Company Registration No. 07723526 (England and Wales)
STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
-
55,754
Debtors
2
27,400
53,385
Cash at bank and in hand
16,385
22,277
43,785
131,416
Creditors: amounts falling due within one year
3
(237,710)
(322,781)
Net current liabilities
(193,925)
(191,365)
Capital and reserves
Called up share capital
4
340,080
340,080
Profit and loss reserves
(534,005)
(531,445)
Total equity
(193,925)
(191,365)
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 April 2019 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 13 July 2020 and are signed on its behalf by:
Mr M J D Santucci
Mrs E Fletcher
Director
Director
Company Registration No. 07723526
STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
1
Accounting policies
Company information
Stubborn Heart Films (Heart of Soul Productions) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4th Floor, East Wing, Chancery House, 53-64 Chancery Lane, London, WC2A 1QS.
1.1
Accounting convention
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Royalty income is accounted for on a receivable basis to the extent that it can be quantified from amounts paid or declared by licensees and other parties.
1.4
Stocks
Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Profit and Loss Account over the period in which the rights to the relevant film are being exploited by the company.
1.5
Financial instruments
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
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price
.
STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities
as
payment is due within one year or less.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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.
The company is eligible to claim a tax credit on film production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanceable expenditure and carries forward losses arising from net costs against future profits.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
26,711
50,375
Tax recoverable (UK film tax credit)
-
2,526
Other debtors
689
484
27,400
53,385
STUBBORN HEART FILMS (HEART OF SOUL PRODUCTIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
3
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,453
3,133
Other creditors
233,257
319,648
237,710
322,781
4
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,099 Ordinary A Shares of £1 each
1,099
1,099
338,981 Ordinary B Shares of £1 each
338,981
338,981
340,080
340,080
5
Related party transactions
Creditors include £79,148 (2018: £141,502) due to Santucci and Co Limited. Company directors E Fletcher and M J D Santucci are both directors and joint owners of this company.
Creditors also include £22,705 (2018: £26,632) due to Stubborn Heart Productions Limited. Company director E Fletcher is also a director of this company which is a subsidiary of Santucci and Co Limited.
Creditors also include £117,746 (2018: £140,106) due to Genesius Sales and Distribution Limited. Company director D A Gray is a director and shareholder of this company.
Creditors also
include £4,098 (2018: £4,098) due to D A Gray.
No interest has been charged on the above amounts which are all repayable on demand.