Neptune Films Ltd (formerly John Fothergill Productions Ltd) Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06480306

NEPTUNE FILMS LTD (FORMERLY JOHN FOTHERGILL PRODUCTIONS LTD)

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2021

NEPTUNE FILMS LTD (FORMERLY JOHN FOTHERGILL PRODUCTIONS LTD)

STATEMENT OF FINANCIAL POSITION

31 March 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		2,646		1,432

Current assets

Debtors	6	2,378	–
Cash at bank and in hand		20,586	35,780
		------------	------------
		22,964	35,780

Creditors: amounts falling due within one year	7	( 7,780)		( 16,897)
		------------		------------
Net current assets			15,184		18,883
			------------		------------
Total assets less current liabilities			17,830		20,315

Provisions

Taxation including deferred tax	( 503)	( 272)
	------------	------------
Net assets	17,327	20,043
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	16,327	19,043
	------------	------------
Shareholders funds	17,327	20,043
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2021 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 .

NEPTUNE FILMS LTD (FORMERLY JOHN FOTHERGILL PRODUCTIONS LTD)

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 19 October 2021 , and are signed on behalf of the board by:

Mr J F Fothergill
Director

Company registration number: 06480306

NEPTUNE FILMS LTD (FORMERLY JOHN FOTHERGILL PRODUCTIONS LTD)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Harefield Road, Brockley, London, SE4 1LU.

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.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for the provision of services in the ordinary nature of the business. Turnover is shown net of Value Added Tax of the services provided to customers.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2020	3,123	3,123
Additions	1,956	1,956
	------------	------------
At 31 March 2021	5,079	5,079
	------------	------------
Depreciation
At 1 April 2020	1,691	1,691
Charge for the year	742	742
	------------	------------
At 31 March 2021	2,433	2,433
	------------	------------
Carrying amount
At 31 March 2021	2,646	2,646
	------------	------------
At 31 March 2020	1,432	1,432
	------------	------------

6. Debtors

	2021	2020
	£	£
Other debtors	2,378	–
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	3,824	10,410
Social security and other taxes	2,840	5,231
Other creditors	1,116	1,256
	------------	------------
	7,780	16,897
	------------	------------

8. Events after the end of the reporting period

The impact of the COVID-19 pandemic constitutes a non-adjusting post balance sheet event. Both the sourcing of goods and sales to customers may be affected but at this stage, it is impossible to estimate the longer term financial effects on the company.

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J F Fothergill	( 176)	2,554	–	2,378
	------------	------------	------------	------------

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J F Fothergill	1,453	( 176)	( 1,453)	( 176)
	------------	------------	------------	------------

10. Related party transactions

The company was under the control of the director, Mr J F Fothergill , throughout the current period, holding 100% of the issued share capital. During the year dividends of £20,000 (2020: £30,000) were paid to the director. No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 (1A).