Company Registration No. 08599531 (England and Wales)
KING BERT PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
KING BERT PRODUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
KING BERT PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
29,848
12,204
Investments
4
5
3
29,853
12,207
Current assets
Trade and other receivables
6
2,166,928
1,189,257
Cash and cash equivalents
1,092,552
1,158,322
3,259,480
2,347,579
Current liabilities
7
(3,094,836)
(2,348,457)
Net current assets/(liabilities)
164,644
(878)
Total assets less current liabilities
194,497
11,329
Provisions for liabilities
(5,676)
-
Net assets
188,821
11,329
Equity
Called up share capital
8
4
4
Retained earnings
188,817
11,325
Total equity
188,821
11,329
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 July 2017 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 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.
KING BERT PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2017
31 July 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 April 2018 and are signed on its behalf by:
J Sargent
Director
Company Registration No. 08599531
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
1
Accounting policies
Company information
King Bert Productions Limited
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is 27 Mortimer Street, London, UK, W1T3BL.
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.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of King Bert Productions Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Revenue
Revenue represents amounts receivable in developing/producing and exploiting television programmes and is recognised over the period of the production or as per the contract where payment is dependent on materials delivered. Gross profit on production activity is recognised over the period of the production or in accordance with the underlying contract and where there is uncertainty of this being realised overages on productions are recognised as they arise and underages are recognised on completion of the productions.
1.3
Property, plant and equipment
Property, plant and equipment
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% Straight line
Computer equipment
25% Straight line
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
Investments in subsidiaries
Except as stated below, fixed asset investments, including investments in subsidiaries are shown at cost less provision for impairment.
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
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.
1.7
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 income statement 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.
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 income statement, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 14 (2016 - 17).
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 5 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 August 2016
13,812
Additions
23,284
At 31 July 2017
37,096
Depreciation and impairment
At 1 August 2016
1,608
Depreciation charged in the year
5,640
At 31 July 2017
7,248
Carrying amount
At 31 July 2017
29,848
At 31 July 2016
12,204
4
Fixed asset investments
2017
2016
£
£
Investments
5
3
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2016
3
Additions
2
At 31 July 2017
5
Carrying amount
At 31 July 2017
5
At 31 July 2016
3
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 6 -
5
Subsidiaries
Details of the company's subsidiaries at 31 July 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Big Bert Limited
England and Wales
Television Production
Ordinary Shares
100.00
Spice Productions Limited
England and Wales
Television Production
Ordinary Shares
100.00
Happy Bert Limited
Scotland
Television Production
Ordinary Shares
100.00
Little Bert Limited
England and Wales
Television Production
Ordinary
100.00
The investments in subsidiaries are stated at cost.
6
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
1,097,214
604,351
Corporation tax recoverable
-
1,112
Amounts owed by group undertakings
339,452
345,997
Other receivables
730,262
237,797
2,166,928
1,189,257
7
Current liabilities
2017
2016
£
£
Trade payables
594,685
188,607
Corporation tax
41,562
-
Other taxation and social security
498,155
385,330
Other payables
1,960,434
1,774,520
3,094,836
2,348,457
KING BERT PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 7 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
400 Ordinary shares of 1p each
4
4
4
4