| Halo Films Limited |
| Registered number: |
05202084 |
| Balance Sheet |
| as at 30 April 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
8,012 |
|
|
5,343 |
|
| Current assets |
| Debtors |
4 |
|
5,010 |
|
|
8,469 |
| Cash at bank and in hand |
|
|
9,182 |
|
|
28,953 |
|
|
|
14,192 |
|
|
37,422 |
|
| Creditors: amounts falling due within one year |
5 |
|
(39,652) |
|
|
(78,642) |
|
| Net current liabilities |
|
|
|
(25,460) |
|
|
(41,220) |
|
| Total assets less current liabilities |
|
|
|
(17,448) |
|
|
(35,877) |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(50,000) |
|
|
(50,000) |
|
| Provisions for liabilities |
|
|
|
(1,465) |
|
|
(826) |
|
|
| Net liabilities |
|
|
|
(68,913) |
|
|
(86,703) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
200 |
|
|
200 |
| Profit and loss account |
|
|
|
(69,113) |
|
|
(86,903) |
|
| Shareholders' funds |
|
|
|
(68,913) |
|
|
(86,703) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr P L Georgi |
| Director |
| Approved by the board on 22 January 2018 |
|
| Halo Films Limited |
| Notes to the Accounts |
| for the year ended 30 April 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
over 3 years |
|
Fixtures and fittings |
over 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Going concern |
|
The accounts have been prepared on the going concern basis on the understanding the monies owed to the directors £74,198 as at 30th April 2017 (£101,468 at 30th April 2016) will not be recalled at the detriment of the company. The net liabilities continued to reduce, in the current financial year they reduced by £25,587 from £86,703 at the 30th April 2016 to £61,116 on the 30th April 2017 (year ending 30th April 2016 they reduced £16,231 from £102,934 to £86,703). |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Office equipment |
|
Fixture and fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 May 2016 |
75,112 |
|
3,707 |
|
78,819 |
|
Additions |
6,339 |
|
- |
|
6,339 |
|
At 30 April 2017 |
81,451 |
|
3,707 |
|
85,158 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2016 |
70,815 |
|
2,661 |
|
73,476 |
|
Charge for the year |
2,928 |
|
742 |
|
3,670 |
|
At 30 April 2017 |
73,743 |
|
3,403 |
|
77,146 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2017 |
7,708 |
|
304 |
|
8,012 |
|
At 30 April 2016 |
4,297 |
|
1,046 |
|
5,343 |
|
The director has reviewed the written down value of the assets and in his opinion this is representative of the market value taking into account age and condition. |
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
5,010 |
|
- |
|
Other debtors |
- |
|
8,469 |
|
|
|
|
|
|
5,010 |
|
8,469 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Directors current account |
23,918 |
|
51,468 |
|
Trade creditors |
3,893 |
|
10,060 |
|
Taxation and social security costs |
3,376 |
|
3,164 |
|
Other creditors |
8,465 |
|
13,950 |
|
|
|
|
|
|
39,652 |
|
78,642 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Other creditors |
50,000 |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
9,500 |
|
15,200 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
|
|
|
|
2017 |
|
2016 |
|
Mr P L Georgi |
£ |
£ |
|
Director and shareholder |
|
Working capital loaned to the company via the directors current account. In the current financial year the company repaid £27,550. |
|
Balance owed to the related party at the end of the financial year |
23,918 |
|
51,468 |
|
Long term loan |
50,000 |
|
50,000 |
|
Total monies owed |
73,918 |
|
101,468 |
|
|
|
|
|
|
|
|
|
|
Both the working capital loan and the long term loan are interest free and there is no fixed repayment terms. |
|
|
| 9 |
Controlling party |
|
|
The director has control of the company by virtue of his shareholding. |
|
|
| 10 |
Other information |
|
|
Halo Films Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The Old Forge |
|
Ham |
|
Berkeley |
|
Gloucestershire |
|
GL13 9QH |
