Company Registration No. 10713177 (England and Wales)
Fictionhouse Limited
Annual report and unaudited financial statements
for the period ended 31 December 2020
Fictionhouse Limited
Company information
Directors
Katherine Horton
Dominic Cooke
Jeremy Gawade
(Appointed 9 February 2021)
Company number
10713177
Registered office
20 Fitzroy Square
London
W1T 6EJ
Fictionhouse Limited
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3 - 4
Notes to the financial statements
5 - 7
Fictionhouse Limited
Directors' report
For the period ended 31 December 2020
Page 1
The directors present their annual report and financial statements for the Period ended 31 December 2020.
Principal activities
The principal activity of the company is that of development of theatrical productions and other projects in the creative industries.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
Katherine Horton
Dominic Cooke
Jeremy Gawade
(Appointed 9 February 2021)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Katherine Horton
Director
22 September 2021
Fictionhouse Limited
Income statement
For the period ended 31 December 2020
Page 2
Period
Year
ended
ended
31 December
28 February
2020
2020
£
£
Turnover
25,376
-
Cost of sales
(10,500)
(30,523)
Gross profit/(loss)
14,876
(30,523)
Administrative expenses
(39,667)
(27,309)
Loss before taxation
(24,791)
(57,832)
Tax on loss
-
-
Loss for the financial Period
(24,791)
(57,832)
Fictionhouse Limited
Statement of financial position
As at 31 December 2020
Page 3
31 December
28 February
2020
2020
Notes
£
£
Current assets
Debtors
3
1,519
197
Cash at bank and in hand
13,185
37,243
14,704
37,440
Creditors: amounts falling due within one year
Other creditors
4
5,055
3,000
Net current assets
9,649
34,440
Capital and reserves
Called up share capital
20
20
Other reserves
140,000
140,000
Profit and loss reserves
(130,371)
(105,580)
Total equity
9,649
34,440
For the financial Period 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 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 Period 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.
Fictionhouse Limited
Statement of financial position (continued)
As at 31 December 2020
Page 4
The financial statements were approved by the board of directors and authorised for issue on 22 September 2021 and are signed on its behalf by:
Katherine Horton
Director
Company Registration No. 10713177
Fictionhouse Limited
Notes to the financial statements
For the period ended 31 December 2020
Page 5
1
Accounting policies
Company information
Fictionhouse Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
20 Fitzroy Square, London, W1T 6EJ.
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
Going concern
The activities of the company will continue to be supported by its directors, who have provided significant assurance to enable the company to continue its operations. Therefore the company is considered to be a going concern.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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.
Fictionhouse Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
1
Accounting policies (continued)
Page 6
1.5
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.
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.
1.6
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.
Fictionhouse Limited
Notes to the financial statements (continued)
For the period ended 31 December 2020
Page 7
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the Period was 0
(Year ended 28 February 2020 - 0).
3
Debtors
31 December
28 February
2020
2020
Amounts falling due within one year:
£
£
Other debtors
1,519
197
4
Other creditors falling due within one year
31 December
28 February
2020
2020
£
£
Trade creditors
1,680
-
Accruals and deferred income
3,375
3,000
5,055
3,000
5
Parent company
The directors have determined that there is no one ultimate controlling party as no party owns more than 50% of the share capital of the company.