Company Registration No. 11503156 (England and Wales)
Zeppelin Films Limited
Unaudited financial statements
for the year ended 31 December 2020
Pages for filing with the Registrar
Zeppelin Films Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Zeppelin Films Limited
Statement of financial position
As at 31 December 2020
31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,127
-
Current assets
Work in progress
-
43,178
Debtors
5
60,970
134,534
Cash at bank and in hand
105
392,624
61,075
570,336
Creditors: amounts falling due within one year
6
(113,416)
(587,419)
Net current liabilities
(52,341)
(17,083)
Total assets less current liabilities
(51,214)
(17,083)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(51,314)
(17,183)
Total equity
(51,214)
(17,083)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2020 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.
Zeppelin Films Limited
Statement of financial position (continued)
As at 31 December 2020
31 December 2020
Page 2
The financial statements were approved and signed by the director and authorised for issue on 22 July 2021
Elliot Reed
Director
Company Registration No. 11503156
Zeppelin Films Limited
Statement of changes in equity
For the year ended 31 December 2020
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 7 August 2019
-
-
-
Period ended 31 December 2019:
Loss and total comprehensive income for the period
-
(17,183)
(17,183)
Issue of share capital
7
100
-
100
Balance at 31 December 2019
100
(17,183)
(17,083)
Period ended 31 December 2020:
Loss and total comprehensive income for the period
-
(34,131)
(34,131)
Balance at 31 December 2020
100
(51,314)
(51,214)
Zeppelin Films Limited
Notes to the financial statements
For the year ended 31 December 2020
Page 4
1
Accounting policies
Company information
Zeppelin Films Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
6b Parkway Porters Wood, St. Albans, Hertfordshire, United Kingdom, AL3 6PA.
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
As at the period end, the company has net liabilities of £51,214 (2019: £17,083). The director acknowledges that the company has cash of £105 (2019: £392,624) at the period end and a
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements are presented from 1 January 2019 to 31 December 20
20
. The prior period
was a
17
month period presented from
7
August
201
8
to 31 December 201
9
. Due to the difference in
reporting period lengths, the figures on the financial statements are not entirely comparable.
1.4
Turnover
Turnover comprises amounts receivable for work carried out on productions and is recognised on a straight line basis spread equally over the life of the production. Distribution income is recognised in the period to which it relates.
1.5
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.
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:
Computers
3 years straight line
Zeppelin Films Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 5
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
.
1.6
Impairment of fixed 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Work in progress
Work in progress related to direct production costs incurred on productions not delivered during the period. The costs are recorded at the lower of cost and net realisable value, and are net of value added tax.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
work in progress
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
1.9
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.
Zeppelin Films Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 6
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.
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.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
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.
Zeppelin Films Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 7
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
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 are included in the
income statement
for the period.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
Zeppelin Films Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 8
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2019: 4).
During the year £18,676 (31 December 2019: £nil) of government grant income was received as part of the furlough scheme. This is included within other operating income.
4
Tangible fixed assets
Computers
£
Cost
Additions
1,399
At 31 December 2020
1,399
Depreciation and impairment
Depreciation charged in the year
272
At 31 December 2020
272
Carrying amount
At 31 December 2020
1,127
At 31 December 2019
-
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
54,330
104,900
Other debtors
6,640
29,634
60,970
134,534
Zeppelin Films Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 9
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
26,201
3,458
Taxation and social security
9,679
98,762
Other creditors
77,536
485,199
113,416
587,419
Within other creditors there is an amount due to Elliot Read, a director of the company of £8,849 (31 December 2019: £1,251 due from).
Within other creditors is an amount owed to Coutts & Company that is part of the Government's Bounce Back Loan Scheme (BBLS). Under the terms of BBLS the government will pay interest and fees for the first twelve months of the loan and provides a guarantee.
7
Called up share capital
2020
2019
£
£
Ordinary share capital
100 Ordinary shares of £1 each
100
100
8
Related party transactions
During the year, the company was charged fees of £42,319 (2019: £83,623) and recharges of £3,620 (2019: £nil), both excluding VAT, by Greenbird Media Limited, a shareholder in the company. A balance of £7,385 (2019: £nil) is due to Greenbird Media Limited as at the period end.
9
Ultimate controlling party
By virtue of his majority shareholding in the company, Elliot Reed is considered to be the ultimate controlling party.