REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 21 September 2021 to 31 December 2022 |
for |
Pure Fiction TV Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 21 September 2021 to 31 December 2022 |
for |
Pure Fiction TV Limited |
Pure Fiction TV Limited (Registered number: 13634212) |
Contents of the Financial Statements |
for the Period 21 September 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Pure Fiction TV Limited |
Company Information |
for the Period 21 September 2021 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
39 Long Acre |
London |
WC2E 9LG |
Pure Fiction TV Limited (Registered number: 13634212) |
Balance Sheet |
31 December 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 9 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Pure Fiction TV Limited (Registered number: 13634212) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pure Fiction TV Limited (Registered number: 13634212) |
Notes to the Financial Statements |
for the Period 21 September 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Pure Fiction TV Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 as writing off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Office equipment, fixtures and fittings etc - 33% on cost |
Computer equipment - 33% on cost. |
Work in progress |
Work in progress, representing completed programmes and productions in progress, include an attributable portion of overheads and are stated at the lower of cost and net realisable value. Production costs are released to the profit and loss account on the delivery of programmes to the broadcaster, at which time the turnover is also recognised. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Pure Fiction TV Limited (Registered number: 13634212) |
Notes to the Financial Statements - continued |
for the Period 21 September 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Pension costs and other post-retirement benefits |
For most employees, the company contributes to Nest, the workplace pension scheme set up by the government. For some employees, the company pays into the employee-nominated personal pension schemes. The assets of the schemes are held separately from the companies. Contributions payable are charged to profit or loss in the period to which they relate. |
Creditors |
Short-term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at fair value, net of any transaction costs, and subsequently measured at amortised cost determined using the effective interest method. |
Production costs recognition |
Productions costs are ordinarily accumulated by individual programmes in four chronological steps: acquisition of story rights; pre-production (which includes script development, costume design, set design, and construction); principal photography (which includes shooting the production); and post-production (which includes sound synchronisation and editing); culminating in the completed master negative. All costs are capitalised to Work in Progress (WIP) until the point at which the WIP balance is recognised or consumed on the income statement, generally as delivery of the episodes occurs. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Thus, the directors continue to adopt the going concern basis of accounting in preparing financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Pure Fiction TV Limited (Registered number: 13634212) |
Notes to the Financial Statements - continued |
for the Period 21 September 2021 to 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
Additions |
At 31 December 2022 |
DEPRECIATION |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
5. | STOCKS |
£ |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Social security and other taxes |
Directors' loan accounts | 933 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other loans - 1-2 years |
Pure Fiction TV Limited (Registered number: 13634212) |
Notes to the Financial Statements - continued |
for the Period 21 September 2021 to 31 December 2022 |
9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
Deficit for the period | ( |
) | ( |
) |
Cash share issue | - | 624,999 | 624,999 |
At 31 December 2022 | ( |
) | 381,306 |