Silver Birch Films Limited - Period Ending 2018-05-31

Silver Birch Films Limited - Period Ending 2018-05-31


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Registration number: 06243197

Silver Birch Films Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

image-name

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Silver Birch Films Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Silver Birch Films Limited

Company Information

Director

Ms Madeleine Sanderson

Registered office

2/4 Ash Lane
Rustington
Littlehampton
Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Silver Birch Films Limited

(Registration number: 06243197)
Balance Sheet as at 31 May 2018

Note

2018
 £

2017
 £

Current assets

 

Debtors

4

48,774

77,925

Creditors: Amounts falling due within one year

5

(24,259)

(3,410)

Net assets

 

24,515

74,515

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

24,514

74,514

Total equity

 

24,515

74,515

For the financial year ending 31 May 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

Approved and authorised by the director on 11 January 2019
 

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

Ms Madeleine Sanderson
Director

 

Silver Birch Films Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the director on 11 January 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Silver Birch Films Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

2

Accounting policies (continued)

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Silver Birch Films Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2017

198,253

198,253

At 31 May 2018

198,253

198,253

Depreciation

At 1 June 2017

198,253

198,253

At 31 May 2018

198,253

198,253

Carrying amount

At 31 May 2018

-

-

4

Debtors

 

Silver Birch Films Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

4

Debtors (continued)

2018
£

2017
£

Trade debtors

-

20,400

Other debtors

48,774

57,525

48,774

77,925

5

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

6

23,759

-

Social security and other taxes

 

-

2,910

Accrued expenses

 

500

500

 

24,259

3,410

6

Loans and borrowings

2018
 £

Current loans and borrowings

Other borrowings

23,759

23,759

7

Related party transactions

Transactions with directors

Transactions with directors

2018

At 1 June 2017
£

Advances to directors
£

Repayments by director
£

At 31 May 2018
£

Ms Madeleine Sanderson

Directors Loan

8,751

17,490

(50,000)

(23,759)

         
       

 
 

Silver Birch Films Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

7

Related party transactions (continued)

2017

At 1 June 2016
£

Advances to directors
£

Repayments by director
£

At 31 May 2017
£

Ms Madeleine Sanderson

Directors Loan

210,063

2,536

(203,848)

8,751