Company Registration No. 10857397 (England and Wales)
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Annual report and financial statements
for the year ended 30 June 2020
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Company information
Director
Mr P Lee
Company number
10857397
Registered office
71 Queen Victoria Street
London
ECV4 4BE
Independent auditor
Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Contents
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Notes to the financial statements
8 - 11
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Director's report
For the year ended 30 June 2020
Page 1
The director presents his annual report and financial statements for the year ended 30 June 2020.
Principal activities
The principal activity of the company was that of production of a television programme.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr P Lee
Auditor
Saffery Champness LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr P Lee
Director
28 June 2021
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Director's responsibilities statement
For the year ended 30 June 2020
Page 2
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Independent auditor's report
To the members of WIIP Productions Limited
Page 3
Opinion
We have audited the financial statements of WIIP Productions Limited (the 'company') for the year ended 30 June 2020 which comprise the income statement, the statement of financial position and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting
S
tandard 102
,
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2020 and of its result for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
director's
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
the
director has
not disclosed in the
financial statements
any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements
are authorised for issue
.
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Independent auditor's report (continued)
To the members of WIIP Productions Limited
Page 4
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of
the
audit
:
-
the information given in the director's
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the director's
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Independent auditor's report (continued)
To the members of WIIP Productions Limited
Page 5
Responsibilities of director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the
financial statements
, the
director is
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
director
either
intends
to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to him in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
John Graydon (Senior Statutory Auditor)
For and on behalf of Saffery Champness LLP
30 June 2021
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Income statement
For the year ended 30 June 2020
Page 6
2020
2019
Notes
£
£
Turnover
45,491
5,294
Cost of sales
(37,678)
(1,294)
Gross profit
7,813
4,000
Administrative expenses
(7,813)
(4,000)
Profit before taxation
Tax on profit
4
Result for the financial year
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Statement of financial position
As at 30 June 2020
Page 7
2020
2019
Notes
£
£
£
£
Current assets
Debtors
5
3,468
797,904
Cash at bank and in hand
750,820
9,927
754,288
807,831
Creditors: amounts falling due within one year
6
(754,287)
(807,830)
Net current assets
1
1
Capital and reserves
Called up share capital
1
1
These financial statements have been prepared 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 28 June 2021
Mr P Lee
Director
Company Registration No. 10857397
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Notes to the financial statements
For the year ended 30 June 2020
Page 8
1
Accounting policies
Company information
WIIP Productions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
71 Queen Victoria Street, London, ECV4 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for on-gong services determined by reference to stage of completion.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Cash and cash equivalents
Cash and cash equivalents
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.
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Notes to the financial statements (continued)
For the year ended 30 June 2020
1
Accounting policies (continued)
Page 9
1.5
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.
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.
1.6
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.
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Notes to the financial statements (continued)
For the year ended 30 June 2020
1
Accounting policies (continued)
Page 10
1.7
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
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,750
-
3
Employees
The average monthly number of persons employed by the company during the year was:
2020
2019
Number
Number
Total
-
During the year (2019: nil) there was no directors remuneration paid.
4
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
-
-
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
-
-
Taxation charge in the financial statements
-
-
WIIP Productions Limited
(formerly known as Tornado Productions Limited)
Notes to the financial statements (continued)
For the year ended 30 June 2020
Page 11
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
797,904
Other debtors
3,468
-
3,468
797,904
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,698
-
Amounts owed to group undertakings
745,589
-
Other creditors
5,000
807,830
754,287
807,830
7
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1
A
of FRS 102 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.
8
Parent company
The company is wholly owned by Wiip Productions, LLC, a company incorporated in the United States of America. The ultimate controlling party is Paul Lee due to his 90% shareholding of Wiip Productions, LLC.
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