Company Registration No. 07236391 (England and Wales)
AMBIENT PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
3 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
LITHGOW PERKINS LLP
Chartered Accountants
Crown Chambers
Princes Street
Harrogate
AMBIENT PRODUCTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AMBIENT PRODUCTIONS LIMITED
BALANCE SHEET
AS AT
3 APRIL 2020
03 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
512,659
1,409,334
Current assets
Debtors
4
2,324
121
Cash at bank and in hand
3,725
4,847
6,049
4,968
Creditors: amounts falling due within one year
5
(9,958)
(8,085)
Net current liabilities
(3,909)
(3,117)
Total assets less current liabilities
508,750
1,406,217
Capital and reserves
Called up share capital
6
1,522,501
1,522,501
Profit and loss reserves
(1,013,751)
(116,284)
Total equity
508,750
1,406,217
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 3 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 9 March 2021 and are signed on its behalf by:
R I Morgan
Director
Company Registration No. 07236391
AMBIENT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 APRIL 2020
- 2 -
1
Accounting policies
Company information
Ambient Productions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Crown Chambers, Princes Street, HARROGATE, HG1 1NJ.
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, 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
Fixed asset investments
Investments in LLPs through capital contributions
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
As there is no active market for the investment it is not measured at fair value and profit and loss.
1.3
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
AMBIENT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
-
3
Fixed asset investments
2020
2019
£
£
Other investments other than loans
512,659
1,409,334
AMBIENT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 APRIL 2020
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Other
£
Cost or valuation
At 4 April 2019
1,409,334
Valuation changes
(896,675)
At 3 April 2020
512,659
Carrying amount
At 3 April 2020
512,659
At 3 April 2019
1,409,334
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
2,324
121
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
9,958
8,085
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,522,501
1,522,501
1,522,501
1,522,501