Epicflow Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02428243 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

EPICFLOW LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Other Comprehensive Income

4

Abridged Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTOR:

M Jamal

SECRETARY:

Dr Jamal

REGISTERED OFFICE:

24 Bedford Row

London

WC1R 4TQ

REGISTERED NUMBER:

02428243 (England and Wales)

ACCOUNTANTS:

Mehta & Tengra

Chartered Accountants

24 Bedford Row

London

WC1R 4TQ

The director presents his report with the financial statements of the company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of film production and providing accountancy services.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIRECTOR

M Jamal held office during the whole of the period from 1 January 2019 to the date of this report.

RELATED PARTY TRANSACTIONS

The director had no material interests at any time during the year in any contracts of significance in relation to the business of the

company.

TAXATION

The company is a close company within the provision of the Corporation Taxes Act 2010.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M Jamal - Director

10 July 2020

TURNOVER

45,050

20,865

Cost of sales

(10,200

)

(2,870

)

GROSS PROFIT

34,850

17,995

Administrative expenses

(18,556

)

(26,387

)

OPERATING PROFIT/(LOSS)

16,294

(8,392

)

Interest receivable and similar income

-

14

PROFIT/(LOSS) BEFORE TAXATION

16,294

(8,378

)

Tax on profit/(loss)

4

-

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

16,294

(8,378

)

PROFIT/(LOSS) FOR THE YEAR

16,294

(8,378

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

16,294

(8,378

)

FIXED ASSETS

Tangible assets

5

2

CURRENT ASSETS

Cash at bank

2,817

694

CREDITORS

Amounts falling due within one year

(131,966

)

(146,137

)

NET CURRENT LIABILITIES

(129,149

)

(145,443

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(129,147

)

(145,441

)

CAPITAL AND RESERVES

Called up share capital

6

100

Retained earnings

7

(129,247

)

(145,541

)

SHAREHOLDERS' FUNDS

8

(129,147

)

(145,441

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the director and authorised for issue on 10 July 2020 and were signed by:

M Jamal - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2018

100

(137,163

)

(137,063

)

Changes in equity

Total comprehensive income

-

(8,378

)

(8,378

)

Balance at 31 December 2018

100

(145,541

)

(145,441

)

Changes in equity

Total comprehensive income

-

16,294

Balance at 31 December 2019

100

(129,247

)

(129,147

)

1.	STATUTORY INFORMATION

Epicflow 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.

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom.

A summary of more important policies which have been applied consistently is set out below:

Turnover

Turnover represents provision of services excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% per annum - straight line

Computer equipment

-

33% on cost

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.

Pension costs and other post-retirement benefits

3.	EMPLOYEES AND DIRECTORS

2019

2018

£

Wages and salaries

16,914

23,591

Other pension costs

-

834

16,914

24,425

The average number of employees during the year was as follows:

2019

2018

Administration

2

2019

2018

£

Director's remuneration

-

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended 31 December 2018.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained

below:

2019

2018

£

Profit/(loss) before tax

16,294

(8,378

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19%
(2018 - 19%)

3,096

(1,592

)

Effects of:

Capital allowances

(1

)

(2

)

Tax losses

(3,095

)

1,594

Total tax charge

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2019

and 31 December 2019

15,777

DEPRECIATION

At 1 January 2019

and 31 December 2019

15,775

NET BOOK VALUE

At 31 December 2019

2

At 31 December 2018

2

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

100

Ordinary

£1

100

7.

RESERVES

Retained

earnings

£

At 1 January 2019

(145,541

)

Profit for the year

16,294

At 31 December 2019

(129,247

)

8.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2019

2018

£

Profit/(loss) for the financial year

16,294

(8,378

)

Net addition/(reduction) to shareholders' funds

16,294

(8,378

)

Opening shareholders' funds

(145,441

)

(137,063

)

Closing shareholders' funds

(129,147

)

(145,441

)

9.	GOING CONCERN

The financial statements have been prepared on a going concern basis. The director however has agreed to meet the

liabilities as and when they fall due.