COMPANY REGISTRATION NUMBER:
10435847
Protagonist Pictures (Development) Limited
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Filleted Financial Statements
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Protagonist Pictures (Development) Limited
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Statement of Financial Position
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31 March 2020
Fixed assets
Current assets
Debtors
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5
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182,164
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196,786
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|
|
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Creditors: amounts falling due within one year
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6
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244,481
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368,938
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---------
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---------
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Net current liabilities
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62,317
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172,152
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--------
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---------
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Total assets less current liabilities
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(
62,117)
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(
171,952)
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Provisions
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109,574
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–
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---------
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---------
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Net liabilities
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(
171,691)
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(
171,952)
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---------
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---------
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Capital and reserves
Called up share capital
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100
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100
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Profit and loss account
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(
171,791)
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(
172,052)
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---------
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---------
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Shareholders deficit
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(
171,691)
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(
171,952)
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---------
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---------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2020
, and are signed on behalf of the board by:
Company registration number:
10435847
Protagonist Pictures (Development) Limited
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Notes to the Financial Statements
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Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor 42-48 Great Portland Street, London, W1W 7NB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have undertaken a rigorous assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of more than 12 months from the date of approval of the account. The directors have reviewed future forecasts based on film sales expectations. The film industry is a volatile industry and whilst the returns on individual film projects can be unpredictable, the directors remain optimistic on the future profitability of the projects based on managements understanding of the business. The directors believe that support will continue to be available from the shareholders and therefore they consider it appropriate to prepare the accounts on a Going Concern basis.
Contracted development investments
Contracted development investment spend, and attributable third party costs, are recognised at cost less 50%. A further impairment review is then carried out at the balance sheet date to assess whether any additional amounts should be provided for.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its' liabilities.
4.
Investments
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Shares in group undertakings
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£
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Cost
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At 1 April 2019 and 31 March 2020
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200
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----
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Impairment
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At 1 April 2019 and 31 March 2020
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–
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----
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Carrying amount
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At 31 March 2020
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200
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----
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At 31 March 2019
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200
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----
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5.
Debtors
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2020
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2019
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£
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£
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Other debtors
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182,164
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196,786
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---------
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---------
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6.
Creditors:
amounts falling due within one year
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2020
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2019
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£
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£
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Trade creditors
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–
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2,365
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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227,987
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157,377
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Other creditors
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16,494
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209,196
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---------
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---------
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244,481
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368,938
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---------
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---------
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7.
Summary audit opinion
The auditor's report for the year dated 30 October 2020 was unqualified, however, the auditor drew attention to the following by way of emphasis.
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in the accounting policies note concerning the company's ability to continue as a going concern. The company incurred a net profit of £261 (2019:loss of £45,970) and, at that date, the company had net current liabilities of £171,691 (2019: £171,952). These conditions, along with the other matters explained in note 3 to the financial statements, indicate the existence of a a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.
The senior statutory auditor was
Stephen Joberns
, for and on behalf of
Shipleys LLP
.
8.
Related party transactions
The company was under the control of Protagonist Pictures Limited, a company incorporated in England and Wales, throughout the current previous period. Protagonist Pictures Limited owns 100% of the issued shares of the company. The company has taken advantage of the exemption under FRS 102 1A from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
9.
Controlling party
The ultimate controlling party is NandV Media LLP, a company incorporated in England and Wales.