Company Registration No. 14293568 (England and Wales)
G.I. 19 Productions Limited
Unaudited financial statements
for the period ended 31 December 2023
Pages for filing with the registrar
G.I. 19 Productions Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
G.I. 19 Productions Limited
Statement of financial position
As at 31 December 2023
1
2023
Notes
£
£
Current assets
Debtors
5
1,858,135
Cash at bank and in hand
792,453
2,650,588
Creditors: amounts falling due within one year
6
(2,631,358)
Net current assets
19,230
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
19,229
Total equity
19,230

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

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 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 12 August 2024 and are signed on its behalf by:
S  Fenegan
Director
Company Registration No. 14293568
G.I. 19 Productions Limited
Statement of changes in equity
For the period ended 31 December 2023
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 12 August 2022
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
19,229
19,229
Issue of share capital
7
1
-
1
Balance at 31 December 2023
1
19,229
19,230
G.I. 19 Productions Limited
Notes to the financial statements
For the period ended 31 December 2023
3
1
Accounting policies
Company information

G.I. 19 Productions 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 pound 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
Turnover

Turnover represents income from the company's principal trading activities and is stated exclusive of VAT.

 

In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts for on-going services is determined by reference to the stage of completion.

 

The "percentage completion method" is used to determine the appropriate amount to recognise is a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments and other assets depending on their nature, and provided it is probable they will be recovered.

1.4
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.

1.5
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.

G.I. 19 Productions Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
4
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.

1.6
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.

1.7
Taxation

The tax credit represents the sum of the tax currently recoverable and deferred tax.

Current tax

The tax currently receivable is based on relievable losses arising in the period as the result of film tax relief legislation. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's asset for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

G.I. 19 Productions Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
5
1.9
Foreign exchange

Transactions in currencies other than British pound 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.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The key accounting estimate within the financial statements for this company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

 

In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Employees

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

2023
Number
Total
1
4
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
(1,159,460)
G.I. 19 Productions Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
4
Taxation (continued)
6

The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2023
£
Loss before taxation
(1,140,231)
Expected tax credit based on the standard rate of corporation tax in the UK of 22.25%
(253,701)
Enhanced losses arising from the film tax credit
(1,034,233)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
(127,541)
Losses carried forward
256,015
Taxation credit for the period
(1,159,460)
5
Debtors
2023
Amounts falling due within one year:
£
Corporation tax recoverable
1,159,460
Other debtors
698,675
1,858,135
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
129,682
Amounts owed to group undertakings
1,829,062
Taxation and social security
529,101
Other creditors
143,513
2,631,358
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
1
1

On incorporation, 1 ordinary share was issued at par value of £1 each.

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

10
Directors' transactions

During the period, fees totalling £205,000 were incurred payable to Stuart Fenegan, in respect of producer services, of which £247,283 were paid in the period and £42,283 is included in prepayments.

 

In addition, fees totalling £150,000 were also incurred payable to Stuart Fenegan, in respect of production services, of which £90,000 were paid in the period and £60,000 is included in accruals.

 

During the period, fees totalling £112,500 were incurred payable to Christopher Kingsley, in respect of producer services and productions services, of which £101,821 were paid in the period and £10,680 is included in accruals.

 

During the period, fees totalling £112,500 were incurred payable to Jonathon Kingsley, in respect of producer services and productions services, of which £101,821 were paid in the period and £10,680 is included in accruals.

 

During the period, fees totalling £175,000 were incurred payable to Duncan Jones, in respect of directing services, of which £172,133 were paid in the period and £2,867 is included in accruals.

11
Parent company

The company's immediate parent is G.I. 19 Limited, a company incorporated in England and Wales.

 

The group has taken advantage of the small group exemption under Section 383 of the Companies Act 2006 from preparing consolidated financial statements for the current period.

 

The directors consider there to be no ultimate controlling party during the period.

 

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