Matthew Churchill Productions Limited - Period Ending 2019-12-31

Matthew Churchill Productions Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 6

Matthew Churchill Productions Limited

Company Information

Director

M Churchill

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Matthew Churchill Productions Limited

Statement of Financial Position as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	263,727	177,584
Current assets
Debtors	5	280,684	55,220
Cash at bank and in hand		26,252	102,578
		306,936	157,798
Creditors: Amounts falling due within one year	6	(492,772)	(299,482)
Net current liabilities		(185,836)	(141,684)
Net assets		77,891	35,900
Capital and reserves
Called up share capital		94	94
Share premium reserve		149,906	149,906
Profit and loss account		(72,109)	(114,100)
Shareholders' funds		77,891	35,900

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Matthew Churchill Productions Limited

Statement of Financial Position as at 31 December 2019

Approved and authorised by the director on 21 August 2020
 

.........................................

M Churchill

Director

Company registration number: 08623256

Matthew Churchill Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is the provision of services to the entertainment industry.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company made a profit for the year but the statement of financial position at that date shows net assets amounting to £77,891.

The company's trade has increased substantially in the year and additionally the director is hopeful that new contractual arrangements will result in future profitability to provide adequate working capital. Subsequent to 31 December 2019 the company has been working on a project that is planned to tour in 2021 or 2022 after the current issues around COVID 19 are expected to have ended.

In the meantime the company is in a position to control its overheads and dependent upon the continued support of the director, to whom £132,752. On this basis the director believes the company has sufficient working capital to survive through the COVID 19 crisis.

Having made appropriate enquiries the director believes it remains appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of good and services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity based upon the stage of completion and contractual entitlement.

Matthew Churchill Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attritubale to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

Amortisation commences once the technology commences to derive economic value.

Asset class	Amortisation method and rate
Production Technology	5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2018 - 0).

Matthew Churchill Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

4	Intangible assets

	Production Technology £	Total £
Cost or valuation
At 1 January 2019	177,584	177,584
Additions	86,143	86,143
At 31 December 2019	263,727	263,727
Amortisation
Carrying amount
At 31 December 2019	263,727	263,727
At 31 December 2018	177,584	177,584

5

Debtors

	2019 £	2018 £
Trade debtors	24,984	23,232
Other debtors	255,700	31,988
	280,684	55,220

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Trade creditors	163,440	11,010
Taxation and social security	23,508	26,276
Other creditors	305,824	262,196
	492,772	299,482