ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

WORLD GROUP OF COMPANIES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-314755000000The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalsefalse2016-01-01 03020146 2016-01-01 2016-12-31 03020146 2015-01-01 2015-12-31 03020146 2016-12-31 03020146 2015-12-31 03020146 c:Director2 2016-01-01 2016-12-31 03020146 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 03020146 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2015-12-31 03020146 d:CurrentFinancialInstruments 2016-12-31 03020146 d:CurrentFinancialInstruments 2015-12-31 03020146 d:Non-currentFinancialInstruments 1 2016-12-31 03020146 d:Non-currentFinancialInstruments 1 2015-12-31 03020146 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 03020146 d:CurrentFinancialInstruments d:WithinOneYear 2015-12-31 03020146 d:Non-currentFinancialInstruments d:AfterOneYear 2016-12-31 03020146 d:Non-currentFinancialInstruments d:AfterOneYear 2015-12-31 03020146 d:ShareCapital 2016-12-31 03020146 d:ShareCapital 2015-12-31 03020146 d:SharePremium 2016-12-31 03020146 d:SharePremium 2015-12-31 03020146 d:RetainedEarningsAccumulatedLosses 2016-12-31 03020146 d:RetainedEarningsAccumulatedLosses 2015-12-31 03020146 c:OrdinaryShareClass1 2016-01-01 2016-12-31 03020146 c:OrdinaryShareClass1 2016-12-31 03020146 c:PreferenceShareClass1 2016-01-01 2016-12-31 03020146 c:PreferenceShareClass1 2016-12-31 03020146 c:FRS102 2016-01-01 2016-12-31 03020146 c:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 03020146 c:FullAccounts 2016-01-01 2016-12-31 03020146 c:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 03020146 d:Subsidiary1 2016-01-01 2016-12-31 03020146 d:Subsidiary1 1 2016-01-01 2016-12-31 03020146 d:Subsidiary2 2016-01-01 2016-12-31 03020146 d:Subsidiary2 1 2016-01-01 2016-12-31 xbrli:shares iso4217:USD xbrli:pure

Registered number: 03020146

WORLD GROUP OF COMPANIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016


WORLD GROUP OF COMPANIES LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 8


WORLD GROUP OF COMPANIES LIMITED REGISTERED NUMBER:03020146

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2016

		2016		2015
Note		$000		$000


Intangible assets	4		-		-
Investments	5		-		-
			-		-
Current assets
Debtors: amounts falling due within one year	6	54		54
Cash at bank and in hand		4		1
		58		55
Creditors: amounts falling due within one year	7	(7,659)		(7,656)
Net current liabilities			(7,601)		(7,601)
Total assets less current liabilities			(7,601)		(7,601)
Creditors: amounts falling due after more than one year	8		(75)		(75)

Net liabilities			(7,676)		(7,676)

Capital and reserves
Called up share capital	9	300	300
Share premium account	9	9,614	9,614
Profit and loss account		(17,590)	(17,590)
		(7,676)	(7,676)

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 year 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.

Page 1


WORLD GROUP OF COMPANIES LIMITED REGISTERED NUMBER:03020146

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2016

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 February 2018.

D J Heyman

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.	General information

World Group of Companies is a limited liability company registered in England & Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD.

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 policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted profit or loss.

The following principal accounting policies have been applied:

2.2

Going concern

The loan note holder has indicated that it is not his current intention to demand repayment of the loan notes for the foreseeable future. The directors therefore believe that it is appropriate for the financial statements to be prepared on a going concern basis. However if the loan note holder should demand repayment of the loan note, the going concern basis used in preparing the financial statements would be invalid and adjustments would have to be made to reduce the value of the assets to their realisable amount and to provide for any further liabilities which might arise.

2.3

Intangible assets

Rights to exploit film and television libraries are capitalised at cost as intangible fixed assets. Costs are amortised in the proportion that income for the accounting period bears to the directors' forecast of total revenues to be received in the foreseeable future. If estimated future income does not exceed unamortised costs, provision is made for the shortfall.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

Short term debtors are measured at transaction price,

2.6

Creditors

Short term creditors are measured at the transaction price.

Page 3


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

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.

2.8

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 reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2015 - 2).

Page 4


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

4.	Intangible assets

		Develop-ment
		$000
	Cost
	At 1 January 2016	600
	At 31 December 2016	600
	Amortisation
	At 1 January 2016	600
	At 31 December 2016	600
	Net book value
	At 31 December 2016	-
	At 31 December 2015	-

Page 5


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

5.	Fixed asset investments

		Investments in subsidiary companies
		$000
	Cost
	At 1 January 2016	24
	At 31 December 2016	24
	Impairment
	At 1 January 2016	24
	At 31 December 2016	24

	At 31 December 2016	-
	At 31 December 2015	-

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

	World Film Services Limited	Ordinary	100%	Film and TV production
	World Film Services Inc	Ordinary	100%	Film and TV production

Page 6


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Debtors

					2016	2015
					$000	$000


Other debtors	54	54

7.	Creditors: Amounts falling due within one year
		2016	2015
		$000	$000

Preference dividends	2,720	2,720
Loan notes	3,825	3,825
Other creditors	33	30
Accruals and deferred income	1,081	1,081
	7,659	7,656

The loan notes are subject to interest payable at 12% per annum. The loan note holder has continued to waive his right to interest payable on these loan notes and accordingly no further accrual for interest has been made in these financial statements.

8.	Creditors: Amounts falling due after more than one year
		2016	2015
		$000	$000

	Share capital treated as debt	75	75

The terms and conditions attached to the non-equity shares are set out in note 9.

Page 7


WORLD GROUP OF COMPANIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Allotted, called up and fully paid

30,000,000 Ordinary shares of $0.01 each	300	300

	2016	2015
	$000	$000
Shares classified as debt

Allotted, called up and fully paid

7,500,000 Convertible cumulative redeemable 5% preference shares shares of $0.01 each	75	75

Preferred shares have priority over the ordinary shareholders in the event of the winding-up of the company. For the years ended 31 December 2016 and 31 December 2015 the holders of the convertible redeemable 5% preference shares have waived their rights to dividends.

10.	Related party transactions
	At the date of the Statement of Financial Position, J B Heyman was owed the following: - Director's current account $30,000 (2015 - $30,000), loan notes $3,825,000 (2015 - $3,825,000) and accrued loan note interest $900,000 (2015 - $900,000)

11.	Controlling party

The ultimate controlling party at the date of approval of these financial statements is D J Heyman.

Page 8