Polyphonic Films Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 05699763 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

POLYPHONIC FILMS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

G J Browning

J La Bouchardiere

R M Hollingworth

REGISTERED OFFICE:

Langley Associates

Reigate Business Centre

7-11 High Street

Reigate

Surrey

RH2 9AA

REGISTERED NUMBER:

05699763 (England and Wales)

ACCOUNTANTS:

Langley Associates

Reigate Business Centre

7-11 High Street

Reigate

Surrey

RH2 9AA

CURRENT ASSETS

Debtors

-

4,682

Cash at bank

678

431

678

5,113

CREDITORS

Amounts falling due within one year

41,093

52,233

NET CURRENT LIABILITIES

(40,415

)

(47,120

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(40,415

)

(47,120

)

CAPITAL AND RESERVES

Called up share capital

4

2,250

2,250

Share premium

99,497

99,497

Profit and loss account

(142,162

)

(148,867

)

SHAREHOLDERS' FUNDS

(40,415

)

(47,120

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 December 2014 and were signed on its behalf by:

G J Browning - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover represents net invoiced sales of broadcast rights, rights to DVD distribution, DVD products,

and production services, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Deferred tax

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

the balance sheet date.

Development costs

The company develops artistic films for sale by licence and by other electronic media. Expenditure on

each project is capitalised and amortised over its expected commercial life, with amortisation not

taking place until the project is complete and revenue being generated.

The first project, The Full Monteverdi, is being amortised over its estimated useful life of 3 years.

Other projects undertaken subsequently have been under contract with no subsequent significant

revenues anticipated and, as a result, the costs of these projects have been taken to profit and loss

account as they are incurred.

Going concern

The company's balance sheet shows an excess of liabilities over assets. Due to the availability of

support from the company's shareholders, the directors believe that it is appropriate to prepare the

financial statements on a going concern basis which assumes that the company will continue to trade

and to be able to meet its liabilities for the foreseeable future.

Government grants

The company receives grant income from governmental and supra-govermental organisations. Grant

income is released to profit and loss account as the related expenditure is incurred.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

199,821

AMORTISATION

At 1 April 2013

and 31 March 2014

199,821

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

382

DEPRECIATION

At 1 April 2013

and 31 March 2014

382

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2,000

Ordinary

.50

2,250

2,250

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have made loans to the company, of which the following amounts (including loans by

close family members) remain outstanding.

Mr R Hollingworth: £22,977 (2013: £26,000)

Mr G Browning: £9,721 (2013: £11,000)

Mr J La Bouchardiere: £2,000 (2013: £2,000)

The loans do not carry any right to interest, have no fixed date for repayment and are not secured on

the assets of the company.