GREEN_GAIA_FILMS_LIMITED - Accounts

GREEN GAIA FILMS LTD. - Company Information

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Company Registration No. 07257210 (England and Wales)

GREEN GAIA FILMS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

GREEN GAIA FILMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

GREEN GAIA FILMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2013

- 1 -

2013

2012

Notes

Fixed assets

Tangible assets

150

451

Current assets

Stocks

289,831

290,389

Debtors

813

211

Cash at bank and in hand

4,668

3,003

295,312

293,603

Creditors: amounts falling due within one year

(376,305)

(319,394)

Net current liabilities

(80,993)

(25,791)

Total assets less current liabilities

(80,843)

(25,340)

Creditors: amounts falling due after more than one year

(238,583)

(319,426)

(263,923)

Capital and reserves

Called up share capital

Profit and loss account

(319,428)

(263,925)

Shareholders' funds

(319,426)

(263,923)

For the financial year ended 31 December 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 September 2014

S R B Ronald

Director

Company Registration No. 07257210

GREEN GAIA FILMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

At the balance sheet date the company had net current liabilities of £80,843 and net liabilities of £319,426. Included in creditors are investor loans of £238,583. The investors have confirmed their continued support, therefore the company is a going concern as the repayment of the loans is dependant on future events.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover which is stated net of VAT comprises revenues from the exploitation of rights in film programmes and is recognised, when revenues fall due under specific production contracts or the first day of principal photography, it depends on the contract.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% Straight line

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.6

Turnover

Turnover which is stated net of VAT comprises revenues from the exploitation of rights in film programmes and is recognised when revenues fall due under the terms of the specific contract, generally being the day of principal photography.

1.7

Stock and Work in progress

Stock and Work in progress is stated at the lower of cost and net realisable value and is regularly assessed to determine the aspect of future recovery.

GREEN GAIA FILMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2013 & at 31 December 2013

1,203

Depreciation

At 1 January 2013

752

Charge for the year

301

At 31 December 2013

1,053

Net book value

At 31 December 2013

150

At 31 December 2012

451

Share capital

2013

2012

Allotted, called up and fully paid

2 Ordinary shares of £1 each