Neil Warner Pictures Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Neil Warner Pictures Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09400685 . The registered office is 5 Danby House, Morris Road, Bristol, BS7 9TX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% straight line
Motor Vehicles	25% straight line
Computer Equipment	33.33% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Neil Warner Pictures Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2025 to 31 March 2026

2.6. Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss. All other investments are subsequently measured ar cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit and loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assesed individually for impairment. Other financial assets are either assessed individually or grouped on the similar basis of credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 3 (2025: 2)

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Neil Warner Pictures Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2025 to 31 March 2026

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 February 2025	19,647	44,495	64,142
Additions	3,917	38,500	42,417

As at 31 March 2026	23,564	82,995	106,559

Depreciation
As at 1 February 2025	16,889	13,541	30,430
Provided during the period	2,498	16,988	19,486

As at 31 March 2026	19,387	30,529	49,916

Net Book Value
As at 31 March 2026	4,177	52,466	56,643

As at 1 February 2025	2,758	30,954	33,712

5. Stocks

	31 March 2026	31 January 2025
	£	£
Stock	13,586	13,807

6. Debtors

	31 March 2026	31 January 2025
	£	£
Due within one year
Trade debtors	26,866	69,427
Other debtors	2,265	2,885

	29,131	72,312

7. Creditors: Amounts Falling Due Within One Year

	31 March 2026	31 January 2025
	£	£
Trade creditors	6,191	10,379
Bank loans and overdrafts	16,336	7,164
Other creditors	10,131	58,748
Taxation and social security	41,305	32,867

	73,963	109,158

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Neil Warner Pictures Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2025 to 31 March 2026

8. Creditors: Amounts Falling Due After More Than One Year

	31 March 2026	31 January 2025
	£	£
Bank loans	43,070	27,281

9. Share Capital

	31 March 2026	31 January 2025
	£	£
Allotted, Called up and fully paid	100	100

10. Pension Commitments

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £110 (PY £NIL) were due to the fund. They are included in Other Creditors.

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		31 March 2026		31 January 2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		56,643		33,712

			56,643		33,712
CURRENT ASSETS
Stocks	5	13,586		13,807
Debtors	6	29,131		72,312
Cash at bank and in hand		68,083		29,652

		110,800		115,771
Creditors: Amounts Falling Due Within One Year	7	(73,963 )		(109,158 )

NET CURRENT ASSETS (LIABILITIES)			36,837		6,613

TOTAL ASSETS LESS CURRENT LIABILITIES			93,480		40,325

Creditors: Amounts Falling Due After More Than One Year	8		(43,070 )		(27,281 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(14,161 )		(8,428 )

NET ASSETS			36,249		4,616

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			36,149		4,516

SHAREHOLDERS' FUNDS			36,249		4,616