Company Registration No. 14264322 (England and Wales)
No Regrets Films Limited
Financial statements
for the period ended 31 December 2023
Pages for filing with the registrar
No Regrets Films Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
No Regrets Films Limited
Balance sheet
As at 31 December 2023
1
2023
Notes
£
£
Current assets
Debtors
4
2,059,582
Cash at bank and in hand
95,436
2,155,018
Creditors: amounts falling due within one year
5
(2,024,486)
Net current assets
130,532
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
130,531
Total equity
130,532
The directors of the company have elected not to include a copy of the profit and loss account 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 26 July 2024 and are signed on its behalf by:
Richard Nicholas
Director
Company Registration No. 14264322
No Regrets Films Limited
Statement of changes in equity
For the period ended 31 December 2023
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 July 2022
-
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
130,531
130,531
Issue of share capital
6
1
-
1
Balance at 31 December 2023
1
130,531
130,532
No Regrets Films Limited
Notes to the financial statements
For the period ended 31 December 2023
3
1
Accounting policies
Company information
No Regrets Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42-44 Beak Street, London, W1F 9RH.
1.1
Reporting period
The reporting period covers the 17 month period from 29 July 2022 to 31 December 2023. This is the first reporting period. The longer reporting period was used to align with the completion of the television programme.
1.2
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.
1.3
Going concern
The financial statements have been prepared using a basis other than going concern. The directors expect the company to cease trading as the production is now complete and do not consider it to be appropriate to adopt the going concern basis of accounting as a result. The adoption of a basis other than going concern did not affect the recognition and measurement of any assets or liabilities, and no additional provisions have been recognised as a result of production ceasing.true
1.4
Turnover
In respect of long term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for 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.
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.
No Regrets Films Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
4
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 balance sheet 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.
1.7
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 the sum of the tax currently recoverable.
Current tax
The tax currently receivable is based on relievable losses arising as the result of high-end television tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying production expenditure and exclude items of income or expense that are 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 end date.
No Regrets Films Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
5
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 where practicable, else at the average rate over the period in which the transactions were incurred. 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 are included in the profit and loss account for the period.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
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 key accounting estimate within the financial statements for this company is the valuation of the high-end TV 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.
No Regrets Films Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
6
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
5
4
Debtors
2023
Amounts falling due within one year:
£
Corporation tax recoverable
1,420,409
Other debtors
639,173
2,059,582
5
Creditors: amounts falling due within one year
2023
£
Bank loans and overdrafts
79
Trade creditors
901
Amounts owed to group undertakings
149,999
Other creditors
1,873,507
2,024,486
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
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:
Joanna Cosgrove
Statutory Auditors:
Moore Kingston Smith LLP
No Regrets Films Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
7
8
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a 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.
9
Parent company
The company's immediate parent undertaking is RSA Films (Holdings) Limited, a company registered in England and Wales.
There is no ultimate controlling party.