SHARPE FILM LIMITED Filleted accounts for Companies House (small and micro)

SHARPE FILM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02259408

SHARPE FILM LIMITED

Filleted Unaudited Financial Statements

29 April 2018

SHARPE FILM LIMITED

Statement of Financial Position

29 April 2018

	2018		2017
Note	£	£	£

Current assets

Debtors	5	1,430	1,902
Cash at bank and in hand		2,906	3,844
		-------	-------
		4,336	5,746

Creditors: amounts falling due within one year	6	17,385		17,890
		--------		--------
Net current liabilities			13,049	12,144
			--------	--------
Total assets less current liabilities			( 13,049)	( 12,144)

Provisions

Taxation including deferred tax	( 1,370)	( 1,190)
	--------	--------
Net liabilities	( 11,679)	( 10,954)
	--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 12,679)	( 11,954)
	--------	--------
Shareholders deficit	( 11,679)	( 10,954)
	--------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 29 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SHARPE FILM LIMITED

Statement of Financial Position (continued)

29 April 2018

These financial statements were approved by the board of directors and authorised for issue on 28 January 2019 , and are signed on behalf of the board by:

S.J. Sutherland

Director

Company registration number: 02259408

SHARPE FILM LIMITED

Notes to the Financial Statements

Year ended 29 April 2018

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 9 Orme Court, London, W2 4RL.

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.

Revenue recognition

The turnover shown in the profit and loss represents all film production income during the year, exclusive of value added tax.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

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:

	Equipment	-	25 % reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 30 April 2017 and 29 April 2018	3,895	3,895
	-------	-------
Depreciation
At 30 April 2017 and 29 April 2018	3,895	3,895
	-------	-------
Carrying amount
At 29 April 2018	–	–
	-------	-------
At 29 April 2017	–	–
	-------	-------

5. Debtors

	2018	2017
	£	£
Other debtors	1,430	1,902
	-------	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	2,448	2,953
Amounts owed to associated undertakings-CFE	7,548	7,548
Other creditors	7,389	7,389
	--------	--------
	17,385	17,890
	--------	--------

Other creditors include director's loan of £6,389 (2017: £6,389).

7. Related party transactions

Sharpe Film Limited is jointly owned by Mrs M.Sutherland(50%) and Ms R.G.Glaister(50%). Mrs Sutherland also controls Celtic Films Entertainment Ltd and Ms R.G.Glaister controls Picture Palace Films Ltd. During the year ended 29th April 2018. Sharpe Film Limited has had the following material transactions with its related parties: RELATED PARTIES Picture Celtic Films Palace Entertainment Films Ltd Ltd £ £ Distribution Payments re Sharpe Series 55,563 (2017: 12,440) 55,563 (2017:12,440) These transactions were in the normal course of business and on an arm's length basis.