ACCOUNTS - Final Accounts

DUNLOP FILMS LIMITED - Company Information

Registered number: 07179634

DUNLOP FILMS LIMITED

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018


DUNLOP FILMS LIMITED REGISTERED NUMBER:07179634

BALANCE SHEET

AS AT 30 JUNE 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		3,963		3,570
			3,963		3,570
Current assets
Debtors: amounts falling due within one year	5	108		28,434
Cash at bank	6	416,652		325,926
		416,760		354,360
Creditors: amounts falling due within one year	7	(118,594)		(162,598)
Net current assets			298,166		191,762
Total assets less current liabilities			302,129		195,332
Provisions for liabilities
Deferred tax		(674)		-
			(674)		-
Net assets			301,455		195,332

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		301,454	195,331
		301,455	195,332


DUNLOP FILMS LIMITED REGISTERED NUMBER:07179634

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2018

The director considers 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 director acknowledges her 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 profit and loss account 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 by:

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

S M Dunlop

Director

Date: 29 March 2019

The notes on pages 3 to 7 form part of these financial statements.


DUNLOP FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.	General information

Dunlop Films Limited is a private company, limited by shares, registered in England and Wales, registration number 07179634. The registered office address is 5th Floor, 89 New Bond Street, London, W1S 1DA.
The principal activity of the company continued to be that of advertisement and short-film production.

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.

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the rendering of services is recognised when it is probable the company will receive the consideration due under the contract.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25% reducing balance
				Camera equipment	-	25% reducing balance

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 Profit and loss account.

2.4

Debtors

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

2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


DUNLOP FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

2.6

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.9

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.12

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.


DUNLOP FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

2.13

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 corporate 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including a director, during the year was 1 (2017 - 1).


DUNLOP FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	At 1 July 2017	16,740
	Additions	1,624
	At 30 June 2018	18,364
	Depreciation
	At 1 July 2017	13,170
	Charge for the year	1,231
	At 30 June 2018	14,401
	Net book value
	At 30 June 2018	3,963
	At 30 June 2017	3,570

Debtors

					2018	2017
					£	£


Trade debtors	-	472
Other debtors	108	434
Accrued income	-	27,528
	108	28,434

6.	Cash
		2018	2017
		£	£

Cash at bank	416,652	325,926
	416,652	325,926


DUNLOP FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

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

Trade creditors	120	1,146
Corporation tax	44,002	39,693
Other taxation and social security	140	408
Other creditors	71,082	117,851
Accruals and deferred income	3,250	3,500
	118,594	162,598

8.	Share capital
		2018	2017
		£	£

Authorised, allotted, called up and fully paid

1 (2017 - 1) Ordinary share of £1.00	1	1

9.	Transactions with directors

As at the year end a balance of £70,632 (2017 - £117,472) was due to the director. The loan is interest free and repayable on demand.