Company Registration No. 13313254 (England and Wales)
Moonage Pictures (Project IV) Limited
Annual report and financial statements
for the period ended 2 October 2022
Moonage Pictures (Project IV) Limited
Company information
Directors
Frith Tiplady
(Appointed 3 April 2021)
Matthew Read
(Appointed 3 April 2021)
William Gould
(Appointed 3 April 2021)
Secretary
Frith Tiplady
Company number
13313254
Registered office
39 Long Acre
Covent Garden
London
WC2E 9LG
Independent auditor
Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
Moonage Pictures (Project IV) Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
Moonage Pictures (Project IV) Limited
Strategic report
For the period ended 2 October 2022
Page 1
The directors present the strategic report for the period ended 2 October 2022.
Fair review of the business
During the period, the company was involved in the production of a television series. The company incurred a loss before tax of £5,615,932 and at the period end had net assets of £1.
Principal risks and uncertainties
The director
s
have
reviewed the risks and resultant uncertainties facing the business as being the ability to
secure future contracts. However the ultimate parent company has provided sufficient assurance that it will
support the company and provide the necessary finances for its future
operations.
Key performance indicators
The director
s
consider the company's key financial performance indicator to be whether the
series
is
completed in line with the production budget. At the period end, the estimated final cost of the
series
was
forecast
to be in excess of the budget, however additional costs had been approved.
Other performance indicators
The director
s
consider the company's key non-financial performance indicator to be whether the film is
certified as British. This
has been
achieved, as the film has been awarded a
n interim
British Film
Certificate
.
Frith Tiplady
Director
30 March 2023
Moonage Pictures (Project IV) Limited
Directors' report
For the period ended 2 October 2022
Page 2
The directors present their annual report and financial statements for the period ended 2 October 2022.
The company was incorporated on 3 April 2021 and began trading on the same day.
Principal activities
The principal activity of the company continued to be that of television series production.
Results and dividends
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Frith Tiplady
(Appointed 3 April 2021)
Matthew Read
(Appointed 3 April 2021)
William Gould
(Appointed 3 April 2021)
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Frith Tiplady
Director
30 March 2023
Moonage Pictures (Project IV) Limited
Directors' responsibilities statement
For the period ended 2 October 2022
Page 3
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.
Moonage Pictures (Project IV) Limited
Independent auditor's report
To the members of Moonage Pictures (Project IV) Limited
Page 4
Opinion
We have audited the financial statements of Moonage Pictures (Project IV) Limited (the 'company') for the period ended 2 October 2022 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 2 October 2022 and of its profit for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Moonage Pictures (Project IV) Limited
Independent auditor's report (continued)
To the members of Moonage Pictures (Project IV) Limited
Page 5
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of
the
audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Moonage Pictures (Project IV) Limited
Independent auditor's report (continued)
To the members of Moonage Pictures (Project IV) Limited
Page 6
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry tax credits.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management’s assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud
.
Moonage Pictures (Project IV) Limited
Independent auditor's report (continued)
To the members of Moonage Pictures (Project IV) Limited
Page 7
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Isla MacGillivray
Senior Statutory Auditor
For and on behalf of Saffery Champness LLP
31 March 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Moonage Pictures (Project IV) Limited
Statement of comprehensive income
For the period ended 2 October 2022
Page 8
Period
ended
2 October
2022
Notes
£
Turnover
3
22,648,237
Cost of sales
(28,530,532)
Gross (loss)/profit
(5,882,295)
Administrative expenses
(12,000)
Other operating income
278,363
Loss before taxation
(5,615,932)
Tax on loss
6
5,615,932
Profit for the financial period
The income statement has been prepared on the basis that all operations are continuing operations.
Moonage Pictures (Project IV) Limited
Statement of financial position
As at 2 October 2022
Page 9
2022
Notes
£
£
Current assets
Debtors
7
8,719,887
Cash at bank and in hand
3,405,583
12,125,470
Creditors: amounts falling due within one year
8
(12,125,469)
Net current assets
1
Capital and reserves
Called up share capital
10
1
The financial statements were approved by the board of directors and authorised for issue on 30 March 2023 and are signed on its behalf by:
Frith Tiplady
Director
Company Registration No. 13313254 (England and Wales)
Moonage Pictures (Project IV) Limited
Statement of changes in equity
For the period ended 2 October 2022
Page 10
Share capital
Notes
£
Balance at 3 April 2021
Period ended 2 October 2022:
Profit and total comprehensive income for the period
-
Issue of share capital
10
1
Balance at 2 October 2022
1
Moonage Pictures (Project IV) Limited
Statement of cash flows
For the period ended 2 October 2022
Page 11
2022
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
13
3,405,582
Financing activities
Proceeds from issue of shares
1
Net cash generated from/(used in) financing activities
1
Net increase in cash and cash equivalents
3,405,583
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
3,405,583
Moonage Pictures (Project IV) Limited
Notes to the financial statements
For the period ended 2 October 2022
Page 12
1
Accounting policies
Company information
Moonage Pictures (Project IV) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
39 Long Acre, Covent Garden, London, WC2E 9LG.
1.1
Reporting period
The reporting period covers the 1
8
month period from
3
April 202
1
to
02
October
202
2
. Th
is is the first reporting period. The longer reporting period was used to align with the stage of completion of the programme.
1.2
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.
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.
1.3
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
In respect of long-term contracts for ongoing services, turnover represents the value of work done in
the period, including estimates for amounts not invoiced. Value of work done in respect of long-term
contracts and contracts for ongoing services is determined by reference to the stage of completion.
The "percentage of completion method" is used to determine the appropriate amount to
r
ecognise 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.
1.5
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.
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
1
Accounting policies (continued)
Page 13
1.6
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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
1
Accounting policies (continued)
Page 14
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
1
Accounting policies (continued)
Page 15
1.7
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.
1.8
Taxation
The tax
credit
represents the sum of the tax currently
recoverable
and deferred tax.
Current tax
The tax currently receivable is based on relievable losses arising as the result of high-end television 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 production expenditure and exclude
items of income or expense that are 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.
1.9
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.
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
1
Accounting policies (continued)
Page 16
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Critical accounting 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Tax credit estimate
The key accounting estimate within the financial statements for this company is the valuation of the
high-end TV tax credit available. The estimate is based on the assessment of the value of qualifying
expenditure as per HMRC
legislations and guidance plus assessment of the qualification of the
underlying production as eligible for the tax relief.
3
Turnover
2022
£
Turnover analysed by class of business
Sale of television rights
22,648,237
2022
£
Turnover analysed by geographical market
United States of America
22,648,237
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
Page 17
4
Operating loss
2022
Operating loss for the period is stated after charging:
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,500
Fees payable to the company's auditor for non-audit services
3,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Production
33
Their aggregate remuneration comprised:
2022
£
Wages and salaries
2,796,451
Social security costs
347,893
Pension costs
31,116
3,175,460
6
Taxation
2022
£
Current tax
UK corporation tax on profits for the current period
(5,615,932)
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
6
Taxation (continued)
Page 18
The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
2022
£
Loss before taxation
(5,615,932)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00%
(1,067,027)
Enhanced losses arising from the HETV tax credit
(4,276,812)
Difference between the rate of corporation tax and the rate of relief under the HETV tax credit
(1,346,677)
1,074,584
Taxation credit for the period
(5,615,932)
7
Debtors
2022
Amounts falling due within one year:
£
Corporation tax recoverable
5,615,932
Amounts owed by parent undertaking
1
Other debtors
3,103,954
8,719,887
8
Creditors: amounts falling due within one year
2022
£
Trade creditors
2,129,284
Other creditors
7,511,235
Accruals and deferred income
2,484,950
12,125,469
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
Page 19
9
Retirement benefit schemes
2022
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
31,116
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
10
Share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
11
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing
transactions entered into between two or more members of a group, where any subsidiary undertaking
which is a party to the transaction is wholly owned by a member of that group.
12
Ultimate controlling party
The company's immediate parent undertaking is Moonage Pictures Limited, a company registered in
England and Wales.
The ultimate controlling parties are considered to be William Gould and Matthew Read by virtue of their shareholding.
Moonage Pictures (Project IV) Limited
Notes to the financial statements (continued)
For the period ended 2 October 2022
Page 20
13
Cash generated from/(absorbed by) operations
2022
£
Profit for the period after tax
Adjustments for:
Taxation credited
(5,615,932)
Movements in working capital:
Increase in debtors
(3,103,955)
Increase in creditors
12,125,469
Cash generated from/(absorbed by) operations
3,405,582
14
Analysis of changes in net funds
3 April 2021
Cash flows
2 October 2022
£
£
£
Cash at bank and in hand
-
3,405,583
3,405,583
2022-10-02
2021-04-03
false
CCH Software
CCH Accounts Production 2022.300
Matthew Read
William Gould
William Gould
Frith Tiplady
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13313254
bus:CompanySecretaryDirector1
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bus:Director1
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bus:Director2
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bus:CompanySecretary1
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bus:Director3
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bus:RegisteredOffice
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core:CurrentFinancialInstruments
core:WithinOneYear
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core:CurrentFinancialInstruments
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core:ShareCapital
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core:ShareCapital
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core:ShareCapital
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core:UKTax
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bus:PrivateLimitedCompanyLtd
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bus:FRS102
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bus:Audited
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bus:FullAccounts
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