Helifilms Services (UK) Limited - Period Ending 2017-03-31
Helifilms Services (UK) Limited - Period Ending 2017-03-31
Year Ended
Registration number:
Helifilms Services (UK) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Helifilms Services (UK) Limited
Company Information
Director |
Mr M S Wright |
Registered office |
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Accountants |
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Page 1 |
Helifilms Services (UK) Limited
Balance Sheet
31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Helifilms Services (UK) Limited
Balance Sheet
31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the director on
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Mr M S Wright
Director
Company Registration Number: 08132961
Page 3 |
Helifilms Services (UK) Limited
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Osborne House
The Strand
Lympstone
Devon
EX8 5JS
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Helifilms Services (UK) Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.
Change in basis of accounting
The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. There were no changes to the previously stated equity as at 1 April 2015 or 31 March 2016 nor in the profit for the year ended 31 March 2016 as a result of the transition to FRS 102.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Page 4 |
Helifilms Services (UK) Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Page 5 |
Helifilms Services (UK) Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Helifilms Services (UK) Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
- |
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At 31 March 2016 |
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Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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Disposals |
( |
- |
( |
At 31 March 2017 |
- |
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Depreciation |
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At 1 April 2016 |
( |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
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At 31 March 2017 |
- |
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Carrying amount |
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At 31 March 2017 |
- |
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At 31 March 2016 |
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Page 7 |
Helifilms Services (UK) Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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- |
Other debtors |
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Prepayments |
- |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
- |
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Other creditors |
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Corporation tax |
10 |
- |
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Deferred income |
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Related party transactions |
Loans from related parties
Terms of loans from related parties
At the balance sheet date the amount due to the director was £107,643 (2016: £91,223)
Page 8 |