Golding Cinema Services Ltd - Period Ending 2020-10-31
Golding Cinema Services Ltd - Period Ending 2020-10-31
Registration number:
Golding Cinema Services Ltd
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Golding Cinema Services Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Golding Cinema Services Ltd
Company Information
Director |
G Golding |
Registered office |
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Accountants |
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Golding Cinema Services Ltd
Statement of Financial Position as at 31 October 2020
Note |
2020 |
2019 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
21,637 |
13,856 |
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Shareholders' funds |
21,737 |
13,956 |
For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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G Golding
Director
Company registration number: 09272650
Golding Cinema Services Ltd
Notes to the Financial Statements for the Year Ended 31 October 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of motion picture distribution and projection activities.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year ended 31 October 2020 and had net assets at that date amounting to £21,737.
The company has continued to trade during the COVID-19 restrictions with turnover and operating profits of similar levels to the previous year. The company's management accounts to date show this has continued subsequent to 31 October 2020.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the contractual services are supplied and the amount of revenue can be reliably recognised.
Golding Cinema Services Ltd
Notes to the Financial Statements for the Year Ended 31 October 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
33.33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Staff numbers |
The average number of persons employed by the company during the year, was
Golding Cinema Services Ltd
Notes to the Financial Statements for the Year Ended 31 October 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 November 2019 |
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At 31 October 2020 |
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Depreciation |
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At 1 November 2019 |
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At 31 October 2020 |
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Carrying amount |
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At 31 October 2020 |
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Debtors |
2020 |
2019 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Taxation and social security |
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Other creditors |
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Transactions with directors |
At 31 October 2020 an amount of £17,827 (2019: £20,054) was due to the company from a director. During the year advances of £25,935 and repayments of £28,630 were made. Interest of £468 (2019: £526) has been charged at 2.5% p.a. and there are no set terms in place.