ACCOUNTS - Final Accounts

TOFF MEDIA 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.truefalseThe principal activity of the company is the creation of content for broadcast mediafalse2016-09-01 06150936 2016-09-01 2017-08-31 06150936 2017-08-31 06150936 2016-08-31 06150936 c:Director4 2016-09-01 2017-08-31 06150936 d:FurnitureFittings 2016-09-01 2017-08-31 06150936 d:FurnitureFittings 2017-08-31 06150936 d:FurnitureFittings 2016-08-31 06150936 d:CurrentFinancialInstruments 2017-08-31 06150936 d:CurrentFinancialInstruments 2016-08-31 06150936 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 06150936 d:CurrentFinancialInstruments d:WithinOneYear 2016-08-31 06150936 d:ShareCapital 2017-08-31 06150936 d:ShareCapital 2016-08-31 06150936 d:RetainedEarningsAccumulatedLosses 2017-08-31 06150936 d:RetainedEarningsAccumulatedLosses 2016-08-31 06150936 c:OrdinaryShareClass1 2016-09-01 2017-08-31 06150936 c:OrdinaryShareClass1 2017-08-31 06150936 c:OrdinaryShareClass2 2016-09-01 2017-08-31 06150936 c:OrdinaryShareClass2 2017-08-31 06150936 c:OrdinaryShareClass2 2016-08-31 06150936 c:FRS102 2016-09-01 2017-08-31 06150936 c:AuditExempt-NoAccountantsReport 2016-09-01 2017-08-31 06150936 c:FullAccounts 2016-09-01 2017-08-31 06150936 c:PrivateLimitedCompanyLtd 2016-09-01 2017-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06150936

TOFF MEDIA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017


TOFF MEDIA LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


TOFF MEDIA LIMITED REGISTERED NUMBER:06150936

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2017

	2017	2016
Note	£	£


Current assets
Debtors: amounts falling due within one year	5	54,204	1,302
Cash at bank and in hand		112,715	39,967
Current liabilities		166,919	41,269
Creditors: amounts falling due within one year	6	(76,508)	(4,500)
Net assets		90,411	36,769

Capital and reserves
Called up share capital	7	4	4
Profit and loss account		90,407	36,765
		90,411	36,769

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 year 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 24 May 2018.

P Cohen

Director

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

Page 1


TOFF MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

1.	General information

Toff Media Limited is a limited liability company registered in England and Wales. Its registered office address is at Hanover House, 14 Hanover Square, London, W1S 1HP.
The principal activity of the Company is the creation of content for broadcast media.

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 policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises productions turnover, sums receivable for the exploitation of rights and royalties, net of VAT.
Production turnover and gross profit are recognised over the period of production on a stage of completion and straight line basis respectively.
Sums receivable from distribution by related parties is recognised when receivable. Where third party distributors are used, turnover is recognised on a receivable basis in accordance with distribution statements, unless an advance is received, in which case turnover is then recognised on the later of the licence period start date or completion of all deliverables.
Royalties receivable are accounted for on a royalty earnings basis as part of turnover. Non-returnable, recoupable advances are accounted for on completion of the delivery requirements.

2.3

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.

Page 2


TOFF MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives

Depreciation is provided on the following basis:

Fixtures & fittings

25% straight line

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.

2.4

Debtors

Short term debtors are measured at transaction price.

2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3


TOFF MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

2.Accounting policies (continued)

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.10

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

3.	Employees
	The directors were the only employees of the company during the current and preceding year.

4.	Tangible fixed assets

		Fixtures & fittings
		£
	Cost
	At 1 September 2016	1,910
	At 31 August 2017	1,910
	Depreciation
	At 1 September 2016	1,910
	At 31 August 2017	1,910
	Net book value
	At 31 August 2017	-
	At 31 August 2016	-

Page 4


TOFF MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Debtors

					2017	2016
					£	£


Trade debtors	42,433	-
Other debtors	11,771	1,302
	54,204	1,302

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	5	-
Other creditors	2,120	-
Accruals and deferred income	74,383	4,500
	76,508	4,500

7.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

200 A Ordinary shares of £0.01 each	2	2
200 (2016 - 210) B Ordinary shares of £0.0105 each	2	2

	4	4

Page 5