Company Registration No. 08915716 (England and Wales)
12TH BATTALION PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
12TH BATTALION PRODUCTIONS LIMITED
COMPANY INFORMATION
Directors
Mr A T Donen
Mr D Reynolds
Mr J J Murray
Company number
08915716
Registered office
Royal Majestic Studio
196 Willesden Lane
London
NW6 7PR
Accountants
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
12TH BATTALION PRODUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
12TH BATTALION PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2017
28 February 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
197,584
124,055
Tangible assets
3
77,250
98,239
Current assets
Debtors
4
32,227
5,411
Cash at bank and in hand
6,130
37,154
38,357
42,565
Creditors: amounts falling due within one year
5
(133,487)
(161,660)
Net current liabilities
(95,130)
(119,095)
Total assets less current liabilities
179,704
103,199
Creditors: amounts falling due after more than one year
6
(5,400)
(9,191)
Net assets
174,304
94,008
Capital and reserves
Called up share capital
7
15,092
12,500
Share premium account
389,848
157,467
Profit and loss reserves
(230,636)
(75,959)
Total equity
174,304
94,008
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
12TH BATTALION PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2017
28 February 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2017 and are signed on its behalf by:
Mr D Reynolds
Director
Company Registration No. 08915716
12TH BATTALION PRODUCTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2015
100
-
-
100
Year ended 29 February 2016:
Loss and total comprehensive income for the year
-
-
(75,959)
(75,959)
Issue of share capital
7
12,400
157,467
-
169,867
Balance at 29 February 2016
12,500
157,467
(75,959)
94,008
Year ended 28 February 2017:
Loss and total comprehensive income for the year
-
-
(154,677)
(154,677)
Issue of share capital
7
2,592
232,381
-
234,973
Balance at 28 February 2017
15,092
389,848
(230,636)
174,304
12TH BATTALION PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 4 -
1
Accounting policies
Company information
12th Battalion Productions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Royal Majestic Studio, 196 Willesden Lane, London, NW6 7PR.
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.
These financial statements for the year ended 28 February 2017
are the
first
financial statements of 12th Battalion Productions Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
12TH BATTALION PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 5 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
4 years straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
33.3% straight line
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
1.8
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
other debtors, corporation tax recoverable
and cash and bank balances, 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.
12TH BATTALION PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
bank loans and overdrafts, trade creditors and other creditors
, 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
12TH BATTALION PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 7 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Intangible fixed assets
Other
£
Cost
At 1 March 2016
124,055
Additions
104,543
At 28 February 2017
228,598
Amortisation and impairment
At 1 March 2016
-
Amortisation charged for the year
31,014
At 28 February 2017
31,014
Carrying amount
At 28 February 2017
197,584
At 29 February 2016
124,055
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2016
109,966
Additions
6,258
At 28 February 2017
116,224
Depreciation and impairment
At 1 March 2016
11,727
Depreciation charged in the year
27,247
At 28 February 2017
38,974
Carrying amount
At 28 February 2017
77,250
At 29 February 2016
98,239
12TH BATTALION PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 8 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
29,771
-
Other debtors
2,456
5,411
32,227
5,411
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
958
-
Trade creditors
51,741
600
Other creditors
80,788
161,060
133,487
161,660
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
5,400
9,191
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,509,200 ordinary shares of 1p each
15,092
12,500
15,092
12,500
On 13/03/16, the share capital was subdivided from £1.00 ordinary shares to £0.01 ordinary shares therefore, the revised share structure was 1,250,000 ordinary shares valued at £0.01 per share.
On the same day, the company undertook an EIS share issue for 220,600 £0.01 ordinary shares for total proceeds of £200,000.
On 01/08/16, the company undertook an EIS share issue for 38,606 £0.01 ordinary shares for total proceeds of £35,000.
12TH BATTALION PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2017
- 9 -
8
Events after the reporting date
After the reporting date, the company undertook an EIS share issue for 20,133 £0.01 ordinary shares. Proceeds of £29,579 in respect of this share issue were received during the year and therefore, included in other creditors falling due within one year.
9
Related party transactions
Included within other creditors due within one year is a balance of £31,612 (2016: £1,564) due to Mr D Reynolds, who is a director and shareholder of the company.
Included within other creditors due within one year is a balance of £14,494 (2016: £3,329) due to Mr J J Murray, who is a director and shareholder of the company.
2017-02-28
2016-03-01
false
CCH Software
CCH Accounts Production 2017.300
No description of principal activity
30 November 2017
2017-11-30
08915716
2016-03-01
2017-02-28
08915716
bus:Director1
2016-03-01
2017-02-28
08915716
bus:Director2
2016-03-01
2017-02-28
08915716
bus:Director3
2016-03-01
2017-02-28
08915716
bus:RegisteredOffice
2016-03-01
2017-02-28
08915716
2017-02-28
08915716
2016-02-29
08915716
core:IntangibleAssetsOtherThanGoodwill
2017-02-28
08915716
core:IntangibleAssetsOtherThanGoodwill
2016-02-29
08915716
core:OtherPropertyPlantEquipment
2017-02-28
08915716
core:OtherPropertyPlantEquipment
2016-02-29
08915716
core:CurrentFinancialInstruments
2017-02-28
08915716
core:CurrentFinancialInstruments
2016-02-29
08915716
core:Non-currentFinancialInstruments
2017-02-28
08915716
core:Non-currentFinancialInstruments
2016-02-29
08915716
core:ShareCapital
2017-02-28
08915716
core:ShareCapital
2016-02-29
08915716
core:SharePremium
2017-02-28
08915716
core:SharePremium
2016-02-29
08915716
core:RetainedEarningsAccumulatedLosses
2017-02-28
08915716
core:RetainedEarningsAccumulatedLosses
2016-02-29
08915716
core:ShareCapital
core:RestatedAmount
2015-02-28
08915716
core:RestatedAmount
2015-02-28
08915716
core:ShareCapitalOrdinaryShares
2017-02-28
08915716
core:ShareCapitalOrdinaryShares
2016-02-29
08915716
2015-03-01
2016-02-29
08915716
core:ShareCapital
2015-03-01
2016-02-29
08915716
core:SharePremium
2015-03-01
2016-02-29
08915716
core:ShareCapital
2016-03-01
2017-02-28
08915716
core:SharePremium
2016-03-01
2017-02-28
08915716
core:PlantMachinery
2016-03-01
2017-02-28
08915716
core:ComputerEquipment
2016-03-01
2017-02-28
08915716
core:IntangibleAssetsOtherThanGoodwill
2016-02-29
08915716
core:IntangibleAssetsOtherThanGoodwill
2016-03-01
2017-02-28
08915716
core:OtherPropertyPlantEquipment
2016-02-29
08915716
core:OtherPropertyPlantEquipment
2016-03-01
2017-02-28
08915716
bus:OrdinaryShareClass1
2016-03-01
2017-02-28
08915716
bus:OrdinaryShareClass1
2017-02-28
08915716
bus:PrivateLimitedCompanyLtd
2016-03-01
2017-02-28
08915716
bus:FRS102
2016-03-01
2017-02-28
08915716
bus:AuditExemptWithAccountantsReport
2016-03-01
2017-02-28
08915716
bus:SmallCompaniesRegimeForAccounts
2016-03-01
2017-02-28
08915716
bus:FullAccounts
2016-03-01
2017-02-28
xbrli:pure
xbrli:shares
iso4217:GBP