The Drop Pictures Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04653400 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2015

FOR

THE DROP PICTURES LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

M L Loveday

SECRETARY:

A M Loveday

REGISTERED OFFICE:

2nd Floor

109 Uxbridge Road

London

W5 5TL

REGISTERED NUMBER:

04653400 (England and Wales)

ACCOUNTANTS:

Johnsons, Chartered Accountants

2nd Floor

109 Uxbridge Road

London

W5 5TL

CURRENT ASSETS

Cash at bank

1,457,257

1,668,193

CREDITORS

Amounts falling due within one year

3

275,717

255,934

NET CURRENT ASSETS

1,181,540

1,412,259

TOTAL ASSETS LESS CURRENT LIABILITIES

1,181,540

1,412,259

CREDITORS

Amounts falling due after more than one year

3

1,315,654

1,591,372

NET LIABILITIES

(134,114

)

(179,113

)

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

(134,116

)

(179,115

)

SHAREHOLDERS' FUNDS

(134,114

)

(179,113

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 1 July 2015 and were signed by:

M L Loveday - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2007).

Intangible fixed assets

Intangible assets comprise film rights associated with the distribution, licensing, advertising, showing,

publicising and exploitation of the master print of the feature film "The Last Drop." Film rights have been

amortised over their economic life, which were estimated to have reduced to an immaterial value at 31 January

2011.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2014

and 31 January 2015

1,121,206

AMORTISATION

At 1 February 2014

and 31 January 2015

1,121,206

NET BOOK VALUE

At 31 January 2015

-

At 31 January 2014

-

3.

CREDITORS

Creditors include an amount of £ 1,591,371 (2014 - £ 1,847,306 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

£

Repayable by instalments

-

367,795

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2

5.	CONTROLLING PARTY

The company is jointly controlled by M L Loveday and A M Loveday.