Polyphonic Films Limited - Accounts to registrar (filleted) - small 18.2
Polyphonic Films Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
FOR |
POLYPHONIC FILMS LIMITED |
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
POLYPHONIC FILMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Sterling House |
27 Hatchlands Road |
Redhill |
Surrey |
RH1 6RW |
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763) |
BALANCE SHEET |
31 MARCH 2020 |
2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
1. | STATUTORY INFORMATION |
Polyphonic Films Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of broadcast rights, rights to DVD distribution, DVD products, and production services, excluding value added tax. |
Tangible fixed assets |
Computer equipment | - |
Development costs |
The company develops artistic films for sale by licence and by other electronic media. Expenditure on each project is capitalised and amortised over its expected commercial life, with amortisation not taking place until the project is complete and revenue being generated. |
The first project, The Full Monteverdi, is being amortised over its estimated useful life of 3 years. Other projects undertaken subsequently have been under contract with no subsequent significant revenues anticipated and, as a result, the costs of these projects have been taken to profit and loss account as they are incurred. |
Going concern |
The company's balance sheet shows an excess of liabilities over assets. Due to the availability of support from the company's shareholders, the directors believe that it is appropriate to prepare the financial statements on a going concern basis which assumes that the company will continue to trade and to be able to meet its liabilities for the foreseeable future. |
Government grants |
The company receives grant income from governmental and supra-govermental organisations. Grant income is released to profit and loss account as the related expenditure is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
AMORTISATION |
At 1 April 2019 |
and 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
and 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
VAT | 14,761 | 18,745 |
Directors' current accounts | 30,465 | 30,465 |
Accrued expenses |
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The directors have made loans to the company, of which the following amounts (including loans by close family members) remain outstanding. |
Mr R Hollingworth: £20,310 (2019: £20,310) |
Mr G Browning: £8,593 (2019: £8,593) |
Mr J La Bouchardiere: £1,562 (2019: £1,562) |
The loans do not carry any right to interest, have no fixed date for repayment and are not secured on the assets of the company. |
8. | RELATED PARTY DISCLOSURES |
During the year, professional fees and expenses of £31,994 (2019: £25,146) were paid to the director, Mr G Browning and £5,349.23 (2019: £nil) to the director, Mr J La Bouchardiere. |