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Abbreviated Unaudited Accounts for the Year Ended 31 May 2015 |
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Impossible Pictures Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 31 May 2015 |
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Impossible Pictures Limited |
Impossible Pictures Limited (Registered number: 04120085) |
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Contents of the Abbreviated Accounts |
for the Year Ended 31 May 2015 |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
Impossible Pictures Limited |
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Company Information |
for the Year Ended 31 May 2015 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Impossible Pictures Limited (Registered number: 04120085) |
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Abbreviated Balance Sheet |
31 May 2015 |
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31.5.15 | 31.5.14 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 3 |
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Other reserves |
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Profit and loss account | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the director on
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Impossible Pictures Limited (Registered number: 04120085) |
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Notes to the Abbreviated Accounts |
for the Year Ended 31 May 2015 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
During the year ended 31 May 2015, the company earned a profit of £108,791 and at the |
balance sheet date had a net deficit on shareholders' funds of £369,566. The directors have |
reviewed the financial status of the company and consider the company to be a going |
concern based on the following: |
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1. The company has traded profitably in the current year and is expected to continue to |
exploit its rights in respect of programming and generate profits in the future; |
2. The company has continued support from its bankers. The current facilities are in place |
and the directors are hopeful, based on ongoing discussions with the bankers, that |
continued support will be forthcoming to enable the company to continue to trade. |
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Based on the above, the financial statements have been prepared on a going concern basis. |
The accounts do not contain any adjustments which would result if the above basis was not |
appropriate. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in |
accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
The financial statements have been prepared under the historical cost convention and in |
accordance with accounting standards generally accepted in the United Kingdom and |
Companies Act 2006. |
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Intangible fixed assets and amortisation |
Goodwill is the difference between amounts paid on the acquisition of a business and the |
fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss |
account over its estimated economic life. |
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In all cases intangible assets are reviewed for impairment at the end of the first full financial |
year following acquisition and in other periods if events or changes in circumstances indicate |
that the carrying value may not be recoverable. |
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Foreign currencies |
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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and the pension charge |
represents the amounts payable by the company to the fund in respect of the year. |
Impossible Pictures Limited (Registered number: 04120085) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 May 2015 |
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1. | ACCOUNTING POLICIES - continued |
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Programmes in progress at the year end |
For all productions, the stage of completion is dictated by the costs incurred to date relative |
to the overall production budget. Where productions are in progress at the year end and |
where the services invoiced exceed the value of work done, the excess is shown as deferred |
income. In instances where programmes in progress at the year have not been fully invoiced |
relative to the stage of completion, the balance of income for the stage of completion is |
recognised as accrued income. Any expected losses arising on productions in progress are |
recognised immediately. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 June 2014 |
and 31 May 2015 |
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AMORTISATION |
At 1 June 2014 |
and 31 May 2015 |
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NET BOOK VALUE |
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At 31 May 2015 |
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At 31 May 2014 |
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3. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.15 | 31.5.14 |
value: | £ | £ |
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Ordinary | 0.05 |
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4. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the director, Impossible Pictures Limited is under the control of Tim Haines, |
by virtue of his majority shareholding. |
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5. | PENSION COMMITMENTS |
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The company operates a defined contributions scheme. The assets of the scheme are held |
separately from those of the company in an independently administered fund. The pension |
costs represent contributions payable by the company to the fund and amounted to £14,000 |
(2014: £11,000). The amount of pension contributions unpaid at the year end was £nil |
(2014: £nil). |