Joy Films Limited
Unaudited Financial Statements
For the year ended 30 September 2023
Pages for Filing with Registrar
Company Registration No. 07014766 (England and Wales)
Joy Films Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Joy Films Limited
Balance Sheet
As at 30 September 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,658
8,878
Current assets
Debtors
4
1,852
5,236
Cash at bank and in hand
6,430
2,728
8,282
7,964
Creditors: amounts falling due within one year
5
(345,871)
(285,779)
Net current liabilities
(337,589)
(277,815)
Net liabilities
(330,931)
(268,937)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(331,031)
(269,037)
Total equity
(330,931)
(268,937)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 August 2024
M Norowzian
Director
Company Registration No. 07014766
Joy Films Limited
Notes to the Financial Statements
For the year ended 30 September 2023
Page 2
1
Accounting policies
Company information
Joy Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has a loss for the year of £61,994 and net liabilities of £330,931 and is dependent on the continuing support of the director who is owed £332,014. The Director has confirmed that he will continue to support the company and meet liabilities as they come due for at least 12 months from the signing of these financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Joy Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 3
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022- 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 and 30 September 2023
62,855
Depreciation and impairment
At 1 October 2022
53,977
Depreciation charged in the year
2,220
At 30 September 2023
56,197
Carrying amount
At 30 September 2023
6,658
At 30 September 2022
8,878
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36
36
Other debtors
1,816
5,200
1,852
5,236
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,257
5,257
Other creditors
332,014
271,922
Accruals and deferred income
8,600
8,600
345,871
285,779
Joy Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 4
6
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
7
Related party transactions
At the year end £332,014 (2022: £271,922) was owed to the director.
8
Controlling party
The ultimate controlling party is M Norowzian, the director of the company, by virtue of his majority shareholding.