Trapdoor Films Limited Company Accounts

TRAPDOOR FILMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05823441

Trapdoor Films Limited

Filleted Unaudited Financial Statements

31 May 2017

Trapdoor Films Limited

Financial Statements

Year ended 31 May 2017

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Notes to the financial statements	4

Trapdoor Films Limited

Officers and Professional Advisers

The board of directors	Mr S George
	Mrs E George

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

Trapdoor Films Limited

Balance Sheet

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		15,261	5,071

Current assets

Debtors	6	6,658	9,602
Cash at bank and in hand		108,315	60,660
		---------	--------
		114,973	70,262

Creditors: amounts falling due within one year	7	30,572		31,305
		---------		--------
Net current assets			84,401	38,957
			--------	--------
Total assets less current liabilities			99,662	44,028

Provisions

Taxation including deferred tax	20	–
	--------	--------
Net assets	99,642	44,028
	--------	--------

Capital and reserves

Called up share capital	10	10
Profit and loss account	99,632	44,018
	--------	--------
Members funds	99,642	44,028
	--------	--------

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 profit and loss account has not been delivered.

For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Trapdoor Films Limited

Balance Sheet (continued)

31 May 2017

These financial statements were approved by the board of directors and authorised for issue on 31 January 2018 , and are signed on behalf of the board by:

Mr S George	Mrs E George
Director	Director

Company registration number: 05823441

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Trapdoor Films Limited

Notes to the Financial Statements

Year ended 31 May 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 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 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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 and as such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

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. During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity's accounting policies.

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 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

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. 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.

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.

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. During the period in review, no assets were revalued, meaning no change in the carrying amount of an asset.

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:

Other assets	-	25% straight line
Computer equipment	-	33% straight line
Motor vehicles	-	25% straight line
Office equipment	-	33% straight line

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 June 2016	2,015	4,057	8,098	9,742	23,912
Additions	380	2,572	9,817	–	12,769
	-------	-------	--------	-------	--------
At 31 May 2017	2,395	6,629	17,915	9,742	36,681
	-------	-------	--------	-------	--------
Depreciation
At 1 June 2016	2,015	4,057	4,049	8,720	18,841
Charge for the year	127	71	2,025	356	2,579
	-------	-------	--------	-------	--------
At 31 May 2017	2,142	4,128	6,074	9,076	21,420
	-------	-------	--------	-------	--------
Carrying amount
At 31 May 2017	253	2,501	11,841	666	15,261
	-------	-------	--------	-------	--------
At 31 May 2016	–	–	4,049	1,022	5,071
	-------	-------	--------	-------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	4,608	–
Other debtors	2,050	9,602
	-------	-------
	6,658	9,602
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,438	1,220
Corporation tax	25,413	19,957
Social security and other taxes	–	7,444
Other creditors	2,721	2,684
	--------	--------
	30,572	31,305
	--------	--------

8. Directors' advances, credits and guarantees

Amounts of £23,195 (2016: £22,219) were advanced interest free, and repayable on demand, to the directors during the year. At the year end, £1,336 was owed to the company by the directors (2016: £3,432 owed by the directors to the company).

9. Related party transactions

During the year, total dividends of £48,888 (2016 - £76,493) were paid to the directors.