| Silver Light Productions Limited |
| Balance Sheet |
| as at 31 March 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
- |
|
|
11 |
| Investments |
5 |
|
|
77 |
|
|
77 |
|
|
|
|
77 |
|
|
88 |
|
| Current assets |
| Debtors |
6 |
|
20,160 |
|
|
15,829 |
| Cash at bank and in hand |
|
|
839 |
|
|
21 |
|
|
|
20,999 |
|
|
15,850 |
|
| Creditors: amounts falling due within one year |
7 |
|
(32,367) |
|
|
(43,681) |
|
| Net current liabilities |
|
|
|
(11,368) |
|
|
(27,831) |
|
| Total assets less current liabilities |
|
|
|
(11,291) |
|
|
(27,743) |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
- |
|
|
(5,000) |
|
|
|
| Net liabilities |
|
|
|
(11,291) |
|
|
(32,743) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
10 |
|
|
100 |
|
|
100 |
| Profit and loss account |
11 |
|
|
(11,391) |
|
|
(32,843) |
|
| Shareholders' funds |
|
|
|
(11,291) |
|
|
(32,743) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
|
| David Marlow |
| Director |
| Approved by the board on 27 November 2014 |
|
| Silver Light Productions Limited |
| Notes to the Accounts |
| for the year ended 31 March 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Fixtures & Fittings |
25% reducing balance |
|
Equipment |
33.3% straight line |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Where the company has entered into a sale and leaseback agreement, the finance lease is matched by a secured deposit such that interest earned on the deposit will cover the interest charge on the finance lease over the term of the lease. The deposit is only to be used to settle the finance lease liability and therefore it has been offset with the finance lease creditor to show the net unmatched liability at the year end. Similarly, the interest earned on the deposit is offset against the interest charges within the lease payment. |
|
|
| 2 |
Operating profit |
2014 |
|
2013 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
10 |
|
1,242 |
|
Directors' remuneration |
7,500 |
|
7,200 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Interest payable |
2014 |
|
2013 |
| £ |
£ |
|
|
Interest payable |
304 |
|
772 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Fixtures and fittings |
|
Equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2013 |
399 |
|
19,365 |
|
19,764 |
|
At 31 March 2014 |
399 |
|
19,365 |
|
19,764 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2013 |
389 |
|
19,365 |
|
19,754 |
|
Charge for the year |
10 |
|
- |
|
10 |
|
At 31 March 2014 |
399 |
|
19,365 |
|
19,764 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2014 |
- |
|
- |
|
- |
|
At 31 March 2013 |
10 |
|
- |
|
10 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2013 |
75 |
|
2 |
|
77 |
|
|
At 31 March 2014 |
75 |
|
2 |
|
77 |
|
|
|
|
|
|
|
|
|
|
Other investments |
2014 |
|
2013 |
| £ |
£ |
|
|
Unlisted investments |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Debtors |
2014 |
|
2013 |
| £ |
£ |
|
|
Trade debtors |
10,800 |
|
7,375 |
|
Other debtors |
9,360 |
|
8,454 |
|
|
|
|
|
|
20,160 |
|
15,829 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2014 |
|
2013 |
| £ |
£ |
|
|
Bank loans and overdrafts |
- |
|
4,913 |
|
Trade creditors |
10,976 |
|
10,435 |
|
Other taxes and social security costs |
3,003 |
|
1,990 |
|
Other creditors |
18,388 |
|
26,343 |
|
|
|
|
|
|
32,367 |
|
43,681 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2014 |
|
2013 |
| £ |
£ |
|
|
Other creditors |
- |
|
5,000 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Commitments under finance lease agreements |
2014 |
|
2013 |
| £ |
£ |
|
|
Amounts payable within 1 year |
499,254 |
|
32,355 |
|
Amounts payable between 2 to 5 years |
499,254 |
|
Amounts payable after more than 5 years |
|
|
Less interest and finance charges relating to future periods |
(3,576) |
|
(35,354) |
|
|
Less secured bank deposit |
(495,678) |
|
(496,255) |
|
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
The finance lease is matched by a secured deposit such that the principal on deposit and the interest earned will be sufficient to cover the rental obligations of the finance lease until the end of the lease.
The deposit is only to be used to settle the finance lease liability and therefore it does not represent a separate asset and liability. Consequently, it has been netted off with the finance lease creditor to show the net unmatched liability at the year end. |
|
| 10 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Profit and loss account |
2014 |
| £ |
|
|
At 1 April 2013 |
(32,843) |
|
Profit for the year |
21,452 |
|
|
At 31 March 2014 |
(11,391) |
|
|
|
|
|
|
|
