Company registration number 8386109 (England and Wales)
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company continued to be that of motion picture,video and television programme post-production activities.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S C Wilkinson
D M Thomson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S C Wilkinson
Director
27 November 2024
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
238,014
197,405
Current assets
Debtors
4
103,665
45,098
Cash at bank and in hand
2,150,135
1,395,918
2,253,800
1,441,016
Creditors: amounts falling due within one year
5
(1,409,972)
(497,827)
Net current assets
843,828
943,189
Total assets less current liabilities
1,081,842
1,140,594
Creditors: amounts falling due after more than one year
6
(396,540)
(280,000)
Provisions for liabilities
(59,500)
(49,350)
Net assets
625,802
811,244
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
625,702
811,144
Total equity
625,802
811,244
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 3 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
S C Wilkinson
Director
Company registration number 8386109 (England and Wales)
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

The Flying Colour Company Post Production Limited is a private company limited by shares incorporated in England and Wales. The registered office is 308 Ewell Road, Surbiton, Surrey, KT6 7AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 equipment
25%-50% on cost
Computers
33.33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Pension costs and othet post-retirement benefits
The company operates a defined contribution pension scheme.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
31
25
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
913,948
Additions
251,428
At 28 February 2024
1,165,376
Depreciation and impairment
At 1 March 2023
716,543
Depreciation charged in the year
210,819
At 28 February 2024
927,362
Carrying amount
At 28 February 2024
238,014
At 28 February 2023
197,405
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,155
13,983
Other debtors
100,510
31,115
103,665
45,098
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
190,996
222,293
Corporation tax
39,945
122,770
Other taxation and social security
280,503
128,640
Other creditors
898,528
24,124
1,409,972
497,827
THE FLYING COLOUR COMPANY POST PRODUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
327,621
280,000
Other creditors
68,919
-
0
396,540
280,000
7
Related  Party Disclosures

During the year ,total dividends of £593,252 (2023- 593,000 ) were paid to the directors.

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