Company registration number 05465801 (England and Wales)
NIFTY FILMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
NIFTY FILMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
NIFTY FILMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,213
13,682
Current assets
Debtors
4
113,459
27,774
Cash at bank and in hand
100,072
204,387
213,531
232,161
Creditors: amounts falling due within one year
5
(37,648)
(30,774)
Net current assets
175,883
201,387
Total assets less current liabilities
186,096
215,069
Creditors: amounts falling due after more than one year
6
(34,837)
(50,000)
Provisions for liabilities
(1,941)
(2,600)
Net assets
149,318
162,469
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
149,218
162,369
Total equity
149,318
162,469
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
NIFTY FILMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 January 2023
F McGough
Director
Company Registration No. 05465801
NIFTY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Nifty Films Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Finsgate 5-7 Cranwood Street, London, EC1V 9EE.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. 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 TV, film and advertising production
services provided in the normal course of business
, and
is shown net of VAT
where applicable.
1.3
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, fittings & equipment
25% Reducing balance
Computer equipment
25% Reducing balance
Motor vehicles
33% Reducing balance
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
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Government grants
Government grants are recognised at the fair value
and relates to government schemes put in place to assist businesses during the Covid-19 pandemic.
NIFTY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
47,509
Additions
151
At 31 March 2022
47,660
Depreciation and impairment
At 1 April 2021
33,827
Depreciation charged in the year
3,620
At 31 March 2022
37,447
Carrying amount
At 31 March 2022
10,213
At 31 March 2021
13,682
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
58,220
Other debtors
55,239
27,774
113,459
27,774
NIFTY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,646
Corporation tax
25,802
28,676
Other creditors
2,200
2,098
37,648
30,774
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
34,837
50,000
7
Related party transactions
At the year end
, the company was owed £44,047
(20
21
-
£19,987) by the director of the company. Interest is charged at 2.5% per annum by the company on the amount due.