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PAL PRODUCTIONS LIMITED
REGISTERED NUMBER:
02237216
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ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
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Creditors:
amounts falling due within one year
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Total assets less current liabilities
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 January 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
26 October 2016
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The notes on pages 2 to 3 form part of these financial statements.
1
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
1.
Accounting policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to provide necessary funding and maintain operations and meet its liabilities in full for at least the next twelve months. On this basis the director is satisfied that the accounts are to be prepared on a going concern basis.
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Royalty income represents amounts invoiced during the year for royalties and royalty advances.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
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2.
Creditors:
Amounts falling due within one year
Included in creditors is an amount for £131,699 (2015 - £127,156) of bank overdraft which is secured by a fixed and floating charge of the company's assets.
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