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Registered number: 10680122









SAFE ZONE PRODUCTIONS (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SAFE ZONE PRODUCTIONS (UK) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAFE ZONE PRODUCTIONS (UK) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Safe Zone Productions (UK) Limited for the year ended 31 December 2022 which comprise  the statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the board of directors of Safe Zone Productions (UK) Limited, as a body, in accordance with the terms of our engagement letter dated [date]Our work has been undertaken solely to prepare for your approval the financial statements of Safe Zone Productions (UK) Limited and state those matters that we have agreed to state to the board of directors of Safe Zone Productions (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safe Zone Productions (UK) Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Safe Zone Productions (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Safe Zone Productions (UK) Limited. You consider that Safe Zone Productions (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Safe Zone Productions (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Nyman Libson Paul LLP
 
Chartered Accountants
  
124 Finchley Road
London
NW3 5JS
5 August 2024
Page 1

 
SAFE ZONE PRODUCTIONS (UK) LIMITED
REGISTERED NUMBER: 10680122

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
  
9,159,546
7,730,256

Debtors: amounts falling due within one year
 4 
7,509,724
7,531,258

Cash at bank and in hand
 5 
1,289
1,821

  
16,670,559
15,263,335

Creditors: amounts falling due within one year
 6 
(14,454,334)
(13,823,879)

Net current assets
  
 
 
2,216,225
 
 
1,439,456

Total assets less current liabilities
  
2,216,225
1,439,456

  

Net assets
  
2,216,225
1,439,456


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,215,225
1,438,456

  
2,216,225
1,439,456


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.




M Barmettler
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
SAFE ZONE PRODUCTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Safe Zone Productions (UK) Limited is a private company limited by shares and registered in England &
Wales. The address of its registered office and principal place of business is 71 Queen Victoria Street,
London, EC4V 4BE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through the utilisation of its own funds, banking and loan facilities, and production funding from its ultimate controlling party.
Film production has been delayed by COVID-19 and other scheduling issues. A revised film production schedule and film financing has been agreed with script writing, casting, pre-production and prep to be completed in quarter 1 of 2024 and the shoot and post-production to be completed in quarter 1 of 2025. Updated funding facilities, forecasts and film production budgets indicate that the company has adequate resources to continue.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainly exists over the company’s future.

Page 3

 
SAFE ZONE PRODUCTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue comprises producer fees receivable and are recognised in the period that they are contractually due in accordance with the master services agreement.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. 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 income.
The Company is eligible to claim a tax credit on film production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

Page 4

 
SAFE ZONE PRODUCTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Stocks

Stocks comprise film production costs incurred on film productions not yet delivered. Film production costs are recorded in the Statement of Comprehensive Income on delivery of the film and in the period the related sale is recorded.
At each reporting date an assessment is made for impairment and any impairment or reversals of impairment are recognised through profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).


4.


Debtors

2022
2021
£
£


Trade debtors
18
9,101

Other debtors
344,457
583,375

Prepayments and accrued income
7,165,249
6,938,782

7,509,724
7,531,258


Page 5

 
SAFE ZONE PRODUCTIONS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,289
1,821

Less: bank overdrafts
(1,089)
(772)

200
1,049



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
1,089
772

Other loans
11,966,660
11,589,221

Trade creditors
25,480
24,456

Amounts owed to group undertakings
2,436,355
2,187,424

Other creditors
-
6

Accruals and deferred income
24,750
22,000

14,454,334
13,823,879



7.


Controlling party

During the current and preceeding period, the immediate parent undertaking was Inversion Productions Ltd, a company incorporated in Hong Kong.
The ultimate parent undertaking is Facing East Entertainment (HK) Limited, an entity incorporated in Hong Kong. There is no ultimate controlling party.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 5 August 2024 by Anthony Pins (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 6