Three SSS Films Limited - Period Ending 2014-04-30

Registration number: 01749602

Three SSS Films Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014
 

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

Three SSS Films Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Three SSS Films Limited
(Registration number: 01749602)
Abbreviated Balance Sheet at 30 April 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Tangible fixed assets								21,946						20,857
Current assets
Stocks					46,623						40,279
Debtors					3,104						7,302
Cash at bank and in hand					277						306
					50,004						47,887
Creditors: Amounts falling due within one year					(156,397)						(166,574)
Net current liabilities								(106,393)						(118,687)
Net liabilities								(84,447)						(97,830)
Capital and reserves
Called up share capital		3			100						100
Profit and loss account					(84,547)						(97,930)
Shareholders' deficit								(84,447)						(97,830)

For the year ending 30 April 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 27 January 2015 and signed on its behalf by:

.........................................
Mr M Adams
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Three SSS Films Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

Mr M. Adams continues to support the company through his Director's Loan Account. This financial support commitment is expected to continue. On this basis, the directors consider it appropriate to prepare these statements using the going concern assumption.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% per annum, reducing balance basis

Stock

Stock and Work in Progress include video stock, image library and finished productions. The value reflects the directors' opinions of the cost value of the library and finished productions, of which it largely consists.

Deferred tax

Deferred tax is accounted for at expected tax rates on all differences arising from the inclusion of income and expenditure in taxation computation periods different from those in which they are included in the financial statements. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying timing differences can be deducted.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.

Page 2

Three SSS Films Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2013		161,262			161,262
Additions		4,962			4,962
At 30 April 2014		166,224			166,224
Depreciation
At 1 May 2013		140,405			140,405
Charge for the year		3,873			3,873
At 30 April 2014		144,278			144,278
Net book value
At 30 April 2014		21,946			21,946
At 30 April 2013		20,857			20,857

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 3