Company registration number 08839018 (England and Wales)
MOMHIL PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MOMHIL PRODUCTIONS LIMITED
COMPANY INFORMATION
Directors
Ingenious Media Director Limited
Mr D M Reid
(Appointed 5 May 2023)
Secretary
FLB Company Secretarial Services Limited
Company number
08839018
Registered office
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
Accountants
FLB Accountants LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
MOMHIL PRODUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
MOMHIL PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
5
5,642
100
Cash at bank and in hand
144,211
161,506
149,853
161,606
Creditors: amounts falling due within one year
6
(4,098,713)
(4,286,648)
Net current liabilities
(3,948,860)
(4,125,042)
Net liabilities
(3,948,859)
(4,125,041)
Capital and reserves
Called up share capital
7
4,768,890
4,768,890
Share premium account
8
200,569
200,569
Profit and loss reserves
9
(8,918,318)
(9,094,500)
Total equity
(3,948,859)
(4,125,041)

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Ingenious Media Director Limited
Director
Company registration number 08839018 (England and Wales)
MOMHIL PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Momhil Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TS.

 

The principal activity of the Company is to conduct a film and television development and production business.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors have considered the current net liability position of the company. This position arose during the prior year as a result of the uncertainty of the Indian distributor for the film ‘Guru Tegh Bahadur’ being able to fulfil its obligations to the company and therefore, the full write off of the production costs for the film.

 

The directors have measures in place to ensure that whilst insolvent, the company does not engage in activities that will increase the company's liabilities to the detriment of its creditors.

 

The company is in a net liability position but has the support of Ingenious Capital Management Limited in not making further administrative support costs other than as cashflow reasonably permits. The entity has support from the parent of Ingenious Media Finance Limited that they will not call upon outstanding amounts until future cash flow permits.

 

The directors are continuing to explore new distributors for the film and remain confident that future sales can be attained. On this basis, despite the uncertainty the company accounts have been prepared as a going concern.

1.3
Turnover

Turnover is derived from the development and/or production of film and/or television projects, and is stated net of value added tax. Turnover is recognised at the fair value of the right to consideration and is not recoginsed until there is certainty over the right to consideration. Turnover which has been recognised but not invoiced by the balance sheet date is included in debtors. Amounts invoiced in advance are included in deferred income.

MOMHIL PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 and cash and bank balances, 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.

MOMHIL PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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
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.

1.9

Loans

Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active market are classified as loans. Loans are initially recognised at fair value of the consideration received plus directly related transaction costs. They are subsequently measured at amortised cost using the effective interest method. Arrangement fees and interest payable on financial liabilities that are classified as loans, are charged to the profit and loss account.

 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest payable over the expected life of the liability. The effective interest rate is the rate that exactly discounts estimated future cashflows to the instrument's initial carrying amount. Calculation of the effective interest rate takes into account fees payable, that are an integral part of the instrument yield and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.

 

A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled, or expires.

2
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
MOMHIL PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,642
100
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
859,667
649,352
Other creditors
3,239,046
3,637,296
4,098,713
4,286,648

Included in other creditors is secured debts of £3,178,203 (2023 : £3,587,257)

 

Ingenious Media Finance Limited holds fixed and floating charges dated 10 March 2017 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.

 

Riverstone Pictures (Gtb) Limited holds fixed and floating charges dated 23 March 2017 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.

 

Burmester, Duncker & Joly Gmbh & Co. Kg Trading Under the Name Dfg Deutsche Filmversicherungsgemeinschaft European Film Bonds a/S holds fixed and floating charges dated 4 May 2017 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4,768,890
4,768,890
4,768,890
4,768,890
8
Share premium account
2024
2023
£
£
At the beginning and end of the year
200,569
200,569

The share premium reserve records the amount above the nominal value received for shares issued.

MOMHIL PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(9,094,500)
(8,889,251)
Profit/(loss) for the year
176,182
(205,249)
At the end of the year
(8,918,318)
(9,094,500)

The profit and loss account represents the cumulative profits or losses, net of dividends paid and other adjustments.

 

 

10
Events after the reporting date

In a prior financial year, the Company produced the film Guru Tegh Bahadur. In October 2019, the Indian distributor for the film defaulted on its contractually due payment to the Company and has still not agreed to an acceptable payment plan or settlement. The directors have commenced legal proceedings to recover the contractually due payment from the Indian distributor. However, this will be a drawn out process as due to the COVID-19 pandemic there are delays in the Indian courts to hear matters.

 

Subsequent to the year end the above matter continues to be processed and there will be no financial adjustments to the figures presented as at 31 March 2024.

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