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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
13658744
2022-07-01
2023-01-31
13658744
2023-01-31
13658744
2021-10-04
2022-06-30
13658744
2022-06-30
13658744
bus:OrdinaryShareClass1
2022-07-01
2023-01-31
13658744
bus:Director1
2022-07-01
2023-01-31
13658744
core:WithinOneYear
2023-01-31
13658744
core:WithinOneYear
2022-06-30
13658744
core:UKTax
2022-07-01
2023-01-31
13658744
core:UKTax
2021-10-04
2022-06-30
13658744
core:ShareCapital
2023-01-31
13658744
core:ShareCapital
2022-06-30
13658744
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2022-07-01
2023-01-31
13658744
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2022-07-01
2023-01-31
13658744
bus:FullAccounts
2022-07-01
2023-01-31
13658744
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2022-07-01
2023-01-31
13658744
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2022-07-01
2023-01-31
13658744
bus:OrdinaryShareClass1
2023-01-31
13658744
bus:OrdinaryShareClass1
2022-06-30
COMPANY REGISTRATION NUMBER:
13658744
Little Door (The Pact II) Ltd
|
|
Filleted Unaudited Accounts
|
|
Little Door (The Pact II) Ltd
|
|
Statement of Financial Position
|
|
31 January 2023
|
31 Jan 23
|
30 Jun 22
|
Note
|
£
|
£
|
|
|
|
Current assets
Debtors
|
6
|
708,932
|
1,420,375
|
Cash at bank and in hand
|
254,634
|
672,076
|
|
---------
|
------------
|
|
963,566
|
2,092,451
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
963,466)
|
(
2,092,351)
|
|
---------
|
------------
|
Net current assets
|
100
|
100
|
|
----
|
----
|
Total assets less current liabilities
|
100
|
100
|
|
----
|
----
|
Net assets
|
100
|
100
|
|
----
|
----
|
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
100
|
100
|
|
----
|
----
|
Shareholders funds
|
100
|
100
|
|
----
|
----
|
|
|
|
|
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
These accounts were approved by the
board of directors
and authorised for issue on
17 March 2023
, and are signed on behalf of the board by:
Company registration number:
13658744
Little Door (The Pact II) Ltd
|
|
Period from 1 July 2022 to 31 January 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 110 Creative Quarter, 8a Morgan Arcade, The Hayes, CF10 1AF, Cardiff.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
A detailed budget and cashflow have been prepared for the production and delivery of the television series. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend now that production has been completed and delivered. After considering all factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Comparatives
The accounts cover the period from 1 July 2022 through to 31 January 2023, the comparative figures cover the period from incorporation on 4 October 2021 through to 30 June 2022.
The accounting period has been shortened to ensure that the accounting period end date is conterminous with the parent.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below.
Revenue recognition
Turnover relates to the production of the television series entitled "The Pact-series 2". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities.
4.
Employees
The company has been incorporated to produce a high-end television series entitled "The Pact-series 2". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Tax on loss
Major components of tax income
|
Period from
|
Period from
|
|
1 Jul 22 to
|
4 Oct 21 to
|
|
31 Jan 23
|
30 Jun 22
|
|
£
|
£
|
|
|
|
Current tax:
UK current tax income
|
(
328,401)
|
(
1,282,356)
|
|
---------
|
------------
|
Tax on loss
|
(
328,401)
|
(
1,282,356)
|
|
---------
|
------------
|
|
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2022: lower than) the
standard rate of corporation tax in the UK
of
19
% (2022:
19
%).
|
Period from
|
Period from
|
|
1 Jul 22 to
|
4 Oct 21 to
|
|
31 Jan 23
|
30 Jun 22
|
|
£
|
£
|
Loss on ordinary activities before taxation
|
(
328,401)
|
(
1,282,356)
|
|
---------
|
------------
|
High-end television tax relief
|
(328,401)
|
(1,282,356)
|
|
---------
|
------------
|
|
|
|
6.
Debtors
|
31 Jan 23
|
30 Jun 22
|
|
£
|
£
|
Prepayments and accrued income
|
150,219
|
–
|
VAT recoverable
|
75,024
|
129,681
|
Corporation tax recoverable
|
328,401
|
1,282,356
|
Other debtors
|
155,288
|
8,338
|
|
---------
|
------------
|
|
708,932
|
1,420,375
|
|
---------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Jan 23
|
30 Jun 22
|
|
£
|
£
|
Bank loans and overdrafts
|
–
|
569
|
Trade creditors
|
461,549
|
469,359
|
Accruals and deferred income
|
24,729
|
406,430
|
Social security and other taxes
|
53
|
20,255
|
Production loan
|
477,135
|
1,034,423
|
Other creditors
|
–
|
161,315
|
|
---------
|
------------
|
|
963,466
|
2,092,351
|
|
---------
|
------------
|
|
|
|
The loan has been secured against the anticipated future high-end television tax credit.
8.
Called up share capital
Issued, called up and fully paid
|
31 Jan 23
|
30 Jun 22
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Contingent liabilities
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Coutts & Company
10.
Related party transactions
The company has taken advantage of Section 33 of FRS 102 from disclosing transactions enters 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. During the period, all related transactions related to the production of the second season of the television series entitled "The Pact-series 2" and arose on an arm's-length basis through the normal course of business. As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
11.
Controlling party
In the opinion of the directors the parent undertaking and controlling party is
Little Door Productions Limited
, a company incorporated in England & Wales.