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

RAINBOW TROUT FILMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07296089

RAINBOW TROUT FILMS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2019

RAINBOW TROUT FILMS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2019

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 4

RAINBOW TROUT FILMS LIMITED

BALANCE SHEET

30 June 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	2,996	2,338

Current assets

Debtors	6	549	565
Cash at bank and in hand		1,795	2,421
		------------	------------
		2,344	2,986

Creditors: amounts falling due within one year	7	( 59,427)	( 54,286)
		------------	------------
Net current liabilities		( 57,083)	( 51,300)
		------------	------------
Total assets less current liabilities		( 54,087)	( 48,962)
		------------	------------
Net liabilities		( 54,087)	( 48,962)
		------------	------------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		( 54,187)	( 49,062)
		------------	------------
Shareholders deficit		( 54,087)	( 48,962)
		------------	------------

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 30 June 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 13 March 2020 , and are signed on behalf of the board by:

J A Mellor
Director

Company registration number: 07296089

RAINBOW TROUT FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, company number 07296089 . The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.

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.

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:

	Equipment	-	33% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 July 2018	9,216
Additions	2,960
	------------
At 30 June 2019	12,176
	------------
Depreciation
At 1 July 2018	6,878
Charge for the year	2,302
	------------
At 30 June 2019	9,180
	------------
Carrying amount
At 30 June 2019	2,996
	------------
At 30 June 2018	2,338
	------------

6. Debtors

	2019	2018
	£	£
Prepayments and accrued income	549	565
	------------	------------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	344	327
Accruals and deferred income	75	75
Social security and other taxes	295	961
Obligations under finance leases and hire purchase contracts	–	1,850
Director loan accounts	58,713	51,073
	------------	------------
	59,427	54,286
	------------	------------

8. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100.00	100	100.00
	------------	------------	------------	------------

9. Related party transactions

The director's loan account of £58,713 (2018: £51,073) set out at creditors above is unsecured, repayable on demand and currently interest-free. The director has provided personal security in support of the company's borrowing facilities. The company is controlled by J A Mellor .

10. Going concern

The director has agreed to provide adequate working capital to enable the company to trade until at least 31 March 2021. Consequently, the accounts have been prepared on a going concern basis.