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Registered number: 13983936









SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
F C Pilcher 




Registered number
13983936



Registered office
Unit 2.01a Piano House
9 Brighton Terrace

London

SW9 8DJ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Victoria House

199 Avebury Boulevard

Milton Keynes

MK9 1AU





 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 

CONTENTS



Page
Accountants' Report
1
Statement of Financial Position
2 - 3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 9


  
  img2b7a.png
Report to the director on the preparation of the unaudited statutory financial statements of Shorts International Content Holdings Limited for the period ended 31 December 2022 

We have compiled the accompanying financial statements of Shorts International Content Holdings Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Shorts International Content Holdings Limited as at 31 December 2022, the Statement of Changes in Equity for the period then ended, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 9 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 9 August 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Milton Keynes

31 January 2024
Page 1

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
REGISTERED NUMBER: 13983936

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Intangible assets
 4 
3,557,983

Current assets
  

Debtors: amounts falling due within one year
 5 
871,007

  
871,007

Creditors: amounts falling due within one year
 6 
(4,434,189)

Net current (liabilities)/assets
  
 
 
(3,563,182)

Total assets less current liabilities
  
(5,199)

  

Net (liabilities)/assets
  
(5,199)


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
(5,200)

  
(5,199)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.




F C Pilcher
Director

The notes on pages 5 to 9 form part of these financial statements.
Page 2

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
REGISTERED NUMBER: 13983936
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022


Page 3

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 17 March 2022
-
-
-



Loss for the period
-
(5,200)
(5,200)

Shares issued during the period
1
-
1


At 31 December 2022
1
(5,200)
(5,199)

The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Shorts International Content Holdings Limited is a private company limited by shares and incorporated in England and Wales. Registered number 13983936. Its registered head office is located at Unit 2.01a Piano House 9 Brighton Terrace, London, England, SW9 8DJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on a going concern basis having projected and operating forecast for the business for a period of at least 12 months from signing these financial statements. The directors believe that the Company has adequate resources to continue operating for the foreseeable future and they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

The company recognises revenue in respect of broadcast rights. Revenue is recognised upon the Company fulfilling all of its obligations under the applicable contract of sale.


 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Film rights
-
4
years

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 

Page 6

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 0.

Page 7

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Intangible assets



Film rights

£



Cost


Additions
4,428,989



At 31 December 2022

4,428,989



Amortisation


Charge for the period on owned assets
871,006



At 31 December 2022

871,006



Net book value



At 31 December 2022
3,557,983




5.


Debtors

2022
£


Amounts owed by group undertakings
871,007


Amounts owed by group undertakings totalling £871,007 are unsecured, carry no interest and are repayable on demand.


6.


Creditors: Amounts falling due within one year

2022
£

Amounts owed to group undertakings
4,428,989

Accruals and deferred income
5,200

4,434,189


Amounts owed to group undertakings totalling £4,428,989 are unsecured, carry no interest and are repayable on demand.

Page 8

 
SHORTS INTERNATIONAL CONTENT HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

7.


Share capital

The company issued 100 Ordinary shares of £0.01 nominal value, at par, on incorporation.


8.


Related party transactions

The Company has taken advantage of the exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.


9.


Immediate parent undertaking

The immediate parent undertaking of the company is Shorts International Limited, a company registered in England and Wales, with the same registered address as the company.

 
Page 9