Fiery_Dragons_Ltd - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Fiery Dragons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 60-66 Wardour Street, London, W1F 0TA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received and represents returns on investments in theatrical productions in excess of the original investment value. Such income is recognised on a receipts basis as the company ahs no influence over the payment by the productions of such profit shares or knowledge of amounts due until they are received.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in theatrical productions and in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The average monthly number of persons employed by the company during the current and prior year was nil.

During the year ended 30 September 2018 the company acquired shares representing 5% of the ordinary share capital of Fiery Angel Entertainment Limited for the consideration of £49,868.

During the year ended 30 September 2017 the company acquired shares representing 50% of the ordinary share capital of Fiery Development Limited for the consideration of £1.

Current asset investments represent monies provided to theatrical productions and are measured at fair value.

Fiery Angel Ltd

A company in which Edward Snape is director and shareholder.

During the year the company incurred expenses including general management fees and recharges in the amount of £19,718 (2017: £18,642). As at the balance sheet date the company owes £11,056 to Fiery Angel Ltd for salary recharges and management fees (2017: £1,366 owed from Fiery Angel Ltd).

Fiery Angel Entertainment Ltd

A company in which Fiery Dragons Ltd is a shareholder and in which Edward Snape and Raymond Gubbay are directors and shareholders.

During the year the company purchased loan notes of £49,868 in principle amount. As at the balance sheet date the company was owed £50,622, which includes £754 of interest (2017: £nil) from Fiery Angel Entertainment Ltd.

YF London Ltd

A company in which Edward Snape is a director and of which Fiery Angel Ltd is the company's parent.

During the year ended 30 September 2017 the company provided investment monies to YF London Ltd totalling £75,000. As at the balance sheet date the company was owed £7,733 (2017: £75,000) from YF London Ltd.

Fiery Development Ltd

A company in which Fiery Dragons Ltd is a joint venture shareholder.

During the year ended 30 September 2017 the company provided investment monies to Fiery Development Ltd totalling £100,000. As at the balance sheet date the company was owed £100,000 (2017: £100,000) from Fiery Development Ltd.

Long Day 2018 Ltd

A company in which Edward Snape is a director and of which Fiery Angel Ltd is the company's parent.

During the year ended 30 September 2017 the company provided investment monies to Long Day 2018 Ltd totalling £75,000. As at the balance sheet date the company was owed £75,000 (2017: £75,000) by Long Day 2018 Ltd.

Fiery Light TT5 Ltd

A company in which Edward Snape is a director and of which Fiery Angel Ltd is the company's parent.

During the year ended 30 September 2017 the company provided investment monies to Fiery Light TT5 Ltd totalling £50,000. As at the balance sheet date the company was owed £25,000 (2017: £50,000) by Fiery Light TT5 Ltd.

Christie Theatre Ltd

A company in which Edward Snape is a director and of which Fiery Angel Ltd is the company's parent.

During the year the company provided investment monies to Christie Theatre Ltd totalling £35,000. As at the balance sheet date the company was owed £14,823 (2017: £nil) by Christie Theatre Ltd.