Velvet Shark Productions Limited - Limited company accounts 16.3

REGISTERED NUMBER: 04644946 (England and Wales)

Report of the Director and

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Velvet Shark Productions Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

Reconciliation of Equity

8

Reconciliation of Profit

10

DIRECTOR:

J M Wakeham

SECRETARY:

Genner Secretaries Limited

REGISTERED OFFICE:

Bennett House

The Dean

Alresford

Hampshire

SO32 1LX

REGISTERED NUMBER:

04644946 (England and Wales)

The director presents his report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of entertainment strategy, management advisory

and allied services.

DIRECTOR

J M Wakeham held office during the whole of the period from 1 April 2016 to the date of this report.

His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.3.17

1.4.16

Ordinary shares of £1 each

10

10

He did not hold any non-beneficial interests in the shares of the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with

applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director

has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve

the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and

of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Genner Secretaries Limited - Secretary

6 May 2017

TURNOVER

16,886

19,474

Administrative expenses

21,686

15,389

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT BEFORE TAXATION

4

(4,800

)

4,085

Tax on (loss)/profit

5

(750

)

750

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(4,050

)

3,335

FIXED ASSETS

Tangible assets

6

8,221

10,221

CURRENT ASSETS

Debtors

7

750

1,100

Cash at bank

7,525

20,279

8,275

21,379

CREDITORS

Amounts falling due within one year

8

-

6,054

NET CURRENT ASSETS

8,275

15,325

TOTAL ASSETS LESS CURRENT LIABILITIES

16,496

25,546

CAPITAL AND RESERVES

Called up share capital

9

10

10

Retained earnings

16,486

25,536

SHAREHOLDERS' FUNDS

16,496

25,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 6 May 2017 and were signed by:

J M Wakeham - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2015

10

22,201

22,211

Changes in equity

Total comprehensive income

-

3,335

3,335

Balance at 31 March 2016

10

25,536

25,546

Changes in equity

Dividends

-

(5,000

)

(5,000

)

Total comprehensive income

-

(4,050

)

(4,050

)

Balance at 31 March 2017

10

16,486

16,496

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	OPERATING (LOSS)/PROFIT

The operating loss (2016 - operating profit) is stated after charging:

2017

2016

£

£

Depreciation - owned assets

2,000

1,000

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2017

2016

£

£

Current tax:

UK corporation tax

(750

)

750

Tax on (loss)/profit

(750

)

750

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2016

and 31 March 2017

20,288

DEPRECIATION

At 1 April 2016

10,067

Charge for year

2,000

At 31 March 2017

12,067

NET BOOK VALUE

At 31 March 2017

8,221

At 31 March 2016

10,221

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Debtors

750

1,100

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Corporation tax

-

750

Other creditors

-

5,304

-

6,054

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10

Ordinary

£1

10

10

FIXED ASSETS

Tangible assets

9,871

-

9,871

CURRENT ASSETS

Debtors

1,600

-

1,600

Cash at bank

24,729

-

24,729

26,329

-

26,329

CREDITORS

Amounts falling due within one year

(13,989

)

-

(13,989

)

NET CURRENT ASSETS

12,340

-

12,340

TOTAL ASSETS LESS CURRENT LIABILITIES

22,211

-

22,211

NET ASSETS

22,211

-

22,211

CAPITAL AND RESERVES

Called up share capital

10

-

10

Retained earnings

22,201

-

22,201

SHAREHOLDERS' FUNDS

22,211

-

22,211

FIXED ASSETS

Tangible assets

10,221

-

10,221

CURRENT ASSETS

Debtors

1,100

-

1,100

Cash at bank

20,279

-

20,279

21,379

-

21,379

CREDITORS

Amounts falling due within one year

(6,054

)

-

(6,054

)

NET CURRENT ASSETS

15,325

-

15,325

TOTAL ASSETS LESS CURRENT LIABILITIES

25,546

-

25,546

NET ASSETS

25,546

-

25,546

CAPITAL AND RESERVES

Called up share capital

10

-

10

Retained earnings

25,536

-

25,536

SHAREHOLDERS' FUNDS

25,546

-

25,546

TURNOVER

19,474

-

19,474

Administrative expenses

(15,389

)

-

(15,389

)

OPERATING PROFIT

4,085

-

4,085

and

PROFIT BEFORE TAXATION

4,085

-

4,085

Tax on profit

(750

)

-

(750

)

PROFIT FOR THE FINANCIAL YEAR

3,335

-

3,335