ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

SALON GALAHAD LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-07-01 10287949 2017-07-01 2018-03-31 10287949 2016-07-20 2017-06-30 10287949 2018-03-31 10287949 2017-06-30 10287949 c:Director1 2017-07-01 2018-03-31 10287949 d:CurrentFinancialInstruments 2018-03-31 10287949 d:CurrentFinancialInstruments 2017-06-30 10287949 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 10287949 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 10287949 d:ShareCapital 2018-03-31 10287949 d:ShareCapital 2017-06-30 10287949 d:RetainedEarningsAccumulatedLosses 2018-03-31 10287949 d:RetainedEarningsAccumulatedLosses 2017-06-30 10287949 c:FRS102 2017-07-01 2018-03-31 10287949 c:AuditExempt-NoAccountantsReport 2017-07-01 2018-03-31 10287949 c:FullAccounts 2017-07-01 2018-03-31 10287949 c:PrivateLimitedCompanyLtd 2017-07-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 10287949

SALON GALAHAD LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

SALON GALAHAD LIMITED

REGISTERED NUMBER: 10287949

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2018

	31 March	30 June
	2018	2017
Note	£	£


Current assets
Film production costs		1,158,512		355,884
Debtors	4	296,126		123,842
Cash at bank and in hand		23,748		153,018
		1,478,386		632,744
Creditors: amounts falling due within one year	5	(1,365,935)		(593,981)
Net current assets			112,451		38,763

Net assets			112,451		38,763

Capital and reserves
Called up share capital	2	2
Profit and loss account	112,449	38,761
	112,451	38,763

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 comprehensive income 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 21 June 2018.

N Taussig

Director

The notes on pages 2 to 3 form part of these financial statements.

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SALON GALAHAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

1.	General information

Salon Galahad Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is Regina House, 124 Finchley Road, London, NW3 5JS. The trading address of the company is 26A North Street, London, SW4 0HB.

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.

The following principal accounting policies have been applied:

2.2

Film production costs

Film production costs comprise the cumulative amounts expended in producing the film; they are
recorded as a current asset. This cost is being amortised to the statement of comprehensive income
over the period in which the rights to the film are being exploited.

2.3

Debtors

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

2.4

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.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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SALON GALAHAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.8

Taxation

Tax is recognised in the Statement of Comprehensive Income. 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.

Employees

The average monthly number of employees, including directors, during the period was 4 (2017 - 4).

Debtors

					31 March	30 June
					2018	2017
					£	£


Other debtors	83,143	63,099
Tax recoverable	212,983	60,743
	296,126	123,842

Trade creditors	75,091	55,731
Other creditors	1,288,344	532,250
Accruals and deferred income	2,500	6,000
	1,365,935	593,981

Included within other creditors is an amount of £1,093,284 (2017 : £532,250) with in secured by a fixed and floating charge over the assets of the company.

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