Registration number:
Future Productions Limited
for the Period from 1 June 2017 to 31 March 2018
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS
Future Productions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Future Productions Limited
Company Information
Director |
Mr C. Grayston |
Registered office |
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Accountants |
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Page 1 |
Future Productions Limited
(Registration number: 09582906)
Balance Sheet as at 31 March 2018
Note |
2018 |
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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 March 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 his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Therefore the Directors' Report and the Profit and Loss Account have not been filed.
Approved and authorised by the
Mr C. Grayston
Director
Page 2 |
Future Productions Limited
Notes to the Financial Statements for the Period from 1 June 2017 to 31 March 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:
England
The principal place of business is:
36 Lumsden Avenue
Southampton
Hampshire
SO15 5EL
England
These financial statements were authorised for issue by the
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.
Disclosure of long or short period
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the provision of services to customers.
Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss.
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 taxable income.
Page 3 |
Future Productions Limited
Notes to the Financial Statements for the Period from 1 June 2017 to 31 March 2018
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33.33% reducing balance basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Fully amortised |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 4 |
Future Productions Limited
Notes to the Financial Statements for the Period from 1 June 2017 to 31 March 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2017 |
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At 31 March 2018 |
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Amortisation |
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At 1 June 2017 |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 June 2017 |
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Charge for the period |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 May 2017 |
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Debtors |
2018 |
2017 |
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Prepayments |
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Other debtors |
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Page 5 |
Future Productions Limited
Notes to the Financial Statements for the Period from 1 June 2017 to 31 March 2018
Details of non-current trade and other debtors
£26,850 (2017 -£27,017) of Taxation recoverable is classified as non current.
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Related party transactions |
Transactions with directors |
2018 |
At 1 June 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Mr C. Grayston |
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Director's loan account movements |
83,129 |
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( |
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The above loan was interest free, unsecured and repayable upon demand.
Loans to related parties
2018 |
Entities with joint control or significant influence |
At start of period |
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Advanced |
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At end of period |
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Terms of loans to related parties
Page 6 |
Future Productions Limited
Notes to the Financial Statements for the Period from 1 June 2017 to 31 March 2018
Loans from related parties
2018 |
Entities with joint control or significant influence |
Advanced |
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Terms of loans from related parties
Page 7 |