ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2018.0.196 2018.0.1962019-10-312019-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalsetbcfalse2019-02-28118517992019-02-27118517992019-02-282019-10-31118517992019-10-3111851799 c:Director2 2019-02-282019-10-3111851799 d:CurrentFinancialInstruments 2019-10-3111851799 d:CurrentFinancialInstruments d:WithinOneYear 2019-10-3111851799 d:ShareCapital 2019-10-3111851799 d:RetainedEarningsAccumulatedLosses 2019-10-3111851799 c:OrdinaryShareClass1 2019-02-282019-10-3111851799 c:OrdinaryShareClass1 2019-10-3111851799 c:FRS102 2019-02-282019-10-3111851799 c:AuditExempt-NoAccountantsReport 2019-02-282019-10-3111851799 c:FullAccounts 2019-02-282019-10-3111851799 c:PrivateLimitedCompanyLtd 2019-02-282019-10-3111851799 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2019-02-282019-10-31xbrli:sharesiso4217:GBPxbrli:pure
Registered number: 11851799

















NOWHERE SPECIAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019

 
NOWHERE SPECIAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
NOWHERE SPECIAL LIMITED
REGISTERED NUMBER:11851799

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2019

2019
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
311,655

Cash at bank and in hand
  
70,951

Current liabilities
  
382,606

Creditors: amounts falling due within one year
 5 
(1,143,991)

  
 
 
(761,385)

  

Net liabilities
  
(761,385)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(761,485)

  
(761,385)


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 period 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2020.




U Pasolini dall'Onda
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
NOWHERE SPECIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019

1.


General information

Nowhere Special Limited is a private limited company incorporated in England and Wales. Its registered office and principal place of business is 20th Century Fox Buliding C/O Red Wave Films Ltd, 31-32 Soho Square, London, W1D 3AP. 
The company was incorporated on 28 February 2019 and commenced trading from that date.
The principal activity of the company during the year was that of motion picture production activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The company made a loss for the period and at the reporting date has net current liabilities and net liabilities. The directors have obtained assurances from the shareholders that funds will be made available to the company so that it will be able to meet its financial obligations as and when they fall due, for at least twelve months from the date the accounts are approved. Therefore the financial statements have been prepared under the going concern basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when the service is provided.

 
2.4

Foreign currency translation

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Page 2

 
NOWHERE SPECIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

 
2.6

Financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 3

 
NOWHERE SPECIAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019

4.


Debtors

2019
£

Other debtors
115,555

Tax recoverable
196,100

311,655



5.


Creditors: Amounts falling due within one year

2019
£

Other loans
1,128,653

Trade creditors
1,695

Other creditors
2,039

Accruals
11,604

1,143,991


Other loans include a total of £596,636 which is secured by way of fixed and floating charges over the assets of the company.


6.


Share capital

2019
£
Allotted, called up and fully paid


100 Ordinary shares of £1 each
100

100 Ordinary shares of £1 each were issued for £100 on incorporation of the company.

 
Page 4