Company registration number:
for the Period from 1 November 2017 to
Hot Patootie TV Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Hot Patootie TV Limited
(Registration number: 06394090)
Balance Sheet as at 30 October 2018
Note |
30 October 2018 |
31 October 2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(156) |
(208) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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For the financial period ending 30 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Hot Patootie TV Limited
(Registration number: 06394090)
Balance Sheet as at 30 October 2018
Approved and authorised by the
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Hot Patootie TV Limited
Notes to the Financial Statements
for the Period from 1 November 2017 to 30 October 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 taxable income.
Hot Patootie TV Limited
Notes to the Financial Statements
for the Period from 1 November 2017 to 30 October 2018
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Hot Patootie TV Limited
Notes to the Financial Statements
for the Period from 1 November 2017 to 30 October 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Hot Patootie TV Limited
Notes to the Financial Statements
for the Period from 1 November 2017 to 30 October 2018
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the period was
Tangible assets |
Computer equipment |
Total |
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Cost or valuation |
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At 1 November 2017 |
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At 30 October 2018 |
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Depreciation |
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At 1 November 2017 |
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Charge for the year |
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At 30 October 2018 |
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Carrying amount |
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At 30 October 2018 |
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At 31 October 2017 |
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Debtors |
30 October 2018 |
31 October 2017 |
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Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
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Hot Patootie TV Limited
Notes to the Financial Statements
for the Period from 1 November 2017 to 30 October 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
11,349 |
15,266 |
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Other creditors |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Other borrowings |
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Hot Patootie TV Limited
Notes to the Financial Statements
for the Period from 1 November 2017 to 30 October 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 November 2017 |
Advances to directors |
Re- |
At 30 October 2018 |
D O'Porter |
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Interest free loan with no fixed terms for repayment. |
19,873 |
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( |
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2017 |
At 1 November 2016 |
Advances to directors |
Re- |
At 31 October 2017 |
D O'Porter |
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Interest free loan with no fixed terms for repayment. |
22,219 |
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( |
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Directors' remuneration
The director's remuneration for the period was as follows:
2018 |
2017 |
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Remuneration |
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Summary of transactions with other related parties
As at 31 October 2018 an amount of £100,000 was owed to Hot Cod Productions Limited, a company in which the director's husband is a director and shareholder.