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Registration number: 09677642

Red Spot Films Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Red Spot Films Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Red Spot Films Limited

(Registration number: 09677642)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

59,757

57,341

Current assets

 

Debtors

6

528

573

Cash at bank and in hand

 

9,848

11,076

 

10,376

11,649

Creditors: Amounts falling due within one year

7

(48,347)

(43,278)

Net current liabilities

 

(37,971)

(31,629)

Total assets less current liabilities

 

21,786

25,712

Creditors: Amounts falling due after more than one year

7

(8,301)

(12,298)

Provisions for liabilities

(9,214)

(6,862)

Net assets

 

4,271

6,552

Capital and reserves

 

Called up share capital

100

100

Retained earnings

4,171

6,452

Shareholders' funds

 

4,271

6,552

 

Red Spot Films Limited

(Registration number: 09677642)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 April 2024
 

.........................................
Ms L Budd
Director

 

Red Spot Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Red Spot Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Other operating income

2023

2022

£

£

Government grants

-

1,366

Rental income

-

-

Miscellaneous other income

-

-

-

1,366

 

Red Spot Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

43,770

66,499

110,269

Additions

12,962

-

12,962

At 31 July 2023

56,732

66,499

123,231

Depreciation

At 1 August 2022

25,211

27,717

52,928

Charge for the year

4,728

5,818

10,546

At 31 July 2023

29,939

33,535

63,474

Carrying amount

At 31 July 2023

26,793

32,964

59,757

At 31 July 2022

18,560

38,781

57,341

6

Debtors

Note

2023
£

2022
£

Prepayments

 

528

144

Income tax asset

-

429

 

528

573

 

Red Spot Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

3,998

3,899

Trade creditors

72

45

Taxation and social security

2,578

5,601

Other creditors

41,699

33,733

48,347

43,278

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8,301

12,298

8

Related party transactions

Other transactions with the director

As as 31 July 2023 the company owed the director £40,170 (2022: £32,368)