Helifilms Services (UK) Limited - Period Ending 2018-03-31

Helifilms Services (UK) Limited - Period Ending 2018-03-31


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Helifilms Services (UK) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 08132961

 

Helifilms Services (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Helifilms Services (UK) Limited

Company Information

Director

Mr M S Wright

Registered office

Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

Helifilms Services (UK) Limited

Balance Sheet

31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

338,460

412,957

Current assets

 

Debtors

6

7,183

2,824

Cash at bank and in hand

 

13,849

31,142

 

21,032

33,966

Creditors: Amounts falling due within one year

7

(188,377)

(314,209)

Net current liabilities

 

(167,345)

(280,243)

Total assets less current liabilities

 

171,115

132,714

Provisions for liabilities

(45,780)

(39,410)

Net assets

 

125,335

93,304

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

125,235

93,204

Total equity

 

125,335

93,304

 

Helifilms Services (UK) Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 May 2018
 

.........................................
Mr M S Wright
Director

   
     

Company Registration Number: 08132961

 

Helifilms Services (UK) Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

The principal place of business is:
Osborne House
The Strand
Lympstone
Devon
EX8 5JS

These financial statements were authorised for issue by the director on 16 May 2018.

2

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.

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.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated in sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

 

Helifilms Services (UK) Limited

Notes to the Financial Statements

Year Ended 31 March 2018

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

Goodwill

Positive goodwill was capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It was 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 indicated that the carrying value may not have been recoverable.

Amortisation

Amortisation was 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

 

Helifilms Services (UK) Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 1).

 

Helifilms Services (UK) Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

15,000

15,000

At 31 March 2018

15,000

15,000

Amortisation

At 1 April 2017

15,000

15,000

At 31 March 2018

15,000

15,000

Carrying amount

At 31 March 2018

-

-

5

Tangible assets

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2017

685,050

685,050

Additions

38,327

38,327

At 31 March 2018

723,377

723,377

Depreciation

At 1 April 2017

272,093

272,093

Charge for the year

112,824

112,824

At 31 March 2018

384,917

384,917

Carrying amount

At 31 March 2018

338,460

338,460

At 31 March 2017

412,957

412,957

 

Helifilms Services (UK) Limited

Notes to the Financial Statements

Year Ended 31 March 2018

6

Debtors

2018
 £

2017
 £

Trade debtors

4,849

1,200

Other debtors

2,334

1,624

7,183

2,824

7

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Trade creditors

 

3,362

2,789

Other creditors

 

133,605

119,743

Corporation tax

3,410

10

Deferred income

 

48,000

191,667

 

188,377

314,209

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Related party transactions

Loans from related parties

Terms of loans from related parties

During the year to 31 March 2018, the company repaid £20,142 to the director and the director advanced a further £33,904 to the company. The loan is interest free and repayable on demand.

At the balance sheet date the amount due to the director was £121,405 (2017: £107,643)