Company Registration No. 05465801 (England and Wales)
NIFTY FILMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,682
18,575
Current assets
Debtors
4
27,774
4,392
Cash at bank and in hand
204,387
184,393
232,161
188,785
Creditors: amounts falling due within one year
5
(30,774)
(29,509)
Net current assets
201,387
159,276
Total assets less current liabilities
215,069
177,851
Creditors: amounts falling due after more than one year
6
(50,000)
Provisions for liabilities
(2,600)
(3,530)
Net assets
162,469
174,321
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
162,369
174,221
Total equity
162,469
174,321
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 2021 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 2021
31 March 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 December 2021
F McGough
Director
Company Registration No. 05465801
NIFTY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 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 and other sales related taxes
.
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
Cash and cash equivalents
Cash and cash equivalents
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NIFTY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020 and 31 March 2021
47,509
Depreciation and impairment
At 1 April 2020
28,934
Depreciation charged in the year
4,893
At 31 March 2021
33,827
Carrying amount
At 31 March 2021
13,682
At 31 March 2020
18,575
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
27,774
4,392
NIFTY FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
28,676
27,368
Other creditors
2,098
2,141
30,774
29,509
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
50,000
7
Related party transactions
At the year end
, the company was owed £19,987 by
(20
20
-
owed £44 to) the director of the company. Interest is charged at 2% per annum by the company on the amount due.