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Registered number: 08165052
PROSPECT THREE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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PROSPECT THREE LIMITED
REGISTERED NUMBER: 08165052
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
Page 1
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PROSPECT THREE LIMITED
REGISTERED NUMBER: 08165052
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2017
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 30 May 2018.
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K Kozlowski
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
Prospect Three Limited is a private company limited by shares and registered in England and Wales. The address of its principal place of business is 74 Park Drive, Acton, London, W3 8NB.
2.Accounting policies
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Basis of preparation of financial statements
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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:
At the Statement of Financial Position date the company had net liabilities of £115,484 and is dependent on the support of its directors who has 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.
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.
Depreciation is provided on the following basis:
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.
Stocks comprise film development costs, which are recorded as a current asset. Film development costs are amortised to the Statement of Comprehensive Income over the period in which rights to the relevant production are being exploited by the Company.
Short term debtors are measured at transaction price, less any impairment.
Page 3
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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 and loans from related parties.
Short term creditors are measured at the transaction price.
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The average monthly number of employees, including directors, during the year was 4 (2016 - 2).
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Charge for the year on owned assets
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Page 4
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 5
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PROSPECT THREE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
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Creditors: Amounts falling due after more than one year
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Related party transactions
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During the year, advances totalling £49,849 (2016: £1,982) were received from K Kozlowski, a director of the company. At the reporting date £72,785 (2016: £22,936) was due to K Kozlowski. The loan is repayable on demand and not interest bearing.
During the year, advances totalling £1,335 (2016: £51,391) were received from M White, a director of the company. At the reporting date £62,924 (2016: £61,589) was due to M White. The loan is repayable on demand and not interest bearing.
During the year, advances totalling £52,949 (2016: £10,083) were received from M Paszko, a director of the company. At the reporting date £63,031 (2016: £10,083) was due to M Paszko. The loan is repayable on demand and not interest bearing.
During the year, advances totalling £3,478 (2016: £2,458) were received from R Chadaj, a director of the company. At the reporting date £15,009 (2016: £11,531) was due to R Chadaj. The loan is repayable on demand and not interest bearing.
At the reporting date £59,149 (2016: £nil) was due from Film Slate One Limited, a company in which K Kozlowski and M Paszko are also directors. The loan is repayable on demand and not interest bearing.
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Throughout the current and preceeding year, the company was under the control of K Kozlowski, a director of the company and the sole shareholder.
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First time adoption of FRS 102
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.
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Page 6
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