SFILMS_(MYA)_LIMITED - Accounts

S FILMS (MYA) LIMITED - Company Information

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Company Registration No. 07973896 (England and Wales)

SFILMS (MYA) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

SFILMS (MYA) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

SFILMS (MYA) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

58,173

Investments

58,174

Current assets

Debtors

210,731

1,042,215

Cash at bank and in hand

6,444

16,527

217,175

1,058,742

Creditors: amounts falling due within one year

(223,601)

(1,130,406)

Net current liabilities

(6,426)

(71,664)

Total assets less current liabilities

(6,424)

(13,490)

Capital and reserves

Called up share capital

Profit and loss account

(6,425)

(13,491)

Shareholder's funds

(6,424)

(13,490)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has 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.

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 and authorised for issue on 20 December 2016

Mr C Simon

Director

Company Registration No. 07973896

SFILMS (MYA) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

At the year end the company had net liabilities. The company is able to meet its day to day obligations and the directors and shareholders of the company feel it is correct to prepare the financial statements on a going concern basis whilst negotiations are being concluded regarding the historical liabilities of the company.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Film Rights

Intangible assets represent the rights held in the film "Miss You Already". The carrying values of intangible fixed assets are amortised over the period over which income is expected to be earned from the exploitation rights.

The carrying value of intangible fixed assets is impaired if events or changes in circumstances indicate that the asset may not be fully recoverable.

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

SFILMS (MYA) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Intangible assets

Investments

Total

Cost

At 1 April 2015

4,093,149

4,093,150

Additions

441,712

At 31 March 2016

4,534,861

4,534,862

Depreciation

At 1 April 2015

4,034,976

Charge for the year

499,884

At 31 March 2016

4,534,860

Net book value

At 31 March 2016

At 31 March 2015

58,173

58,174

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

MYA Productions Limited

England & Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

MYA Productions Limited

Film production

6,645

The 2016 financial statements for MYA Productions Limited have not yet been filed. Consequently the information above reflects the capital and reserves and profit/loss for the period ended 15 July 2015.

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary share of £1 each

SFILMS (MYA) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Ultimate parent company

The company is controlled by its parent company Exponential Media Ventures II Limited, a company registered in England and Wales. The financial statements of Exponential Media Ventures II Limited can be obtained from Companies House.

With effect from 17 November 2016 Exponential Media Ventures II Limited was controlled by shareholders Mr Christopher Simon and Mr Barnaby Southcombe. There was no ultimate controlling party.