IRIS Accounts Production v23.2.0.158 07176243 Board of Directors 1.1.19 31.12.19 31.12.19 Motion picture distribution. 0 0 false true true false false true false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure071762432018-12-31071762432019-12-31071762432019-01-012019-12-31071762432017-12-31071762432018-01-012018-12-31071762432018-12-3107176243ns16:EnglandWales2019-01-012019-12-3107176243ns15:PoundSterling2019-01-012019-12-3107176243ns11:Director12019-01-012019-12-3107176243ns11:PrivateLimitedCompanyLtd2019-01-012019-12-3107176243ns11:SmallEntities2019-01-012019-12-3107176243ns11:Audited2019-01-012019-12-3107176243ns11:SmallCompaniesRegimeForDirectorsReport2019-01-012019-12-3107176243ns11:SmallCompaniesRegimeForAccounts2019-01-012019-12-3107176243ns11:FullAccounts2019-01-012019-12-3107176243ns11:Director22019-01-012019-12-3107176243ns11:Director32019-01-012019-12-3107176243ns11:CompanySecretary12019-01-012019-12-3107176243ns11:RegisteredOffice2019-01-012019-12-3107176243ns6:CurrentFinancialInstruments2019-12-3107176243ns6:CurrentFinancialInstruments2018-12-3107176243ns6:ShareCapital2019-12-3107176243ns6:ShareCapital2018-12-3107176243ns6:RetainedEarningsAccumulatedLosses2019-12-3107176243ns6:RetainedEarningsAccumulatedLosses2018-12-3107176243ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-12-3107176243ns6:CurrentFinancialInstrumentsns6:WithinOneYear2018-12-31
REGISTERED NUMBER: 07176243 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2019

for

Exclusive (Majestic) Vacation Limited

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


Exclusive (Majestic) Vacation Limited

Company Information
for the Year Ended 31 December 2019







DIRECTORS: A Iervolino
J Masciello
Ms J A Sultan





SECRETARY: Elemental Company Secretary Limited





REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 07176243 (England and Wales)





AUDITORS: Haines Watts Statutory Auditor
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Report of the Directors
for the Year Ended 31 December 2019

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report.

A Iervolino
J Masciello
Ms J A Sultan

GOING CONCERN
The company is reliant in the absence of other funding on the continued support of the parent company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation the Company remains to have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Report of the Directors
for the Year Ended 31 December 2019


AUDITORS
The auditors, Haines Watts Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Ms J A Sultan - Director


24 October 2023

Report of the Independent Auditors to the Members of
Exclusive (Majestic) Vacation Limited

Opinion
We have audited the financial statements of Exclusive (Majestic) Vacation Limited (the 'company') for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Exclusive (Majestic) Vacation Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Exclusive (Majestic) Vacation Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Antony Sassen (Senior Statutory Auditor)
for and on behalf of Haines Watts Statutory Auditor
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

24 October 2023

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Income Statement
for the Year Ended 31 December 2019

31.12.19 31.12.18
as restated
Notes £    £   

TURNOVER 82,843 23,117

Cost of sales 7,846 27,808
GROSS PROFIT/(LOSS) 74,997 (4,691 )

Administrative expenses 79,835 1,774
OPERATING LOSS and
LOSS BEFORE TAXATION (4,838 ) (6,465 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (4,838 ) (6,465 )

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Balance Sheet
31 December 2019

31.12.19 31.12.18
as restated
Notes £    £   
CURRENT ASSETS
Debtors 5 75,266 1,662

CREDITORS
Amounts falling due within one year 6 78,781 339
NET CURRENT (LIABILITIES)/ASSETS (3,515 ) 1,323
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,515

)

1,323

CAPITAL AND RESERVES
Called up share capital 5,371,194 5,371,194
Retained earnings (5,374,709 ) (5,369,871 )
(3,515 ) 1,323

The financial statements have been prepared 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 24 October 2023 and were signed on its behalf by:





Ms J A Sultan - Director


Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Notes to the Financial Statements
for the Year Ended 31 December 2019

1. Statutory information

Exclusive (Majestic) Vacation 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
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies. Due to the straightforward nature of the business, no critical judgements have been made in applying the company's accounting policies. There are no key accounting estimates or assumptions made that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.

Turnover
Non-refundable licence revenues are recognised in full when all performance obligations associated with contract have been met. Usage based royalty revenue is recognised at the occurrence of the licensees' subsequent usage on an accrual basis.

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.

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. Accounting policies - continued

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.

Financial instruments
The Company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

3. Employees and directors

The average number of employees during the year was NIL (2018 - NIL).

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

4. Prior year adjustment



As
previously
stated


PYA


As restated
£££
Income statement
Turnover023,11723,117
Cost of sales027,80827,808
Administrative expenses01,7741,774
Profit/(Loss) before taxation0(6,465)(6,465)
Profit/(Loss) for the Financial Year0(6,465)(6,465)

Statement of Financial Position
Debtors016621662
Total assets less current liabilities(339)16621323
Net liabilities(339)16621323
Retained earnings(5,371,533)1662(5,369,871)
Shareholders' funds(339)16621323

The accounts contain prior year adjustments that were recorded to reflect the proper revenue and expense recognition related to certain contracts whose duration spanned across several years

This adjustment is reflected on the 2018 financial year comparatives with a total loss of £6,465.

5. Debtors: amounts falling due within one year
31.12.19 31.12.18
as restated
£    £   
Amounts owed by group undertakings 12,592 -
Other debtors 62,674 1,662
75,266 1,662

6. Creditors: amounts falling due within one year
31.12.19 31.12.18
as restated
£    £   
Trade creditors 100 178
Amounts owed to group undertakings - 161
Other creditors 78,681 -
78,781 339

Exclusive (Majestic) Vacation Limited (Registered number: 07176243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

7. Ultimate controlling party

The company's immediate parent company is Exclusive Media (Majestic) Holding Limited, a company registered in England and Wales.

The company's ultimate parent undertaking is AMBI Exclusive Acquisition Co. LLC, a company incorporated in the USA and the ultimate controlling party was Entertainment Worldwide Holding Inc, a company incorporated in Canada.