Company Registration No. 05824876 (England and Wales)
Eleven Film Limited
Annual report and financial statements
for the year ended 31 March 2023
Eleven Film Limited
Company information
Directors
Jamie Campbell
Joel Wilson
Wayne Garvie
Cheryl Lynch
Matthew Justice
(Appointed 23 October 2023)
Secretary
Jamie Campbell
Company number
05824876
Registered office
14-18 Great Titchfield Street
4th Floor, Great Titchfield House
London
W1W 8BD
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Eleven Film Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Income statement
7
Statement of financial position
8
Notes to the financial statements
9 - 17
Eleven Film Limited
Directors' report
For the year ended 31 March 2023
1
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of television production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Jamie Campbell
Joel Wilson
Wayne Garvie
Cheryl Lynch
Richard Parsons
(Resigned 20 July 2023)
Matthew Justice
(Appointed 23 October 2023)
Auditor
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Joel Wilson
Director
27 November 2023
Eleven Film Limited
Directors' responsibilities statement
For the year ended 31 March 2023
2
The directors are responsible for preparing the annual report 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.
Eleven Film Limited
Independent auditor's report
To the members of Eleven Film Limited
3
Opinion
We have audited the financial statements of Eleven Film Limited (the 'company') for the year ended 31 March 2023 which comprise the income statement, the statement of financial position and notes to the financial statements, including 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 March 2023 and of its profit 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.
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 Auditor's 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Eleven Film Limited
Independent auditor's report (continued)
To the members of Eleven Film Limited
4
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Eleven Film Limited
Independent auditor's report (continued)
To the members of Eleven Film Limited
5
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry tax credits.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management's assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Eleven Film Limited
Independent auditor's report (continued)
To the members of Eleven Film Limited
6
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 an auditor's report 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.
Sinead McHugh
Senior Statutory Auditor
For and on behalf of Saffery LLP
28 November 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Eleven Film Limited
Income statement
For the year ended 31 March 2023
7
2023
2022
Notes
£
£
Turnover
22,986,171
2,028,783
Cost of sales
(14,240,938)
(446,357)
Gross profit
8,745,233
1,582,426
Administrative expenses
(2,379,396)
(2,706,489)
Operating profit/(loss)
6,365,837
(1,124,063)
Interest receivable and similar income
3
61,031
1,904
Interest payable and similar expenses
4
(273,021)
(83,036)
Profit/(loss) before taxation
6,153,847
(1,205,195)
Tax on profit/(loss)
(65,419)
Profit/(loss) for the financial year
6,088,428
(1,205,195)
The income statement has been prepared on the basis that all operations are continuing operations.
Eleven Film Limited
Statement of financial position
As at 31 March 2023
8
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
10,737
20,378
Investments
7
6
8
10,743
20,386
Current assets
Stocks
13,971,624
12,994,343
Debtors
9
8,045,798
3,250,826
Cash at bank and in hand
858,938
421,378
22,876,360
16,666,547
Creditors: amounts falling due within one year
10
(15,581,625)
(14,469,880)
Net current assets
7,294,735
2,196,667
Net assets
7,305,478
2,217,053
Capital and reserves
Called up share capital
11
265
265
Share premium account
752,800
752,800
Profit and loss reserves
6,552,413
1,463,988
Total equity
7,305,478
2,217,053
These 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 27 November 2023 and are signed on its behalf by:
Joel Wilson
Director
Company Registration No. 05824876 (England and Wales)
Eleven Film Limited
Notes to the financial statements
For the year ended 31 March 2023
9
1
Accounting policies
Company information
Eleven Film Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14-18 Great Titchfield Street, 4th Floor, Great Titchfield House, London, W1W 8BD.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Eleven Film Limited is a subsidiary of Sony Group Corporation and the results of Eleven Film Limited are included in the consolidated financial statements of Sony Corporation.
Further details about the group structure and published consolidated accounts can be found in note 14.
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
10
1.2
Turnover
Turnover represents amounts receivable for the development, distribution and exploitation of television projects and television production activities net of VAT and trade discounts.
Revenue from contracts for the development of television projects is recognised dependent on the nature of the ownership of the underlying rights to the programme being produced. Where the company owns the underlying rights the revenue is recognised only on delivery of the programme. Where the underlying rights are owned by a third party and the company is producing the programme on a 'work-for-hire' basis then revenue is recognised with reference to stage of completion of the programme.
Production fees in relation to the development of television projects are recognised by reference to the stage of completion. Stage of completion in this case is based on the time spent on each service provided as part of the contracted production fee.
1.3
Development projects
Development expenditure represents costs incurred on development projects. For long term contracts, profit is recognised by reference to stage of completion of each contract where there is a reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.
Development expenditure is written off to the profit or loss account in the year in which it is incurred unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
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:
Leasehold improvements
Straight line over the life of the lease
Plant and machinery
25% straight line
Fixtures and fittings
33% straight line
Computer equipment
50% 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.
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.
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
11
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Work in progress relates to costs incurred in the development of productions and is valued on the basis of direct costs plus attributable overheads, based upon normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
12
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 income statement 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.
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
13
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19 (2022: 16).
3
Interest receivable and similar income
2023
2022
£
£
Interest receivable and similar income includes the following:
Interest on bank deposits
5,857
151
Interest receivable from group companies
55,174
1,753
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
14
4
Interest payable and similar expenses
2023
2022
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
273,021
83,036
5
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
370,615
509,000
6
Dividends
2023
2022
£
£
Final paid
1,000,000
2,500,000
7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
6
8
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
8
Disposals
(2)
At 31 March 2023
6
Carrying amount
At 31 March 2023
6
At 31 March 2022
8
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
15
8
Tangible fixed assets
Land and buildings
Fixtures, Fittings and Equipment
Total
£
£
£
Cost
At 1 April 2022
153,450
148,532
301,982
Additions
7,914
7,914
At 31 March 2023
153,450
156,446
309,896
Depreciation and impairment
At 1 April 2022
153,052
128,552
281,604
Depreciation charged in the year
17,555
17,555
At 31 March 2023
153,052
146,107
299,159
Carrying amount
At 31 March 2023
398
10,339
10,737
At 31 March 2022
398
19,980
20,378
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
128,935
38,236
Amounts owed by group undertakings
5,829,675
3,068,638
Other debtors
2,087,188
143,952
8,045,798
3,250,826
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
145,724
112,498
Amounts owed to group undertakings
3,052,363
7,942,178
Corporation tax
28,311
Other taxation and social security
259,767
207,081
Other creditors
12,095,460
6,208,123
15,581,625
14,469,880
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
16
11
Called up share capital
2023
2022
2023
2022
Number
Number
£
£
Ordinary share capital
Issued and fully paid
A Ordinary shares of 1p each
16,043
16,043
160
160
Ordinary shares of 1p each
667
667
7
7
D1 shares of 1p each
4,947
4,947
49
49
D2 shares of 1p each
4,947
4,947
49
49
26,604
26,604
265
265
Each share is entitled to one vote in any circumstances.
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Total lease commitments due
97,078
197,417
13
Related party transactions
The company has taken advantage of Section 33.1(a) of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
During the year, £2,000,000 (2022: £2,000,000) was loaned to a group company. This balance attracted interest of £55,174 (2022: £1,753). Repayments of £1,300,000 (2022: £3,100,000) were made in the year. As at 31 March 2023, £2,657,149 (2022: £1,901,975) is due from this group company.
During the year, £600,000 (2022: £7,856,734) was loaned from the parent company. This balance attracted interest of £273,021 (2022: £83,036). During the year, £160,584 (2022: £nil) was paid by the parent company on behalf of the company. Repayments of £8,776,221 (2022: £nil) were made in the year. As at 31 March 2023, £197,164 (2022: £7,939,770) is due to the parent company.
During the year, £597,255 (2022: £156,404) was invoiced to a group company. As at 31 March 2023, £277,754 (2022: £155,204) is due from this company.
14
Charges
Coutts & Co. holds a fixed and floating charge over all the assets owned by the company.
Eleven Film Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
17
15
Controlling party
The company's immediate parent undertaking is Sony Pictures Television Production UK Limited, a company incorporated in England and Wales.
The ultimate holding company and controlling party is Sony Group Corporation, a company incorporated in Japan. Sony Corporation is the smallest and largest group for which group financial statements are drawn up. Copies of the group financial statements can be obtained from Baker & McKenzie, 100 New Bridge Street, London, EC4V 6JA.
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