Satusfaction Post Production Limited - Period Ending 2020-01-31
Satusfaction Post Production Limited - Period Ending 2020-01-31
Registration number:
Satusfaction Post Production Limited
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Satusfaction Post Production Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Satusfaction Post Production Limited
Company Information
Directors |
S M Lawrence L A A Lloyd |
Registered office |
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Accountants |
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Satusfaction Post Production Limited
Statement of Financial Position as at 31 January 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
138,271 |
131,664 |
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Shareholders' funds |
138,371 |
131,764 |
For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Satusfaction Post Production Limited
Statement of Financial Position as at 31 January 2020
Approved and authorised by the
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S M Lawrence
Director
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L A A Lloyd
Director
Company registration number: 04647547
Satusfaction Post Production Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the promotion and introduction of specialists to the media industry.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company had net assets at 31 January 2020 of £138,371, including cash at bank of £183,022.
The directors have considered the potential effect of the current COVID-19 pandemic, and although there is no certainty as to when this will end, the directors' view is that the impact will be manageable.
The company has been able to continue to trade during the enforced lockdown with the company's directors and employees working from home. Although sales have fallen during the lockdown and post-lockdown period they have been at such a level as to generate sufficient working capital to enable the company to continue to meet its overheads. Bookings have been received for later in the year after the lockdown restrictions have been relaxed, as media production resumes with social distancing measure in place. The halt to media production during the lockdown period has resulted in a shortage of available post-production work. The directors expect sales to fall by around 34% for the year ending 31 January 2021 as a result of the restrictions caused by the pandemic, but expect the turnover levels to return to current levels by the year ending 31 January 2022.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company had adequate resource to continue in operational existence for the foreseeable future. Accordingly, the directors continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the media services are supplied to the principals.
Satusfaction Post Production Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
25% straight line |
Fixtures and fittings |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Satusfaction Post Production Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Fixtures and fittings |
Office Equipment |
Total |
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Cost or valuation |
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At 1 February 2019 |
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Additions |
- |
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Disposals |
- |
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At 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
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At 31 January 2020 |
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Carrying amount |
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At 31 January 2020 |
- |
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At 31 January 2019 |
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Satusfaction Post Production Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Debtors |
Debtors due within one year |
2020 |
2019 |
Trade debtors |
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Other debtors |
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Other debtors includes an amount of £7,375 (2019: £7,375) due after more than one year. |
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Commitments and Guarantees |
The total of future minimum lease payments not reflected in the statement of financial position amounts to £36,450 (2019: £64,302).