The Wonderland Dream Factory Limited Filleted accounts for Companies House (small and micro)

THE WONDERLAND DREAM FACTORY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09305298

The Wonderland Dream Factory Limited

Filleted Unaudited Financial Statements

31 December 2018

The Wonderland Dream Factory Limited

Statement of Financial Position

31 December 2018

	31 Dec 18	31 May 18
Note	£	£

Fixed assets

Tangible assets	5	–	5,476
Investments	6	18,378	18,378
		--------	--------
		18,378	23,854

Current assets

Debtors	7	439,913	317,440
Cash at bank and in hand		34,893	6,128
		---------	---------
		474,806	323,568

Creditors: amounts falling due within one year	8	404,664	336,639
		---------	---------
Net current assets/(liabilities)		70,142	( 13,071)
		--------	--------
Total assets less current liabilities		88,520	10,783

Provisions

Taxation including deferred tax	7,600	–
	--------	--------
Net assets	80,920	10,783
	--------	--------

Capital and reserves

Called up share capital	10	10
Profit and loss account	80,910	10,773
	--------	--------
Shareholders funds	80,920	10,783
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- 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 Wonderland Dream Factory Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 23 September 2019 , and are signed on behalf of the board by:

Mr J J Pisano

Director

Company registration number: 09305298

The Wonderland Dream Factory Limited

Notes to the Financial Statements

Period from 1 June 2018 to 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equity House, 128-136 High Street, Edgware, Middlesex, HA8 7TT, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at a fixed rate of exchange. Exchange differences are taken into account at arriving at the operating profit.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	20% straight line
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 8 (2018: 8 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 June 2018	2,990	10,345	13,335
Additions	1,200	–	1,200
	-------	--------	--------
At 31 December 2018	4,190	10,345	14,535
	-------	--------	--------
Depreciation
At 1 June 2018	2,990	4,869	7,859
Charge for the period	1,200	5,476	6,676
	-------	--------	--------
At 31 December 2018	4,190	10,345	14,535
	-------	--------	--------
Carrying amount
At 31 December 2018	–	–	–
	-------	--------	--------
At 31 May 2018	–	5,476	5,476
	-------	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 June 2018 and 31 December 2018	18,378
	--------
Impairment
At 1 June 2018 and 31 December 2018	–
	--------

Carrying amount
At 31 December 2018	18,378
	--------
At 31 May 2018	18,378
	--------

The company owns 100% of the issued share capital of the companies listed below,

The Dream Factory Film Advertising GmbH

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

7. Debtors

	31 Dec 18	31 May 18
	£	£
Trade debtors	22,147	27,546
Amounts owed by group undertakings and undertakings in which the company has a participating interest	402,993	274,443
Other debtors	14,773	15,451
	---------	---------
	439,913	317,440
	---------	---------

8. Creditors: amounts falling due within one year

	31 Dec 18	31 May 18
	£	£
Trade creditors	48,550	28,440
Amounts owed to group undertakings and undertakings in which the company has a participating interest	236,270	113,632
Corporation tax	17,813	7,600
Social security and other taxes	15,844	24,330
Other creditors	86,187	162,637
	---------	---------
	404,664	336,639
	---------	---------

9. Directors' advances, credits and guarantees

The amount due by the Company to the Directors at 31st December 2018 was £12,600 (31st May 2018 Nil)

10. Controlling party

The controlling person is J Pisano, a Director who has a 74.5% interest in the share capital of the company.