Polka Post Production Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08085848 (England and Wales)

POLKA POST PRODUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J T Gilmore

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

08085848 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Property, plant and equipment

4

34,961

6,213

CURRENT ASSETS

Debtors

5

9,900

26,355

Cash at bank

6,531

12,046

16,431

38,401

CREDITORS

Amounts falling due within one year

6

16,803

19,282

NET CURRENT (LIABILITIES)/ASSETS

(372

)

19,119

TOTAL ASSETS LESS CURRENT LIABILITIES

34,589

25,332

CREDITORS

Amounts falling due after more than one year

7

(11,431

)

-

PROVISIONS FOR LIABILITIES

9

(6,934

)

(1,242

)

NET ASSETS

16,224

24,090

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

11

16,223

24,089

SHAREHOLDERS' FUNDS

16,224

24,090

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 22 February 2018 and were signed by:

Mr J T Gilmore - Director

1.	STATUTORY INFORMATION

Polka Post Production Limited 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

Revenue 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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

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 balance sheet date.

Deferred tax

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

sheet 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 1 (2016 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 June 2016

-

15,727

15,727

Additions

39,000

1,401

40,401

At 31 May 2017

39,000

17,128

56,128

DEPRECIATION

At 1 June 2016

-

9,514

9,514

Charge for year

9,750

1,903

11,653

At 31 May 2017

9,750

11,417

21,167

NET BOOK VALUE

At 31 May 2017

29,250

5,711

34,961

At 31 May 2016

-

6,213

6,213

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

9,900

26,355

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 8)

8,166

-

Corporation tax

1,894

13,744

VAT

4,995

4,185

Directors' current accounts

473

39

Accrued expenses

1,275

1,314

16,803

19,282

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 8)

11,431

-

8.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank loans

8,166

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

11,431

-

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

6,934

1,242

Deferred

tax

£

Balance at 1 June 2016

1,242

Provided during year

5,692

Balance at 31 May 2017

6,934

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Retained

earnings

£

At 1 June 2016

24,089

Profit for the year

30,634

Dividends

(38,500

)

At 31 May 2017

16,223

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £38,500 were paid to the director .

At the balance sheet date, the company owed £473 (2016:£39) to the director Mr James Timothy Gilmore. This

was an interest free loan given to the company.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J T Gilmore.