Sly Fox Productions Limited Filleted accounts for Companies House (small and micro)

Sly Fox Productions Limited Filleted accounts for Companies House (small and micro)

SLY FOX PRODUCTIONS LTD - Company Information

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0 false false false false false false false false false true false false false false false true No description of principal activity 2020-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,300 260 260 1,040 1,300 xbrli:pure xbrli:shares iso4217:GBP 08968205 2020-11-01 2021-10-31 08968205 2021-10-31 08968205 2019-11-01 2020-10-31 08968205 2020-10-31 08968205 bus:OrdinaryShareClass1 2020-11-01 2021-10-31 08968205 bus:Director1 2020-11-01 2021-10-31 08968205 core:WithinOneYear 2021-10-31 08968205 core:WithinOneYear 2020-10-31 08968205 core:UKTax 2020-11-01 2021-10-31 08968205 core:UKTax 2019-11-01 2020-10-31 08968205 core:ShareCapital 2021-10-31 08968205 core:ShareCapital 2020-10-31 08968205 core:RetainedEarningsAccumulatedLosses 2021-10-31 08968205 core:RetainedEarningsAccumulatedLosses 2020-10-31 08968205 bus:SmallEntities 2020-11-01 2021-10-31 08968205 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 08968205 bus:FullAccounts 2020-11-01 2021-10-31 08968205 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 08968205 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 08968205 bus:OrdinaryShareClass1 2021-10-31 08968205 bus:OrdinaryShareClass1 2020-10-31 08968205 core:ComputerEquipment 2020-11-01 2021-10-31 08968205 core:ComputerEquipment 2021-10-31 08968205 core:ComputerEquipment 2020-10-31
COMPANY REGISTRATION NUMBER: 08968205
Sly Fox Productions Limited
Filleted Unaudited Accounts
31 October 2021
Sly Fox Productions Limited
Statement of Financial Position
31 October 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
6
1,040
1,300
Current assets
Debtors
7
42,426
21,270
Cash at bank and in hand
390,209
95,741
---------
---------
432,635
117,011
Creditors: amounts falling due within one year
8
( 327,752)
( 30,490)
---------
---------
Net current assets
104,883
86,521
---------
--------
Total assets less current liabilities
105,923
87,821
---------
--------
Net assets
105,923
87,821
---------
--------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
105,922
87,820
---------
--------
Shareholders funds
105,923
87,821
---------
--------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 2021 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Sly Fox Productions Limited
Statement of Financial Position (continued)
31 October 2021
These accounts were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
L M James
Director
Company registration number: 08968205
Sly Fox Productions Limited
Notes to the Accounts
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, 52-53 Dean Street, London, W1D 5BL, United Kingdom.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumption that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are intangible assets. The carrying value of assets are reviewed for impairment if events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment is recognised when the carrying value of the assets exceeds its estimated recoverable amount being defined as the higher of net realisable value and value in use. The value in use is determined by reference to estimated future discounted cash flows which are based on management's expectations about future operations.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
20% straight line
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employees
The average monthly number of employees, excluding directors, during the period was Nil.
5. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
4,307
7,929
-------
-------
Tax on profit
4,307
7,929
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2020: the same as) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).
2021
2020
£
£
Profit on ordinary activities before taxation
22,409
43,033
--------
--------
Profit on ordinary activities by rate of tax
4,307
7,929
--------
--------
6. Tangible assets
Computer equipment
£
Cost
At 1 November 2020 and 31 October 2021
1,300
-------
Depreciation
At 1 November 2020
–
Charge for the year
260
-------
At 31 October 2021
260
-------
Carrying amount
At 31 October 2021
1,040
-------
At 31 October 2020
1,300
-------
7. Debtors
2021
2020
£
£
Trade debtors
3,768
17,198
VAT recoverable
38,658
4,072
--------
--------
42,426
21,270
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
240,000
–
Accruals and deferred income
77,216
16,332
Corporation tax
4,307
7,929
Other creditors
6,229
6,229
---------
--------
327,752
30,490
---------
--------
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.10 each
10
1
10
1
----
----
----
----
10. Related party transactions
The company was under the joint control of the directors, L M James & T O Vaughan throughout the current period. L M James & T O Vaughan are sole shareholders of the company. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.