Prescience Pictures Limited - Limited company - abbreviated

REGISTERED NUMBER: 05964328 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

for

Prescience Pictures Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

P Nichols

T J D Smith

P A P Brett

J J Fields

SECRETARY:

Chancery Nominee Services Limited

REGISTERED OFFICE:

Valhalla House

30 Ashby Road

Towcester

Northamptonshire

NN12 6PG

REGISTERED NUMBER:

05964328 (England and Wales)

ACCOUNTANTS:

Valhalla Private Client Services LLP

Valhalla House

30 Ashby Road

Tove Valley Business Park

Towcester

Northamptonshire

NN12 6PG

SOLICITORS:

Simons Muirhead & Burton

50 Broadwick Street

London

W1F 7AG

FIXED ASSETS

Investments

2

90

CURRENT ASSETS

Debtors

57,128

86,663

Cash at bank

121,306

67,427

178,434

154,090

CREDITORS

Amounts falling due within one year

3,040

1,920

NET CURRENT ASSETS

175,394

152,170

TOTAL ASSETS LESS CURRENT
LIABILITIES

175,484

152,260

CAPITAL AND RESERVES

Called up share capital

3

12,299

Share premium

497,138

Profit and loss account

(333,953

)

(357,177

)

SHAREHOLDERS' FUNDS

175,484

152,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 March 2015 and were signed on its behalf by:

P Nichols - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have not been prepared on a going concern basis due to the nature of the income, there

is an inherent uncertainty in relation to its receipt and there is certain known expenditure which could only be

paid if future revenue was forthcoming.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Prescience Pictures Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of film production returns, excluding value added tax.

2.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

and 31 March 2014

90

NET BOOK VALUE

At 31 March 2014

90

At 31 March 2013

90

The company's investments at the balance sheet date in the share capital of companies include the following:

Easy Virtue Films Limited

Nature of business: Development and production of films

%

Class of shares:

holding

Ordinary

90.00

20.2.14

20.2.13

£

Aggregate capital and reserves

100

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

100,000

Ordinary A

1p

1,000

1,129,860

Ordinary B

1p

11,299

12,299

The ordinary A shares rank pari pasu with the ordinary B shares.

4.	RELATED PARTY DISCLOSURES

Prescience Film Finance Limited is a company in which Tim Smith and Paul Brett are directors. At the beginning of the year the company owed £39,072 to Prescience Film Finance Limited. This amount was still outstanding at 31st March 2014. The loan is disclosed within debtors .

At the end of the financial year there was an amount of £3,040 (2013: £1,920) owed to Valhalla Private Client
Services LLP of which John Fields and Peter Nichols are designated members. During the year Valhalla Private Client Services LLP supplied services to the value of £2,400 (£3,275 - 2013)

Hindsight Media Services Limited is a company in which Paul Brett and Tim Smith are directors. The company is owned by Hindsight Capital Limited in which Tim Smith, Paul Brett and Peter Nichols are directors . At the end of the financial year there was a loan outstanding of £Nil (2013 - £30,000) to Hindsight Media Services Limited. This amount is included within debtors.

5.	PARTICULARS OF A MORTGAGE OR CHARGE

The company holds a charge over the film Mr Nice in respect of the money invested.

Prescience Pictures Limited - Limited company - abbreviated - 11.6

Prescience Pictures Limited - Limited company - abbreviated - 11.6