Registered number
14512230
Picture Locked Productions Limited
Filleted Accounts
31 March 2024
Picture Locked Productions Limited
Registered number: 14512230
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Tangible assets 3 3,960
Current assets
Work in progress 5,500
Debtors 4 198
Cash at bank and in hand 483
6,181
Creditors: amounts falling due within one year 5 (13,152)
Net current liabilities (6,971)
Net liabilities (3,011)
Capital and reserves
Called up share capital 100
Profit and loss account (3,111)
Shareholders' funds (3,011)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Johanna Hogan
Director
Approved by the board on 5 August 2024
Picture Locked Productions Limited
Notes to the Accounts
for the period from 29 November 2022 to 31 March 2024
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 rendering of services. 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.
Going concern
To date, the company has incurred losses and consequently, its continued existence rests on financial support from its directors and possibility of winning future contracts. After making enquiries, the directors have formed the judgment that at the time of approving the financial statements, there is reasonable expectation that the company has adequate resources to continue in operational existence for a foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
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:
Plant and machinery 10% on reducing balance
Fixtures, fittings, tools and equipment 25% on reducing balance
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of work in progress is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024
Number
Average number of persons employed by the company 2
3 Tangible fixed assets
Website
£
Cost
Additions 4,400
At 31 March 2024 4,400
Depreciation
Charge for the period 440
At 31 March 2024 440
Net book value
At 31 March 2024 3,960
4 Debtors 2024
£
VAT receivable 98
Other debtors 100
198
5 Creditors: amounts falling due within one year 2024
£
Amounts owed to related undertakings 12,652
Accrued expenses 500
13,152
6 Related party transactions
Included within the creditors is a balance in the sum of £12,652 payable to Delphi Media Consultants Ltd, a company of which Ms J Hogan is a director and shareholder.
7 Controlling party
The controlling parties are is Ms J Hogan and Ms G Carter. Their control comes by virtue of shareholdings, directorships and day to day running of the business.
8 Other information
Picture Locked Productions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 1
120 Muswell Hill Road
London
England
N10 3JD
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