Polyphonic Films Limited - Accounts to registrar (filleted) - small 18.2

Polyphonic Films Limited - Accounts to registrar (filleted) - small 18.2

POLYPHONIC FILMS LIMITED - Company Information

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REGISTERED NUMBER: 05699763 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

POLYPHONIC FILMS LIMITED
GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW








POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POLYPHONIC FILMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2018







DIRECTORS: G J Browning
R M Hollingworth
J La Bouchardiere





REGISTERED OFFICE: Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW





REGISTERED NUMBER: 05699763 (England and Wales)





ACCOUNTANTS: GBJ Financial Limited
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW
-1-
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763)

BALANCE SHEET
31 MARCH 2018

2018 2017
Notes £ £
CURRENT ASSETS
Cash at bank 1,900 64

CREDITORS
Amounts falling due within one year 5 45,144 47,925
NET CURRENT LIABILITIES (43,244 ) (47,861 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(43,244
)
(47,861
)

CAPITAL AND RESERVES
Called up share capital 2,250 2,250
Share premium 99,497 99,497
Retained earnings (144,991 ) (149,608 )
SHAREHOLDERS' FUNDS (43,244 ) (47,861 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 January 2019 and were signed on its
behalf by:





G J Browning - Director


The notes form part of these financial statements

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POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018


1. STATUTORY INFORMATION

Polyphonic Films Limited is a private company, limited by shares , registered in England and Wales.
The company's registered number and registered office address can be found on the Company
Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of broadcast rights, rights to DVD distribution, DVD products,
and production services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Development costs
The company develops artistic films for sale by licence and by other electronic media. Expenditure on
each project is capitalised and amortised over its expected commercial life, with amortisation not
taking place until the project is complete and revenue being generated.

The first project, The Full Monteverdi, is being amortised over its estimated useful life of 3 years. Other
projects undertaken subsequently have been under contract with no subsequent significant revenues
anticipated and, as a result, the costs of these projects have been taken to profit and loss account as
they are incurred.

Going concern
The company's balance sheet shows an excess of liabilities over assets. Due to the availability of
support from the company's shareholders, the directors believe that it is appropriate to prepare the
financial statements on a going concern basis which assumes that the company will continue to trade
and to be able to meet its liabilities for the foreseeable future.

Government grants
The company receives grant income from governmental and supra-govermental organisations. Grant
income is released to profit and loss account as the related expenditure is incurred.

-3- continued...
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


3. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 April 2017
and 31 March 2018 199,821
AMORTISATION
At 1 April 2017
and 31 March 2018 199,821
NET BOOK VALUE
At 31 March 2018 -
At 31 March 2017 -

4. TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 April 2017
and 31 March 2018 382
DEPRECIATION
At 1 April 2017
and 31 March 2018 382
NET BOOK VALUE
At 31 March 2018 -
At 31 March 2017 -

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£ £
VAT 13,869 15,712
Directors' current accounts 30,465 30,465
Accrued expenses 810 1,748
45,144 47,925

-4- continued...
POLYPHONIC FILMS LIMITED (REGISTERED NUMBER: 05699763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have made loans to the company, of which the following amounts (including loans by
close family members) remain outstanding.

Mr R Hollingworth: £20,310 (2017: £20,310)
Mr G Browning: £8,593 (2017: £8,593)
Mr J La Bouchardiere: £1,562 (2017: £1,562)

The loans do not carry any right to interest, have no fixed date for repayment and are not secured on
the assets of the company.

7. RELATED PARTY DISCLOSURES

During the year, professional fees of £6,816 (2017: £22,470) were paid to the director, Mr G Browning
and £nil (2017: £8,100) to the director, Mr J La Bouchardiere.

-5-