Infinite Content Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC508971 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Infinite Content Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R I Lindsay

A C Lindsay

M M Stothert

SECRETARY:

A C Lindsay

REGISTERED OFFICE:

1a Broughton Place

Edinburgh

EH1 3RL

REGISTERED NUMBER:

SC508971 (Scotland)

ACCOUNTANTS:

SJT Accounting Limited

Chartered Accountant

18 Harbour View

204 New Street

Musselburgh

EH21 6EL

FIXED ASSETS

Tangible assets

3

272

447

CURRENT ASSETS

Debtors

4

17,966

5,361

Cash at bank and in hand

74,162

1,105

92,128

6,466

CREDITORS

Amounts falling due within one year

5

159,254

135,864

NET CURRENT LIABILITIES

(67,126

)

(129,398

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(66,854

)

(128,951

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(66,954

)

(129,051

)

SHAREHOLDERS' FUNDS

(66,854

)

(128,951

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2022 and were signed on its behalf by:

A C Lindsay - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the provision of moving picture content services, excluding VAT. Revenue is recognised when the service has been provided to the clients.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future. In order to do so the company will require the continued support of its directors. The directors have indicated that they will continue to support the company, therefore based on this continued support and current trading levels, the company will be able to continue trading for the foreseeable future.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

348

5,667

6,015

DEPRECIATION

At 1 January 2021

122

5,446

5,568

Charge for year

35

140

175

At 31 December 2021

157

5,586

5,743

NET BOOK VALUE

At 31 December 2021

191

81

272

At 31 December 2020

226

221

447

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

16,959

4,560

Other debtors

1,007

801

17,966

5,361

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

19,250

24,233

Trade creditors

9,521

5,668

Taxation and social security

37,524

12,338

Other creditors

92,959

93,625

159,254

135,864

6.	OTHER FINANCIAL COMMITMENTS

At 31 December 2021 the company had financial commitments totalling £55,000 (2020 - £65,000) in respect of operating leases expiring in over five years.