2 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 74,064 2,300 76,364 55,229 5,285 60,514 15,850 18,835 xbrli:pure xbrli:shares iso4217:GBP 05383815 2022-04-01 2023-03-31 05383815 2023-03-31 05383815 2022-03-31 05383815 2021-04-01 2022-03-31 05383815 2022-03-31 05383815 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05383815 bus:Director1 2022-04-01 2023-03-31 05383815 core:WithinOneYear 2023-03-31 05383815 core:WithinOneYear 2022-03-31 05383815 core:ShareCapital 2023-03-31 05383815 core:ShareCapital 2022-03-31 05383815 core:RetainedEarningsAccumulatedLosses 2023-03-31 05383815 core:RetainedEarningsAccumulatedLosses 2022-03-31 05383815 bus:SmallEntities 2022-04-01 2023-03-31 05383815 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05383815 bus:FullAccounts 2022-04-01 2023-03-31 05383815 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05383815 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05383815 bus:OrdinaryShareClass1 2023-03-31 05383815 bus:OrdinaryShareClass1 2022-03-31 05383815 core:OfficeEquipment 2022-04-01 2023-03-31 05383815 core:OfficeEquipment 2022-03-31 05383815 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 05383815
RIGHT ANGLE FILMS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
RIGHT ANGLE FILMS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Balance sheet 1
Notes to the financial statements 2
RIGHT ANGLE FILMS LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
15,850
18,835
Current assets
Debtors
6
75
1,984
Cash at bank and in hand
16,961
5,572
------------
------------
17,036
7,556
Creditors: amounts falling due within one year
7
( 26,202)
( 26,454)
------------
------------
Net current liabilities
( 9,166)
( 18,898)
------------
------------
Total assets less current liabilities
6,684
( 63)
------------
------------
Net assets/(liabilities)
6,684
( 63)
------------
------------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
6,584
( 163)
------------
------------
Shareholders funds/(deficit)
6,684
( 63)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 April 2023 , and are signed on behalf of the board by:
C R Purcell
Director
Company registration number: 05383815
RIGHT ANGLE FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Office equipment
£
Cost
At 1 April 2022
74,064
Additions
2,300
------------
At 31 March 2023
76,364
------------
Depreciation
At 1 April 2022
55,229
Charge for the year
5,285
------------
At 31 March 2023
60,514
------------
Carrying amount
At 31 March 2023
15,850
------------
At 31 March 2022
18,835
------------
6. Debtors
2023
2022
£
£
Trade debtors
96
Corporation tax repayable
1,425
Corporation tax recoverable
75
Other debtors
463
------------
------------
75
1,984
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,679
4,760
Accruals and deferred income
3,577
2,992
Corporation tax
3,107
Social security and other taxes
1,445
202
Directors' loan account (note 11)
16,394
18,500
------------
------------
26,202
26,454
------------
------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
The shares are designated as 50 A ordinary shares of £1 each and 50 B ordinary shares of £1 each.
9. Related party transactions
The loan owed to the directors included in creditors is unsecured, repayable on demand and currently interest-free. The company is controlled by the directors.