ACCOUNTS - Final Accounts preparation

Registered number: 10576362

VOLSUNG LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 11 AUGUST 2017

VOLSUNG LIMITED

REGISTERED NUMBER: 10576362

BALANCE SHEET

AS AT 11 AUGUST 2017

		2017
Note		£


Current assets
Stocks		1,426,734
Debtors: amounts falling due within one year	5	366,248
Cash at bank and in hand		127,903
		1,920,885
Creditors: amounts falling due within one year		(1,037,375)
Net current assets			883,510
Total assets less current liabilities			883,510

Net assets			883,510

Capital and reserves
Called up share capital			53,238
Share premium account			479,143
Profit and loss account			351,129
			883,510

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 income and retained earnings 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 15 February 2018.

A I Ryder

Director

The notes on pages 3 to 5 form part of these financial statements.

Page 1

VOLSUNG LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 11 AUGUST 2017

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
Comprehensive income for the period
Profit for the period	-	-	351,129	351,129
Shares issued during the period	53,238	479,143	-	532,381
At 11 August 2017	53,238	479,143	351,129	883,510

Page 2

VOLSUNG LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 11 AUGUST 2017

1.	General information

Volsung Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29-31 Oxford Street, London, United Kingdom, W1D 2DR.

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.

2.2

Revenue

Revenue comprises distribution revenue receivable and is recognised in the Statement of Income and Retained Earnings in the period it is contractually due.

2.3

Stocks

Stocks comprise film production costs, which are recorded as a current asset. Film production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant film are being exploited by the company.

2.4

Debtors

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

2.5

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.

2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.

2.7

Creditors

Short term creditors are measured at the transaction price.

2.8

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. 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.

Page 3

VOLSUNG LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 11 AUGUST 2017

Employees

The average monthly number of employees, including directors, during the period was 2.

4.	Stocks
		2017
		£

	Film production costs	1,426,734
		1,426,734

Debtors

					2017
					£


	Other debtors	111,294
	Tax recoverable	254,954
		366,248

6.	Cash and cash equivalents
		2017
		£

	Cash at bank and in hand	127,903
		127,903

7.	Creditors: Amounts falling due within one year
		2017
		£

	Other creditors	1,037,375
		1,037,375

Page 4

VOLSUNG LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 11 AUGUST 2017

Related party transactions

During the period expenses totalling £60,623 were paid on behalf of the company by Misfits Entertainment Limited, a company in which A Ryder is also a director. Repayments totalling £15,000 were made by the company. At the balance sheet date, creditors include £45,623 due to Misfits Entertainment Limited.
During the period, producer fees of £16,800 were due to Fatal Black AB, a company registered in Sweden in which D Hughes is also a director. At the balance sheet date £nil was due to Fatal Black AB.

9.	Controlling party

During the current and preceeding period the company was under the control of the directors.

10.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 5