ACCOUNTS - Final Accounts

GENIE FILM LIMITED - Company Information

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Registered number: 07222281

GENIE FILM LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2018

GENIE FILM LIMITED

REGISTERED NUMBER: 07222281

BALANCE SHEET

AS AT 31 JANUARY 2018

		2018		2017
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	52,147		52,155
		52,147		52,155
Creditors: amounts falling due within one year	5	(8,625)		(8,633)
Net current assets			43,522		43,522
Total assets less current liabilities			43,522		43,522

Net assets			43,522		43,522

Capital and reserves
Called up share capital	2	2
Profit and loss account	43,520	43,520
	43,522	43,522

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

The notes on pages 2 to 3 form part of these financial statements.

Page 1

GENIE FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

1.	General information

Genie Film 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 a film production company.

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

Debtors

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

2.4

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.

2.5

Creditors

Short term creditors are measured at the transaction price.

Page 2

GENIE FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

2.Accounting policies (continued)

2.6

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.

Employees

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

Debtors

					2018	2017
					£	£


Other debtors	52,147	52,155
	52,147	52,155

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

Corporation tax	-	8,633
Other creditors	8,625	-
	8,625	8,633

6.	Related party transactions
	At the year end the company was owed £52,145 (2017: £52,153) by Young Film Academy Limited. The directors, E Boase and J Walker, are also directors of Young Film Academy Limited. At the year end the company owed £8,625 (2017: £Nil) to Magma Pictures Limited. The directors, E Boase and J Walker, are also directors of Genie Film Limited.

7.	Controlling party

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

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