ACCOUNTS - Final Accounts preparation

HTYT1 LTD - Company Information

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Registered number: 11890766

HTYT1 LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2020

HTYT1 LIMITED

REGISTERED NUMBER: 11890766

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2020

	2020	2020
Note	£	£


Current assets
Debtors: amounts falling due within one year	4	516,391
Bank and cash balances		15,838
		532,229
Creditors: amounts falling due within one year	5	(532,227)
Net current assets			2

Net assets			2

Capital and reserves
Called up share capital			2
			2

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J L Thompson

Director

Date: 1 December 2020

The notes on pages 2 to 4 form part of these financial statements.

Page 1

HTYT1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

1.	General information

HTYT1 Limited is a private company limited by shares incorporated the United Kingdom and registered in England and Wales. The address of its registered office is 4th Floor, Fitzrovia House, 153-157 Cleveland Street, London, W1T 6QW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover in the statement of comprehensive income relates to amounts earned in relation to film production.
Production funding is recognised in the statement of comprehensive income over the period of the production. Where production funds received exceed costs incurred to date, the balance is treated as deferred income and held on the balance sheet until further costs are incurred. At this point the deferred income is released to the statement of comprehensive income as turnover.

2.3

Cost of sales

Film production costs incurred in producing a film are recognised in the statement of comprehensive income as cost of sales in the period in which they are incurred.

2.4

Taxation

Tax is recognised in profit or loss.

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 income.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Creditors

Short term creditors are measured at the transaction price.

Page 2

HTYT1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

2.Accounting policies (continued)

2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors plus loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Employees

The average monthly number of employees, including directors, during the period was 6.

Debtors

					2020
					£


	Amounts owed by group undertakings	2
	Other debtors	61,670
	Tax recoverable	454,719
		516,391

Page 3

HTYT1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

5.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	198,261
	Other taxation and social security	459
	Other creditors	1,162
	Accruals and deferred income	332,345
		532,227

	The following liabilities were secured:
					2020
					£


	Deferred income	326,345
		326,345

Details of security provided:

Production finance totalling £326,345 is secured by a fixed and floating charge over all the current and future assets of the company.

Page 4