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Company registration number:02643675
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PILOT FILM AND TELEVISION PRODUCTIONS LIMITED
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ABBREVIATED FINANCIAL STATEMENTS |
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FOR THE PERIOD ENDED 30 September 2014 |
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PILOT FILM AND TELEVISION PRODUCTIONS LIMITED |
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BALANCE SHEET |
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AS AT 30 September 2014
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2014 |
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2013 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Tangible assets | 2 | | | 786,893 | | | | 763,823 | |
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| | | | | 786,893 | | | | 763,823 | |
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CURRENT ASSETS |
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Stocks | | 251,652 | | | | 411,869 | | | | |
Debtors | | 726,644 | | | | 798,025 | | | | |
Cash at bank and in hand | | 48,936 | | | | 22,170 | | | | |
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| | | 1,027,232 | | | | 1,232,064 | | | |
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CREDITORS |
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Amounts falling due within one year | (579,167) | | | | (679,849) | | | |
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NET CURRENT ASSETS |
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448,065 |
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552,215 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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1,234,958 |
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1,316,038 |
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Creditors falling due after one year | | | (695,504) | | | | (804,457) | |
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NET ASSETS |
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539,454 |
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511,581 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
3 |
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820 |
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820 |
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Share Premium Account | | | | 180 | | | | 180 | |
Revaluation Reserve | | | | 437,944 | | | | 437,944 | |
Profit and loss account |
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100,510 |
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72,637 |
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SHAREHOLDERS FUNDS |
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539,454 |
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511,581 |
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For the period ending 30 September 2014 the company was entitled to exempt section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006 | | | | | | | |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Approved by the board of directors on 23 June 2015 and signed on its behalf. | | | | | | | |
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.......................................................................... |
I.R.CROSS |
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23 June 2015
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The annexed notes form part of these financial statements. | | | | | | | |
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PILOT FILM AND TELEVISION PRODUCTIONS LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE PERIOD ENDED 30 SEPTEMBER 2014 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).
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| Turnover | | | | | | | | | |
| Turnover represents amounts invoiced in respect of programmes completed, royalties receivable for the year for sale of broadcasting rights, ancillary rights and sale of videos and other merchandise. In the case of long term contracts, turnover reflects the contract activity during the year. This represents the stage payments due, subject to them not being in excess of the proportion of total contract costs incurred to date and the total expected contract costs. | |
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| Investments |
| Fixed asset investments are stated at cost less provision for diminution in value. | |
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| Foreign currency | | | | | | | | |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. | |
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| Fixed assets | | | | | | | | |
| Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is calculated so as to write off the cost of an asset over th useful economic life of that asset as follows: | |
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| Fixtures and Fittings - 20 % per annum reducing balance | |
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| Freehold Property - 25% per annum of cost | |
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| Stocks and work In progress | | | | | | | |
| Stocks are stated at the lower of cost and net realisable value. | |
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| Leasing | | | | | | | | | |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. | |
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| Deferred taxation | | | | | | | | |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date. | |
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| Long Term Contracts | | | | | | | |
| The attributable profit on long term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project. Reasonable certainty is considered to exist only where expected income and sales to date exceed total expected costs. |
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| Group Accounts | | | | | | | |
| The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small sized group. The company has therefore taken advantage of the exemption provided by Companies Act 2006 not to prepare group accounts. |
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| 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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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2. | Tangible fixed assets | | | | | | | | | |
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| Cost | | | | | | | | | | |
| At start of period | | 1,009,165 | |
| Additions | | | 56,332 | |
| Disposals | | | (22,000) | |
| At end of period | | 1,043,497 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 245,342 | |
| Provided during the period | | 20,831 | |
| On disposals | | | (9,569) | |
| At end of period | | 256,604 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 763,823 | |
| At end of period | | 786,893 | |
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3. |
Share capital |
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Allotted, issued and fully paid
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2014 |
2013 |
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£ |
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| Ordinary shares of £1 each | | 820 | 820 | | | |
| Total issued share capital | | 820 | 820 | | | |
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4. | Ultimate controlling party | | | | | | | | |
| The ultimate controlling party is I R Cross, the director of the company. | |
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