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 2019 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 Companies Act 2006 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 National House, 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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 has 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 and cash equivalents 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 balance sheet 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

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 creditors, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors 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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The average monthly number of persons (including directors) employed by the company during the year was 4 (2018 - 4).

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 Limited

A company in which Edward Snape is a director and shareholder.

During the year, the company incurred expenses of £17,515 (2018: £19,718) from Fiery Angel Limited in respect of recharges. The company received royalty payments of £2,215 (2018: £2,602) and profit distributions of £2,474 (2018: £25,678) from Fiery Angel Limited during the year.

During the year, the company provided investment monies to Fiery Angel Limited totalling £192,500 (2018: £5,589), and received a return of investment monies during the year of £78,140 (2018: £Nil). As at the balance sheet date, the company owed £1,716 (2018: £11,056) to Fiery Angel Limited.

Fiery Angel Entertainment Limited

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

During the year, the company charged Fiery Angel Entertainment Limited £1,994 (2018: £754) in respect of interest on loan notes. As at the balance sheet date, the company was owed £52,616 (2018: £50,622) from Fiery Angel Entertainment Limited.

YF London Limited

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

During the year, the company received a return of investment monies from YF London Limited of £7,733 (2018: £Nil). As at the balance sheet date, the company was owed £Nil (2018: £7,733).

Fiery Development Limited

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

During the year, the company provided investment monies to Fiery Development Limited totalling £50,000 (2018: £100,000). Amounts totalling £50,000 (2018: £Nil) were written off as expenses during the year. As at the balance sheet date, the company was owed £100,000 (2018: £100,000) from Fiery Development Limited.

Long Day 2018 Limited

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

During the year, the company received profit distributions from Long Day 2018 Limited of £17,553 (2018: £Nil). As as the balance sheet date, the company was owed £Nil (2018: £Nil) from Long Day 2018 Limited.

Fiery Light TT5 Limited

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

During the year, the company provided investment monies to Fiery Light TT5 Limited of £Nil (2018: £50,000). As at the balance sheet date, the company was owed £25,000 (2018: £25,000) by Fiery Light TT5 Limited.

Christie Theatre Limited

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

During the year, the company provided investment monies to Christie Theatre Limited of £Nil (2018: £35,000). Amounts totalling £14,823 (2018: £Nil) were written off as expenses during the year.

As at the balance sheet date, the company was owed £Nil (2018: £14,823) by Christie Theatre Limited.