Company Registration No. 12212417 (England and Wales)
Flic Films UK Limited
Financial statements
for the period ended 31 December 2022
Pages for filing with the registrar
Flic Films UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Flic Films UK Limited
Statement of financial position
As at 31 December 2022
1
31 December
31 March
2022
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,518,115
5,114,587
Cash at bank and in hand
62,204
29,516
1,580,319
5,144,103
Creditors: amounts falling due within one year
5
(1,520,318)
(5,094,102)
Net current assets
60,001
50,001
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
60,000
50,000
Total equity
60,001
50,001

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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 by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Thomas Zadra
Director
Company Registration No. 12212417
Flic Films UK Limited
Notes to the financial statements
For the period ended 31 December 2022
2
1
Accounting policies
Company information

Flic Films UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 1-4 King Street, Covent Garden, London, WC2E 8HH.

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. 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:

 

 

The financial statements of the company are consolidated in the financial statements of MMX Media Finance LLC. These consolidated financial statements are available from its registered office, 1901 Avenue of the Stars Suite 2000, Los Angeles, CA 90067.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The accounting reference date of the company has been amended to 31 December 2022 to align the period end with the stage of production of the film. The period is 274 days from 1 April 2022 to 31 December 2022. The prior period, from 22 January 2021 to 31 March 2022 was 433 days and therefore are not entirely comparable.

1.4
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

Flic Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
3

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Flic Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
4
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.

1.8
Taxation

The tax credit represents tax recoverable relating to the current period.

Current tax

The tax currently recoverable is based on relievable losses for the period as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include additional deduction relation to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Flic Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
5
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The directors believe the key accounting estimate within the financial statements for the Company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the period ended 31 December 2022 was 0 (period ended 31 March 2022:0).

 

The directors did not receive any remuneration in the current or prior period.

4
Debtors
31 December
31 March
2022
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,518,115
1,275,594
Amounts owed by group undertakings
-
0
5,280
Amounts owed by parent
-
0
3,833,713
1,518,115
5,114,587

Amounts owed by parent and other group companies are unsecured, interest free and repayable on demand.

 

5
Creditors: amounts falling due within one year
31 December
31 March
2022
2022
£
£
Amounts owed to parent
269,980
-
0
Amounts owed to group undertakings
421,717
394,650
Other creditors
828,621
4,699,452
1,520,318
5,094,102

Amounts due to parent and other group companies are unsecured, interest free and repayable on demand.

Flic Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
6
6
Called up share capital
31 December
31 March
31 December
31 March
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Isla MacGillivray
Statutory Auditors:
Saffery LLP
8
Financial commitments, guarantees and contingent liabilities

Miramax Film NY LLC holds a fixed and floating charge over Flic Films UK Limited in respect of all rights, title and interest of the company.

 

Bank of America holds two fixed and floating charges over Flic Films UK Limited in respect of all rights, title and interest of the company.

9
Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

10
Parent company

The company's immediate parent undertaking is Miramax Film NY, LLC, a company registered in the United States of America.

 

The smallest group for which consolidated financial statements are prepared and which the company is a member of is MMX Media Finance LLC, a company incorporated in the United States. The registered office address of MMX Media Finance LLC is 1901 Avenue of the Stars Suite 2000, Los Angeles, CA 90067, United States. MMX Media Finance LLC is co-controlled by beIN Corporation and Viacom International Inc and MMX Media Finance LLC is consolidated into Paramount Global.

2022-12-312022-04-01false08 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedWilliam BlockThomas Zadra122124172022-04-012022-12-31122124172022-12-31122124172022-03-3112212417core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3112212417core:ShareCapital2022-12-3112212417core:ShareCapital2022-03-3112212417core:RetainedEarningsAccumulatedLosses2022-12-3112212417core:RetainedEarningsAccumulatedLosses2022-03-3112212417bus:Director22022-04-012022-12-3112212417core:CurrentFinancialInstruments2022-12-3112212417core:CurrentFinancialInstruments2022-03-3112212417bus:PrivateLimitedCompanyLtd2022-04-012022-12-3112212417bus:SmallCompaniesRegimeForAccounts2022-04-012022-12-3112212417bus:FRS1022022-04-012022-12-3112212417bus:Audited2022-04-012022-12-3112212417bus:Director12022-04-012022-12-3112212417bus:FullAccounts2022-04-012022-12-31xbrli:purexbrli:sharesiso4217:GBP