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COMPANY REGISTRATION NUMBER: 11373310
Polygon Productions Limited
Filleted Unaudited Financial Statements
31 December 2023
Polygon Productions Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Polygon Productions Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
20,141
31,031
Current assets
Debtors
7
75,742
149,351
Cash at bank and in hand
30,137
100,759
---------
---------
105,879
250,110
Creditors: amounts falling due within one year
8
235,075
266,957
---------
---------
Net current liabilities
129,196
16,847
---------
--------
Total assets less current liabilities
( 109,055)
14,184
Creditors: amounts falling due after more than one year
9
630,494
405,494
---------
---------
Net liabilities
( 739,549)
( 391,310)
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
( 839,549)
( 491,310)
---------
---------
Shareholders deficit
( 739,549)
( 391,310)
---------
---------
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 December 2023 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 year 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 .
Polygon Productions Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Mr N J C Elliott
Director
Company registration number: 11373310
Polygon Productions Limited
Notes to the Financial Statements
Year ended 31 December 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 Taunton Cottage, Wroslyn Road, Freeland, Witney, OX29 8AQ, England.
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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Goodwill
-
20% 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
-
33% 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
18,200
--------
Amortisation
At 1 January 2023 and 31 December 2023
18,200
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
--------
6. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
66,554
--------
Depreciation
At 1 January 2023
35,523
Charge for the year
10,890
--------
At 31 December 2023
46,413
--------
Carrying amount
At 31 December 2023
20,141
--------
At 31 December 2022
31,031
--------
7. Debtors
2023
2022
£
£
Trade debtors
62,643
15,463
Other debtors
13,099
133,888
--------
---------
75,742
149,351
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
86,198
68,477
Social security and other taxes
8,612
1,277
Other creditors
140,265
197,203
---------
---------
235,075
266,957
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
630,494
405,494
---------
---------
10. Related party transactions
At the year end, the company owed directors £714,487 (2022: £490,958).