given period. the stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.3
Cash at bank and in hand
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.
Little Bert Limited
Notes to the financial statements (continued)
For the year ended 28 February 2020
1
Accounting policies (continued)
Page 5
1.4
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors, 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
paymen
ts 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. A
m
ounts 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.
1.5
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.
1.6
Taxation
The tax
credit
represents the sum of the tax currently
recovera
ble and deferred tax.
Little Bert Limited
Notes to the financial statements (continued)
For the year ended 28 February 2020
1
Accounting policies (continued)
Page 6
Current tax
The tax currently
recover
able is based on
relievable losses arising in the period as the result of television programme tax relief legislation
.
Relievable losses
differ from net
losses
as reported in the
profit and loss account
because
they
include an additional deduction relating to qualifying television programme development expenditure and exclude items of income or expense that are taxable or deductible
in other years
as well as
items that are never taxable or deductible. The
company’s tax position
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
Little Bert Limited
Notes to the financial statements (continued)
For the year ended 28 February 2020
Page 7
2
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
-
(388,679)
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Loss before taxation
(13,697)
(374,467)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
(2,602)
(71,149)
Enhanced losses arising from the film tax credit
-
(294,096)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
-
(93,283)
Losses carried forward
2,602
69,849
Taxation charge/(credit) for the period
-
(388,679)
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
128,789
Corporation tax recoverable
-
388,679
Amounts owed by group undertakings
40,237
-
Other debtors
873
76,260
41,110
593,728
Little Bert Limited
Notes to the financial statements (continued)
For the year ended 28 February 2020
Page 8
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
15,956
122,949
Amounts owed to group undertakings
-
416,605
Other creditors
11,689
25,798
27,645
565,352
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
6
Events after the reporting date
Substantive information came to light in early 2020 regarding the virus now identified as COVID-19. Given that production on the programmes have completed, the directors do not expect this to have a significant impact on the company going forwards in terms of its activity or its ability to continue as a going concern.
7
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 1
0
2 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.
8
Controlling party
As of the reporting date, the company is a wholly owned subsidiary of King Bert Productions Limited, a company registered in England and Wales.