Registered number
04037130
Gottalife Productions Ltd
Filleted Accounts
31 July 2018
Gottalife Productions Ltd
Registered number: 04037130
Balance Sheet
as at 31 July 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 1,690 1,512
Current assets
Stocks 2,923 2,923
Debtors 3 990 899
Cash at bank and in hand 13,650 5,596
17,563 9,418
Creditors: amounts falling due within one year 4 (9,797) (10,594)
Net current assets/(liabilities) 7,766 (1,176)
Net assets 9,456 336
Capital and reserves
Called up share capital 2 2
Profit and loss account 9,454 334
Shareholders' funds 9,456 336
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr JW Wright
Director
Approved by the board on 06.11.2018
Gottalife Productions Ltd
Notes to the Accounts
for the year ended 31 July 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2017 12,144
Additions 600
At 31 July 2018 12,744
Depreciation
At 1 August 2017 10,632
Charge for the year 422
At 31 July 2018 11,054
Net book value
At 31 July 2018 1,690
At 31 July 2017 1,512
3 Debtors 2018 2017
£ £
Trade debtors 211 899
Other debtors 779 -
990 899
4 Creditors: amounts falling due within one year 2018 2017
£ £
Taxation and social security costs 9,389 9,195
Other creditors 408 1,399
9,797 10,594
5 Other information
Gottalife Productions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
31 Blossom Close
Langstone
Newport
South Wales
NP18 2LT
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