Olice Productions Limited Filleted accounts for Companies House (small and micro)

OLICE PRODUCTIONS LIMITED - Company Information

false false false false false false false false false true false false false true false false true No description of principal activity 2017-01-01 Sage Accounts Production Advanced 2018 - FRS 22,000 8,800 4,400 13,200 8,800 13,200 28,597 1,938 699 29,836 10,040 5,025 305 14,760 15,076 18,557 xbrli:pure xbrli:shares iso4217:GBP 09277313 2017-01-01 2017-12-31 09277313 2017-12-31 09277313 2016-12-31 09277313 2016-01-01 2016-12-31 09277313 2016-12-31 09277313 core:NetGoodwill 2017-01-01 2017-12-31 09277313 bus:Director1 2017-01-01 2017-12-31 09277313 bus:Director2 2017-01-01 2017-12-31 09277313 core:NetGoodwill 2016-12-31 09277313 core:NetGoodwill 2017-12-31 09277313 core:WithinOneYear 2017-12-31 09277313 core:WithinOneYear 2016-12-31 09277313 core:AfterOneYear 2017-12-31 09277313 core:AfterOneYear 2016-12-31 09277313 core:ShareCapital 2017-12-31 09277313 core:ShareCapital 2016-12-31 09277313 core:RetainedEarningsAccumulatedLosses 2017-12-31 09277313 core:RetainedEarningsAccumulatedLosses 2016-12-31 09277313 core:NetGoodwill 2016-12-31 09277313 bus:SmallEntities 2017-01-01 2017-12-31 09277313 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 09277313 bus:FullAccounts 2017-01-01 2017-12-31 09277313 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 09277313 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 09277313 core:OfficeEquipment 2017-01-01 2017-12-31 09277313 core:OfficeEquipment 2016-12-31 09277313 core:OfficeEquipment 2017-12-31

COMPANY REGISTRATION NUMBER: 09277313

Olice Productions Limited

Filleted Unaudited Financial Statements

31 December 2017

Olice Productions Limited

Financial Statements

Year ended 31 December 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Olice Productions Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	8,800	13,200
Tangible assets	6	15,076	18,557
		--------	--------
		23,876	31,757

Current assets

Stocks		1,290	6,328
Debtors	7	16,673	34,944
Cash at bank and in hand		14,431	29,739
		--------	--------
		32,394	71,011

Creditors: amounts falling due within one year	8	23,611		66,652
		--------		--------
Net current assets			8,783	4,359
			--------	--------
Total assets less current liabilities			32,659	36,116

Creditors: amounts falling due after more than one year	9		30,000	30,000

Provisions

Taxation including deferred tax	1,621	2,024
	--------	--------
Net assets	1,038	4,092
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	938	3,992
	-------	-------
Shareholders funds	1,038	4,092
	-------	-------

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 comprehensive income has not been delivered.

For the year ending 31 December 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 .

Olice Productions Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 11 July 2018 , and are signed on behalf of the board by:

Mr O J Horsman	Mrs A E Horsman
Director	Director

Company registration number: 09277313

Olice Productions Limited

Notes to the Financial Statements

Year ended 31 December 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 St Nicholas House, 31-34 High Street, Bristol, BS1 2AW.

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.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The 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. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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 or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2017 and 31 December 2017	22,000
	--------
Amortisation
At 1 January 2017	8,800
Charge for the year	4,400
	--------
At 31 December 2017	13,200
	--------
Carrying amount
At 31 December 2017	8,800
	--------
At 31 December 2016	13,200
	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2017	28,597	28,597
Additions	1,938	1,938
Disposals	( 699)	( 699)
	--------	--------
At 31 December 2017	29,836	29,836
	--------	--------
Depreciation
At 1 January 2017	10,040	10,040
Charge for the year	5,025	5,025
Disposals	( 305)	( 305)
	--------	--------
At 31 December 2017	14,760	14,760
	--------	--------
Carrying amount
At 31 December 2017	15,076	15,076
	--------	--------
At 31 December 2016	18,557	18,557
	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	13,923	32,194
Other debtors	2,750	2,750
	--------	--------
	16,673	34,944
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	2,048	15,902
Social security and other taxes	16,478	16,755
Other creditors	5,085	33,995
	--------	--------
	23,611	66,652
	--------	--------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	30,000	30,000
	--------	--------

10. Directors' advances, credits and guarantees

At the year end the directors were owed £34,618 (2016: £59,129). The amounts are included in creditors and are repayable on demand and no interest is charged on amounts outstanding.