Precision Filming Limited - Limited company accounts 16.3
Precision Filming Limited - Limited company accounts 16.3
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2016 |
FOR |
PRECISION FILMING LIMITED |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2016 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Profit and Loss Account | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
PRECISION FILMING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2016 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 JULY 2016 |
The director presents his report with the financial statements of the company for the year ended 31 July 2016. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of window film installation. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve |
the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and |
of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
ON BEHALF OF THE BOARD: |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 JULY 2016 |
2016 | 2015 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 2 | ( |
) |
Interest receivable and similar income |
31,994 | (3,280 | ) |
Interest payable and similar charges |
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) |
Tax on profit/(loss) on ordinary activities | 3 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
BALANCE SHEET |
31 JULY 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Profit and loss account | 9 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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 were approved by the director on |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2016 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis which assumes that the company will continue in |
operational existence for the foreseeable future. |
The loss in this year was due to non payment of invoices by a customer whom the company was subsequently |
unable to contact and as there was no hope of recovery the invoices were written off as a bad debt. The director |
is confident of a return to profitability in the current financial year. |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
Turnover |
Turnover represents the total amount of work done including VAT less Flat Rate Scheme VAT payable. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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 the profit and loss account in the period to which they relate. |
2. | OPERATING PROFIT/(LOSS) |
The operating profit (2015 - operating loss) is stated after charging: |
2016 | 2015 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Pension costs |
Director's remuneration and other benefits etc |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2016 |
3. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit on ordinary activities for the year was as follows: |
2016 | 2015 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit/(loss) on ordinary activities | ( |
) |
4. | DIVIDENDS |
2016 | 2015 |
£ | £ |
Ordinary share of £1 |
Interim | 18,000 | - |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2015 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2016 |
DEPRECIATION |
At 1 August 2015 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2016 |
NET BOOK VALUE |
At 31 July 2016 |
At 31 July 2015 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors | 17,116 | 10,056 |
PRECISION FILMING LIMITED (REGISTERED NUMBER: 05130535) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Value added tax | 5,062 | 1,462 |
Directors' current accounts | 1,231 | 7,474 |
Accrued expenses | 570 | 700 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 |
9. | RESERVES |
Profit |
and loss |
account |
£ |
At 1 August 2015 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 July 2016 |
10. | RELATED PARTY DISCLOSURES |
Dividends of £18,000 were paid to the director during the year. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |