| Fiesta Productions Limited |
| Registered number: |
04696677 |
| Abbreviated Balance Sheet |
| as at 31 March 2012 |
|
| Notes |
|
|
2012 |
|
|
2011 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
894 |
|
|
1,168 |
|
| Current assets |
| Stocks |
|
|
389,555 |
|
|
377,634 |
| Debtors |
|
|
5,683 |
|
|
3,754 |
| Cash at bank and in hand |
|
|
641 |
|
|
778 |
|
|
|
395,879 |
|
|
382,166 |
|
| Creditors: amounts falling due within one year |
|
|
(437,281) |
|
|
(445,710) |
|
| Net current liabilities |
|
|
|
(41,402) |
|
|
(63,544) |
|
| Total assets less current liabilities |
|
|
|
(40,508) |
|
|
(62,376) |
|
|
| Provisions for liabilities |
|
|
|
(276) |
|
|
(276) |
|
|
| Net liabilities |
|
|
|
(40,784) |
|
|
(62,652) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
3 |
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
(40,786) |
|
|
(62,654) |
|
| Shareholders' funds |
|
|
|
(40,784) |
|
|
(62,652) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
| Approved by the board on 27 August 2014 |
|
|
|
|
| E R Douglas |
| Director |
|
| Fiesta Productions Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 March 2012 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover relates to fees receivable in the year and advances from third parties written off as not repayable in respect of projects abandoned, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work carried out in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.
|
|
|
Advances |
|
The company receives advances from third parties to finance the development of specific projects. These advances are treated as current liabilities. The company takes these advances to the credit of the profit and loss account when the project is completed or abandoned. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Fixtures and fittings |
25% on reducing balance method |
|
Equipment |
20% on straight line method |
|
|
Stocks |
|
Stock represents development expenditure carried forward as work in progress and written off when projects are completed or not expected to be persued within a reasonable time. |
|
|
Work in progress |
|
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
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.
|
|
|
Operating Lease commitments |
|
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 April 2011 |
2,490 |
|
Additions |
- |
|
Disposals |
- |
|
At 31 March 2012 |
2,490 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2011 |
1,322 |
|
Charge for the year |
274 |
|
At 31 March 2012 |
1,596 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2012 |
894 |
|
At 31 March 2011 |
1,168 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Share capital |
Nominal |
|
2012 |
|
2012 |
|
2011 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
