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Registration number: 07701034

Intermission Film Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Intermission Film Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Intermission Film Limited

Company Information

Directors

S C Cryer

S J Cryer

Registered office

49 Hackney Road
London
E2 7NX

Bankers

HSBC Bank Plc
60 Queen Victoria Street
London
EC4N 4TR

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Intermission Film Limited

Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,500

96,550

Tangible assets

5

526,779

329,045

 

529,279

425,595

Current assets

 

Debtors

6

1,603,451

1,324,325

Cash at bank and in hand

 

1,530,187

2,113,503

 

3,133,638

3,437,828

Creditors: Amounts falling due within one year

7

(693,493)

(896,657)

Net current assets

 

2,440,145

2,541,171

Total assets less current liabilities

 

2,969,424

2,966,766

Creditors: Amounts falling due after more than one year

7

(21,651)

(27,322)

Provisions for liabilities

(58,853)

(59,677)

Net assets

 

2,888,920

2,879,767

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,888,820

2,879,667

Shareholders' funds

 

2,888,920

2,879,767

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Intermission Film Limited

Statement of Financial Position as at 31 July 2023

Approved and authorised by the Board on 2 June 2024 and signed on its behalf by:
 

.........................................

S C Cryer

Director

Company registration number: 07701034

 

Intermission Film Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
49 Hackney Road
London
E2 7NX

The principal activity of the company is that of the production of audiovisual and design advertising.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a loss for the year ended 31 July 2023 but had net assets at that date of £2,888,920, including cash at bank of £1,530,187.

During the year the US writers and actors strikes had a significant impact on the industry that led to a review of their operations by a number of clients and pressure on margins and the requirement to increasingly invest in technology to meet the needs of those clients inevitably impacts on profits. However subsequent to the year conditions have improved and the latest management accounts demonstrate that the company retains more than sufficient working capital and is geared up to meet the challenges that it may face.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises turnover for services provided based upon the contractual stage of completion and once it is probable that future economic benefit will flow to the company.

 

Intermission Film Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

Over the period of lease on straight line

Fixtures & Fittings

10 - 25% straight line

Computer Equipment

25 - 33% straight line

Editing Equipment

25 - 33% straight line

Motor Vehicles

25% straight line

Intangible assets

Film development rights are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is charged so as to write off the cost of intangible assets over their useful economic lives as follows:

 

Intermission Film Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Amortisation method and rate

Film development rights

2 to 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Finance leases and hire purchase

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Intermission Film Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 73 (2022 - 60).

4

Intangible assets

Film production rights
 £

Total
£

Cost or valuation

At 1 August 2022

96,550

96,550

Additions acquired separately

16,234

16,234

At 31 July 2023

112,784

112,784

Amortisation

Provision for diminution in value

110,284

110,284

At 31 July 2023

110,284

110,284

Carrying amount

At 31 July 2023

2,500

2,500

At 31 July 2022

96,550

96,550

 

Intermission Film Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Leasehold property
£

Fixtures & fittings
 £

Motor vehicles
 £

Computer equipment
 £

Editing equipment
£

Total
£

Cost or valuation

At 1 August 2022

77,347

138,582

50,890

463,119

61,220

791,158

Additions

259,393

46,067

-

88,086

-

393,546

Disposals

(2,200)

-

-

(15,348)

-

(17,548)

At 31 July 2023

334,540

184,649

50,890

535,857

61,220

1,167,156

Depreciation

At 1 August 2022

62,397

100,060

24,385

214,949

60,322

462,113

Charge for the year

52,696

21,451

12,722

104,857

898

192,624

Eliminated on disposal

-

-

-

(14,360)

-

(14,360)

At 31 July 2023

115,093

121,511

37,107

305,446

61,220

640,377

Carrying amount

At 31 July 2023

219,447

63,138

13,783

230,411

-

526,779

At 31 July 2022

14,950

38,522

26,505

248,170

898

329,045

 

Intermission Film Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,072,782

980,361

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

161,646

60,876

Other debtors

 

369,023

283,088

 

1,603,451

1,324,325

Other debtors includes an amount of £56,267 (2022: £56,267) receivable in greater than one year and secured in respect of future rental obligations.

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Loans and borrowings

5,670

5,406

Trade creditors

220,966

163,873

Amounts owed to group undertakings

7,583

159,043

Taxation and social security

147,770

221,373

Other creditors

311,504

346,962

693,493

896,657

Creditors: amounts falling due after more than one year

2023
£

2022
£

Loans and borrowings

21,651

27,322

Loans and borrowings relate to obligations under finance leases that are secured on the assets involved.

8

Commitments under operating leases

The total of future minimum lease payments not reflected in the statement of financial position amounts to £244,092 (2022: £250,547).

9

Related party transactions

Exemption is taken under FRS102 paragraph IAC.35 not to disclose transactions or amounts due with companies wholly owned within the group.