Long Story Short Limited Company Accounts

LONG STORY SHORT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08015124

Long Story Short Limited

Filleted Unaudited Financial Statements

31 March 2018

Long Story Short Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Notes to the financial statements	4

Long Story Short Limited

Officers and Professional Advisers

Director	Miss Y Tukmachi

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	HSBC (Midland)
	133 Regent Street
	London
	England
	W1B 4HX

Long Story Short Limited

Balance Sheet

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		503	916

Current assets

Debtors	6	937	2,880
Cash at bank and in hand		61,357	49,310
		--------	--------
		62,294	52,190

Creditors: amounts falling due within one year	7	32,167		30,642
		--------		--------
Net current assets			30,127	21,548
			--------	--------
Total assets less current liabilities			30,630	22,464

Provisions

Taxation including deferred tax	183	183
	--------	--------
Net assets	30,447	22,281
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	30,446	22,280
	--------	--------
Shareholder funds	30,447	22,281
	--------	--------

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 profit and loss account has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Long Story Short Limited

Balance Sheet (continued)

31 March 2018

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

Miss Y Tukmachi
Director

Company registration number: 08015124

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.

Long Story Short Limited

Notes to the Financial Statements

Year ended 31 March 2018

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.

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 represents fees received for work done during the year, excluding value added tax. Fee income represents revenue earned under a wide variety of contracts to provide production services within the television and media industry. Revenue is recognised as earned when, and to the extent that, the company 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 customers, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors. Payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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. No assets have been revalued during this period, or previous periods.

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:

Plant and Machinery	-	33% straight line
Computer 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 1 (2017: 1 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 April 2017 and 31 March 2018	1,704	2,075	3,779
	-------	-------	-------
Depreciation
At 1 April 2017	1,704	1,159	2,863
Charge for the year	–	413	413
	-------	-------	-------
At 31 March 2018	1,704	1,572	3,276
	-------	-------	-------
Carrying amount
At 31 March 2018	–	503	503
	-------	-------	-------
At 31 March 2017	–	916	916
	-------	-------	-------

6. Debtors

	2018	2017
	£	£
Trade debtors	720	2,880
Other debtors	217	–
	----	-------
	937	2,880
	----	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	8,180	9,472
Social security and other taxes	2,567	2,399
Other creditors	21,420	18,771
	--------	--------
	32,167	30,642
	--------	--------

8. Director's advances, credits and guarantees

Amounts of £1,354 (2017: £7,063) were advanced interest free and repayable on demand by the director during the year, with a balance of £21,420 (2017: £18,771) owed to the director by the company at the year end.

9. Related party transactions

During the year, total dividends of £23,787 (2017: £36,635) were paid to the director.