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Registration number: 08010997

Widget Productions (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Grenfell James Associates Limited
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

 

Widget Productions (UK) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 11

Detailed Profit and Loss Account

12 to 13

 

Widget Productions (UK) Limited

Company Information

Directors

Mr Daniel James Burgess

Mr Matthew Christopher Diffey

Mr Steven Alan Colley

Registered office

13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

Registered number

08010997

Accountants

Grenfell James Associates Limited
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

 

Widget Productions (UK) Limited

Directors' Report for the Year Ended 31 March 2018

The directors present their report and the financial statements for the year ended 31 March 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr Daniel James Burgess

Mr Matthew Christopher Diffey

Mr Steven Alan Colley

Principal activity

The principal activity of the company is sound recording and music publishing activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 October 2018 and signed on its behalf by:

.........................................
Mr Matthew Christopher Diffey
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Widget Productions (UK) Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Widget Productions (UK) Limited for the year ended 31 March 2018 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Widget Productions (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Widget Productions (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Widget Productions (UK) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Widget Productions (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Widget Productions (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Widget Productions (UK) Limited. You consider that Widget Productions (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Widget Productions (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
David Murphy FCCA on behalf of
Grenfell James Associates Limited
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

30 October 2018

 

Widget Productions (UK) Limited

Profit and Loss Account for the Year Ended 31 March 2018

Note

2018
£

2017
£

Turnover

 

184,195

177,188

Cost of sales

 

(111,852)

(88,571)

Gross profit

 

72,343

88,617

Distribution costs

 

(11,231)

(9,133)

Administrative expenses

 

(68,571)

(87,490)

Operating loss

 

(7,459)

(8,006)

Loss before tax

4

(7,459)

(8,006)

Taxation

 

-

7

Loss for the financial year

 

(7,459)

(7,999)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Widget Productions (UK) Limited

(Registration number: 08010997)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

6

114,852

121,089

Current assets

 

Debtors

7

741

1,699

Cash at bank and in hand

 

50

4,158

 

791

5,857

Creditors: Amounts falling due within one year

8

(102,868)

(93,005)

Net current liabilities

 

(102,077)

(87,148)

Net assets

 

12,775

33,941

Capital and reserves

 

Called up share capital

9

33

30

Profit and loss account

12,742

33,911

Total equity

 

12,775

33,941

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.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 October 2018 and signed on its behalf by:
 

.........................................

Mr Matthew Christopher Diffey
Director

 

Widget Productions (UK) Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2017

30

33,911

33,941

Loss for the year

-

(7,459)

(7,459)

Total comprehensive income

-

(7,459)

(7,459)

Dividends

-

(13,710)

(13,710)

New share capital subscribed

3

-

3

At 31 March 2018

33

12,742

12,775

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

30

41,910

41,940

Loss for the year

-

(7,999)

(7,999)

Total comprehensive income

-

(7,999)

(7,999)

At 31 March 2017

30

33,911

33,941

 

Widget Productions (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company's registered number and registered office address can be found on the Company Information page.

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

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

5% on reducing balance method

Motor vehicle

15% on reducing balance method

 

Widget Productions (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is 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

estimated useful life of nil years

Borrowings

All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 4).

4

Loss before tax

Arrived at after charging/(crediting)

2018
£

2017
£

Depreciation expense

6,238

6,599

Amortisation expense

-

3,712

 

Widget Productions (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

18,560

18,560

At 31 March 2018

18,560

18,560

Amortisation

At 1 April 2017

18,560

18,560

At 31 March 2018

18,560

18,560

Carrying amount

At 31 March 2018

-

-

6

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

146,570

3,770

150,340

At 31 March 2018

146,570

3,770

150,340

Depreciation

At 1 April 2017

27,309

1,942

29,251

Charge for the year

5,963

274

6,237

At 31 March 2018

33,272

2,216

35,488

Carrying amount

At 31 March 2018

113,298

1,554

114,852

At 31 March 2017

119,261

1,828

121,089

7

Debtors

2018
£

2017
£

Trade debtors

-

996

Other debtors

741

703

741

1,699

 

Widget Productions (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

10

19,030

-

Trade creditors

 

1,625

1,625

Taxation and social security

 

3,056

3,356

Accruals and deferred income

 

2,000

2,000

Other creditors

 

77,157

86,024

 

102,868

93,005

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary share of £1 each

30

30

30

30

Ordinary A of £1 each

1

1

-

-

Ordinary B of £1 each

1

1

-

-

Ordinary C of £1 each

1

1

-

-

 

33

33

30

30

10

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

19,030

-

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Widget Productions (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Remuneration

23,432

37,000

 

Widget Productions (UK) Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2018

2018
 £

2017
 £

Turnover

Sales

184,195

177,188

Cost of sales

Purchases

111,852

88,571

Distribution costs

Haulage

11,231

9,133

Employment costs

Wages and salaries (excluding directors)

8,448

8,000

Directors remuneration

23,432

37,000

31,880

45,000

Establishment costs

Rent

9,838

8,760

Water rates

2,977

2,977

Insurance

4,425

4,431

Repairs and renewals

3,795

4,912

21,035

21,080

General administrative expenses

Telephone and fax

189

1,265

Computer software and maintenance costs

252

-

Printing, postage and stationery

-

31

Sundry expenses

213

260

Motor expenses

4,949

3,169

Advertising

1,152

3,473

Accountancy fees

2,040

2,000

8,795

10,198

Finance charges

Bank charges

623

901

Depreciation costs

Amortisation of goodwill

-

3,712

Depreciation of plant and machinery (owned)

5,964

6,276

Depreciation of motor vehicles (owned)

274

323

6,238

10,311

Operating loss

(7,459)

(8,006)

 

Widget Productions (UK) Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2018

2018
 £

2017
 £

Loss before tax

(7,459)

(8,006)