Registered number
11364433
First Light Films Limited
Filleted Accounts
31 May 2024
First Light Films Limited
Registered number: 11364433
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 172,149 120,114
Current assets
Debtors 4 15,930 55,012
Investments held as current assets 5 7,807 145,707
Cash at bank and in hand 179,195 335,662
202,932 536,381
Creditors: amounts falling due within one year 6 (50,807) (131,119)
Net current assets 152,125 405,262
Net assets 324,274 525,376
Capital and reserves
Called up share capital 1 1
Profit and loss account 324,273 525,375
Shareholder's funds 324,274 525,376
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
A Ferguson-Derbyshire
Director
Approved by the board on 1 December 2024
First Light Films Limited
Notes to the Accounts
for the year ended 31 May 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 the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Motor vehicles over 5 years
Leasehold improvements over 10 years
Plant and machinery over 5 years
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 140,249 24,687 - 164,936
Additions 38,517 566 42,000 81,083
At 31 May 2024 178,766 25,253 42,000 246,019
Depreciation
At 1 June 2023 27,332 17,490 - 44,822
Charge for the year 17,877 2,771 8,400 29,048
At 31 May 2024 45,209 20,261 8,400 73,870
Net book value
At 31 May 2024 133,557 4,992 33,600 172,149
At 31 May 2023 112,917 7,197 - 120,114
4 Debtors 2024 2023
£ £
Trade debtors 15,930 17,880
Other debtors - 37,132
15,930 55,012
5 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments - 145,707
Unlisted investments 7,807 -
7,807 145,707
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (1,434) 1,434
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 20 3,430
Taxation and social security costs 41,777 125,939
Other creditors 9,010 1,750
50,807 131,119
7 Related party transactions
During the year, the director A Ferguson-Derbyshire, who holds 100% of the issued share capital in the company, received dividends of £270,600 (2023 - £322,597).
8 Controlling party
The ultimate controlling party is the director A Ferguson-Derbyshire who holds 100% of the issued share capital in the company.
9 Other information
First Light Films Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Church Cottages
Wood Dalling
Norwich
Norfolk
NR11 6SN
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