No One Knows Anything Productions Limited - Period Ending 2017-09-30

No One Knows Anything Productions Limited - Period Ending 2017-09-30


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Registration number: 01022952

No One Knows Anything Productions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

image-name

Sobell Rhodes LLP
Chartered Accountants
Ground Floor
Unit 501 Centennial Park
Centennial Avenue
Elstree, Borehamwood
Hertfordshire
WD6 3FG

 

No One Knows Anything Productions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

No One Knows Anything Productions Limited

Company Information

Director

Mr W D Jones

Company secretary

Ms M Downes

Registered office

5b Wolseley Road
Crouch End
London
N8 8RR

Accountants

Sobell Rhodes LLP
Chartered Accountants
Ground Floor
Unit 501 Centennial Park
Centennial Avenue
Elstree, Borehamwood
Hertfordshire
WD6 3FG

 

No One Knows Anything Productions Limited

(Registration number: 01022952)
Balance Sheet as at 30 September 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

909

1,211

Current assets

 

Debtors

5

5,413

6,552

Cash at bank and in hand

 

5,856

13,732

 

11,269

20,284

Creditors: Amounts falling due within one year

6

(11,810)

(15,751)

Net current (liabilities)/assets

 

(541)

4,533

Net assets

 

368

5,744

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

366

5,742

Total equity

 

368

5,744

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 19 June 2018
 

Mr W D Jones
Director

 

No One Knows Anything Productions Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5b Wolseley Road
Crouch End
London
N8 8RR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of artistic creation services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

No One Knows Anything Productions Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

 

No One Knows Anything Productions Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 October 2016

11,694

11,694

At 30 September 2017

11,694

11,694

Depreciation

At 1 October 2016

10,483

10,483

Charge for the year

302

302

At 30 September 2017

10,785

10,785

Carrying amount

At 30 September 2017

909

909

At 30 September 2016

1,211

1,211

5

Debtors

Note

2017
£

2016
£

Trade debtors

 

10

6,552

Amounts owed by related parties

8

5,403

-

 

5,413

6,552

6

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Amounts owed to related parties

8

-

51

Taxation and social security

 

5,370

6,424

Accruals and deferred income

 

1,400

1,400

Corporation tax

 

4,986

7,800

Other creditors

 

54

76

 

11,810

15,751

 

No One Knows Anything Productions Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

2017
£

2016
£

Current loans and borrowings

7

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Related party transactions

Loans to related parties

2017

Key management
£

At start of period

51

Advanced

(5,454)

At end of period

(5,403)

2016

Key management
£

At start of period

(6,719)

Advanced

6,770

At end of period

51

9

Transition to FRS 102

This is the first year that the Company has presented its results under FRS 102 1A. The last financial statement prepared under the previous UK GAAP were for the year ended 30 September 2016. The date of transition to FRS 102 1A was 1 October 2015. The reported financial position and financial performance are not affected by the transition to FRS 102 1A.