ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2016.0.181 2016.0.1812017-08-112017-08-11The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueNo description of principal activityfalse2017-01-23105763622017-01-22105763622017-01-232017-08-11105763622017-08-1110576362 c:Director2 2017-01-232017-08-1110576362 d:CurrentFinancialInstruments 2017-08-1110576362 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-1110576362 d:ShareCapital 2017-01-232017-08-1110576362 d:ShareCapital 2017-08-1110576362 d:SharePremium 2017-01-232017-08-1110576362 d:SharePremium 2017-08-1110576362 d:RetainedEarningsAccumulatedLosses 2017-01-232017-08-1110576362 d:RetainedEarningsAccumulatedLosses 2017-08-1110576362 c:FRS102 2017-01-232017-08-1110576362 c:AuditExempt-NoAccountantsReport 2017-01-232017-08-1110576362 c:FullAccounts 2017-01-232017-08-1110576362 c:PrivateLimitedCompanyLtd 2017-01-232017-08-11iso4217:GBPxbrli:pure

Registered number: 10576362









VOLSUNG LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 11 AUGUST 2017

 
VOLSUNG LIMITED
REGISTERED NUMBER: 10576362

BALANCE SHEET
AS AT 11 AUGUST 2017

2017
Note
£

  

Current assets
  

Stocks
  
1,426,734

Debtors: amounts falling due within one year
 5 
366,248

Cash at bank and in hand
  
127,903

  
1,920,885

Creditors: amounts falling due within one year
  
(1,037,375)

Net current assets
  
 
 
883,510

Total assets less current liabilities
  
883,510

  

Net assets
  
883,510


Capital and reserves
  

Called up share capital 
  
53,238

Share premium account
  
479,143

Profit and loss account
  
351,129

  
883,510


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 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 15 February 2018.



A I Ryder
Director
The notes on pages 3 to 5 form part of these financial statements.

Page 1

 
VOLSUNG LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 11 AUGUST 2017


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period

-
-
351,129
351,129

Shares issued during the period
53,238
479,143
-
532,381


At 11 August 2017
53,238
479,143
351,129
883,510

Page 2

 
VOLSUNG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 11 AUGUST 2017

1.


General information

Volsung Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29-31 Oxford Street, London, United Kingdom, W1D 2DR.

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.

 
2.2

Revenue

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

  
2.3

Stocks

Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant film are being exploited by the company.

 
2.4

Debtors

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

 
2.5

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.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. 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.

Page 3

 
VOLSUNG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 11 AUGUST 2017

3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Stocks

2017
£

Film production costs
1,426,734

1,426,734



5.


Debtors

2017
£


Other debtors
111,294

Tax recoverable
254,954

366,248



6.


Cash and cash equivalents

2017
£

Cash at bank and in hand
127,903

127,903



7.


Creditors: Amounts falling due within one year

2017
£

Other creditors
1,037,375

1,037,375


Page 4

 
VOLSUNG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 11 AUGUST 2017

8.


Related party transactions

During the period expenses totalling £60,623 were paid on behalf of the company by Misfits Entertainment Limited, a company in which A Ryder is also a director. Repayments totalling £15,000 were made by the company. At the balance sheet date, creditors include £45,623 due to Misfits Entertainment Limited.
During the period, producer fees of £16,800 were due to Fatal Black AB, a company registered in Sweden in which D Hughes is also a director.  At the balance sheet date £nil was due to Fatal Black AB.


9.


Controlling party

During the current and preceeding period the company was under the control of the directors.


10.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 5