REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
SOLID AIR FILM LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
SOLID AIR FILM LIMITED |
SOLID AIR FILM LIMITED (REGISTERED NUMBER: SC236012) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SOLID AIR FILM LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2021 |
DIRECTORS: |
SECRETARY: | Owen Miles Thomas |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor |
St George's Buildings |
5 St Vincent Place |
Glasgow |
G1 2DH |
SOLID AIR FILM LIMITED (REGISTERED NUMBER: SC236012) |
BALANCE SHEET |
31 AUGUST 2021 |
2021 | 2020 |
Notes | £ | £ |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOLID AIR FILM LIMITED (REGISTERED NUMBER: SC236012) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
1. | STATUTORY INFORMATION |
Solid Air Film Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. At 31 August 2021 the company's current liabilities, including £125,780 due to its parent company, exceeded its current assets by £661,858. The company is thus dependent on the continued financial support of its parent company and other creditors. The directors are confident of this continuing support and of the company's long-term trading prospects and on this basis consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would arise from withdrawal of financial support. |
Intangible fixed assets |
The exploitation rights to the feature film, 'Solid Air' have been acquired by the company and capitalised in the balance sheet under intangible fixed assets. These are being amortised to the profit and loss account over the earlier of : (a) the recoupment period; or (b) the fifteen-year primary lease period of these rights. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Leasing commitments |
The company entered into a sale and leaseback transaction in the year ended 31 August 2004 for the exploitation rights of the feature film, 'Solid Air'. Rentals were payable annually over fifteen years, the initial net present value of which was £789,308 using a discount rate of 4.82 %. The balance remaining was covered by amounts on deposit which had been guaranteed by the Bank of Ireland. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SOLID AIR FILM LIMITED (REGISTERED NUMBER: SC236012) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
4. | INTANGIBLE FIXED ASSETS |
Film |
rights, |
etc. |
£ |
COST |
At 1 September 2020 |
and 31 August 2021 |
AMORTISATION |
At 1 September 2020 |
and 31 August 2021 |
NET BOOK VALUE |
At 31 August 2021 |
At 31 August 2020 |
The company entered into a sale and leaseback arrangement in respect to the exploitation rights for the feature film, 'Solid Air', during the year ended 31 August 2004. While the ownership of the asset has been transferred as a result of this transaction, in accordance with the provisions of Financial Reporting Standard 5, the company continues to recognise this asset in its accounts on the basis that its rights to the asset have not substantially changed. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Creative Scotland loan | 405,000 | 405,000 |
Other production loans | 131,000 | 131,000 |
Amounts due to parent |
company | 125,780 | 122,336 |
Directors' loan accounts | 78 | 78 |
Accruals and deferred income |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Creative Scotland loan |
The Creative Scotland loan remains secured by a charge over the exploitation rights of the feature film, 'Solid Air'. |
SOLID AIR FILM LIMITED (REGISTERED NUMBER: SC236012) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2021 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2020 | ( |
) |
Profit for the year |
At 31 August 2021 | ( |
) |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Mr Owen Miles Thomas and Mrs May Miles Thomas exercise ultimate control over Solid Air Film Limited as they own all the issued share capital of the ultimate parent company, Elemental Films Limited. |