Salty Production Limited Company Accounts

Salty Production Limited Company Accounts

SALTY PRODUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10142747
Salty Production Limited
Filleted Unaudited Financial Statements
30 November 2017
Salty Production Limited
Financial Statements
Period from 10 December 2016 to 30 November 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The following pages do not form part of the financial statements
Report to the director on the preparation of the unaudited statutory financial statements
5
Salty Production Limited
Statement of Financial Position
30 November 2017
30 Nov 17
9 Dec 16
Note
£
£
Current assets
Stocks
65,913
4,208,173
Debtors
4
191,522
167,474
Cash at bank and in hand
11,391
336,311
---------
------------
268,826
4,711,958
Creditors: amounts falling due within one year
5
268,825
4,706,957
---------
------------
Net current assets
1
5,001
----
-------
Total assets less current liabilities
1
5,001
Accruals and deferred income
–
5,000
----
-------
Net assets
1
1
----
-------
Capital and reserves
Called up share capital
1
1
----
----
Shareholder funds
1
1
----
----
These 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 comprehensive income has not been delivered.
For the period ending 30 November 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 January 2018 , and are signed on behalf of the board by:
Mr H M Stourton
Director
Company registration number: 10142747
Salty Production Limited
Notes to the Financial Statements
Period from 10 December 2016 to 30 November 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 99 Kenton Road, Harrow, HA3 0AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Debtors
30 Nov 17
9 Dec 16
£
£
Other debtors
191,522
167,474
---------
---------
5. Creditors: amounts falling due within one year
30 Nov 17
9 Dec 16
£
£
Trade creditors
117,889
–
Social security and other taxes
1,729
–
Production advances
–
4,705,802
Other creditors
149,207
1,155
---------
------------
268,825
4,706,957
---------
------------
6. Contingencies
The company's assets have been charged as security against the funding it received to produce the film.
7. Related party transactions
The company was not under the control of any one person during the period.
8. Controlling party
The company is a wholly owned subsidiary of Salty Film Limited , a company incorporated in the United Kingdom. There is no single controlling party of Salty Film Limited.
Salty Production Limited
Management Information
Period from 10 December 2016 to 30 November 2017
The following pages do not form part of the financial statements.
Salty Production Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Salty Production Limited
Period from 10 December 2016 to 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Salty Production Limited for the period ended 30 November 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
MALDE & CO Chartered Certified Accountants
99 Kenton Road Kenton Harrow Middlesex HA3 0AN
15 January 2018