ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

VOLSUNG LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2019-06-302019-06-30No description of principal activitytrue2018-07-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10576362 2018-07-01 2019-06-30 10576362 2017-08-12 2018-06-30 10576362 2019-06-30 10576362 2018-06-30 10576362 c:Director2 2018-07-01 2019-06-30 10576362 d:CurrentFinancialInstruments 2019-06-30 10576362 d:CurrentFinancialInstruments 2018-06-30 10576362 d:CurrentFinancialInstruments d:WithinOneYear 2019-06-30 10576362 d:CurrentFinancialInstruments d:WithinOneYear 2018-06-30 10576362 d:ShareCapital 2019-06-30 10576362 d:ShareCapital 2018-06-30 10576362 d:SharePremium 2019-06-30 10576362 d:SharePremium 2018-06-30 10576362 d:RetainedEarningsAccumulatedLosses 2019-06-30 10576362 d:RetainedEarningsAccumulatedLosses 2018-06-30 10576362 c:FRS102 2018-07-01 2019-06-30 10576362 c:AuditExempt-NoAccountantsReport 2018-07-01 2019-06-30 10576362 c:FullAccounts 2018-07-01 2019-06-30 10576362 c:PrivateLimitedCompanyLtd 2018-07-01 2019-06-30 iso4217:GBP xbrli:pure

Registered number: 10576362









VOLSUNG LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019
 
VOLSUNG LIMITED
REGISTERED NUMBER: 10576362

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019

2019
2018
Note
£
£

  

Current assets
  

Stocks
 4 
434,636
1,711,561

Debtors: amounts falling due within one year
 5 
-
76,402

Cash at bank and in hand
 6 
368
7,349

  
435,004
1,795,312

Creditors: amounts falling due within one year
 7 
(452,655)
(892,320)

Net current (liabilities)/assets
  
 
 
(17,651)
 
 
902,992

Total assets less current liabilities
  
(17,651)
902,992

  

Net (liabilities)/assets
  
(17,651)
902,992


Capital and reserves
  

Called up share capital 
  
53,238
53,238

Share premium account
  
479,143
479,143

Profit and loss account
  
(550,032)
370,611

  
(17,651)
902,992


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
 
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VOLSUNG LIMITED
REGISTERED NUMBER: 10576362
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2019


The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2021.




A I Ryder
Director

The notes on pages 3 to 5 form part of these financial statements.

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VOLSUNG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019

1.


General information

Volsung Ltd is a private company limited by shares incorporated in England and Wales. The registered office address and the principle place of business is  73a  Beak Street, London,  United Kingdom,     W1F 9SR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

At the reporting date the company had net liabilities of £17,651 and meets its day to day working capital requirements through the utilisation of its own funds and production loan facilities.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue comprises distribution revenue receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.

  
2.4

Stocks

Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant film are being exploited by the Company.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

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VOLSUNG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
The Company is eligible to claim a tax credit on film production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanceable expenditure and carries losses arising from total net costs forward against future profits.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).


4.


Stocks

2019
2018
£
£

Film production costs
434,636
1,711,561

434,636
1,711,561



5.


Debtors

2019
2018
£
£


Other debtors
-
17,708

Tax recoverable
-
58,694

-
76,402


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VOLSUNG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019

6.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
368
7,349

368
7,349



7.


Creditors: Amounts falling due within one year

2019
2018
£
£

Trade creditors
18,019
20,343

Other creditors
434,636
871,977

452,655
892,320


Other creditors include amounts secured by a fixed and floating charge over the assets of the company.


8.


Controlling party

During the current and preceeding period the Company was under the control of the directors by virtue of their shareholding.

 
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