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Unaudited Financial Statements for the Year Ended 31 May 2017 |
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Impossible Pictures Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2017 |
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for |
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Impossible Pictures Limited |
Impossible Pictures Limited (Registered number: 04120085) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Impossible Pictures Limited |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTORS: |
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Mrs C A F Haines |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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39 Long Acre |
London |
WC2E 9LG |
Impossible Pictures Limited (Registered number: 04120085) |
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Balance Sheet |
31 May 2017 |
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31.5.17 | 31.5.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
Impossible Pictures Limited (Registered number: 04120085) |
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Balance Sheet - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Impossible Pictures Limited (Registered number: 04120085) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Impossible Pictures Limited is a
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and Wales. The company's registered number and registered office address can be found |
on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements for the year ended 31 May 2017 are the first financial statements |
that comply with FRS 102 Section 1A small entities. The date of transition is 1 June 2015. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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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. 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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Tangible fixed assets |
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Computer equipment | - |
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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Impossible Pictures Limited (Registered number: 04120085) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Production |
investments |
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COST |
At 1 June 2016 |
and 31 May 2017 |
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AMORTISATION |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 June 2016 |
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Additions |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' loan accounts | 2,228 | 1,142 |
VAT |
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Prepayments and accrued income |
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Impossible Pictures Limited (Registered number: 04120085) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 15,161 | - |
Accruals and deferred income |
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Accrued expenses |
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8. | 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 £64,000 |
(2016: £74,000). The amount of pension contributions unpaid at the year end was £nil |
(2016: £nil). |