3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05674666 2023-02-01 2024-02-01 05674666 2024-02-01 05674666 2023-01-31 05674666 2022-02-01 2023-01-31 05674666 2023-01-31 05674666 2022-01-31 05674666 bus:Director1 2023-02-01 2024-02-01 05674666 bus:Director2 2023-02-01 2024-02-01 05674666 core:LandBuildings 2023-01-31 05674666 core:LandBuildings 2024-02-01 05674666 core:WithinOneYear 2024-02-01 05674666 core:WithinOneYear 2023-01-31 05674666 core:ShareCapital 2024-02-01 05674666 core:ShareCapital 2023-01-31 05674666 core:RetainedEarningsAccumulatedLosses 2024-02-01 05674666 core:RetainedEarningsAccumulatedLosses 2023-01-31 05674666 core:LandBuildings 2023-01-31 05674666 bus:SmallEntities 2023-02-01 2024-02-01 05674666 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-02-01 05674666 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-02-01 05674666 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-02-01 05674666 bus:FullAccounts 2023-02-01 2024-02-01
COMPANY REGISTRATION NUMBER: 05674666
Picture Lock Films Limited
Filleted Unaudited Financial Statements
1 February 2024
Picture Lock Films Limited
Statement of Financial Position
1 February 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1,937
2,687
Tangible assets
6
10,606
10,575
--------
--------
12,543
13,262
Current assets
Debtors
7
11,446
34,632
Cash at bank and in hand
45,602
22,862
--------
--------
57,048
57,494
Creditors: amounts falling due within one year
8
112,321
57,723
---------
--------
Net current liabilities
55,273
229
--------
--------
Total assets less current liabilities
( 42,730)
13,033
Provisions
Taxation including deferred tax
526
519
--------
--------
Net (liabilities)/assets
( 43,256)
12,514
--------
--------
Picture Lock Films Limited
Statement of Financial Position (continued)
1 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 43,356)
12,414
--------
--------
Shareholders (deficit)/funds
( 43,256)
12,514
--------
--------
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 period ending 1 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 June 2024 , and are signed on behalf of the board by:
Mrs C London
Mr M London
Director
Director
Company registration number: 05674666
Picture Lock Films Limited
Notes to the Financial Statements
Period ended 1 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, HG3 1GY.
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
Basis of preparation
The Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover represents amounts chargeable to clients for professional services provided during the year, excluding disbursements and VAT. Income is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. Income also includes appropriate amounts in respect of work in progress to the extent that the outcome of the contracts can be assessed with reasonable certainty. Income is not recognised where the right to receive payment is contingent on events outside the control of the company.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 period amounted to 3 (2023: 3 ).
5. Intangible assets
Website
£
Cost
At 1 February 2023 and 1 February 2024
3,000
-------
Amortisation
At 1 February 2023
313
Charge for the period
750
-------
At 1 February 2024
1,063
-------
Carrying amount
At 1 February 2024
1,937
-------
At 31 January 2023
2,687
-------
6. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 February 2023
8,500
8,194
16,694
Additions
1,298
1,298
Disposals
( 1,114)
( 1,114)
-------
-------
--------
At 1 February 2024
8,500
8,378
16,878
-------
-------
--------
Depreciation
At 1 February 2023
6,119
6,119
Charge for the period
1,268
1,268
Disposals
( 1,115)
( 1,115)
-------
-------
--------
At 1 February 2024
6,272
6,272
-------
-------
--------
Carrying amount
At 1 February 2024
8,500
2,106
10,606
-------
-------
--------
At 31 January 2023
8,500
2,075
10,575
-------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
31,601
Other debtors
11,446
3,031
--------
--------
11,446
34,632
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
83
( 599)
Corporation tax
15,822
Social security and other taxes
5,344
10,174
Other creditors
106,894
32,326
---------
--------
112,321
57,723
---------
--------
9. Directors' advances, credits and guarantees
There were no advances during the period.
10. Related party transactions
The company is under the control of the directors.