Picture Lock Media Limited Filleted accounts for Companies House (small and micro)

PICTURE LOCK MEDIA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08453628

Picture Lock Media Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2020

Picture Lock Media Limited

Financial Statements

Year ended 31 March 2020

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 3

Picture Lock Media Limited

Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Current assets

Debtors	4	29,420	193,739
Cash at bank and in hand		–	742
		--------	---------
		29,420	194,481

Creditors: amounts falling due within one year	5	29,920	331,210
		--------	---------
Net current liabilities		500	136,729
		----	---------
Total assets less current liabilities		( 500)	( 136,729)
		----	---------
Net liabilities		( 500)	( 136,729)
		----	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 501)	( 136,730)
	----	---------
Shareholders deficit	( 500)	( 136,729)
	----	---------

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 Section 1A of 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 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 10 July 2020 , and are signed on behalf of the board by:

Mr D Frew
Director

Company registration number: 08453628

Picture Lock Media Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 150 Aldersgate Street, London, EC1A 4AB, England.

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 break-up basis due to the company ceasing to trade in the previous year. The financial statements are prepared in sterling, which is the functional and presentational currency of the entity. Going concern On 1 September 2017 all employees were transferred to Blazing Griffin Post Production Ltd, a company which is also owned by Blazing Keep Ltd. On 1 October 2017 the company then transferred its assets and related liabilities to Blazing Griffin Post Production Ltd, a company which is also owned by Blazing Keep Ltd. Since 1 October 2017 the company is no longer trading. The company continues to receive financial support from other group companies in order to meet its liabilities as they fall due.

Taxation

The accounting policy in respect of deferred tax reflects the requirements of FRS 102. Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Debtors

	2020	2019
	£	£

Amounts owed by group undertakings	29,420	–
Other debtors	–	193,739
	--------	---------
	29,420	193,739
	--------	---------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£

Trade creditors	–	3,665
Amounts owed to group undertakings	–	304,055
Social security and other taxes	29,420	23,432
Other creditors	500	58
	--------	---------
	29,920	331,210
	--------	---------

6. Related party transactions

The company has taken advantage of exemption under FRS 102 Section 1A from the requirement to disclose related party transactions with group undertakings.