REGISTERED NUMBER: 06498708 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

AZIMUTH POST PRODUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Alabdulkarim

SECRETARY:

Gibson Whitter Secretaries Limited

REGISTERED OFFICE:

Lion Court

3rd Floor

25 Procter Street

London

WC1V 6NY

REGISTERED NUMBER:

06498708 (England and Wales)

ACCOUNTANTS:

Gibson Whitter

Chartered Accountants

and Chartered Tax Advisers

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

FIXED ASSETS

Tangible assets

4

662,401

36,834

CURRENT ASSETS

Debtors

5

977,305

1,275,272

Cash at bank and in hand

52,278

58,990

1,029,583

1,334,262

CREDITORS

Amounts falling due within one year

6

145,336

120,719

NET CURRENT ASSETS

884,247

1,213,543

TOTAL ASSETS LESS CURRENT LIABILITIES

1,546,648

1,250,377

CREDITORS

Amounts falling due after more than one year

7

3,855,891

3,420,891

NET LIABILITIES

(2,309,243

)

(2,170,514

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(2,309,244

)

(2,170,515

)

SHAREHOLDERS' FUNDS

(2,309,243

)

(2,170,514

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 12 September 2023 and were signed by:

Mr A Alabdulkarim - Director

1.	STATUTORY INFORMATION

Azimuth Post Production Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements show a net current liability and net liability position at the balance sheet date. This position is due to amounts owed to the director and other group companies. The director and the other group companies have agreed not to seek repayment of the money owed to them unless the company has sufficient funds to do so. The director, on this basis, has prepared the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost and 25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

468,472

Additions

670,487

Disposals

(393,347

)

At 31 December 2022

745,612

DEPRECIATION

At 1 January 2022

431,638

Charge for year

44,188

Eliminated on disposal

(392,615

)

At 31 December 2022

83,211

NET BOOK VALUE

At 31 December 2022

662,401

At 31 December 2021

36,834

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

26,373

24,040

Amounts owed by group undertakings

692,530

1,082,824

Other debtors

258,402

168,408

977,305

1,275,272

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

92,294

39,782

Taxation and social security

14,403

64,592

Other creditors

38,639

16,345

145,336

120,719

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed to group undertakings

2,628,284

2,193,284

Other creditors

1,227,607

1,227,607

3,855,891

3,420,891

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

-

107,917

9.	RELATED PARTY DISCLOSURES

The aggregate amount owed to the director at the balance sheet date is £782,607 (31.12.21: £782,607).

The aggregate amount owed to group undertakings at the balance sheet date is £1,935,754 (31.12.21: £1,110,460).

During the period the company invoiced £1,278,041 (31.12.21: £916,561) to other group entities for post production services, archive storage, rent and management charges.

During the period the company was invoiced £44,100 (31.12.21: £40,100) from other group entities for staff recharges.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party as no one individual has a greater than 50% shareholding.

The ultimate parent company is OR Holdings and Investments Limited, a company registered in England and Wales.