Company Registration No. 02695415 (England and Wales)
HARDCASH PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
HARDCASH PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HARDCASH PRODUCTIONS LIMITED (REGISTERED NUMBER: 02695415)
BALANCE SHEET
AS AT 31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,295
4,120
Current assets
Stocks
245,000
187,000
Debtors
4
224,183
151,401
Cash at bank and in hand
203,927
89,260
673,110
427,661
Creditors: amounts falling due within one year
5
(612,141)
(366,895)
Net current assets
60,969
60,766
Net assets
64,264
64,886
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
64,164
64,786
Total equity
64,264
64,886
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 April 2022 and are signed on its behalf by:
Ms L S Bonner
Director
HARDCASH PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 2 -
1
Accounting policies
Company information
Hardcash Productions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4th Floor, 399-401 Strand, London, WC2R 0LT.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of good and services, excluding value added tax.
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 machinery
25% reducing balance
Fixtures, fittings & equipment
25% 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
Stocks
Stock is measured at the financial year end as the total value of the materials and labour for unfinished projects.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
HARDCASH PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
HARDCASH PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 September 2020
5,125
38,860
43,985
Additions
920
920
At 31 August 2021
5,125
39,780
44,905
Depreciation and impairment
At 1 September 2020
3,759
36,106
39,865
Depreciation charged in the year
342
1,403
1,745
At 31 August 2021
4,101
37,509
41,610
Carrying amount
At 31 August 2021
1,024
2,271
3,295
At 31 August 2020
1,366
2,754
4,120
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
218,639
145,857
Other debtors
5,544
5,544
224,183
151,401
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
411,537
135,110
Trade creditors
3,899
66,047
Amounts owed to group undertakings
92,671
65,177
Taxation and social security
89,767
89,114
Other creditors
14,267
11,447
612,141
366,895
HARDCASH PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 5 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
44,330
52,514
7
Related party transactions
At the year end the company owed £92,671 (2020 : £65,177) to the parent company During the year the company purchased services totalling £135,086 (2020 : £123,000) from the parent company.