ACCOUNTS - Final Accounts preparation

LOKA PRODUCTIONS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-01-01 09899211 2016-12-31 09899211 2017-01-01 2017-12-31 09899211 2016-01-01 2016-12-31 09899211 2017-12-31 09899211 c:Director1 2017-01-01 2017-12-31 09899211 d:FurnitureFittings 2017-01-01 2017-12-31 09899211 d:FurnitureFittings 2017-12-31 09899211 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 09899211 d:UKTax 2017-01-01 2017-12-31 09899211 c:FRS102 2017-01-01 2017-12-31 09899211 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 09899211 c:FullAccounts 2017-01-01 2017-12-31 09899211 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 iso4217:GBP xbrli:pure

Registered number: 09899211

LOKA PRODUCTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017

LOKA PRODUCTIONS LIMITED

REGISTERED NUMBER: 09899211

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		750		-
			750		-
Current assets
Debtors: amounts falling due within one year	6	18,090		100
		18,090		100
Creditors: amounts falling due within one year	7	(11,385)		-
Net current assets			6,705		100
Total assets less current liabilities			7,455		100

Net assets			7,455		100

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		7,355	-
		7,455	100

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LOKA PRODUCTIONS LIMITED

REGISTERED NUMBER: 09899211

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2017

The director considers 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 director acknowledges his 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.

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 income and retained earnings 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 by:

................................................

E Dolman

Director

Date: 26 September 2018

The notes on pages 3 to 7 form part of these financial statements.

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LOKA PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

Loka Productions Limited is a private company limited by shares. The company is incorporated in England and Wales and the address of the registered office is Aston House, Cornwall Anenue, London N3 1LF. The compnay registration number is 09899211.

2.Accounting policies

2.1

Basis of preparation of financial statements

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:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.4

Tangible fixed assets

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.

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LOKA PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

reducing balance

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 income and retained earnings.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

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LOKA PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	Taxation

		2017	2016
		£	£

Corporation tax
Current tax on profits for the year	1,574	-
	1,574	-

Total current tax	1,574	-

Factors affecting tax charge for the year
The tax assessed for the year is lower than (2016 - lower than) the standard rate of corporation tax in the UK of 19% (2016 - 20%). The differences are explained below:
	2017	2016
	£	£

Profit on ordinary activities before tax

8,929

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2016 - 20%)	1,697	-
Effects of:
Other differences leading to an increase (decrease) in the tax charge	(123)	-
Total tax charge for the year	1,574	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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LOKA PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	1,000
	At 31 December 2017	1,000
	Depreciation
	Charge for the year on owned assets	250
	At 31 December 2017	250
	Net book value
	At 31 December 2017	750
	At 31 December 2016	-

Debtors

					2017	2016
					£	£


Trade debtors	18,090	-
Other debtors	-	100
	18,090	100

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	1,574	-
Other taxation and social security	2,181	-
Other creditors	6,630	-
Accruals and deferred income	1,000	-
	11,385	-

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LOKA PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

8.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

100 (2016 - 100) Ordinary shares of £1.00 each	100	100

9.	Transactions with directors
	Included in other creditors is an amount of £6,630 (2016: Nil) due to the director E Dolman. There are no fixed terms of interest or repayment in respect of this balance.

10.	Controlling party

The company was controlled by E Dolman by virtue of his shareholding in the company.

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