Filmtrax Limited - Accounts to registrar (filleted) - small 18.2
Filmtrax Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| FILMTRAX LIMITED |
| FILMTRAX LIMITED (REGISTERED NUMBER: 08377930) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| FILMTRAX LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 St John's Road |
| Harrow |
| Middlesex |
| HA1 2EY |
| FILMTRAX LIMITED (REGISTERED NUMBER: 08377930) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
| FILMTRAX LIMITED (REGISTERED NUMBER: 08377930) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Filmtrax Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements have been prepared on a going concern basis, not withstanding net current liabilities of |
| £154,963 (2018: £127,929). The directors believe this to be appropriate as the related parties have given an |
| undertaking that they will not seek repayment of amounts owing to them until the company has sufficient funds to |
| make the repayment. |
| Turnover |
| Turnover represents royalties received from music copyrights during the year. |
| Revenue recognition |
| Royalties from music copyrights is recognised in the accounting period in which the company receives it. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Film Production cost & distribution rights and Music Copyrights are not being amortised. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Investments |
| Other investments relate to investments in other companies, which is recognised at cost. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| FILMTRAX LIMITED (REGISTERED NUMBER: 08377930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Film |
| production |
| cost & |
| distribution | Music |
| rights | copyright | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 2019 | 2018 |
| £ | £ |
| Other investments - Cost b/fwd | 100,000 | 100,000 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by connected companies | 16,250 | 6,250 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to connected companies | 145,199 | 102,970 |
| Taxation and social security |
| Other creditors |
| FILMTRAX LIMITED (REGISTERED NUMBER: 08377930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 8. | RELATED PARTY DISCLOSURES |
| During the year the company paid £30,000 in dividends to the directors of the company. |
| As at the year end, the company owed £16,587 (2018: £Nil) to the directors of the company. There are no |
| specific terms to the repayment of this loan. |
| As at balance sheet date, included within creditors is £145,199 (2018: £102,970), an amount owed to Copyright |
| Administration Services Limited, a company where Mr S P Fawcett is also a director. There are no specific terms |
| to the repayment of this loan. |
| As at balance sheet date, included within debtors is £16,250 (2018: £6,250) an amount owed from School House |
| Music Limited, a company where Mr S P Fawcett is also a director. There are no specific terms to the repayment |
| of this loan. |