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COMPANY REGISTRATION NUMBER: 02760297
The Big Picture Productions Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
The Big Picture Productions Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
679
189
Current assets
Stocks
400
400
Debtors
6
33,100
27,225
--------
--------
33,500
27,625
Creditors: amounts falling due within one year
7
33,744
26,123
--------
--------
Net current (liabilities)/assets
( 244)
1,502
----
-------
Total assets less current liabilities
435
1,691
----
-------
Net assets
435
1,691
----
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
433
1,689
----
-------
Shareholders funds
435
1,691
----
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Big Picture Productions Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
S M Vause
Director
Company registration number: 02760297
The Big Picture Productions Limited
Notes to the Financial Statements
Year ended 31 October 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 1 Heslington Lane, Fulford, York, YO10 4HW.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. At the date of signing these financial statements, the directors have considered the effect of the Coronavirus pandemic on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from the provision of services is recognised when 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 be incurred in respect of transactions can be measured reliably.
(d) Income tax
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.
(e) 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.
(f) 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
-
20% reducing balance
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 1 (2022: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 November 2022
2,106
2,106
Additions
716
716
-------
-------
At 31 October 2023
2,822
2,822
-------
-------
Depreciation
At 1 November 2022
1,917
1,917
Charge for the year
226
226
-------
-------
At 31 October 2023
2,143
2,143
-------
-------
Carrying amount
At 31 October 2023
679
679
-------
-------
At 31 October 2022
189
189
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
33,100
27,225
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdraft
3,906
3,858
Trade creditors
28
206
Corporation tax
22,469
13,769
Social security and other taxes
3,589
3,644
Other creditors
3,752
4,646
--------
--------
33,744
26,123
--------
--------
8. Director's advances, credits and guarantees
During the year the company made available loans to the director. The loans are interest free and repayable on demand. At the year end date the balance due to the company totalled £9,581 (2022 - £6,939).