Polyphonic Films Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05699763 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

POLYPHONIC FILMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G J Browning

R M Hollingworth

REGISTERED OFFICE:

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

REGISTERED NUMBER:

05699763 (England and Wales)

ACCOUNTANTS:

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

CURRENT ASSETS

Cash at bank

9,535

137

CREDITORS

Amounts falling due within one year

6

11,189

46,086

NET CURRENT LIABILITIES

(1,654

)

(45,949

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,654

)

(45,949

)

CAPITAL AND RESERVES

Called up share capital

2,749

2,250

Share premium

149,896

99,497

Retained earnings

(154,299

)

(147,696

)

SHAREHOLDERS' FUNDS

(1,654

)

(45,949

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2022 and were signed on its behalf by:

G J Browning - Director

1.	STATUTORY INFORMATION

Polyphonic Films Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of broadcast rights, rights to DVD distribution, DVD products, and production services, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Development costs

The company develops artistic films for sale by licence and by other electronic media. Expenditure on each project is capitalised and amortised over its expected commercial life, with amortisation not taking place until the project is complete and revenue being generated.

The first project, The Full Monteverdi, is being amortised over its estimated useful life of 3 years. Other projects undertaken subsequently have been under contract with no subsequent significant revenues anticipated and, as a result, the costs of these projects have been taken to profit and loss account as they are incurred.

Going concern

The company's balance sheet shows an excess of liabilities over assets. Due to the availability of support from the company's shareholders, the directors believe that it is appropriate to prepare the financial statements on a going concern basis which assumes that the company will continue to trade and to be able to meet its liabilities for the foreseeable future.

Government grants

The company receives grant income from governmental and supra-govermental organisations. Grant income is released to profit and loss account as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2020

and 31 March 2021

199,821

AMORTISATION

At 1 April 2020

and 31 March 2021

199,821

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2020

and 31 March 2021

382

DEPRECIATION

At 1 April 2020

and 31 March 2021

382

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

VAT

1,567

14,761

Directors' current accounts

7,872

30,465

Accrued expenses

1,750

860

11,189

46,086

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have made loans to the company, of which the following amounts (including loans by close family members) remain outstanding.

Mr R Hollingworth: £5,065 (2020: £20,310)

Mr G Browning: £2,807 (2020: £8,593)

Mr J La Bouchardiere: £nil (2020: £1,562)

The loans do not carry any right to interest, have no fixed date for repayment and are not secured on the assets of the company.

8.	RELATED PARTY DISCLOSURES

During the year, professional fees and expenses of £41,674 (2020: £31,994) were paid to the director, Mr G Browning and £9,314 (2020: £5,349) to the director, Mr J La Bouchardiere.