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Registered number: 09589074
DURAN FILMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
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DURAN FILMS LIMITED
REGISTERED NUMBER: 09589074
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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DURAN FILMS LIMITED
REGISTERED NUMBER: 09589074
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2019.
The notes on pages 3 to 5 form part of these financial statements.
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DURAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
Duran Films Limited is a private company limited by shares and registered in England & Wales. The address of its registered office and principal place of business is Suite 1, 79 Wardour Street, London W1D 6QB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue comprises distribution revenue receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.
Where revenue received exceeds costs incurred to date and profits are not anticipated, the balance is treated as deferred income and held on the Statement of Financial Position until further costs are incurred or profits anticipated. At this point the deferred income is released to the Statement of Income and Retained Earnings.
Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans from related parties.
Short term creditors are measured at the transaction price, less any impairment.
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DURAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
2.Accounting policies (continued)
Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
The Company is eligible to claim a tax credit on film production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.
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The average monthly number of employees, including directors, during the year was 2 (2018 - 2).
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Cash and cash equivalents
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DURAN FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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During the period £14,847 (2018: £113,717) was paid to Ad Hoc Films Limited, a company of which D Glynn and M Hodgson are also directors. All transactions were carried out at arms length. At the reporting date £376,623 (2018: £347,747) was due to Ad Hoc Films Limited. The loan is repayable on demand and is not interest bearing.
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Throughout the current and preceeding period, the company was under the control of the directors by virtue of their shareholding.
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