Phenomen_(IP)_Limited - Accounts

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

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

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

At the balance sheet date the company had net current liabilities of £61,043. The company relies on its shareholder's support to meet its day to day funding requirements. The director has received confirmation from the company's shareholder of its intention to continue this financial support for a period of at least 12 months from the date of these financial statements. Accordingly these financial statements are prepared on the going concern basis.

Intangible assets acquired are recognised at cost and are subsequently at each period end recorded at the lower of cost and recoverable amount. Recoverable amount of intellectual property is estimated based upon known future film income.

At reporting period end date, the company reviews the carrying amounts of intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

The company classifies a grant either as a grant relating to revenue or a grant relating to assets.

Grants relating to revenue are recognised in income on a systematic basis over the period in which the company recognises the related costs for which the grant is in intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiary undertakings of the group to which they are party to the transactions.

Phenomen Trust (a company limited by guarantee) is the parent company, whose registered office is 100 Piccadilly, London, W1J 7NH.

A prior year adjustment has been made to show post production recharges being expensed instead of the original treatment of capitalising these costs and subsequently recording an impairment. The adjustment has a Nil affect on the prior year profit.

Phenomen (IP) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL. The principle place of business is 100 Piccadily, Mayfair, London, W1J 7NH.

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 £.