Company Registration No. 08772609 (England and Wales)
Telly Novella Productions Limited
Annual report and unaudited financial statements
for the year ended 31 March 2020
Telly Novella Productions Limited
Company information
Directors
Christian Colson
Daniel Boyle
Company number
08772609
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Telly Novella Productions Limited
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3
Notes to the financial statements
4 - 6
Telly Novella Productions Limited
Directors' report
For the year ended 31 March 2020
Page 1
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company is that of television development and production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Christian Colson
Daniel Boyle
Other Information
Towards the end of the financial year substantive information came to light regarding the virus now identified as COVID-19. Due to the nature of the company's trading activity, the directors are confident that the pandemic will have no effect on the going concern status of the company.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Christian Colson
Director
23 February 2021
Telly Novella Productions Limited
Statement of comprehensive income
For the year ended 31 March 2020
Page 2
2020
2019
£
£
Administrative expenses
(4,917)
(4,180)
Other operating income
2,899
4,703
Result before taxation
(2,018)
523
Tax on (loss)/profit
-
(99)
Result for the year
(2,018)
424
Telly Novella Productions Limited
Balance sheet
As at 31 March 2020
31 March 2020
Page 3
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
1,430
620
Cash at bank and in hand
68,754
71,931
70,184
72,551
Creditors: amounts falling due within one year
4
(65,132)
(65,482)
Net current assets
5,052
7,069
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
5,050
7,067
Total equity
5,052
7,069
For the financial year ended 31 March 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 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 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 23 February 2021 and are signed on its behalf by:
Christian Colson
Director
Company Registration No. 08772609
Telly Novella Productions Limited
Notes to the financial statements
For the year ended 31 March 2020
Page 4
1
Accounting policies
Company information
Telly Novella Productions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
71 Queen Victoria Street, London, EC4V 4BE.
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
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.
1.3
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, 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.
Telly Novella Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 5
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.
1.4
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.
1.5
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.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions or at the most appropriate average rate over the period in which the transactions were incurred. 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.
Telly Novella Productions Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 6
2
Employees
The average monthly number of persons employed by the company during the year was 0
(2019 - 0).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,430
620
4
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
-
99
Other creditors
65,132
65,383
65,132
65,482
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2