Velvet Film Production Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06195811 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

FOR

VELVET FILM PRODUCTION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

G Cowan

REGISTERED OFFICE:

18th Floor

Blue Tower

Media City UK

Salford Quays

Greater Manchester

M50 2ST

REGISTERED NUMBER:

06195811 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Tangible assets

4

63,910

83,408

CURRENT ASSETS

Debtors

5

50,792

132,351

Cash at bank and in hand

424,115

236,921

474,907

369,272

CREDITORS

Amounts falling due within one year

6

130,722

90,788

NET CURRENT ASSETS

344,185

278,484

TOTAL ASSETS LESS CURRENT LIABILITIES

408,095

361,892

CREDITORS

Amounts falling due after more than one year

7

(2,732

)

(3,642

)

PROVISIONS FOR LIABILITIES

8

(9,850

)

(16,700

)

NET ASSETS

395,513

341,550

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

395,512

341,549

SHAREHOLDERS' FUNDS

395,513

341,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 30 April 2018 and were signed by:

G Cowan - Director

1.	STATUTORY INFORMATION

Velvet Film Production Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents the net invoice value of services provided.

Tangible fixed assets

Tangible fixed assets are included at cost less depreciation and impairment.

Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each

asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised

estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying

amount that would have been determined (net of depreciation) had no impairment loss been recognised for the

asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost

using effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad

and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate

and are payable within one year shall be measured at the undiscounted amount due.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Short term employee 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.

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Government grants

Government grants are credited to the profit and loss account by instalments over the expected useful economic

life of the related asset on a basis consistent with the depreciation policy.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

115,341

Additions

1,726

At 31 August 2017

117,067

DEPRECIATION

At 1 September 2016

31,933

Charge for year

21,224

At 31 August 2017

53,157

NET BOOK VALUE

At 31 August 2017

63,910

At 31 August 2016

83,408

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

6,864

83,226

Amounts owed by participating interests

43,369

48,534

Other debtors

559

591

50,792

132,351

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

21,891

3,523

Taxation and social security

20,693

20,776

Other creditors

88,138

66,489

130,722

90,788

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

2,732

3,642

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

9,850

16,700

Deferred

tax

£

Balance at 1 September 2016

16,700

Credit to Income Statement during year

(6,850

)

Balance at 31 August 2017

9,850

9.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS Section 1A, as such the

Directors have concluded that there are no measurement differences on transition and accordingly no balances

have been restated.

The transition has not resulted in any changes in accounting policies to those previously used.