Little Tree Films Limited - Period Ending 2020-03-31

Little Tree Films Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Little Tree Films Limited

Company Information

Directors

Mr J S Partridge Ms K T Griffiths

Company secretary

Ms K T Griffiths

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Little Tree Films Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	57,061	30,323
Current assets
Debtors	5	1,283	1,625
Cash at bank and in hand		61,136	30,199
		62,419	31,824
Creditors: Amounts falling due within one year	6	(58,544)	(40,274)
Net current assets/(liabilities)		3,875	(8,450)
Total assets less current liabilities		60,936	21,873
Creditors: Amounts falling due after more than one year	6	(3,764)	(7,517)
Provisions for liabilities		(10,842)	(5,100)
Net assets		46,330	9,256
Capital and reserves
Called up share capital	8	2	2
Profit and loss account		46,328	9,254
Total equity		46,330	9,256

Little Tree Films Limited

Balance Sheet

31 March 2020

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 December 2020 and signed on its behalf by:
 

......................... Mr J S Partridge Director

Company Registration Number: 07187335

Little Tree Films Limited

Notes to the Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Venton Manor
Dartington
Totnes
Devon
TQ9 6DP

These financial statements were authorised for issue by the Board on 10 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

COVID-19
The directors of Little Tree Films Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

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.

Little Tree Films Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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
Equipment	20% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase leases are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a hire purchase obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Little Tree Films Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Little Tree Films Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Tangible assets

	Equipment  £	Total £
Cost or valuation
At 1 April 2019	146,979	146,979
Additions	40,706	40,706
Disposals	(62,459)	(62,459)
At 31 March 2020	125,226	125,226
Depreciation
At 1 April 2019	116,656	116,656
Charge for the year	12,436	12,436
Eliminated on disposal	(60,927)	(60,927)
At 31 March 2020	68,165	68,165
Carrying amount
At 31 March 2020	57,061	57,061
At 31 March 2019	30,323	30,323

5

Debtors

	2020 £	2019 £
Trade debtors	-	1,342
Other debtors	1,000	-
Prepayments	283	283
	1,283	1,625

Little Tree Films Limited

Notes to the Financial Statements

Year Ended 31 March 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Loans and borrowings	7	3,755	4,402
Trade creditors		769	72
Corporation tax		16,019	15,800
Social security and other taxes		5,949	2,162
Other creditors		29,632	15,818
Accrued expenses		2,420	2,020
		58,544	40,274

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Loans and borrowings	7	3,764	7,517

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
HP and finance lease liabilities	3,764	7,517

	2020 £	2019 £
Current loans and borrowings
HP and finance lease liabilities	3,755	3,388
Other borrowings	-	1,014
	3,755	4,402

The hire purchase liabilities are secured on the assets to which they relate. The directors have also provided a personal guarantee for the hire purchase liabilities.

Little Tree Films Limited

Notes to the Financial Statements

Year Ended 31 March 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2