Polyphonic Films Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05699763 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

POLYPHONIC FILMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Browning

R M Hollingworth

J La Bouchardiere

REGISTERED OFFICE:

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

REGISTERED NUMBER:

05699763 (England and Wales)

ACCOUNTANTS:

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

CURRENT ASSETS

Cash at bank

64

31,823

CREDITORS

Amounts falling due within one year

5

47,925

43,320

NET CURRENT LIABILITIES

(47,861

)

(11,497

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,861

)

(11,497

)

CAPITAL AND RESERVES

Called up share capital

2,250

2,250

Share premium

99,497

99,497

Retained earnings

(149,608

)

(113,244

)

SHAREHOLDERS' FUNDS

(47,861

)

(11,497

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 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 Board of Directors on 27 April 2018 and were signed on its behalf by:

G J Browning - Director

1.	STATUTORY INFORMATION

Polyphonic Films 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

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

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.

3.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2016

and 31 March 2017

199,821

AMORTISATION

At 1 April 2016

and 31 March 2017

199,821

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

and 31 March 2017

382

DEPRECIATION

At 1 April 2016

and 31 March 2017

382

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

VAT

15,712

11,992

Directors' current accounts

30,465

30,465

Accrued expenses

1,748

863

47,925

43,320

6.	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: £20,310 (2016: £20,310)

Mr G Browning: £8,593 (2016: £8,593)

Mr J La Bouchardiere: £1,562 (2016: £1,562)

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.

7.	RELATED PARTY DISCLOSURES

The company is a related party to Silicon 19 Media Limited, a company controlled by Mr G

Browning, a director of the company. During the year, the company purchased production

services from the related party amounting to £nil (2016: £4,638).

During the year professional fees of £22,470 were paid to the director, Mr G Browning and

£8,100 to the director, Mr J La Bouchardiere.