Registered number
11364433
First Light Films Limited
Filleted Accounts
31 May 2023
First Light Films Limited
Registered number: 11364433
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 120,114 130,646
Current assets
Debtors 4 55,012 24,760
Investments held as current assets 5 145,707 -
Cash at bank and in hand 335,662 512,372
536,381 537,132
Creditors: amounts falling due within one year 6 (131,119) (143,421)
Net current assets 405,262 393,711
Net assets 525,376 524,357
Capital and reserves
Called up share capital 1 1
Profit and loss account 525,375 524,356
Shareholder's funds 525,376 524,357
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
A Ferguson-Derbyshire
Director
Approved by the board on 10 October 2023
First Light Films Limited
Notes to the Accounts
for the year ended 31 May 2023
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.
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:
Leasehold improvements over 10 years
Plant and machinery over 5 years
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Lease improvements Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 133,069 23,437 156,506
Additions 7,180 1,250 8,430
At 31 May 2023 140,249 24,687 164,936
Depreciation
At 1 June 2022 13,307 12,553 25,860
Charge for the year 14,025 4,937 18,962
At 31 May 2023 27,332 17,490 44,822
Net book value
At 31 May 2023 112,917 7,197 120,114
At 31 May 2022 119,762 10,884 130,646
4 Debtors 2023 2022
£ £
Trade debtors 17,880 24,760
Other debtors 37,132 -
55,012 24,760
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 145,707 -
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 1,434 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,430 2,475
Taxation and social security costs 125,939 139,196
Other creditors 1,750 1,750
131,119 143,421
7 Related party transactions
During the year, the director A Ferguson-Derbyshire, who holds 100% of the issued share capital in the company, received dividends of £322,597 (2022 - £328,661).
8 Controlling party
The ultimate controlling party is the director A Ferguson-Derbyshire who holds 100% of the issued share capital in the company.
9 Other information
First Light Films Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Church Cottages
Wood Dalling
Norwich
Norfolk
NR11 6SN
First Light Films Limited 11364433 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts April 2022 A Ferguson-Derbyshire No description of principal activity 11364433 2021-06-01 2022-05-31 11364433 core:WithinOneYear 2022-05-31 11364433 core:ShareCapital 2022-05-31 11364433 core:RetainedEarningsAccumulatedLosses 2022-05-31 11364433 2022-06-01 2023-05-31 11364433 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11364433 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 11364433 bus:Director40 2022-06-01 2023-05-31 11364433 1 2022-06-01 2023-05-31 11364433 2 2022-06-01 2023-05-31 11364433 core:LandBuildings 2022-06-01 2023-05-31 11364433 core:PlantMachinery 2022-06-01 2023-05-31 11364433 countries:England 2022-06-01 2023-05-31 11364433 bus:FRS102 2022-06-01 2023-05-31 11364433 bus:FullAccounts 2022-06-01 2023-05-31 11364433 2023-05-31 11364433 core:WithinOneYear 2023-05-31 11364433 core:ShareCapital 2023-05-31 11364433 core:RetainedEarningsAccumulatedLosses 2023-05-31 11364433 core:LandBuildings 2023-05-31 11364433 core:PlantMachinery 2023-05-31 11364433 2022-05-31 11364433 core:LandBuildings 2022-05-31 11364433 core:PlantMachinery 2022-05-31 iso4217:GBP xbrli:pure