Vertical Productions Ltd - Period Ending 2016-09-30

Company registration number 06386120

Vertical Productions Ltd

Unaudited Abbreviated Accounts

for the Year Ended

 30 September 2016
 

Scott & Wilkinson LLP
Chartered Accountants
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

Vertical Productions Ltd

Contents

FOR THE YEAR ENDED 30 September 2016
 

Page(s)

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Vertical Productions Ltd

Abbreviated Balance Sheet

as at 30 September 2016
 

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					38,401			53,683
Current assets
Debtors					435,101			207,804
Cash at bank and in hand					342,135			558,931
					777,236			766,735
Creditors: Amounts falling due within one year					(187,628)			(202,775)
Net current assets					589,608			563,960
Total assets less current liabilities					628,009			617,643
Creditors: Amounts falling due after more than one year					-			(5,307)
Provisions for liabilities					(6,701)			(9,542)
Net assets					621,308			602,794
Capital and reserves
Called up share capital		3			505			505
Profit and loss account					620,803			602,289
Shareholders' funds					621,308			602,794

Company registration number: 06386120

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on...... February 2017 and signed on its behalf by:

Mr P G Davidson
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Vertical Productions Ltd

Notes to the Abbreviated Accounts

 for the Year Ended 30 September 2016

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office fixtures & fittings	15% Reducing balance
Computer equipment	25% Straight line
Editing suite equipment	20% Straight line
Other equipment	20% Straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Vertical Productions Ltd

Notes to the Abbreviated Accounts

 for the Year Ended 30 September 2016

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		173,924			173,924
Additions		2,095			2,095
Disposals		(1,299)			(1,299)
At 30 September 2016		174,720			174,720
Depreciation
At 1 October 2015		120,241			120,241
Charge for the year		17,377			17,377
Eliminated on disposals		(1,299)			(1,299)
At 30 September 2016		136,319			136,319
Net book value
At 30 September 2016		38,401			38,401
At 30 September 2015		53,683			53,683

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £1 each		400			400			400			400
Ordinary B shares of £1 each		100			100			100			100
Ordinary C shares of £1 each		5			5			5			5
		505			505			505			505

Page 3