Missing Link Films Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 September 2019
Company Registration No. 04711525 (England and Wales)
Missing Link Films Limited
Company Information
Directors
Mr B G Link
Mrs H E Link
Company number
04711525
Registered office
6th Floor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
17 Kings Road
London
United Kingdom
NW10 2BL
Missing Link Films Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Missing Link Films Limited
Balance Sheet
As at 30 September 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
2,047
Investments
5
-
13,500
-
15,547
Current assets
Debtors
6
110,530
118,491
Cash at bank and in hand
3,474
-
114,004
118,491
Creditors: amounts falling due within one year
7
(85,459)
(144,021)
Net current assets/(liabilities)
28,545
(25,530)
Total assets less current liabilities
28,545
(9,983)
Creditors: amounts falling due after more than one year
8
(26,292)
-
Net assets/(liabilities)
2,253
(9,983)
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
2,243
(9,993)
Total equity
2,253
(9,983)
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 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
Missing Link Films Limited
Balance Sheet (Continued)
As at 30 September 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 13 May 2020 and are signed on its behalf by:
Mr B G Link
Mrs H E Link
Director
Director
Company Registration No. 04711525
Missing Link Films Limited
Notes to the Financial Statements
For the year ended 30 September 2019
Page 3
1
Accounting policies
Company information
Missing Link Films Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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 pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
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:
Fixtures and fittings
15% Reducing Balance
Computers
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
.
Missing Link Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
Missing Link Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
Missing Link Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018
31,600
Disposals
(31,600)
At 30 September 2019
-
Amortisation and impairment
At 1 April 2018
31,600
Disposals
(31,600)
At 30 September 2019
-
Carrying amount
At 30 September 2019
-
At 31 March 2018
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
8,983
Additions
1,989
Disposals
(10,972)
At 30 September 2019
-
Depreciation and impairment
At 1 April 2018
6,936
Depreciation charged in the year
798
Eliminated in respect of disposals
(7,734)
At 30 September 2019
-
Carrying amount
At 30 September 2019
-
At 31 March 2018
2,047
Missing Link Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 7
5
Fixed asset investments
2019
2018
£
£
Investments
-
13,500
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2018
13,500
Disposals
(13,500)
At 30 September 2019
-
Carrying amount
At 30 September 2019
-
At 31 March 2018
13,500
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,475
8,501
Corporation tax recoverable
9,541
9,541
Other debtors
99,514
100,449
110,530
118,491
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
42,047
24,961
Trade creditors
2,726
-
Corporation tax
33,936
80,072
Other taxation and social security
-
32,417
Other creditors
6,750
6,571
85,459
144,021
Missing Link Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 8
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
26,292
-
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
10
10
10
Related party transactions
At 30 September 2019, the company was owed a balance of £79,514 (31 March 2018 nil) by ML Film Holdings Limited, a company under common ownership and control.
11
Directors' transactions
Dividends totalling £85,000 (2018 - £75,000) were paid in the year in respect of shares held by the company's directors.
As at 30 September 2019, a balance of nil (31 March 2018: £80,449) was owed to the company by the directors.