Harbinger Productions Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2019
Company Registration No. 09627669 (England and Wales)
Harbinger Productions Ltd
Company Information
Directors
F McCallum
G McCallum
T Redman
Company number
09627669
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
17 Gresse Street
London
W1T 1QL
Harbinger Productions Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
Harbinger Productions Ltd
Balance Sheet
As at 30 June 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
256
512
Investments
6
1
1
257
513
Current assets
Debtors
8
499,999
499,999
Investments
7
144,465
295,000
Cash at bank and in hand
267,199
1,208
911,663
796,207
Creditors: amounts falling due within one year
9
(833,360)
(783,493)
Net current assets
78,303
12,714
Total assets less current liabilities
78,560
13,227
Provisions for liabilities
(44)
(143)
Net assets
78,516
13,084
Capital and reserves
Called up share capital
10
3
3
Profit and loss reserves
78,513
13,081
Total equity
78,516
13,084
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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
Harbinger Productions Ltd
Balance Sheet (Continued)
As at 30 June 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 24 September 2019 and are signed on its behalf by:
T Redman
Director
Company Registration No. 09627669
Harbinger Productions Ltd
Statement of Changes in Equity
For the year ended 30 June 2019
Page 3
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2017
3
(86,352)
(86,349)
Period ended 30 June 2018:
Profit and total comprehensive income for the period
-
99,433
99,433
Balance at 30 June 2018
3
13,081
13,084
Period ended 30 June 2019:
Profit and total comprehensive income for the period
-
65,432
65,432
Balance at 30 June 2019
3
78,513
78,516
Harbinger Productions Ltd
Notes to the Financial Statements
For the year ended 30 June 2019
Page 4
1
Accounting policies
Company information
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.
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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Exemptions for qualifying entities under FRS 102
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.
1.3
Going concern
At the year end the company owed its parent, Martin McCallum Pty Ltd, £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 it be such repayment without restricting its to meet its other financial commitments as they fall due. on that basis the accounts have been prepared on a going concern basis.
1.4
Turnover
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.
1.5
Tangible fixed assets
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:
Computer equipment
Straight line basis with a useful life of four years.
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
.
Harbinger Productions Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
1
Accounting policies
(Continued)
Page 5
1.6
Fixed asset investments
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
.
1.7
Impairment of fixed assets
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.
1.8
Current asset investment
Current asset investments represent monies invested in theatrical productions and which are repayable out of profits generated by these productions. Such investments are measured at cost less provision for impairment as fair value cannot be reliably estimated.
1.9
Cash and cash equivalents
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.
1.10
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.
Harbinger Productions Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
1
Accounting policies
(Continued)
Page 6
Basic financial assets
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.
1.11
Equity instruments
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.
1.12
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.
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.
1.13
Employee benefits
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.
1.14
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 are included in the profit and loss account for the period.
Harbinger Productions Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the
period was: Nil (201
8
: 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.
3
Directors' remuneration
2019
2018
£
£
Remuneration paid to directors
5,000
5,000
4
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
9,887
-
Deferred tax
Origination and reversal of timing differences
(99)
(31)
Total tax charge
9,788
(31)
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2018 and 30 June 2019
1,024
Depreciation and impairment
At 1 July 2018
512
Depreciation charged in the year
256
At 30 June 2019
768
Carrying amount
At 30 June 2019
256
At 30 June 2018
512
Harbinger Productions Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
Page 8
6
Fixed asset investments
2019
2018
£
£
Investments
1
1
Fixed asset investments represents the capital investment in a property development limited liability partnership
recognised at cost and incorporated in the United Kingdom.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2018 & 30 June 2019
1
Carrying amount
At 30 June 2019
1
At 30 June 2018
1
7
Current asset investments
2019
2018
£
£
Other investments
144,465
295,000
8
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
499,999
499,999
9
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts due to group undertakings
817,765
774,015
Corporation tax
9,887
-
Other creditors
1,808
1,808
Accruals and deferred income
3,900
7,670
833,360
783,493
Harbinger Productions Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
Page 9
10
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Class A Ordinary Share of £1 each
2
2
1 Class B Ordinary Share of £1 each
1
1
3
3
11
Related party transactions
Martin McCallum Pty Ltd
A company in which M McCallum is a shareholder.
During the period, Martin McCallum Pty Ltd advanced the company £43,750 (2018: £630,000), and the company repaid £Nil (2018: £34,854) to Martin McCallum Pty Ltd.
As at the balance sheet date the company owed Martin McCallum Pty Ltd £817,765 (2018: £774,015 ).
M McCallum
M McCallum has significant influence and a key management personnel of Harbinger Productions Ltd.
At the year end date the company owed M McCallum £1,808 (2018: £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 (2018: £499,999).
12
Parent company
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.
2019-06-30
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false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
24 September 2019
F McCallum
G McCallum
T Redman
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