Trapdoor Films Limited Filleted accounts for Companies House (small and micro)

TRAPDOOR FILMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05823441

Trapdoor Films Limited

Filleted Unaudited Financial Statements

31 May 2019

Trapdoor Films Limited

Balance Sheet

31 May 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		9,938	15,174

Current assets

Debtors	6	15,571	2,766
Cash at bank and in hand		124,039	111,202
		---------	---------
		139,610	113,968

Creditors: amounts falling due within one year	7	17,060		23,186
		---------		---------
Net current assets			122,550	90,782
			---------	---------
Total assets less current liabilities			132,488	105,956

Provisions

Taxation including deferred tax	20	20
	---------	---------
Net assets	132,468	105,936
	---------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	132,458	105,926
	---------	---------
Shareholders funds	132,468	105,936
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 May 2019 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 year 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 .

Trapdoor Films Limited

Balance Sheet (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 31 January 2020 , and are signed on behalf of the board by:

Mr S George	Mrs E George
Director	Director

Company registration number: 05823441

Trapdoor Films Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview House, 10 St Neots Road, Sandy, Bedfordshire, England, SG19 1LB.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 and as such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity's accounting policies.

Revenue recognition

Fee income represents revenue earned under a wide variety of contracts to provide television and film services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors. Payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Taxation

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. 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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. During the period in review, no assets were revalued, meaning no change in the carrying amount of an asset.

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:

Bicycle	-	25% straight line
Computer equipment	-	33% straight line
Motor vehicles	-	25% straight line
Office equipment	-	20% straight line

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	Bicycle	Computer equipment	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 June 2018	380	6,629	17,135	9,742	33,886
Additions	–	–	–	250	250
	----	-------	--------	-------	--------
At 31 May 2019	380	6,629	17,135	9,992	34,136
	----	-------	--------	-------	--------
Depreciation
At 1 June 2018	222	4,986	4,145	9,359	18,712
Charge for the year	95	857	4,284	250	5,486
	----	-------	--------	-------	--------
At 31 May 2019	317	5,843	8,429	9,609	24,198
	----	-------	--------	-------	--------
Carrying amount
At 31 May 2019	63	786	8,706	383	9,938
	----	-------	--------	-------	--------
At 31 May 2018	158	1,643	12,990	383	15,174
	----	-------	--------	-------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	7,923	–
Other debtors	7,648	2,766
	--------	-------
	15,571	2,766
	--------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	1,244	812
Corporation tax	11,062	13,355
Social security and other taxes	1,495	5,352
Other creditors	3,259	3,667
	--------	--------
	17,060	23,186
	--------	--------

8. Pension commitments

Pension contributions of £8,500 (2018: £3,196) were paid on behalf of the directors, S George and E George in the year.

9. Directors' advances, credits and guarantees

Amounts of £19,190 (2018: £12,096) were advanced interest free, and repayable on demand, to the directors during the year. At the year end, £3,661 (2018: £899) was owed to the company by the directors.