Corniche Pictures Limited
Unaudited Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 06210773 (England and Wales)
Corniche Pictures Limited
Company Information
Director
H Farsi
Company number
06210773
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Corniche Pictures Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Corniche Pictures Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
3,334,727
3,320,804
Current assets
Debtors
4
1,117
Creditors: amounts falling due within one year
5
(11,228,219)
(11,184,569)
Net current liabilities
(11,228,219)
(11,183,452)
Net liabilities
(7,893,492)
(7,862,648)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(7,893,493)
(7,862,649)
Total equity
(7,893,492)
(7,862,648)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 March 2024
H Farsi
Director
Company Registration No. 06210773
Corniche Pictures Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information
Corniche Pictures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
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 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The balance sheet shows that the company has net liabilities of £7,true893,492 (2021 - £7,862,648). However the company is investing in speculative film projects and the Director of the company is hopeful of the company being successful in the long term. The director and the ultimate owner has confirmed he will support the company for at least 12 months from the date of approval of the financial statements. Therefore the company believes it is appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
1.4
Fixed asset investments
Interests in other entities and other investments 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.
1.5
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.
1.6
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.7
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.
Corniche Pictures Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 3
2
Employees
The company did not have any employees in either year.
2022
2021
Number
Number
Total
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,131,178
1,131,178
Other investments other than loans
2,203,549
2,189,626
3,334,727
3,320,804
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2022
1,131,178
5,787,548
6,918,726
Additions
-
13,923
13,923
At 31 December 2022
1,131,178
5,801,471
6,932,649
Impairment
At 1 January 2022 & 31 December 2022
-
3,597,922
3,597,922
Carrying amount
At 31 December 2022
1,131,178
2,203,549
3,334,727
At 31 December 2021
1,131,178
2,189,626
3,320,804
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,117
Corniche Pictures Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 4
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
120
Amounts owed to group undertakings
9,666,892
9,624,850
Other creditors
1,552,399
1,552,399
Accruals and deferred income
8,928
7,200
11,228,219
11,184,569
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
7
Related party transactions
At the balance sheet date, the company owed £1,552,399 (2021 - £1,552,399) to the director. The loan is unsecured, interest free and repayable on demand.
8
Ultimate controlling party
The ultimate controlling party is H Farsi by virtue of his 100% shareholding in Corniche Group Limited, the parent company. Corniche Group Limited has the same registered office to Corniche Pictures Limited and as it is a small Group it does not prepare consolidated accounts.