ACCOUNTS - Final Accounts

YOUNG FILM ACADEMY LIMITED - Company Information

Print Friendly Version

Registered number: 06506509

YOUNG FILM ACADEMY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2018

YOUNG FILM ACADEMY LIMITED

REGISTERED NUMBER: 06506509

BALANCE SHEET

AS AT 31 JANUARY 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		737		1,106
			737		1,106
Current assets
Debtors: amounts falling due within one year	5	166,647		173,194
Cash at bank and in hand	6	39,335		58,117
		205,982		231,311
Creditors: amounts falling due within one year	7	(62,193)		(86,309)
Net current assets			143,789		145,002
Total assets less current liabilities			144,526		146,108

Net assets			144,526		146,108

Capital and reserves
Called up share capital	2	2
Profit and loss account	144,524	146,106
	144,526	146,108

The directors consider 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 directors acknowledge their 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 comprehensive income 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 on 18 January 2019.

J Walker

Director

Page 1

YOUNG FILM ACADEMY LIMITED

REGISTERED NUMBER: 06506509

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2018

The notes on pages 3 to 6 form part of these financial statements.

Page 2

YOUNG FILM ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

1.	General information

Young Film Academy Limited is a private company limited by shares and incorporated in England and Wales. The principal place of business is 24 Fitzroy Square, London, W1T 6EP and the registered office is Regina House, 124 Finchley Road, London, NW3 5JS. The principal activity of the company is to provide educational filmmaking courses and workshops for young people.

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

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.

Page 3

YOUNG FILM ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment

25%

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 comprehensive income.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.5

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.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

2.9

Taxation

Tax is recognised in the statement of comprehensive income, 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.

Page 4

YOUNG FILM ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

4.	Tangible fixed assets

		Fixtures, fittings & equipment
		£
	Cost or valuation
	At 1 February 2017	1,475
	At 31 January 2018	1,475
	Depreciation
	At 1 February 2017	369
	Charge for the year on owned assets	369
	At 31 January 2018	738
	Net book value
	At 31 January 2018	737
	At 31 January 2017	1,106

Debtors

					2018	2017
					£	£


Other debtors	166,647	173,194
	166,647	173,194

6.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	39,335	58,117
	39,335	58,117

Page 5

YOUNG FILM ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Corporation tax	-	25,525
Other creditors	60,633	59,224
Accruals and deferred income	1,560	1,560
	62,193	86,309

8.	Financial instruments
		2018	2017
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	39,335	58,117

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

9.	Related party transactions
	At the year end the company was owed £166,647 (2017: £173,194) by Magma Pictures Limited. The directors, E Boase and J Walker, are also directors of Magma Pictures Limited. At the year end the company owed £52,145 (2017: £52,153) to Genie Film Limited. The directors, E Boase and J Walker, are also directors of Genie Film Limited.

10.	Controlling party

The company is under the joint control of the directors, E Boase and J Walker.

Page 6