ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

SALON GALAHAD LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2019-12-312019-12-312019-01-01false5The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity4truetrue 10287949 2019-01-01 2019-12-31 10287949 2018-04-01 2018-12-31 10287949 2019-12-31 10287949 2018-12-31 10287949 c:Director1 2019-01-01 2019-12-31 10287949 d:CurrentFinancialInstruments 2019-12-31 10287949 d:CurrentFinancialInstruments 2018-12-31 10287949 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 10287949 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 10287949 d:ShareCapital 2019-12-31 10287949 d:ShareCapital 2018-12-31 10287949 d:RetainedEarningsAccumulatedLosses 2019-12-31 10287949 d:RetainedEarningsAccumulatedLosses 2018-12-31 10287949 c:FRS102 2019-01-01 2019-12-31 10287949 c:AuditExempt-NoAccountantsReport 2019-01-01 2019-12-31 10287949 c:FullAccounts 2019-01-01 2019-12-31 10287949 c:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 10287949 2 2019-01-01 2019-12-31 iso4217:GBP xbrli:pure

Registered number: 10287949


Draft for approval







SALON GALAHAD LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2019
 
Draft for approval
SALON GALAHAD LIMITED
REGISTERED NUMBER: 10287949

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019

2019
2018
Note
£
£

  

Current assets
  

Film production costs
  
342,580
342,580

Debtors
 4 
3,975
11,249

Cash at bank and in hand
  
4,132
8,830

  
350,687
362,659

Creditors: amounts falling due within one year
 5 
(249,444)
(245,438)

Net current assets
  
 
 
101,243
 
 
117,221

  

Net assets
  
101,243
117,221


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
101,241
117,219

  
101,243
117,221


The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

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 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 statement of income and retained earnings 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 on 29 January 2021.



N Taussig
Director


The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
Draft for approval
SALON GALAHAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019

1.


General information

Salon Galahad Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.  The trading address of the company is 26A North Street, London, SW4 0HB.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through production loan facilities.
Existing funding facilities, forecasts and projections indicate that the company has adequate
resources to continue with some level of activity from a minimal to full levels. Although the potential
effect of the coronavirus can be modelled, it is very difficult to determine the assumptions that will
prove to be most appropriate and therefore there is an element of doubt existing that cannot be
quantified.
After reviewing the company's forecasts and projections, the directors have a reasonable
expectation that the company has adequate resources to continue in operational existence for the
foreseeable future. The directors therefore continue to adopt the going concern basis in preparing
the financial statements, but with the proviso that a material uncertainly exists over the company’s
future.

 
2.3

Revenue

Revenue comprises distribution revenue receivable and is recognised in the Statement of Comprehensive Income in the period it is contractually due.

 
2.4

Film production costs

Film production costs comprise the cumulative amounts expended in producing the film; they are
recorded as a current asset. This cost is being amortised to the statement of comprehensive income
over the period in which the rights to the film are being exploited.

 
2.5

Debtors

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

 
2.6

Cash and cash equivalents

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

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 2
 
Draft for approval
SALON GALAHAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019

2.Accounting policies (continued)


2.7
Financial instruments (continued)

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Taxation

Tax is recognised in the Statement of Comprehensive Income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
The company is eligible to claim a tax credit on film production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanceable expenditure and carries losses arising from total net costs forward against future profits.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2018 - 4).


4.


Debtors

2019
2018
£
£


Other debtors
3,975
6,479

Tax recoverable
-
4,770

3,975
11,249


Page 3
 
Draft for approval
SALON GALAHAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019

5.


Creditors: Amounts falling due within one year

2019
2018
£
£

Trade creditors
-
2,713

Other taxation and social security
-
874

Other creditors
247,694
239,351

Accruals and deferred income
1,750
2,500

249,444
245,438


Included within other creditors is an amount of £91,411 (2018 : £82,219) with in secured by a fixed and floating charge over the assets of the company.


6.


Related party transactions

At the balance sheet date, the company was due £3,975 (2018 : £3,975) from Salon Pictures Limited, a company in which N Taussig and P Van Carter are also directors. 
At the balance sheet date, the company owed £60 (2018 : £60) to Misfits Entertainment Limited, a company in which A Ryder and I Bonhote are also directors.  


7.


Controlling party

Throughout the year, the company was under the control of N Taussig and P van Carter, directors of the company, by virtue of their shareholding.

 
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