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COMPANY REGISTRATION NUMBER: 14160405
Element Pictures RMF Limited
Filleted Financial Statements
30 November 2023
Element Pictures RMF Limited
Statement of Financial Position
30 November 2023
30 Nov 23
Note
$
Current assets
Stocks
18,304,412
Debtors
5
1,353,197
Cash at bank and in hand
1,927,091
-------------
21,584,700
Creditors: amounts falling due within one year
6
( 21,511,331)
-------------
Net current assets
73,369
--------
Total assets less current liabilities
73,369
--------
Net assets
73,369
--------
Capital and reserves
Called up share capital
1
Profit and loss account
73,368
--------
Shareholders funds
73,369
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
E Guiney
Director
Company registration number: 14160405
Element Pictures RMF Limited
Notes to the Financial Statements
Period from 9 June 2022 to 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23-25 Eastcastle Street, London, W1W 8DF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in United States Dollars, which is the functional currency of the entity.
Going concern
The directors have undertaken a rigorous assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of the approval of the financial statements. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business - The impact on the ability of our suppliers to meet our needs - The impact of our staff's ability to perform their duties - The impact on our cash position of a period of minimum activity A detailed budget and cashflow have been prepared for the production and delivery of the film. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend now that production has been completed and formally delivered at the date of sign off. After considering all factors, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
Comparatives
The accounts cover the period from incorporation through to 30 November 2023, hence there are no comparative figures. The accounting period has been extended to ensure that the accounting period end is as close to the parent as possible.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company (b) Disclosures in respect of financial instruments have not been presented
Judgements and key sources of estimation uncertainty
There are no material judgements or estimates made during preparation of the financial statements .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Work in progress
Work-in-progress relates to direct production costs, net of tax credits, subsidies and grants, incurred on productions not delivered during the period. Production costs are recognised in the profit and loss accounts as soon as the programme is delivered and the related production revenue is recognised.
Financial instruments
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 entity after deducting all of its financial liabilities. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4. Employees
The company has been incorporated to produce a film entitled "Kinds of Kindness". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5. Debtors
30 Nov 23
$
Amounts owed by group undertakings and undertakings in which the company has a participating interest
300,071
Other debtors
1,053,126
------------
1,353,197
------------
6. Creditors: amounts falling due within one year
30 Nov 23
$
Other creditors
21,511,331
-------------
7. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Searchlight Pictures, Inc.
8. Summary audit opinion
The auditor's report dated 30 July 2024 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .
9. Related party transactions
All transactions arose on an arm's-length basis through the normal course of business. The company has taken advantage of Section 33 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. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
10. Controlling party
In the opinion of the directors the immediate parent undertaking is Element Pictures UK Limited , a company incorporated in England. The ultimate parent undertaking is Element Pictures GHC Unlimited, a company incorporated in the Isle of Man. The smallest group to consolidate these financial statements is RTL Group S.A., a Company registered in Luxembourg. Copies of the RTL Group S.A. Annual Report can be obtained from the General Counsel at RTL Group S.A., 43 Boulevard Pierre Frieden, L-1543 Luxembourg.