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REGISTERED NUMBER: 03123243 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

ELEMENTAL FILMS LIMITED

ELEMENTAL FILMS LIMITED (REGISTERED NUMBER: 03123243)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ELEMENTAL FILMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: May Miles Thomas
Owen Miles Thomas



SECRETARY: Owen Miles Thomas



REGISTERED OFFICE: 16 Churchill Way
Cardiff
South Glamorgan
CF10 2DX



REGISTERED NUMBER: 03123243 (England and Wales)



ACCOUNTANTS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH



BANKERS: Bank of Scotland
235 Sauchiehall Street
Glasgow
G2 3EY

ELEMENTAL FILMS LIMITED (REGISTERED NUMBER: 03123243)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,318 6,477
Investments 5 2 2
4,320 6,479

CURRENT ASSETS
Debtors 6 125,093 125,780
Cash at bank 21,875 63,582
146,968 189,362
CREDITORS
Amounts falling due within one year 7 27,863 57,108
NET CURRENT ASSETS 119,105 132,254
TOTAL ASSETS LESS CURRENT
LIABILITIES

123,425

138,733

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 123,423 138,731
SHAREHOLDERS' FUNDS 123,425 138,733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:




Owen Miles Thomas - Director


ELEMENTAL FILMS LIMITED (REGISTERED NUMBER: 03123243)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Elemental Films Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Film development and production
Film development and production expenditure are written off to the profit and loss account in the year in which the related income is earned. Where there is a reasonable certainty of future material income, then the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Grants receivable
Grants received in respect of expenditure charged to the profit and loss account during the year have been included in profit and loss.

Investments
Fixed asset investments are stated at cost less amounts written off for permanent diminution in value.

The company's subsidiary has not been consolidated. Group accounts have not been prepared and these financial statements present information about the company as an individual undertaking. Group accounts are not required because of the disclosure exemptions available under Section 398 of the Companies Act 2006 for small and medium-sized groups.

ELEMENTAL FILMS LIMITED (REGISTERED NUMBER: 03123243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
equipment
£   
COST
At 1 September 2022
and 31 August 2023 39,793
DEPRECIATION
At 1 September 2022 33,316
Charge for year 2,159
At 31 August 2023 35,475
NET BOOK VALUE
At 31 August 2023 4,318
At 31 August 2022 6,477

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 September 2022
and 31 August 2023 2
NET BOOK VALUE
At 31 August 2023 2
At 31 August 2022 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Solid Air Film Limited
Registered office: Scotland
Nature of business: Film production
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (658,061 ) (661,858 )
Profit for the year 3,797 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 125,093 125,780

ELEMENTAL FILMS LIMITED (REGISTERED NUMBER: 03123243)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security - 20,294
Other creditors 27,863 36,814
27,863 57,108

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

9. RELATED PARTY DISCLOSURES

Throughout the year ended 31 August 2023 the company was under the immediate and ultimate control of directors May Miles Thomas and Owen Miles Thomas. At 31 August 2023 Elemental Films Limited owed a total of £26,788 to May and Owen Miles Thomas (2022 : £35,788). At 31 August 2023 the company was owed £121,974 by its subsidiary, Solid Air Film Limited (2022 : £125,780). These loans are unsecured, interest-free and have no fixed terms for repayment. It is the policy of the company to negotiate all related party transactions on an arm's-length basis.