Registration number:
Connected Pictures Ltd
trading as
for the Year Ended 30 November 2021
Connected Pictures Ltd
trading as Connected Pictures Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Connected Pictures Ltd
trading as Connected Pictures Ltd.
Company Information
Directors |
Mr Adam Penny Mr Jonathan Christopher Ayres Mr Peter Penny Mrs Helena Christina Rosen Penny Miss Jane Elizabeth Harrington Ms Elizabeth Smith |
Company secretary |
Mr Peter Penny |
Registered office |
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Connected Pictures Ltd
trading as Connected Pictures Ltd.
(Registration number: 03113519)
Balance Sheet as at 30 November 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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|
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Other financial assets |
20,790 |
20,790 |
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Current assets |
|||
Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
515 |
400 |
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Revaluation reserve |
15,254 |
15,254 |
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Retained earnings |
562,047 |
277,000 |
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Shareholders' funds |
577,816 |
292,654 |
Connected Pictures Ltd
trading as Connected Pictures Ltd.
(Registration number: 03113519)
Balance Sheet as at 30 November 2021
For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
73A Redchurch Street
London
London
E2 7DJ
UK
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
33% reducing balance |
Fixtures, fittings and office equipment |
25% reducing balance |
Bicycles |
33.33% straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Asset class |
Amortisation method and rate |
Software |
3 year straight line |
Intellectual Property |
10 year straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Trademarks, patents and licenses |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 December 2020 |
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Additions acquired separately |
- |
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At 30 November 2021 |
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Amortisation |
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At 1 December 2020 |
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Amortisation charge |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 1 December 2020 |
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Additions |
- |
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- |
- |
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Disposals |
- |
( |
- |
- |
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At 30 November 2021 |
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Depreciation |
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At 1 December 2020 |
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Charge for the year |
- |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
- |
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At 30 November 2020 |
- |
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Total |
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Cost or valuation |
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At 1 December 2020 |
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Additions |
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Disposals |
( |
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At 30 November 2021 |
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Depreciation |
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At 1 December 2020 |
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Charge for the year |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 December 2020 |
20,790 |
20,790 |
At 30 November 2021 |
20,790 |
20,790 |
Impairment |
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Carrying amount |
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At 30 November 2021 |
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20,790 |
Debtors |
Current |
2021 |
2020 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Connected Pictures Ltd
trading as Connected Pictures Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
|
|
|
361 |
|
361 |
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|
39 |
|
39 |
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115 |
|
115 |
|
|
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
- |
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- |
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