Fragile Pixie Limited Filleted accounts for Companies House (small and micro)

FRAGILE PIXIE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11916047

Fragile Pixie Limited

Filleted Unaudited Financial Statements

31 December 2020

Fragile Pixie Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Current assets

Stocks		400,156	900,000
Debtors	4	897,877	1,274
Cash at bank and in hand		51,244	231,426
		------------	------------
		1,349,277	1,132,700

Creditors: amounts falling due within one year	5	661,156	1,133,001
		------------	------------
Net current assets/(liabilities)		688,121	( 301)
		---------	----
Total assets less current liabilities		688,121	( 301)

Accruals and deferred income	1,292,904	1,500
	------------	-------
Net liabilities	( 604,783)	( 1,801)
	------------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 604,883)	( 1,901)
	---------	-------
Shareholders deficit	( 604,783)	( 1,801)
	---------	-------

These financial statements 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 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Fragile Pixie Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 29 September 2021 , and are signed on behalf of the board by:

Mr B Thompson
Director

Company registration number: 11916047

Fragile Pixie Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ealing Studios, Ealing Green, London, W5 5EP.

2. Statement of compliance

These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis. The parent Company has agreed to provide continuing financial support to the Company for the foreseeable future, sufficient to enable it to meet its debts as they fall due.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	2020	2019
	£	£
Trade debtors	7,630	–
Other debtors	890,247	1,274
	---------	-------
	897,877	1,274
	---------	-------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	280,001
Social security and other taxes	7,630	–
Other creditors	1,800	–
Production loans	651,726	853,000
	---------	------------
	661,156	1,133,001
	---------	------------

6. Related party transactions

During the period the company has received a production loan of £600,000 from Fragile Films Limited , its parent company. At the balance sheet date the amount due to Fragile Films Limited was £ 651,726

7. Controlling party

Fragile Films Limited , a company incorporated in England and Wales, company number 03295976, is the parent company. By virtue of his holding in Fragile Films Limited, B Thompson is considered to be the ultimate controlling party.