| TINY GINGER STUDIOS LTD |
| Notes to the Accounts |
| for the year ended 31 December 2018 |
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| 1 |
Accounting policies |
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Statement of compliance |
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Tiny Ginger Studios Ltd ("the Company") is a company limited by shares incorporated in England and Wales. The Company's registered number is 10064509 and the address of its registered office is HCD Research, 179 Junction Road, Burgess Hill, West Sussex, RH15 0JW. The principal activities of the Company are that of the production of customised videos for commercial and entertainment purposes. |
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Basis of accounting |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The presentation currency is £ sterling |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistentlyapplied to all the years presented unless otherwise stated. |
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Turnover and revenue recognition |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Camera equiptment |
Reducing balance 33% |
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Fixtures, fittings, tools and equipment |
Reducing balance 25% |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Employee benefits |
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The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund. |
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Judgements and key sources of estimation of uncertainty |
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In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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There are no estimates of uncertainity that will have a significant effect on the amounts recognised in these financial statements. |
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| 2 |
Employees |
2018 |
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2017 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Tax on loss on ordinary activities |
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There is no taxation liability on the results of ordinary activities. At 31st December the company had tax losses of £7,812 (2017 - £5,047) available to be offset against future profits. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 January 2018 |
4,603 |
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Additions |
1,850 |
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At 31 December 2018 |
6,453 |
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Depreciation |
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At 1 January 2018 |
2,218 |
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Charge for the year |
1,412 |
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At 31 December 2018 |
3,630 |
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Net book value |
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At 31 December 2018 |
2,823 |
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At 31 December 2017 |
2,385 |
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| 5 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Other debtors |
8 |
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- |
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| 6 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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4,410 |
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4,410 |
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Other creditors and accruals |
3,789 |
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2,128 |
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8,199 |
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6,538 |
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| 7 |
Other information |
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TINY GINGER STUDIOS LTD is a private company limited by shares and incorporated in |
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England. Its registered office is:- |
HCD Research, 179 Junction Road, Burgess Hill, RH15 0JW |
