Open Mind Productions Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 02395742 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

for

Open Mind Productions Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Report of the Accountants

5

DIRECTORS:

C Ellis

R Tongue

SECRETARY:

C Ellis

REGISTERED OFFICE:

27 York Road

Teddington

Middlesex

TW11 8SL

REGISTERED NUMBER:

02395742 (England and Wales)

ACCOUNTANTS:

Rapid Accounting Services Ltd

11,Gypsy Lane

Marlow

Buckinghamshire

SL7 3JT

FIXED ASSETS

Tangible assets

2

-

605

CURRENT ASSETS

Stocks

-

2,000

Debtors

21,708

21,529

Cash at bank

66,253

76,698

87,961

100,227

CREDITORS

Amounts falling due within one year

(80,979

)

(166,311

)

NET CURRENT ASSETS/(LIABILITIES)

6,982

(66,084

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,982

(65,479

)

CAPITAL AND RESERVES

Called up share capital

3

25

25

Share premium

74,996

74,996

Profit and loss account

(68,039

)

(140,500

)

SHAREHOLDERS' FUNDS

6,982

(65,479

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 July 2014 and were signed on its behalf by:

R Tongue - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of

Value Added Tax.

Where productions are incomplete at the balance sheet date, they are assessed on a production by production

basis and reflected in the profit and loss account by recording turnover and related costs as production activity

progresses thereby recognising attributable profits and losses. Turnover is ascertained in a manner appropriate to

the stage of completion of the project.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Financial instruments

Financial instruments are classified and accounted for,according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

Going concern

The company meets its day-to-day working capital requirements through the financial support of the directors.

The directors believe that it is appropriate to prepare the financial statements on a going concern basis which

assumes that the company will continue in operational existence with the continued support of the directors.

If the company is unable to continue in operational existence for the foreseeable future, adjustments would have

to be made to reduce the balance sheet values of the assets to their recoverable amount, provide for further

liabilities that might arise and reclassify fixed assets as current assets.

Finance lease agreements

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership

of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed

asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases,

net of finance charges, are included within creditors. Rentals payable are apportioned between the finance

element which reduces the outstanding obligation for future instalments.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of the ownership remain

with the lessor are charged against profits on a straight line basis over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

50,024

DEPRECIATION

At 1 April 2013

49,419

Charge for year

605

At 31 March 2014

50,024

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

605

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

2,520

Ordinary

.01

25

25

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans from directors during the years 31 March 2013 and 31 March 2012:

31.03.14

31.03.13

£

£

C Ellis

Balance outstanding at start of year

43,174

44,761

Amounts repaid

(11,348

)

(1,587

)

Balance outstanding at end of year

31,826

43,174

R Tongue

Balance outstanding at start of year

36,701

38,223

Amounts repaid

(6,976

)

(1,522

)

Balance outstanding at end of year

29,725

36,701

5.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended

31 March 2014 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to

fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Rapid Accounting Services Ltd

11,Gypsy Lane

Marlow

Buckinghamshire

SL7 3JT

Date: .............................................