11:11 ENTERTAINMENT LIMITED
|
Registered number: |
09706021
|
Balance Sheet |
as at 31 January 2021
|
|
Notes |
|
|
2021 |
|
|
2020 |
£ |
£ |
Current assets |
Work in progress |
|
|
- |
|
|
876,629 |
Debtors |
3 |
|
246,282 |
|
|
274,528 |
Cash at bank and in hand |
|
|
254 |
|
|
17,168 |
|
|
|
246,536 |
|
|
1,168,325 |
|
Creditors: amounts falling due within one year |
4 |
|
(246,534) |
|
|
(948,777) |
|
Net current assets |
|
|
|
2 |
|
|
219,548 |
|
Net assets |
|
|
|
2 |
|
|
219,548 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Profit and loss account |
|
|
|
- |
|
|
219,546 |
|
Shareholders' funds |
|
|
|
2 |
|
|
219,548 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
|
|
|
Brian Brake |
Director |
Approved by the board on 23 June 2021
|
|
11:11 ENTERTAINMENT LIMITED
|
Notes to the Accounts |
for the year ended 31 January 2021
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The Company produced British qualifying film titled as "#BFF" (the Film). The turnover recognised by the Company relates only to this Film. The turnover in the P&L account relates to acquisition advances / funding received from Inglorious Films LLP in relation to the acquisition of the Film.
|
|
|
Cost of sales |
|
Production cost of the Film is recognised in the profit & loss account as cost of sales on delivery of the Film to the acquirer.
|
|
|
Work in progress |
|
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Balance production cost of the Film at the last year balance sheet date was carried forward on the basis that it was deemed recoverable from the future income/revenue of the Film. In the current year Work in progress has been transferred to cost of sales.
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The tax credit claimed relates to the Film. Deferred tax assets based on timing differences is not applicable in respect of this Company's claim for film tax credits.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
|
|
|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
7 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Trade debtors |
50,934 |
|
- |
|
VAT receivable |
- |
|
38,425 |
|
Other debtors |
195,348 |
|
236,103 |
|
|
|
|
|
|
246,282 |
|
274,528 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans and overdrafts |
50,000 |
|
- |
|
Trade creditors |
151,534 |
|
760,587 |
|
Taxation and social security costs |
- |
|
5,490 |
|
Other creditors |
45,000 |
|
182,700 |
|
|
|
|
|
|
246,534 |
|
948,777 |
|
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
During the year ending 31 January 2021, Roaring River Productions entered into contractual arrangements with the Company for NIL (31 Jan 2020: £194,444) During the year ending 31 January 2021, Mrs Sarita Varde entered into agreement with the Company for NIL (31 Jan 2020: £200,000) During the year ending 31 January 2021, Mr Ashwin Varde entered into agreement with the Company for NIL (31 Jan 2020: £277,778) Mrs. Sarita Varde, PSC of the Company, is wife of Mr. Ashwin Varde, the proprietor of Roaring River Productions. The directors/authorised representatives of companies confirm that all transactions between these companies has been on arms length basis and as per industry standard and benchmark.
|
|
|
6 |
Controlling party |
|
|
Mrs Sarita Varde, the current PSC of the Company, is the ultimate controlling party on the basis that she has significant influence and control.
|
|
|
7 |
Other information |
|
|
11:11 ENTERTAINMENT LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
c/o Suite F |
|
1-3 Canfield Place |
|
London |
|
NW6 3BT |