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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FM3 2013 LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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FM3 2013 LIMITED |
FM3 2013 LIMITED (REGISTERED NUMBER: 08819694) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FM3 2013 LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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FM3 2013 LIMITED (REGISTERED NUMBER: 08819694) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FM3 2013 LIMITED (REGISTERED NUMBER: 08819694) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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FM3 2013 LIMITED (REGISTERED NUMBER: 08819694) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Fm3 2013 Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis. The company is reliant on the |
support of the company's bankers, creditors and related companies. If this support was withdrawn the |
company would be unable to continue in operational existence. Adjustments would then have to be made to |
reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities |
that may arise. The company is unable to quantify the effect of such adjustments on the financial statements |
to be prepared on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Turnover comprises amounts receivable in the ordinary course of business from the principal activities of the |
company, exclusive of Value Added Tax and discounts where applicable. |
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Turnover is recognised according to the following criteria: |
- Advertising revenue is recognised when the event takes place. |
- Production revenue is recognised at various stages of completion in accordance with the contract. |
- Content revenue is recognised when the content is supplied to media companies for the purpose of |
broadcasting. |
- Other services provided at music and other events, revenue is recognised when the event takes place. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Amortisation |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the |
useful economic life of that asset as follows: |
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50% first year, 30% year 2 & 20% year 3. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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FM3 2013 LIMITED (REGISTERED NUMBER: 08819694) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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Provisions for liabilities |
Provisions for the expected costs of maintenance under guarantees are charged against profits when products |
have been invoiced. The effect of the time value of money is not material and therefore the provisions are not |
discounted. |
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3. | INTANGIBLE FIXED ASSETS |
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During the period, the company provided funding for the development of video programme made in the |
period, the revenues from which will arise over more than one year. Such projects are separately identifiable |
and are structured to achieve an overall profit over the lifecycle of the project. The directors therefore believe |
that it is appropriate to defer a proportion of the development costs into subsequent years in which those |
revenues are expected to arise, and that the projects funded during the period are likely to produce revenues |
at the rate of 50% in the first year, 30% in the second year and 20% in the third year. The directors will review |
the projects at the end of each year. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Social security and other taxes | ( |
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Other creditors |
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Accrued expenses |
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FM3 2013 LIMITED (REGISTERED NUMBER: 08819694) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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Other creditors comprise of loan notes of £420,000 issued in denominations of £1 in nominal amount at par |
and repayable by 2019. The loan notes carry and interest rate of 4% over base and interest is accrued on a six |
monthly basis and will be payable on redemption. A charge has been registered at Companies House on the |
company's assets. |
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7. | RELATED PARTY DISCLOSURES |
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Blink TV Holdings Limited, a company which owns 48% of the issued share capital and has directors in common |
is a related party. At the year end the company was owed net £230,193 (2015: £230,193) from Blink TV |
Limited. |
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Ingenious Entertainment VCT 1 PLC (a company which owns 20% of the shareholding) were issued loan notes |
of £210,000. Interest is being accrued on a six monthly basis and repayment is due in 2019. At the balance |
sheet date the amount due to Ingenious Entertainment VCT 1 PLC was £236,904 (2015: 227,022). |
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Ingenious Entertainment VCT 2 PLC (a company which owns 20% of the shareholding) were issued loan notes |
of £210,000. Interest is being accrued on a six monthly basis and repayment is due in 2019. At the balance |
sheet date the amount due to Ingenious Entertainment VCT 1 PLC was £236,904 (2015: 227,022). |
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The loan notes are secured by a charge registered on the company's assets. |