L & G Productions Limited Company Accounts

L & G PRODUCTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03897273

L & G PRODUCTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR

31 December 2014

MALDE & CO

Chartered Certified Accountants

99 Kenton Road

Kenton Harrow

Middlesex

HA3 0AN

L & G PRODUCTIONS LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2014

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2014.

PRINCIPAL ACTIVITIES

The principal activity of the company is the production of cinematographic films.

DIRECTORS

The directors who served the company during the year were as follows:

Mr. P. L. Hitchcock
Mr. E. H. Senat

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Registered office: Signed on behalf of the directors

99 Kenton Road

Kenton

Harrow

Middlesex

HA3 0AN

Mr. E. H. Senat

Company Secretary

Approved by the directors on 27 March 2015

L & G PRODUCTIONS LIMITED

PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 DECEMBER 2014

	2014	2013
Note	£	£
TURNOVER	–	–

Administrative expenses		61	60
		----	----
OPERATING LOSS	2	( 61)	( 60)

Interest receivable		4	4

		----	----
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION		( 57)	( 56)

Tax on loss on ordinary activities	–	–

	----	----
LOSS FOR THE FINANCIAL YEAR	( 57)	( 56)

Balance brought forward	( 19,434)	( 19,378)
	---------	---------
Balance carried forward	(19,491)	(19,434)
	---------	---------

L & G PRODUCTIONS LIMITED

BALANCE SHEET

31 December 2014

	2014		2013
Note	£	£	£

FIXED ASSETS

Tangible assets	4	1	1
		----	----
		1	1
		----	----

CURRENT ASSETS

Cash at bank	7,526		7,796

CREDITORS: Amounts falling due within one year	5	27,016		27,229
		---------		---------
NET CURRENT LIABILITIES			( 19,490)	( 19,433)
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 19,489)	( 19,432)
			---------	---------

CAPITAL AND RESERVES

Called-up equity share capital	8	2	2
Profit and loss account		( 19,491)	( 19,434)
		---------	---------
DEFICIT		( 19,489)	( 19,432)
		---------	---------

For the year ended 31 December 2014 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 accounts for the year in question in accordance with section 476; and

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

These accounts were approved by the directors and authorised for issue on 27 March 2015 , and are signed on their behalf by:

Mr. E. H. Senat

Company Registration Number: 03897273

L & G PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2014

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Finance lease agreements

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included with creditors. Rentals payable are apportioned between the finance element, which is charged to the Profit and Loss Account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

Where the company has entered into a sale and leaseback agreement, the finance lease is matched by secured deposit such that interest earned on the deposit will cover the interest charge on the finance lease over the term of the lease. The deposit is only to be used to settle the finance lease liability and therefore it has been offset with the finance lease creditor to show the net unmatched liability at the year end. Similarly, the interest earned on the deposit is offset against the interest charges within the lease payment.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Tangible fixed asset is stated at cost less depreciation. Depreciation is provided in accordance with the cost recovery method whereby depreciation is taken to the profit and loss account on the same basis as the income receivable in the accounting period.

2. OPERATING LOSS

Operating loss is stated after crediting:

	2014	2013
	£	£
Directors' remuneration	–	–
	----	----

3. INTEREST RECEIVABLE

		2014	2013
		£	£

Bank interest receivable	4	4
Secured bank deposit interest	221,681	276,636
Finance lease charge	(221,681)	(276,636)
	----------	----------
	4	4
	----------	----------

4. TANGIBLE FIXED ASSETS

	Tangible asset
	£

COST

At 1 January 2014 and 31 December 2014	11,854,865
	---------------

DEPRECIATION

At 1 January 2014 and 31 December 2014	11,854,864
	---------------

NET BOOK VALUE

At 31 December 2014	1
	---------------
At 31 December 2013	1
	---------------

The film assets are held under finance leases.

5. CREDITORS: Amounts falling due within one year

	2014	2013
	£	£
Other creditors	24,003	27,229
Accruals and deferred income	3,013	–
	---------	---------
	27,016	27,229
	---------	---------

Other creditors are repayable only from the income derived from the feature film "And Now...Ladies and Gentlemen". These creditors do not have any recourse to any other assets of the company.

6. COMMITMENTS UNDER FINANCE LEASE AGREEMENT

Future commitments under finance lease agreements are as follows:

		2014	2013
		£	£

Amounts payable within 1 year	1,382,302	1,316,478
Amounts payable between 2 to 5 years	2,975,404	4,357,706
	-------------	-------------
	4,357,706	5,674,184
Less interest and finance charges relating to future periods	(432,397)	(696,367)
	-------------	-------------
	3,925,309	4,977,817
Less secured bank deposit	(3,925,309)	(4,977,817)
	-------------	-------------
	–	–
	-------------	-------------

The finance lease is matched by secured bank deposit such that the principal on deposit and the interest earned will be sufficient to cover the rental obligations on the finance lease until the end of the lease.

The deposit is only to be used to settle the finance lease liability and therefore it does not represent separate asset and liability. Consequently, it has been netted off with the finance lease creditor to show the net unmatched liability at the year-end.

7. RELATED PARTY TRANSACTIONS

The company was under the control of Mr E. H. Senat during the year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.

8. SHARE CAPITAL

Allotted, called up and fully paid:

	2014		2013
	No	£	No	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----
	2	2	2	2
	----	----	----	----

L & G PRODUCTIONS LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2014

The following pages do not form part of the statutory financial statements .

L & G PRODUCTIONS LIMITED

REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF L & G PRODUCTIONS LIMITED

YEAR ENDED 31 DECEMBER 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of L & G Productions Limited for the year ended 31 December 2014 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

Our work has been undertaken in accordance with the requirements of Association of Chartered Certified Accountants as detailed at www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc.

MALDE & CO Chartered Certified Accountants

99 Kenton Road Kenton Harrow Middlesex HA3 0AN

27 March 2015

L & G PRODUCTIONS LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 DECEMBER 2014

	2014	2013
	£	£

OVERHEADS

Bank charges	61	60
	----	----
OPERATING LOSS	( 61)	( 60)

Bank interest receivable	4	4
	----	----
LOSS ON ORDINARY ACTIVITIES	( 57)	( 56)
	----	----