Company Registration No. 02695415 (England and Wales)
HARDCASH PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,120
4,110
Current assets
Stocks
187,000
253,463
Debtors
4
151,401
24,033
Cash at bank and in hand
89,260
91,119
427,661
368,615
Creditors: amounts falling due within one year
5
(366,895)
(306,172)
Net current assets
60,766
62,443
Total assets less current liabilities
64,886
66,553
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
64,786
66,453
Total equity
64,886
66,553
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 2020 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 12 July 2021 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 2020
- 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
5th Floor, 34 Threadneedle Street, London, EC2R 8AY.
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 £
1
.
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 2020
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:
2020
2019
Number
Number
Total
3
3
HARDCASH PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 September 2019
5,125
37,480
42,605
Additions
1,380
1,380
At 31 August 2020
5,125
38,860
43,985
Depreciation and impairment
At 1 September 2019
3,303
35,192
38,495
Depreciation charged in the year
456
914
1,370
At 31 August 2020
3,759
36,106
39,865
Carrying amount
At 31 August 2020
1,366
2,754
4,120
At 31 August 2019
1,822
2,288
4,110
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
145,857
11,614
Other debtors
5,544
12,419
151,401
24,033
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
135,110
Trade creditors
66,047
96,267
Amounts owed to group undertakings
65,177
95,988
Taxation and social security
89,114
109,341
Other creditors
11,447
4,576
366,895
306,172
6
Related party transactions
HARDCASH PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
6
Related party transactions
(Continued)
- 5 -
At the year end the company owed £65,177 to the parent company During the year the company purchased services totalling £123,000 from the parent company.