Martha s Film Yard Limited Company Accounts

MARTHA S FILM YARD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06173179

Martha s Film Yard Limited

Filleted Unaudited Financial Statements

30 September 2017

Martha s Film Yard Limited

Financial Statements

Year ended 30 September 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Martha s Film Yard Limited

Officers and Professional Advisers

The board of directors	M Delap
	Mr P Sells

Registered office	Skyview House
	10 St Neots Road
	Sandy
	Bedfordshire
	England
	SG19 1LB

Accountants	The Blue Skies Partnership
	Chartered Management Accountants
	Skyview House
	10 St Neots Road
	Sandy
	Bedfordshire
	SG19 1LB

Bankers	Lloyds
	32 Oxford Street
	London
	W1D 1AX

Martha s Film Yard Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		2,952	4,489

Current assets

Debtors	6	17,000	5,315
Cash at bank and in hand		26,370	80,630
		--------	--------
		43,370	85,945

Creditors: amounts falling due within one year	7	33,062		30,678
		--------		--------
Net current assets			10,308	55,267
			--------	--------
Total assets less current liabilities			13,260	59,756

Provisions

Taxation including deferred tax	595	217
	--------	--------
Net assets	12,665	59,539
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	12,565	59,439
	--------	--------
Shareholders funds	12,665	59,539
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Directors' responsibilities:

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

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

Martha s Film Yard Limited

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 30 April 2018 , and are signed on behalf of the board by:

M Delap

Director

Company registration number: 06173179

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.

Martha s Film Yard Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview House, 10 St Neots Road, Sandy, Bedfordshire, England, SG19 1LB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity's accounting policies.

Revenue recognition

Turnover represents amounts receivable for services provided during the year, net of value added tax. Fee income represents revenue earned under a wide variety of contracts to provide Television and Film Production services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. Fee income that is contingent on events outside the control of the firm, is recognised when the contingent event occurs.

Taxation

Taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. During the period in review, no assets were revalued, meaning no change in the carrying amount of an asset.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Bike	-	25% straight line
Office equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 October 2016 and 30 September 2017	430	9,473	9,903
	----	-------	-------
Depreciation
At 1 October 2016	430	4,984	5,414
Charge for the year	–	1,537	1,537
	----	-------	-------
At 30 September 2017	430	6,521	6,951
	----	-------	-------
Carrying amount
At 30 September 2017	–	2,952	2,952
	----	-------	-------
At 30 September 2016	–	4,489	4,489
	----	-------	-------

6. Debtors

	2017	2016
	£	£
Other debtors	17,000	5,315
	--------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	( 259)	–
Corporation tax	5,809	5,974
Social security and other taxes	1,371	1,928
Other creditors	26,141	22,776
	--------	--------
	33,062	30,678
	--------	--------

8. Directors' advances, credits and guarantees

Amounts of £23,498 (2016: £21,759) were advanced interest free, and repayable on demand, to the directors during the year. At the year end, £17,977 (2016: £14,724) was owed to the directors to the company.

9. Related party transactions

During the year, total dividends of £69,388 (2016: £31,000) were paid to the directors.