| SURULI 2019 FILM LIMITED |
| Notes to the Accounts |
| for the period from 24 January 2019 to 30 April 2020 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The Company is producing the film "Jagame Thandhiram (pka Suruli)" (the Film) during the current period. All of the tunrover recognised by the Company relates only to this Film.
The turnover in the profit & loss account relates to the acquistion funding received from Y Not Films LLP in relation to the acquisition of the Film. |
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Cost of sales |
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Production cost of the Film is recognised in the profit & loss account as cost of sales for the amount of acquisition advances received. Balance production cost is carried forward as Work in progress and is deemed recoverable from the future income/revenue of the Film. |
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Work in progress |
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Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Balance production cost of the film at the balance sheet date is carried forward as Work in progress on the basis that it is deemed recoverable from the future income/revenue of the Film. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The tax credit claimed relates to the Film. Deferred tax assets based on timing differences is not applicable in respect of this Company's claim for film tax credits. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Employees |
2020 |
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| Number |
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Average number of persons employed by the company |
20 |
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| 3 |
Debtors |
2020 |
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| £ |
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VAT receivable |
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9,556 |
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Other debtors |
1,406,552 |
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1,416,108 |
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| 4 |
Creditors: amounts falling due within one year |
2020 |
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| £ |
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Bank loans and overdrafts |
942,390 |
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Trade creditors |
1,069,802 |
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Taxation and social security costs |
84,327 |
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Other creditors |
547,000 |
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2,643,519 |
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| 5 |
Loans |
2020 |
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| £ |
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Creditors include: |
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Secured bank loans |
942,390 |
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Secured bank loan is received from Barclays Bank UK Plc. The loan is secured against estimated film tax rebate. The above loan is repayable on demand with final repayment date of 30 September 2020. |
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| 6 |
Related party transactions |
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During the period BreakThrough Finance Limited invoiced the company for £7,995 towards payroll processing charges & company secretarial services. Brian Brake, director of BreakThrough Finance Limited, is nominee director of the Company. Brian Brake is not involved in the day to day running of the Company and has no beneficial or financial interest other than above fee disclosed.
The directors/authorised representatives of companies confirm that all transactions between these companies has been on arms length basis. |
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| 7 |
Controlling party |
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Mr Sumit Chadha, the PSC of the Company, is the ultimate controlling party. |
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| 8 |
Other information |
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SURULI 2019 FILM LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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c/o Suite F |
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1-3 Canfield Place |
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London |
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NW6 3BT |
