Whiskey & Wine Ltd Filleted accounts for Companies House (small and micro)

Whiskey & Wine Ltd Filleted accounts for Companies House (small and micro)

WHISKEY & WINE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11322207
Whiskey & Wine Ltd
Filleted Unaudited Accounts
7 February 2019
Whiskey & Wine Ltd
Statement of Financial Position
7 February 2019
7 Feb 19
18 Aug 18
Note
£
£
Current assets
Debtors
6
130,188
1,462,627
Cash at bank and in hand
200,054
51,176
---------
------------
330,242
1,513,803
Creditors: amounts falling due within one year
7
( 330,232)
( 1,513,793)
---------
------------
Net current assets
10
10
----
----
Total assets less current liabilities
10
10
----
----
Net assets
10
10
----
----
Capital and reserves
Called up share capital
10
10
----
----
Shareholders funds
10
10
----
----
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 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 income and retained earnings has not been delivered.
For the period ending 7 February 2019 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 13 December 2019 , and are signed on behalf of the board by:
M T Weiner
Director
Company registration number: 11322207
Whiskey & Wine Ltd
Notes to the Accounts
Period from 19 August 2018 to 7 February 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, London, WC2H 7DQ, United Kingdom.
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.
Significant estimation technique adopted
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.
Comparatives
The accounts cover the period from 19 August 2018 to 07 February 2019. The comparatives cover the period from incorporation on 23 April 2018 to 18 August 2018.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
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.
Revenue recognition
Turnover relates to the production of the film entitled "Love Me To Death". 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. Particulars of employees
The company has been incorporated to produce a film entitled "Love Me To Death". 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
19 Aug 18 to
23 Apr 18 to
7 Feb 19
18 Aug 18
£
£
Current tax:
UK current tax income
( 114,070)
( 623,900)
---------
---------
Tax on loss
( 114,070)
( 623,900)
---------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).
Period from
Period from
19 Aug 18 to
23 Apr 18 to
7 Feb 19
18 Aug 18
£
£
Loss on ordinary activities before taxation
( 114,070)
( 623,900)
---------
---------
Film tax relief
(114,070)
(623,900)
---------
---------
6. Debtors
7 Feb 19
18 Aug 18
£
£
VAT recoverable
6,850
220,936
Corporation tax recoverable
114,070
623,900
Other debtors
9,268
617,791
---------
------------
130,188
1,462,627
---------
------------
7. Creditors: amounts falling due within one year
7 Feb 19
18 Aug 18
£
£
Amounts owed to group undertakings
–
163,140
Accruals and deferred income
216,162
721,935
Production loan
114,070
623,900
Other creditors
–
4,818
---------
------------
330,232
1,513,793
---------
------------
The loan has been secured against the anticipated future film tax credit.
8. Related party transactions
All related party transactions that took place during the period related to the production of the film entitled "Love Me To Death" 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 Section 1A.
9. Controlling party
In the opinion of the directors the controlling party throughout the current and prior period was K L Gifford by virtue of her sole shareholder.