Registration number:
Widget Productions (UK) Limited
for the Year Ended 31 March 2018
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP
Widget Productions (UK) Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
|
Detailed Profit and Loss Account |
Widget Productions (UK) Limited
Company Information
Directors |
Mr Daniel James Burgess Mr Matthew Christopher Diffey Mr Steven Alan Colley |
Registered office |
|
Registered number |
|
Accountants |
|
Page 1 |
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:
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
.........................................
Director
Page 2 |
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
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP
Page 3 |
Widget Productions (UK) Limited
Profit and Loss Account for the Year Ended 31 March 2018
Note |
2018 |
2017 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Loss before tax |
( |
( |
|
Taxation |
- |
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Widget Productions (UK) Limited
(Registration number: 08010997)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
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 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
.........................................
Director
Page 5 |
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 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
Dividends |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 March 2018 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 April 2016 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 March 2017 |
|
|
|
Page 6 |
Widget Productions (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
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.
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 |
Page 7 |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Page 8 |
Widget Productions (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2017 |
|
|
At 31 March 2018 |
|
|
Amortisation |
||
At 1 April 2017 |
|
|
At 31 March 2018 |
|
|
Carrying amount |
||
At 31 March 2018 |
- |
- |
Tangible assets |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 April 2017 |
|
|
|
At 31 March 2018 |
|
|
|
Depreciation |
|||
At 1 April 2017 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2018 |
|
|
|
Carrying amount |
|||
At 31 March 2018 |
|
|
|
At 31 March 2017 |
|
|
|
Debtors |
2018 |
2017 |
|
Trade debtors |
- |
|
Other debtors |
|
|
|
|
Page 9 |
Widget Productions (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
30 |
|
30 |
|
|
1 |
- |
- |
|
|
1 |
- |
- |
|
|
1 |
- |
- |
|
|
|
|
Loans and borrowings |
2018 |
2017 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
Page 10 |
Widget Productions (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
2018 |
2017 |
|
Remuneration |
|
|
Page 11 |
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) |
Page 12 |
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) |
Page 13 |