The Drop Pictures Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04653400 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

FOR

THE DROP PICTURES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M L Loveday

SECRETARY:

A M Loveday

REGISTERED OFFICE:

2nd Floor

109 Uxbridge Road

London

W5 5TL

REGISTERED NUMBER:

04653400 (England and Wales)

ACCOUNTANTS:

Johnsons, Chartered Accountants

2nd Floor

109 Uxbridge Road

Ealing

London

W5 5TL

CURRENT ASSETS

Cash at bank

960,479

1,221,777

CREDITORS

Amounts falling due within one year

317,480

296,220

NET CURRENT ASSETS

642,999

925,557

TOTAL ASSETS LESS CURRENT LIABILITIES

642,999

925,557

CREDITORS

Amounts falling due after more than one year

701,955

1,019,433

NET LIABILITIES

(58,956

)

(93,876

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

5

(58,958

)

(93,878

)

SHAREHOLDERS' FUNDS

(58,956

)

(93,876

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 10 October 2017 and were signed by:

M L Loveday - Director

1.	STATUTORY INFORMATION

The Drop Pictures Ltd 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.

Intangible fixed assets

Intangible assets comprise film rights associated with the distribution, licensing, advertising, showing,

publicising and exploitation of the master print of the feature film "The Last Drop." Film rights have been

amortised over their economic life, which were estimated to have reduced to an immaterial value at 31 January

2011.

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2016

and 31 January 2017

1,121,206

AMORTISATION

At 1 February 2016

and 31 January 2017

1,121,206

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

4.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Finance leases

1,019,435

1,315,653

The finance lease is secured by way of a charge dated 19 January 2006 in favour of Clydesdale Bank plc over the

cash deposits held in the bank account with ABN AMRO Bank N.V.

There is a charge dated 19 January 2006 in favour of ABN AMRO Bank N.V. over the cash deposited with the

bank by the purchaser arising from the sale and leaseback of the film "The Last Drop."

5.

RESERVES

Retained

earnings

£

At 1 February 2016

(93,878

)

Profit for the year

34,920

At 31 January 2017

(58,958

)

6.	CONTROLLING PARTY

The company is jointly controlled by M L Loveday and A M Loveday.

7.	FIRST YEAR ADOPTION

There has been no financial effect of implementing FRS102 in the first year of adoption.