Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31truetrue362022-01-01falseNo description of principal activity36The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03962510 2022-01-01 2022-12-31 03962510 2021-01-01 2021-12-31 03962510 2022-12-31 03962510 2021-12-31 03962510 c:CompanySecretary1 2022-01-01 2022-12-31 03962510 c:Director1 2022-01-01 2022-12-31 03962510 c:Director2 2022-01-01 2022-12-31 03962510 c:Director3 2022-01-01 2022-12-31 03962510 c:Director6 2022-01-01 2022-12-31 03962510 c:RegisteredOffice 2022-01-01 2022-12-31 03962510 c:Agent1 2022-01-01 2022-12-31 03962510 d:PlantMachinery 2022-01-01 2022-12-31 03962510 d:PlantMachinery 2022-12-31 03962510 d:PlantMachinery 2021-12-31 03962510 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03962510 d:FurnitureFittings 2022-01-01 2022-12-31 03962510 d:FurnitureFittings 2022-12-31 03962510 d:FurnitureFittings 2021-12-31 03962510 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03962510 d:ComputerEquipment 2022-01-01 2022-12-31 03962510 d:ComputerEquipment 2022-12-31 03962510 d:ComputerEquipment 2021-12-31 03962510 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03962510 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03962510 d:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 03962510 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03962510 d:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 03962510 d:Goodwill 2022-01-01 2022-12-31 03962510 d:Goodwill 2022-12-31 03962510 d:Goodwill 2021-12-31 03962510 d:CurrentFinancialInstruments 2022-12-31 03962510 d:CurrentFinancialInstruments 2021-12-31 03962510 d:Non-currentFinancialInstruments 2022-12-31 03962510 d:Non-currentFinancialInstruments 2021-12-31 03962510 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03962510 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03962510 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03962510 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 03962510 d:ShareCapital 2022-12-31 03962510 d:ShareCapital 2021-12-31 03962510 d:SharePremium 2022-12-31 03962510 d:SharePremium 2021-12-31 03962510 d:RetainedEarningsAccumulatedLosses 2022-12-31 03962510 d:RetainedEarningsAccumulatedLosses 2021-12-31 03962510 c:FRS102 2022-01-01 2022-12-31 03962510 c:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 03962510 c:FullAccounts 2022-01-01 2022-12-31 03962510 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03962510 d:Subsidiary1 2022-01-01 2022-12-31 03962510 d:Subsidiary1 1 2022-01-01 2022-12-31 03962510 d:Subsidiary2 2022-01-01 2022-12-31 03962510 d:Subsidiary2 1 2022-01-01 2022-12-31 03962510 d:Subsidiary3 2022-01-01 2022-12-31 03962510 d:Subsidiary3 1 2022-01-01 2022-12-31 03962510 d:Subsidiary4 2022-01-01 2022-12-31 03962510 d:Subsidiary4 1 2022-01-01 2022-12-31 03962510 d:Subsidiary5 2022-01-01 2022-12-31 03962510 d:Subsidiary5 1 2022-01-01 2022-12-31 03962510 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 03962510 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 03962510 2 2022-01-01 2022-12-31 03962510 6 2022-01-01 2022-12-31 03962510 d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 03962510 d:Goodwill d:OwnedIntangibleAssets 2022-01-01 2022-12-31 03962510 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-01-01 2022-12-31 03962510 e:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 03962510









SHORTS INTERNATIONAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SHORTS INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
F C Pilcher 
M L Schneider 
J F Sorte 
N G Seibert 




Company secretary
R M Mackenzie



Registered number
03962510



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




Bankers
Barclays Bank PLC
1 Churchill Place

London

E14 5HP





 
SHORTS INTERNATIONAL LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Statement of Financial Position
 
2 - 3
Notes to the Financial Statements
 
4 - 15


  
  img5aa3.png
Report to the directors on the preparation of the unaudited statutory financial statements of Shorts International Limited for the year ended 31 December 2022 

We have compiled the accompanying financial statements of Shorts International Limited (the ‘Company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Shorts International Limited as at 31 December 2022, the Statement of Income and Retained Earnings for the year 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

16 February 2024
Page 1

 
SHORTS INTERNATIONAL LIMITED
REGISTERED NUMBER:03962510

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
64,615
1,135,975

Tangible assets
 5 
20,269
37,641

Investments
 6 
12
10

  
84,896
1,173,626

Current assets
  

Debtors: amounts falling due within one year
 7 
5,855,002
1,077,215

Cash at bank and in hand
  
107,036
426,523

  
5,962,038
1,503,738

Creditors: amounts falling due within one year
 8 
(7,396,890)
(5,399,711)

Net current liabilities
  
 
 
(1,434,852)
 
 
(3,895,973)

Total assets less current liabilities
  
(1,349,956)
(2,722,347)

Creditors: amounts falling due after more than one year
 9 
(2,352,007)
(795,513)

  

Net liabilities
  
(3,701,963)
(3,517,860)


Capital and reserves
  

Called up share capital 
  
181
181

Share premium account
 10 
6,058,906
6,058,906

Profit and loss account
 10 
(9,761,050)
(9,576,947)

  
(3,701,963)
(3,517,860)


Page 2

 
SHORTS INTERNATIONAL LIMITED
REGISTERED NUMBER:03962510
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 16 February 2024.




F C Pilcher
Director

The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Shorts International Limited is a private company limited by shares and incorporated in England and Wales. 
Registered number: 03962510
Registered head office:
Unit 2.01a Piano House
9 Brighton Terrace
London
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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the Company has received confirmation from the group of its intention to continue to provide financial and other support to the extent necessary to enable the Company to continue to pay its liabilities as and when they become due for a period not less than one year from the date of approval of these financial statements. Having regard to this intention, the directors believe it is appropriate to prepare these financial statements on a going concern basis.
When assessing whether the group are able to provide the financial support required, the directors note that forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate with the level of its current facilities in order to be able to provide the support required.

Page 4

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover is recognised net of value added taxes when the Company has a right to receive income.
For sales of broadcast rights, revenue is recognised upon the Company fulfilling all of its obligations under the applicable contract of sale.

 
2.4

Intangible fixed assets and amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
  Film rights    -  straight line over 3 years
  Software   -  straight line over 4 years

 
2.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

Depreciation is provided on the following bases:

Plant & machinery
-
straight line over 4 years
Fixtures & fittings
-
straight line over 4 years
Computer equipment
-
straight line over 4 years

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Comprehensive Income.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.9

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.

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.
Page 6

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

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.
Page 7

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

The dividend only becomes payable when the Company has sufficient distributable reserves, two consecutive quarters of positive EBITDA and when, following repayment, the Company would have in excess of €250,000 (2021: €250,000) remaining cash at bank.
In 2014, the preference shares in issue were converted to Ordinary shares. Having regards to these facts, the directors have elected to recognise the preference shares in equity and the dividend as a financing cost through the profit & loss account. The maturity of the accrued dividend liability is based upon an estimate of when this will become payable.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 8

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2021: 36).

Page 9

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Film Rights
Software
Total

£
£
£



Cost


At 1 January 2022
5,033,420
642,121
5,675,541


Additions
259,060
20,121
279,181


Disposals
(5,292,480)
-
(5,292,480)



At 31 December 2022

-
662,242
662,242



Amortisation


At 1 January 2022
4,012,849
526,717
4,539,566


Charge for the year on owned assets
134,635
70,910
205,545


On disposals
(4,147,484)
-
(4,147,484)



At 31 December 2022

-
597,627
597,627



Net book value



At 31 December 2022
-
64,615
64,615



At 31 December 2021
1,020,571
115,404
1,135,975



Page 10

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
19,304
55,597
321,449
396,350


Additions
-
-
7,352
7,352



At 31 December 2022

19,304
55,597
328,801
403,702



Depreciation


At 1 January 2022
19,304
52,795
286,610
358,709


Charge for the year on owned assets
-
1,637
23,087
24,724



At 31 December 2022

19,304
54,432
309,697
383,433



Net book value



At 31 December 2022
-
1,165
19,104
20,269



At 31 December 2021
-
2,802
34,839
37,641

Page 11

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2022
216,677


Additions
2



At 31 December 2022

216,679



Impairment


At 1 January 2022
216,667



At 31 December 2022

216,667



Net book value



At 31 December 2022
12



At 31 December 2021
10


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

ShortsTV France Limited
Unit 2.01a Piano House, 9 Brighton Terrace, London, England, SW9 8DJ
Ordinary
100%
Shorts Entertainment Networks Inc (USA)
16192 Coastal Hwy, Lewes, DE, 19958
Ordinary
100%
ShortsTV India Networks Private Limited
Mohan Gokhale Road, Goregaon East, Mumbai 400063, India
Ordinary
100%
Shorts Entertainment Europe B.V.
Laan van Kronenburg 14, 1183AS Amstelveen
Ordinary
100%
Shorts International Content Holdings Limited
Unit 2.01a Piano House, 9 Brighton Terrace, London, England, SW9 8DJ
Ordinary
100%

Page 12

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£


Trade debtors
365,368
250,181

Amounts owed by group undertakings
4,990,039
354,474

Corporation tax recoverable
18,719
18,719

Other debtors
80,950
106,610

Prepayments and accrued income
330,916
311,826

VAT recoverable
69,010
35,405

5,855,002
1,077,215


The amounts owed by group undertakings totalling £4,990,039 are unsecured, carry no interest and are repayable on demand.


8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
2,077,557
1,179,893

Amounts owed to group undertakings
1,241,027
315,904

Corporation tax
-
18,719

Other taxation and social security
163,634
103,020

Other creditors
2,655,244
2,349,028

Accruals and deferred income
1,259,428
1,433,147

7,396,890
5,399,711


The amounts owed to group undertakings totalling £1,241,027 are unsecured, carry no interest and are repayable on demand.

Page 13

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Preference share dividends
295,513
295,513

Other loans
2,056,494
500,000

2,352,007
795,513


The loan notes totalling £2,056,494 are secured against the film rights held in Shorts International Content Holdings Limited, a subsidiary of Shorts International Limited, carry interest at 4% per annum, and are redeemable in full on 14 April 2026.
The accumulated preference share dividends totalling £295,513 are unsecured, carry no interest and become payable on the Company having two consecutive quarters of positive EBITDA and if, following the payment, the Company would have in excess of €250,000 cash remaining, subject to the Company having distributable reserves.


10.


Reserves

Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit & loss account
Includes all current and prior period retained profit and losses.

Page 14

 
SHORTS INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Related party transactions

Transactions with group companies
At 31 December 2022 the company was owed £53,642 (2021: £48,880) from Shorts Entertainment Holding Limited. Shorts Entertainment Holding Limited is the parent undertaking of Shorts International Limited.
Transactions with directors
Included within other debtors is a loan due from F C Pilcher amounting to £34,268 (2021: £60,000).
A limited written guarantee in favour of the Company's bankers for £20,000 
(2021: £20,000) has been given by F C Pilcher.
Included within the other creditors balance is an amount due of £2,645,320 
(2021: £2,338,718) in respect of board fees, as described below.
Board fees
The Company has incurred £Nil (2021: £Nil) in fees payable for the services of the directors. These fees are payable to the Company that appointed each director and are contained within accruals. They only become payable on the Company having two consecutive quarters of positive EBITDA and if, following payment, the Company would have in excess of €250,000 (2021: €250,000) cash remaining.
There are no other related party disclosures required as per FRS 102.


12.


Ultimate parent undertaking and controlling party

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

Page 15