Machine Shop Special Effects Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03364770 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Machine Shop Special Effects Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P H Mann

SECRETARY:

Mrs N M Mann

REGISTERED OFFICE:

9 St George's Yard

Farnham

Surrey

GU9 7LW

REGISTERED NUMBER:

03364770 (England and Wales)

ACCOUNTANTS:

Blackwood Futcher & Co.

Chartered Accountants

9 St George's Yard

Farnham

Surrey

GU9 7LW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

14,638

19,517

14,638

19,517

CURRENT ASSETS

Debtors

6

421,543

294,774

Cash at bank

1,370,712

1,265,166

1,792,255

1,559,940

CREDITORS

Amounts falling due within one year

7

1,530,855

1,465,522

NET CURRENT ASSETS

261,400

94,418

TOTAL ASSETS LESS CURRENT LIABILITIES

276,038

113,935

PROVISIONS FOR LIABILITIES

2,781

3,708

NET ASSETS

273,257

110,227

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

5

5

Retained earnings

273,152

110,122

273,257

110,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19 December 2019 and were signed by:

P H Mann - Director

1.	STATUTORY INFORMATION

Machine Shop Special Effects Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable of the company

digital and production special effect activities and represents amounts receivable for services

rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is

probable that future economic benefits will flow to the entity.

Intangible assets

Patents and licences are stated at cost less accumulated depreciation and any accumulated

impairment losses. They are amortised over their estimated life using the straight-line method.

If there is an indication that there has been a significant change in amortisation rate, useful life or

residual value of an intangible asset, the amortisation is revised prospectively to reflect the new

expectations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate

for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial

position when there is an enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property

and equipment, are reviewed to determine whether there is an indication that an asset may be

impaired. If there is an indication of possible impairment, the recoverable amount of any asset or

group of related assets, which is the higher of value in use and the fair value less cost to sell, is

estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying

amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of

stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an

item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less

costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related

assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount

that would have been determined had no impairment loss been recognised for the asset or group of

related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or

loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2018

and 31 March 2019

10,670

AMORTISATION

At 1 April 2018

and 31 March 2019

10,670

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

81,189

DEPRECIATION

At 1 April 2018

61,672

Charge for year

4,879

At 31 March 2019

66,551

NET BOOK VALUE

At 31 March 2019

14,638

At 31 March 2018

19,517

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

55,538

41,460

Other debtors

366,005

253,314

421,543

294,774

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

30,435

35,299

Taxation and social security

80,410

32,136

Other creditors

1,420,010

1,398,087

1,530,855

1,465,522

8.	RELATED PARTY DISCLOSURES

During the year the director provided the company with an interest free loan of £31,248 (2018 -

£33,018).