COMPANY REGISTRATION NUMBER
04089271
EXTREME PRODUCTIONS LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR
31 October 2016
MALDE & CO
Chartered Certified Accountants
99 Kenton Road
Kenton Harrow
Middlesex
HA3 0AN
EXTREME PRODUCTIONS LIMITED
ABBREVIATED BALANCE SHEET
31 October 2016
|
2016
|
2015
|
Note
|
£
|
£
|
£
|
FIXED ASSETS
|
2
|
|
|
|
Tangible assets
|
|
1
|
1
|
|
|
----
|
----
|
|
|
|
|
|
CURRENT ASSETS
CREDITORS: Amounts falling due within one year
|
33,844
|
|
33,844
|
|
---------
|
|
---------
|
NET CURRENT LIABILITIES
|
|
(
33,169)
|
(
32,494)
|
|
|
---------
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
(
33,168)
|
(
32,493)
|
|
|
---------
|
---------
|
|
|
|
|
CAPITAL AND RESERVES
Called up equity share capital
|
3
|
|
1
|
1
|
Profit and loss account
|
|
(
33,169)
|
(
32,494)
|
|
|
---------
|
---------
|
DEFICIT
|
|
(
33,168)
|
(
32,493)
|
|
|
---------
|
---------
|
|
|
|
|
|
For the year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved and signed by the director and authorised for issue on
9 June 2017
.
Mr. R Cohen
Director
Company Registration Number:
04089271
EXTREME PRODUCTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 OCTOBER 2016
1.
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). In adopting the Financial Reporting Standard for Smaller Entities (effective January 2015), it was not necessary to change any accounting policies and no prior period adjustment was required. Hence there has been no effect on the results for the current period in adopting the new Financial Reporting Standard for Smaller Entities. Going Concern The Company made a loss for the year and at the balance sheet date the company has net current liabilities. The director has confirmed that he has the ability and is willing to support the company so that the company will be able to meet its financial obligations as and when they fall due for at least 12 months from the date of approval of these financial statements. On this basis the director consider that preparing the accounts on the going concern basis is appropriate.
Finance lease agreements
Where the company enters into a lease, which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policy. Future instalments under such leases, net of finance charges, are included with creditors. Rentals payable are apportioned between the finance element, which is charged to the Profit and Loss Account on a straight-line basis, and the capital element, which reduces the outstanding obligation for future instalments.
Where the company has entered into a sale and leaseback agreement, the finance lease is matched by secured deposit such that interest earned on the deposit will cover the interest charge on the finance lease over the term of the lease. The deposit is only to be used to settle the finance lease liability and therefore it has been offset with the finance lease creditor to show the net unmatched liability at the year end. Similarly, the interest earned on the deposit is offset against the interest charges within the lease payment.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Tangible fixed asset and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on the film asset in accordance with the cost recovery method whereby depreciation is taken to the profit and loss account on the same as the income received in the accounting period.
2.
FIXED ASSETS
COST
At 1 November 2015 and 31 October 2016
|
17,335,378
|
|
---------------
|
|
|
DEPRECIATION
At 1 November 2015
|
17,335,377
|
|
---------------
|
At 31 October 2016
|
17,335,377
|
|
---------------
|
|
|
NET BOOK VALUE
At 31 October 2016
|
1
|
|
----
|
|
|
At 31 October 2015
|
1
|
|
----
|
|
|
The film asset is held under a finance lease
3.
SHARE CAPITAL
Allotted, called up and fully paid:
|
2016
|
2015
|
|
No.
|
£
|
No.
|
£
|
|
Ordinary shares of £ 1 each
|
1
|
1
|
1
|
1
|
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
|
EXTREME PRODUCTIONS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF EXTREME PRODUCTIONS LIMITED
YEAR ENDED 31 OCTOBER 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Extreme Productions Limited for the year ended 31 October 2016 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
Our work has been undertaken in accordance with the requirements of Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
MALDE & CO
Chartered Certified Accountants
99 Kenton Road
Kenton Harrow
Middlesex
HA3 0AN
9 June 2017