Long Story Short Limited Small abridged accounts

LONG STORY SHORT LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Long Story Short Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08015124

Long Story Short Limited

Unaudited Abridged Financial Statements

31 March 2017

THE BLUE SKIES PARTNERSHIP

Chartered Management Accountants

Skyview House

10 St Neots Road

Sandy

Bedfordshire

SG19 1LB

Long Story Short Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Long Story Short Limited

Officers and Professional Advisers

Director	Miss Y Tukmachi

Registered office	Skyview House
	10 St Neots Road
	Sandy
	Bedfordshire
	England
	SG19 1LB

Accountants	THE BLUE SKIES PARTNERSHIP
	Chartered Management Accountants
	Skyview House
	10 St Neots Road
	Sandy
	Bedfordshire
	SG19 1LB

Bankers	HSBC (Midland)
	133 Regent Street
	London
	England
	W1B 4HX

Long Story Short Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		916	747

Current assets

Debtors	2,880	10,215
Cash at bank and in hand	49,310	30,836
	--------	--------
	52,190	41,051

Creditors: amounts falling due within one year	30,642		19,280
	--------		--------
Net current assets		21,548	21,771
		--------	--------
Total assets less current liabilities		22,464	22,518

Provisions

Taxation including deferred tax	183	149
	--------	--------
Net assets	22,281	22,369
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	22,280	22,368
	--------	--------
Member funds	22,281	22,369
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Long Story Short Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 2 July 2017 , and are signed on behalf of the board by:

Miss Y Tukmachi
Director

Company registration number: 08015124

Long Story Short Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview House, 10 St Neots Road, Sandy, Bedfordshire, England, SG19 1LB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents fees received for work done during the year, excluding value added tax. Fee income represents revenue earned under a wide variety of contracts to provide television and film production services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors. Payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Taxation

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. No assets have been revalued during this period, or previous periods.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	33% straight line
Computer Equipment	-	20% straight line

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	694	810
	----	----

6. Tangible assets

	£
Cost
At 1 April 2016	2,916
Additions	863
	-------
At 31 March 2017	3,779
	-------
Depreciation
At 1 April 2016	2,169
Charge for the year	694
	-------
At 31 March 2017	2,863
	-------
Carrying amount
At 31 March 2017	916
	-------
At 31 March 2016	747
	-------

7. Director's advances, credits and guarantees

Amounts of £7,063 (2016: £832) were advanced interest free and repayable on demand by the director during the year, with a balance of £18,771 (2016: £8,285) owed to the director by the company at the year end.

8. Related party transactions

During the year, total dividends of £36,635 (2016: £22,200) were paid to the director .

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.