Company Registration No. 08625224 (England and Wales)
The Cuckoo's Calling Limited
Financial statements
for the year ended 31 October 2020
Pages for filing with the Registrar
The Cuckoo's Calling Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
The Cuckoo's Calling Limited
Statement of financial position
As at 31 October 2020
Page 1
2020
2019
as restated
Notes
£
£
£
£
Current assets
Debtors
4
817,760
1,495,342
Cash at bank and in hand
1,390,807
6,406
2,208,567
1,501,748
Creditors: amounts falling due within one year
5
(520,250)
(1,327,696)
Net current assets
1,688,317
174,052
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
1,688,316
174,051
Total equity
1,688,317
174,052
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
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 and signed by the director and authorised for issue on 22 October 2021
Neil Blair
Director
Company Registration No. 08625224
The notes on pages 9 to 15 form part of these financial statements.
The Cuckoo's Calling Limited
Statement of changes in equity
For the year ended 31 October 2020
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 October 2019:
Balance at 1 December 2018
1
1,982,191
1,982,192
Period ended 31 October 2019:
Profit and total comprehensive income (as restated) for the period
-
637,585
637,585
Dividends
3
-
(2,445,725)
(2,445,725)
Balance at 31 October 2019 (as restated)
1
174,051
174,052
Period ended 31 October 2020:
Profit and total comprehensive income for the period
-
1,514,265
1,514,265
Balance at 31 October 2020
1
1,688,316
1,688,317
The notes on pages 9 to 15 form part of these financial statements.
The Cuckoo's Calling Limited
Notes to the financial statements
For the year ended 31 October 2020
Page 3
1
Accounting policies
Company information
The Cuckoo's Calling Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
71 Queen Victoria Street, London, EC4V 4BE.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Bronte Film and Television Limited
.
These consolidated financial statements are available from its registered office
, 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.
The Cuckoo's Calling Limited
Notes to the financial statements (continued)
For the year ended 31 October 2020
1
Accounting policies (continued)
Page 4
1.2
Going concern
A strain of coronavirus (COVID-19), which was classified by the World Health Organisation on 11 March 2020 has been impacting the UK and countries globally.
The company has put necessary measures in place to mitigate against the effects of COVID-19 on its ability to continue as a going concern. The company and its management have reviewed the 12 month forecast and company cashflow since the balance sheet date and are satisfied that no material concern arises in relation to cashflow of the company.
1.3
Reporting period
The prior accounting period has been shortened in order to align the year end date of the company with that of the parent company the results are consolidated in to. As such, the comparative amounts presented are not comparable, as they represent an 11 month period and the current period represents a 12 month period.
1.4
Turnover
Turnover comprises distribution revenue receivable, shown net of VAT and other sales related taxes. Distribution revenue is recognised when it is earned.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
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 statement of financial position 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, 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.
The Cuckoo's Calling Limited
Notes to the financial statements (continued)
For the year ended 31 October 2020
1
Accounting policies (continued)
Page 5
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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 if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
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.
The Cuckoo's Calling Limited
Notes to the financial statements (continued)
For the year ended 31 October 2020
1
Accounting policies (continued)
Page 6
1.8
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
income statement
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
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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Foreign exchange
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2019 - 1
).
3
Dividends
2020
2019
£
£
Final paid
-
2,445,725
The Cuckoo's Calling Limited
Notes to the financial statements (continued)
For the year ended 31 October 2020
Page 7
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
92,400
-
Corporation tax recoverable
-
149,276
Amounts owed by group undertakings
501,548
306
Other debtors
223,812
1,345,760
817,760
1,495,342
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
6,710
1,890
Amounts owed to group undertakings
15,133
162,521
Corporation tax
370,020
-
Other creditors
128,387
1,163,285
520,250
1,327,696
Amounts owed to group undertakings are interest free and repayable on demand.
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
Each ordinary share is entitled to one vote in any circumstance and pari passu to dividend payments, each share is entitled to participate in a distribution arising from a winding up of the company,
The Cuckoo's Calling Limited
Notes to the financial statements (continued)
For the year ended 31 October 2020
Page 8
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jamie Cassell.
The auditor was Saffery Champness LLP.
8
Related party transactions
Transactions with related parties
No disclosure has been made of transactions with wholly owned group companies in accordance with FRS 102 Section 33 paragraph 33.1 A as the company is itself a wholly owned subsidiary of Bronte Film and Television Limited.
During the year the company entered into the following transactions with related parties:
During the period royalties of £524,753 (2019: £515,927) were payable to companies related by virtue of having a Director in common. At the period end, a balance of £nil (2019: £nil) was included in other creditors in relation to payments made in advance in relation to royalties.
During the period royalties of £217,759 (2019: £260,254) and dividends of £nil (2019: £2,445,725) were paid to the beneficial owner of the company. At the period end, a balance of £nil (2019: £nil) was included in other creditors in relation to payments made in advance to the beneficial owner.
During the period commission of £932,780 (2019: £171,000) was paid to companies related by virtue of having a Director in common. At the period end amounts due to these companies totalled £nil (2019: £623,004) and were included within other creditors.
9
Parent company
During the current and preceding year the immediate and ultimate parent undertaking was Bronte Film
and
Television Limited, a company incorporated in England. The financial statements of the company are consolidated in the financial statements of
Bronte Film and Television Limited
.
These consolidated financial statements are available from its registered office
, 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.
The ultimate controlling party was
J K Rowling by way of her majority shareholding.
The Cuckoo's Calling Limited
Notes to the financial statements (continued)
For the year ended 31 October 2020
Page 9
10
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment at 1 Nov 2018
Adjustment at 31 Oct 2019
Adjustment
As restated at 31 Oct 2019
£
£
£
£
£
Creditors due within one year
Other creditors
(1,268,183)
(452,004)
392,491
(59,513)
(1,327,696)
Capital and reserves
Profit and loss
233,564
(452,004)
392,491
(59,513)
174,051
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 October 2019
£
£
£
Cost of sales
(445,678)
(59,513)
(505,191)
Profit for the financial period
697,098
(59,513)
637,585
For the year ended 31 October 2020 a prior year adjustment was made to recognise advances due to part of the production team which should have been accrued in the period ended 31 October 2019.
For the period ended 31 October 2019 a prior year adjustment was made to recognise commission payable on income earned in the year to 30 November 2018 that should have been accrued for.
2020-10-31
2019-11-01
false
26 October 2021
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
This audit opinion is unqualified
Neil Blair
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