Harbinger_Productions_Ltd - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Harbinger Productions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken the following exemptions under the small companies regime:

• The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).

• The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).

• The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A.

At the balance sheet date, the company made a loss for the period of £42,117 and had net assets at that date of £36,399. The company's main trade is investment in theatrical productions in the UK. The closure of the UK's theatres on 16 March 2020 following the government's announcement that the public should not visit theatres to minimise the spread of the coronavirus has has a significant impact on the company's business as productions are not able to make repayments of capital or distributions of profit to investors.

While the company is not currently receiving cash returns from its investors it has sufficient cash to meet its ongoing running expenses for the foreseeable future. At the year end the company owed its parent, Martin McCallum Pty Ltd, £618,018 (2019: £817,765). The directors have received confirmation that Martin McCallum Pty Ltd will not seek repayment of this sum for a period of not less than 12 months from the date of signature of these accounts unless the company is in a position to make such repayment without restricting its ability to meet its other financial commitments as they fall due.

On that basis the directors consider it appropriate to prepare the accounts on the going concern.

Turnover represents return on investments in theatrical productions made in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised on a receipts basis as the company has no control over or information about its entitlement to production profits until such amounts are received.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Represents membership capital invested in a limited liability partnership. Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

The average monthly number of persons (including directors) employed by the company during the period was: Nil (2019: Nil).

Key management personnel include all directors of the company who together have authority and responsibility for planning, directing and controlling the activities of the company.

Fixed asset investments represents the capital investment in a property development limited liability partnership recognised at cost and incorporated in the United Kingdom.

Martin McCallum Pty Ltd

A company in which M McCallum is a shareholder.

During the period, Martin McCallum Pty Ltd advanced the company £10,253 (2019: £43,750), charged the company £40,000 in management fees and the company repaid £210,000 (2019: £Nil).

As at the balance sheet date the company owed Martin McCallum Pty Ltd £618,018 (2019: £817,765).

M McCallum

M McCallum has significant influence over the company and is a member of the key management personnel of Harbinger Productions Ltd.

At the year end date the company owed M McCallum £1,808 (2019: £1,808).

Ash Mill Boxmoor LLP

Harbinger Productions Limited is a designated member in the Limited Liability Partnership.

As at the balance sheet date Ash Mill Boxmoor LLP owed the company £499,999 (2019: £499,999).

The company's immediate parent company is regarded by the directors as being Martin McCallum Pty Ltd, a company incorporated in New South Wales, Australia.

The ultimate controlling party is M McCallum, by the virtue of his share ownership in Martin McCallum Pty Ltd.