Happy Hour Productions Limited - Period Ending 2019-03-31
Happy Hour Productions Limited - Period Ending 2019-03-31
Registration number:
Happy Hour Productions Limited
for the Year Ended 31 March 2019
Chartered Accountants
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
Happy Hour Productions Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Happy Hour Productions Limited
Company Information
Director |
Mr T C George |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Happy Hour Productions Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Happy Hour Productions Limited for the year ended 31 March 2019 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Happy Hour Productions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Happy Hour Productions Limited and state those matters that we have agreed to state to the Board of Directors of Happy Hour Productions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Happy Hour Productions Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Happy Hour Productions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Happy Hour Productions Limited. You consider that Happy Hour Productions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Happy Hour Productions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
Page 2 |
Happy Hour Productions Limited
(Registration number: 04883337)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
1,359,325 |
1,121,825 |
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|
|
||
Current assets |
|||
Debtors |
|
|
|
Investments |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Capital redemption reserve |
2 |
2 |
|
Profit and loss account |
3,378,962 |
2,315,596 |
|
Total equity |
3,378,966 |
2,315,600 |
Page 3 |
Happy Hour Productions Limited
(Registration number: 04883337)
Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 4 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
The Picture House
4 Lower Park Road
BRISTOL
BS1 5BJ
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 except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 5 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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 has been provided on the freehold property at 0% straight line as in the opinion of the director, its residual value is likely to be greater than its historic cost.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
Straight line over 5 years |
Fixtures, fittings and equipment |
15% reducing balance |
Freehold property |
0% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 6 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 7 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
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 year, was
Page 8 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Leasehold |
Freehold |
Fixtures and fittings |
Total |
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Cost or valuation |
||||
At 1 April 2018 |
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|
|
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Additions |
- |
- |
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At 31 March 2019 |
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Depreciation |
||||
At 1 April 2018 |
|
- |
|
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Charge for the year |
|
- |
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At 31 March 2019 |
|
- |
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Carrying amount |
||||
At 31 March 2019 |
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|
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At 31 March 2018 |
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|
|
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Investments |
2019 |
2018 |
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Investments in subsidiaries |
|
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Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Provision |
|
Carrying amount |
|
At 31 March 2019 |
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At 31 March 2018 |
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Page 9 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2019 |
2018 |
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Subsidiary undertakings |
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The Picture House
England |
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The Picture House
England |
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The principal activity of Park Row Publishing Limited is |
The principal activity of HH Direct Marketing Ltd is |
HH Direct Marketing Ltd was incorporated on 21 December 2018 and acquired trade and assets of Direct Marketing Ltd from the Liquidator and immediately commenced trading.
Page 10 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2018 |
1,371,825 |
1,371,825 |
Revaluations |
(12,500) |
(12,500) |
At 31 March 2019 |
1,359,325 |
1,359,325 |
Impairment |
||
Carrying amount |
||
At 31 March 2019 |
|
1,359,325 |
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
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Prepayments |
|
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Other debtors |
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Current asset investments |
2019 |
2018 |
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Other investments |
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Page 11 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
|||
Director loan |
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|
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Trade creditors |
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Taxation and social security |
|
- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
|||
Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
|
|
1 |
|
1 |
|
|
|
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
||
Other borrowings |
|
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Page 12 |
Happy Hour Productions Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
2019 |
2018 |
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Current loans and borrowings |
||
Bank overdrafts |
|
- |
Director loan |
- |
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|
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
(The director is a 50% shareholder and director of this company)
During the period the company has provided loan finance to PFF on repayment terms of three years interest free. The FRS102 treatment of these loans under the amortised cost/effective interest method has been adopted. At the balance sheet date the carrying amount of these loans due to Happy Hour Productions Limited is £77,822 (2018: £77,822)
Page 13 |