Grain_Labs_Limited - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2018 the company was entitled to exemption from audit under section 477 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 financial statements.

The 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.

Grain Labs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Ashby Space, Ashby Mews, London, SE4 1TB.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At year end the company had net liabilities of £203,988. Included within creditors is a balance of £299,700 due to the directors of the company. The directors have confirmed that they will not request repayment of this balance for at least twelve months from the date of approval of these financial statements and that it will continue to provide financial support to enable Grain Labs Limited to settle its other liabilities as they fall due.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue is recognised in respect of the production of video content from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approval during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting of the content commences. No profit element is recognised until the company is able to eliminate the profit on content reliably.

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.

There were no employees employed by the company during the period.

At the year end the company owed J Drever, a director of the company £nil (2017: £49,900).

At the year end the company owed O Von Einsiedel, a director of the company £99,800 (2017: £49,900).

At the year end the company owed P Vernon, a director of the company £199,900 (2017: £199,900).

Grain Labs Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102- Section 33 "Related Party Disclosures".

During the year the company incurred costs of £8,100 (2017: £18,362) from Grain Media Limited, a related party by virtue of common directorship. At the year end the company owed £870 (2017: £3,822) to Grain Media Limited.

During the year the company made sales of £nil (2017: £21,195) to Hippocampus Films Limited, a related party by virtue of common directorship. At the year end the company was due £21,195 (2017: £21,195) from Hippocampus Films Limited. A provision of £4,429 has been made against this balance.

During the year the company made sales of £27,723 (2017: £nil) to March Films Limited, a related party by virtue of common directorship. At the year end the company was due £4,126 (2017: £nil) from March Films Limited.