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Unaudited Financial Statements for the Year Ended 31 August 2020 |
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Ozinga Productions Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 August 2020 |
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Ozinga Productions Ltd |
Ozinga Productions Ltd (Registered number: 09198063) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Ozinga Productions Ltd |
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Company Information |
for the Year Ended 31 August 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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293 Green Lanes |
London |
N13 4XS |
Ozinga Productions Ltd (Registered number: 09198063) |
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Balance Sheet |
31 August 2020 |
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31.8.20 | 31.8.19 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Ozinga Productions Ltd (Registered number: 09198063) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2020 |
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1. | STATUTORY INFORMATION |
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Ozinga Productions Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Trade debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Taxation and social security |
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Other creditors |
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Ozinga Productions Ltd (Registered number: 09198063) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2020 |
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6. | POST BALANCE SHEET EVENTS |
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In March 2020, the World Health Organisation (WHO) declared Coronavirus (COVID-19), a global pandemic. The rapid increase in infection among the general public in the UK forced the UK Government to introduce measures to slow down the spread of the virus. These measures introduced in late March have had the effect of reducing all activities of most of the businesses in the UK. [1]Forecasting the impact of COVID-19 is in a continuing process as the extent of the COVID 19 outbreak is uncertain, though at the present times the UK has relaxed its lockdown measures and would be further relaxing the measures so that businesses and normal life is gradually brought back to normal. A definitive assessment on the extent of the impact on the company's performance and liquidity is not possible at this point of time. The directors are satisfied that the company post the relaxation of these lockdown measures will gradually be back to normal. |
Hence the directors feel the company can prepare the financial statement on going concern basis and considering the outbreak of COVID-19 as a non-adjusting event that does not impact the measurement of assets and liabilities in the financial statement. |