COMPANY REGISTRATION NUMBER:
08847968
Battersea Park Studios Limited
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Filleted Unaudited Financial Statements
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Battersea Park Studios Limited
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Year ended 31 January 2017
Statement of financial position
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1
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Notes to the financial statements
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3
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Battersea Park Studios Limited
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Statement of Financial Position
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31 January 2017
Fixed assets
Tangible assets
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5
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3,687
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4,608
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Current assets
Debtors
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6
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16,509
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18,381
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Cash at bank and in hand
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7,554
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10,462
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--------
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--------
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24,063
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28,843
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Creditors: amounts falling due within one year
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7
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22,499
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33,318
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--------
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--------
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Net current assets/(liabilities)
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1,564
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(
4,475)
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-------
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-------
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Total assets less current liabilities
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5,251
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133
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Provisions
Taxation including deferred tax
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738
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27
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-------
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----
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Net assets
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4,513
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106
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-------
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----
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Capital and reserves
Called up share capital
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1
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1
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Profit and loss account
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4,512
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105
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-------
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----
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Members funds
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4,513
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106
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-------
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----
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Battersea Park Studios Limited
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Statement of Financial Position (continued)
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31 January 2017
These financial statements were approved by the
board of directors
and authorised for issue on
1 August 2017
, and are signed on behalf of the board by:
Company registration number:
08847968
Battersea Park Studios Limited
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Notes to the Financial Statements
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Year ended 31 January 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 24/25 New Bond Street, Mayfair, London, W1S 2RR, UK.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
The turnover shown in profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax for the Studio facility.
Income tax
Deferred taxation is provided using the liability method on all timing differences, including those relating to pensions, which are expected to reverse in the future without being replaced, calculated at the rate at which it is anticipated the timing differences will reverse. Advance corporation tax which is expected to be recoverable in the future is deducted from the deferred taxation balance. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Trade and other debtors are recognised and carried forward at invoices amounts less provisions for any doubtful debts. Bad debts are written off when identified. All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing. Gains or losses are recognised in the profit and loss account when liabilities are derecognised or impaired, as well as through the amortisation process.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to
4
(2016:
4
).
5.
Tangible assets
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Fixtures and fittings
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Total
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£
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£
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Cost
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At 1 Feb 2016 and 31 Jan 2017
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7,200
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7,200
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-------
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-------
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Depreciation
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At 1 February 2016
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2,592
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2,592
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Charge for the year
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921
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921
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-------
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-------
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At 31 January 2017
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3,513
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3,513
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-------
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-------
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Carrying amount
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At 31 January 2017
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3,687
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3,687
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-------
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At 31 January 2016
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4,608
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4,608
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-------
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-------
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6.
Debtors
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2017
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2016
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£
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£
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Trade debtors
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–
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16,696
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Other debtors
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16,509
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1,685
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--------
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16,509
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18,381
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--------
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--------
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7.
Creditors:
amounts falling due within one year
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2017
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2016
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£
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£
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Trade creditors
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–
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7,911
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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18,108
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15,000
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Corporation tax
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391
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–
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Social security and other taxes
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–
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8,332
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Other creditors
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4,000
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2,075
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--------
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--------
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22,499
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33,318
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--------
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8.
Related party transactions
Rent of £25,000 (2016:£75,000) was charged by the parent Company Shuttleworth Road Limited which owns the Studios let out by
Battersea Park Studios Limited
. An amount of £18,107 (2016:£15,000) was outstanding at the year end to Shuttleworth Road Limited.
9.
Controlling party
The Company is a wholly owned subsidiary of Shuttleworth Road Limited, in which the directors are also shareholders.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.