Registered number:
10679831
FIVE FIFTY FIVE PRODUCTIONS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
REGISTERED NUMBER:
10679831
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
REGISTERED NUMBER:
10679831
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MARCH 2021
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
7 June 2022
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Five Fifty Five Productions Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Office 203, Floor 2,18 Soho Square, London, W1D 3QL.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The company is showing net liabilities, at the reporting date. In order to continue trading it is dependent on the continued financial support of its shareholders, who have confirmed their intention to continue to support the company for the foreseeable future.
On this basis, the director considers it appropriate to prepare the financial statements on the going
concern basis. The financial statements do not include any adjustments that would result in the
withdrawal of the aforementioned support.
COVID-19
Although the potential effects of the COVID-19 virus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
After reviewing the company's forecasts and projections, the director has a good expectation that
the company has adequate resources to continue in operational existence for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
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Functional and presentation currency
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The Company's functional and presentational currency is GBP.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.
Production revenue
Production revenue represents amounts receivable for work carried out in producing television and film projects, revenue is recognised in full, on delivery of the content in line with the underlying production agreement.
Interest income is recognised in profit or loss using the effective interest method.
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
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Stocks - Production costs
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Stocks and work in progress comprises costs incurred in respect of film and television projects in the course of production . Production costs are recognised in the Statement of Income and Retained Earnings in the period that the company delivers the material to the respective commissioning third party.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
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The average monthly number of employees, including directors, during the year was
3
(2020 -
1
)
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Investment in joint ventures
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due within one year
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Amounts owed to other participating interests
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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At the reporting date, the company owed £699,368 (2020: £231,908) to Rise + Shine Limited, a company in which it holds a 50% shareholding.The balance was provided interest free and is repayable on demand. At the reporting date, the company was also owed £590,000 (2020: £nil) from Rise + Shine Limited which was included in trade debtors.
During the year, the company rented office space from K Baxter, the director. The company made
rental payments of £30,000 (2020: £nil). At the reporting date, the company was owed £57,961 (2020:
the company owed £1,295) from K Baxter. Interest has been charged on the overdrawn amount at the official rate of interest which amounted to £622 (2020: £nil). The balance has been repaid since the reporting date.
There were no further transactions with related parties that are material and have not been conducted under normal market conditions.
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FIVE FIFTY FIVE PRODUCTIONS LIMITED
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