10_THINGS_FILMS_LIMITED - Accounts


Company Registration No. 08136318 (England and Wales)
10 THINGS FILMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JULY 2017
PAGES FOR FILING WITH REGISTRAR
10 THINGS FILMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
10 THINGS FILMS LIMITED
BALANCE SHEET
AS AT
29 JULY 2017
29 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
1
1
Current assets
Debtors
3
3,345,312
3,394,225
Creditors: amounts falling due within one year
4
(15,330)
(13,452)
Net current assets
3,329,982
3,380,773
Total assets less current liabilities
3,329,983
3,380,774
Capital and reserves
Called up share capital
5
13,913
13,913
Share premium account
3,557,522
3,557,522
Profit and loss reserves
(241,452)
(190,661)
Total equity
3,329,983
3,380,774

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 27 October 2018 and are signed on its behalf by:
G Smith
Director
Company Registration No. 08136318
10 THINGS FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JULY 2017
- 2 -
1
Accounting policies
Company information

10 Things Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 2, 27 Slingsby Place, London, England, WC2E 9AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 29 July 2017 are the first financial statements of 10 Things Films Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

10 THINGS FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JULY 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

10 THINGS FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JULY 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Fixed asset investments
2017
2016
£
£
Investments
1
1

 

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2016 & 29 July 2017
1
Carrying amount
At 29 July 2017
1
At 31 July 2016
1
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
3,345,312
3,346,560
Deferred tax asset
-
47,665
3,345,312
3,394,225
10 THINGS FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JULY 2017
- 5 -
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
33
Trade creditors
180
9,269
Other creditors
15,150
4,150
15,330
13,452
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
13,913Ordinary of £1 each
13,913
13,913
13,913
13,913

At the balance sheet date 3,730 shares of the total 13,913 shares in issue remain unpaid.

6
Related party transactions

During the year the company operated a loan account with related company 10 Things Films LLC, there was no movement during the year therefore the balance at the balance sheet date was £3,341,582 (2016: £3,341,582), this amount is included within other debtors.

 

This loan is interest free and there are no fixed terms for repayment.

7
Control

The ultimate controlling party is director G Smith due to his day to day running of the company.

2017-07-292016-08-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activity27 October 2018G SmithD A BeverlyMr Rinkle Shah081363182016-08-012017-07-29081363182017-07-29081363182016-07-3108136318core:CurrentFinancialInstruments2017-07-2908136318core:CurrentFinancialInstruments2016-07-3108136318core:ShareCapital2017-07-2908136318core:ShareCapital2016-07-3108136318core:SharePremium2017-07-2908136318core:SharePremium2016-07-3108136318core:RetainedEarningsAccumulatedLosses2017-07-2908136318core:RetainedEarningsAccumulatedLosses2016-07-3108136318core:ShareCapitalOrdinaryShares2017-07-2908136318core:ShareCapitalOrdinaryShares2016-07-3108136318bus:Director12016-08-012017-07-2908136318bus:OrdinaryShareClass12016-08-012017-07-2908136318bus:OrdinaryShareClass12017-07-2908136318bus:PrivateLimitedCompanyLtd2016-08-012017-07-2908136318bus:FRS1022016-08-012017-07-2908136318bus:AuditExemptWithAccountantsReport2016-08-012017-07-2908136318bus:SmallCompaniesRegimeForAccounts2016-08-012017-07-2908136318bus:Director22016-08-012017-07-2908136318bus:CompanySecretary12016-08-012017-07-2908136318bus:FullAccounts2016-08-012017-07-29xbrli:purexbrli:sharesiso4217:GBP