ACCOUNTS - Final Accounts preparation

OPEN PALM FILMS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-08-312017-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-07-08 10269555 2016-07-07 10269555 2016-07-08 2017-08-31 10269555 2017-08-31 10269555 c:Director1 2016-07-08 2017-08-31 10269555 d:FurnitureFittings 2016-07-08 2017-08-31 10269555 d:FurnitureFittings 2017-08-31 10269555 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-07-08 2017-08-31 10269555 d:CurrentFinancialInstruments 2017-08-31 10269555 d:Non-currentFinancialInstruments 2017-08-31 10269555 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 10269555 d:ShareCapital 2017-08-31 10269555 d:RetainedEarningsAccumulatedLosses 2017-08-31 10269555 c:OrdinaryShareClass1 2016-07-08 2017-08-31 10269555 c:OrdinaryShareClass1 2017-08-31 10269555 c:FRS102 2016-07-08 2017-08-31 10269555 c:AuditExempt-NoAccountantsReport 2016-07-08 2017-08-31 10269555 c:FullAccounts 2016-07-08 2017-08-31 10269555 c:PrivateLimitedCompanyLtd 2016-07-08 2017-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10269555

OPEN PALM FILMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2017

OPEN PALM FILMS LIMITED

REGISTERED NUMBER: 10269555

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2017

		2017
Note		£

Fixed assets
Tangible assets	4		2,620
Investments			1
			2,621
Current assets
Debtors: amounts falling due within one year	6	967,024
Cash at bank and in hand	7	6,114
		973,138
Creditors: amounts falling due within one year	8	(1,009,600)
Net current (liabilities)/assets			(36,462)
Total assets less current liabilities			(33,841)

Net (liabilities)/assets			(33,841)

Capital and reserves
Called up share capital	9	20
Profit and loss account		(33,861)
		(33,841)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2018.

M Clarke

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

OPEN PALM FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2017

1.	General information

Open Palm Films Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 10 Lennox Gardens Mews, London, SW1X 0DP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date the company had net liabilities of £33,841 and is dependent on the support of its investors who have confirmed their intention to support the company. As a result the directors believe it is appropriate to prepare the accounts on the going concern basis.

2.3

Revenue

Revenue comprises recharged production costs received. Recharges are recognised in the Statement of Comprehensive Income in the period in which the expenditure to which it relates is incurred.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings

years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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OPEN PALM FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to related parties.

2.9

Creditors

Short term creditors are measured at the transaction price.

Employees

The average monthly number of employees, including directors, during the period was 3.

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	3,494
	At 31 August 2017	3,494
	Depreciation
	Charge for the period on owned assets	874
	At 31 August 2017	874
	Net book value
	At 31 August 2017	2,620

Page 3

OPEN PALM FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2017

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	1
	At 31 August 2017	1

	Net book value
	At 31 August 2017	1

Debtors

					2017
					£


	Trade debtors	414,217
	Other debtors	552,807
		967,024

7.	Cash and cash equivalents
		2017
		£

	Cash at bank and in hand	6,114
		6,114

8.	Creditors: Amounts falling due within one year
		2017
		£

	Trade creditors	126,818
	Other taxation and social security	50,742
	Other creditors	832,040
		1,009,600

Page 4

OPEN PALM FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2017

9.	Share capital
		2017
		£

		Allotted, called up and fully paid

		20 Ordinary shares of £1 each	20

On incorporation the company issued 1 Ordinary share of £1 at par for a cash consideration.
On 4 August 2016, a further 19 Ordinary shares of £1 were issued at par for a cash consideration.

10.

Related party transactions

Cost of sales includes £5,266 of production costs payable to Making Noise Quietly Limited, a subsidiary of Open Palm Films Limited. Recharges include £123,422 due from Making Noise Quietly Limited. All transactions were carried out at arms length. At the Statement of Financial Position date £592,725 was due from Making Noise Quietly Limited. The loan is not interest bearing and is repayable on demand.
At the Statement of Financial Position date £557,584 was due to LGM Services Ltd, a company in which M Clarke is also a director. The loan is not interest bearing and is repayable on demand.
Cost of sales includes £7,861 of production costs payable to Undercliffe Films Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke, D Dromgoole and C Wise are also directors. Recharges include £88,737 due from Undercliffe Films Limited. All transactions were carried out at arms length. At the Statement of Financial Position date £290,002 was due from Undercliffe Films Limited. The loan is not interest bearing and is repayable on demand.
Cost of sales includes £5,796 of production costs payable to Pond Life Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke, D Dromgoole and C Wise are also directors. Recharges include £46,409 due from Pond Life Limited. All transactions were carried out at arms length. At the Statement of Financial Position date £55,871 was due from Pond Life Limited. The loan is not interest bearing and is repayable on demand.
Cost of sales includes £7,226 of production costs payable to Benjamin Films Limited, a company registered in Isle of Man with a branch in the United Kingdom, in which M Clarke, D Dromgoole and C Wise are also directors. Recharges include £6,513 due from Benjamin Films Limited. All transactions were carried out at arms length. At the Statement of Financial Position date £6,958 was due from Benjamin Films Limited. The loan is not interest bearing and is repayable on demand.

11.	Controlling party

Throughout the year, the controlling party was M Coombs.

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