Picture Farm Studios Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09444429 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2017

for

Picture Farm Studios Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

D G Walker

REGISTERED OFFICE:

1 Boundary View

Holmeside Lane

Burnhope

Co. Durham

DH7 0AQ

REGISTERED NUMBER:

09444429 (England and Wales)

ACCOUNTANTS:

Baldwins

49 Front Street

Framwellgate Moor

Durham

Co. Durham

DH1 5BL

FIXED ASSETS

Tangible assets

4

51,757

51,647

CURRENT ASSETS

Stocks

5,750

-

Debtors

5

37,382

2,125

Cash at bank

4,608

1,402

47,740

3,527

CREDITORS

Amounts falling due within one year

6

68,883

35,014

NET CURRENT LIABILITIES

(21,143

)

(31,487

)

TOTAL ASSETS LESS CURRENT LIABILITIES

30,614

20,160

PROVISIONS FOR LIABILITIES

7

7,314

7,094

NET ASSETS

23,300

13,066

CAPITAL AND RESERVES

Called up share capital

30

30

Retained earnings

23,270

13,036

SHAREHOLDERS' FUNDS

23,300

13,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 24 November 2017 and were signed by:

D G Walker - Director

1.	STATUTORY INFORMATION

Picture Farm Studios 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.

Turnover

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

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance and 20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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 have been enacted or substantively

enacted by the statement of financial position date.

Deferred tax

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

financial position 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 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2016

63,972

Additions

15,013

At 28 February 2017

78,985

DEPRECIATION

At 1 March 2016

12,325

Charge for year

14,903

At 28 February 2017

27,228

NET BOOK VALUE

At 28 February 2017

51,757

At 29 February 2016

51,647

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade debtors

37,382

2,125

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Payments on account

-

3,250

Trade creditors

1,516

1,749

Taxation and social security

27,990

27,547

Other creditors

39,377

2,468

68,883

35,014

7.	PROVISIONS FOR LIABILITIES

28.2.17

29.2.16

£

£

Deferred tax

7,314

7,094

Deferred

tax

£

Balance at 1 March 2016

7,094

Provided during year

220

Balance at 28 February 2017

7,314

8.	ULTIMATE CONTROLLING PARTY

In the year ended 28th February 2017 and the period ended 29th February 2016, the controlling parties were Mr D Walker &

Mrs K Walker by virtue of their shareholdings in the company.