Fiery Angel Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 08962102 (England and Wales)
Fiery Angel Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Fiery Angel Limited
Balance Sheet
As at 31 March 2017
Page 1
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
4
805,479
1,205,479
Tangible assets
5
163
370
Investments
6
66
122
805,708
1,205,971
Current assets
Stocks
50,185
57,750
Debtors
7
928,817
1,055,726
Cash at bank and in hand
762,166
444,120
1,741,168
1,557,596
Creditors: amounts falling due within one year
8
(1,793,067)
(2,415,400)
Net current liabilities
(51,899)
(857,804)
Total assets less current liabilities
753,809
348,167
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
753,709
348,067
Total equity
753,809
348,167
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
Fiery Angel Limited
Balance Sheet (Continued)
As at 31 March 2017
Page 2
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
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 14 November 2017 and are signed on its behalf by:
E G C Snape
Director
Company Registration No. 08962102
Fiery Angel Limited
Notes to the Financial Statements
For the year ended 31 March 2017
Page 3
1
Accounting policies
Company information
Fiery Angel Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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 pound.
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 March 2017
are the
first
financial statements of Fiery Angel Limited prepared in accordance with
Section 1 A of
FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover
represents net invoiced sales of goods, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill
, being
the amount paid in connection with the acquisition of a business in 2014,
represents
the amortisation split evenly over its estimated useful life of years.
1.4
Tangible fixed assets
Tangible fixed assets
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:
Computers
33% 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
.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Stocks
Stock represents the costs incurred in securing the right to produce theatrical productions, which later are charged to production companies that run these productions.
1.7
Cash and cash equivalents
Cash and cash equivalents 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.
1.8
Financial instruments
The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.
1.9
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.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 12 (2016:12).
2017
2016
Number
Number
Total
12
12
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
503,945
436,865
Social security costs
54,389
46,912
Pension costs
90,251
175,400
648,585
659,177
3
Directors' remuneration
2017
2016
£
£
Remuneration paid to directors
211,833
190,997
Dividends paid to directors
174,598
-
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
2,000,000
Amortisation and impairment
At 1 April 2016
794,521
Amortisation charged for the year
400,000
At 31 March 2017
1,194,521
Carrying amount
At 31 March 2017
805,479
At 31 March 2016
1,205,479
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
Page 6
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
5,650
Depreciation and impairment
At 1 April 2016
5,280
Depreciation charged in the year
207
At 31 March 2017
5,487
Carrying amount
At 31 March 2017
163
At 31 March 2016
370
6
Fixed asset investments
2017
2016
£
£
Investments
66
122
During the year, investments relating to Ghost Stories Limited and Fiery Light Aqua Limited were disposed of and both companies voluntarily dissolved.
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
6
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2016
122
Additions
4
Disposals
(60)
At 31 March 2017
66
Carrying amount
At 31 March 2017
66
At 31 March 2016
122
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
7,339
168,855
Amount due from group undertakings
127,013
109,727
Other debtors
794,465
777,144
928,817
1,055,726
8
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
23,578
9,619
Amounts due to group undertakings
4
-
Corporation tax
148,986
19,740
Other taxation and social security
122,353
110,639
Other creditors
1,498,146
2,275,402
1,793,067
2,415,400
Fiery Angel Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2017
Page 8
9
Related party transactions
At the balance sheet date, the company owed EGC Snape, a director of the company £473,413 (2016: £1,114,253).
At the balance sheet date, the company owed Ms M Eardley, a director of the company £571,712 (2016: £861,974).
At the balance sheet date, the J Bath, a director of the company owed Fiery Angel Ltd £610 (2016: £nil). During the year dividends totalling £174,958 were paid to J Bath.
At the balance sheet date, the company owed Edward Snape Limited £275,409 (2016: £275,409). This is a company of which EGC Snape and Ms M Eardley are directors.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard
102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland', not to
disclose related party transactions with wholly owned subsidiaries within the group.
10
Ultimate controlling party
Ultimate control of the company is shared between E G C Snape and Ms M Eardley by virtue of their
shareholdings in Fiery Angel L
imi
t
e
d.