Company Registration No. 14282266 (England and Wales)
G.I. 19 Limited
Annual report and unaudited financial statements
for the period ended 31 December 2023
G.I. 19 Limited
Company information
Directors
S Fenegan
(Appointed 8 August 2022)
D Jones
(Appointed 8 August 2022)
C R Kingsley
(Appointed 8 August 2022)
J J Kingsley
(Appointed 8 August 2022)
Company number
14282266
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Accountants
Saffery LLP
71 Queen Victoria Street
London
ECV4 4BE
G.I. 19 Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 9
G.I. 19 Limited
Directors' report
For the period ended 31 December 2023
1

The directors present their annual report and unaudited financial statements for the period ended 31 December 2023.

Principal activities

The company was incorporated on 8 August 2022 and began trading on the same day. The principal activity of the company is that of commissioning film production.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

S Fenegan
(Appointed 8 August 2022)
D Jones
(Appointed 8 August 2022)
C R Kingsley
(Appointed 8 August 2022)
J J Kingsley
(Appointed 8 August 2022)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S Fenegan
Director
7 August 2024
G.I. 19 Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of G.I. 19 Limited for the period ended 31 December 2023
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.I. 19 Limited for the period ended 31 December 2023 set out on pages 3 to 9 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 icaew.com/regulation.

This report is made solely to the Board of Directors of G.I. 19 Limited, as a body, in accordance with the terms of our engagement letter dated 22 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of G.I. 19 Limited and state those matters that we have agreed to state to the Board of Directors of G.I. 19 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.I. 19 Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that G.I. 19 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 loss of G.I. 19 Limited. You consider that G.I. 19 Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of G.I. 19 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.

Saffery LLP
7 August 2024
Chartered Accountants
71 Queen Victoria Street
London
ECV4 4BE
G.I. 19 Limited
Income statement
For the period ended 31 December 2023
3
Period
ended
31 December
2023
£
Turnover
-
Cost of sales
-
0
Gross profit
-
Administrative expenses
(12,700)
Loss before taxation
(12,700)
Tax on loss
-
0
Loss for the financial period
(12,700)

The income statement has been prepared on the basis that all operations are continuing operations.

G.I. 19 Limited
Statement of financial position
As at 31 December 2023
4
2023
Notes
£
£
Fixed assets
Investments
4
1
Current assets
Stocks
5,051,399
Debtors
5
2,517,626
7,569,025
Creditors: amounts falling due within one year
6
(7,581,722)
Net current liabilities
(12,697)
Net liabilities
(12,696)
Capital and reserves
Called up share capital
7
4
Profit and loss reserves
(12,700)
Total equity
(12,696)

For the financial period ended 31 December 2023 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 period in question in accordance with section 476.

These financial statements have been prepared 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 7 August 2024 and are signed on its behalf by:
S  Fenegan
Director
Company Registration No. 14282266
G.I. 19 Limited
Notes to the financial statements
For the period ended 31 December 2023
5
1
Accounting policies
Company information

G.I. 19 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Reporting period

These financial statements are presented for a period of 16 months and no comparative amounts are presented, being the first period since incorporation. Trading commenced immediately on the day of incorporation.

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 British pounds 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
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Stocks

Inventories consist of work in progress and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is comprised of production costs for a film project which was not completed at the balance sheet date and therefore is held is held in stock until in a state when it can be distributed, at which point the costs will be converted into an intangible asset.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

G.I. 19 Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
6
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, 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
Foreign exchange

Transactions in currencies other than British 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.

G.I. 19 Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
7
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.

3
Employees

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

2023
Number
Total
-
0
4
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 8 August 2022
-
Additions
1
At 31 December 2023
1
Carrying amount
At 31 December 2023
1
G.I. 19 Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
8
5
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
1,836,063
Other debtors
681,563
2,517,626
6
Creditors: amounts falling due within one year
2023
£
Other creditors
2,314,336
Accruals and deferred income
5,267,386
7,581,722
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary share of £1 each
4
4
8
Financial commitments, guarantees and contingent liabilities

The company currently has two charges outstanding:

 

Rebellion Entertainment Limited holds a fixed and floating charge and a negative pledge over the company's property or undertaking of the company, and the company's present and future rights, title and interest in and to the film and its assets.

 

I Am Investing LLC holds a fixed and floating charge and a negative pledge over the company's property or undertaking of the company, and the company's present and future rights, title and interest in and to the film and its assets.

9
Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

 

During the period, the company entered into the following transactions with related parties. During the period the company received funding of £3,544,662 from companies controlled by Duncan Jones, a director of G.I. 19 Limited, of which £1,018,963 was outstanding at period-end. During the period the company received funding of £3,821,073 from companies controlled by Christopher Kingsley & Jonathon Kingsley, directors of G.I. 19 Limited, of which £1,295,374 was outstanding at period-end.

G.I. 19 Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
9
10
Ultimate controlling party

The company does not have an ultimate controlling party.

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