Registered number |
B4U NETWORK (EUROPE) LIMITED | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2-3 |
Independent auditor's report | 4-6 |
Profit and loss account | 7 |
Balance sheet | 8 |
Statement of changes in equity | 9 |
Notes to the accounts | 10-17 |
Company Information |
Directors |
Auditors |
Rel Integral Accounting and Auditing Limited |
65 Delamere Road |
Hayes |
Middlesex |
United Kingdom |
UB4 0NN |
Registered office |
Transputec House |
19 Heather Park Drive |
Wembley, Middlesex |
United Kingdom |
HA0 1SS |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and accounts for the year ended |
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The directors have continued to foster strong relationships with suppliers, customers, employees and the other stakeholders of the business. All business decisions are taken in with a view to maintaining and strengthening these relationships. | |||||||
Principal activities | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
Political donations | |||||||
Results and dividends | |||||||
The result for the year are set out of on page 07. No ordinary dividends were paid during the year. | |||||||
Going Concern | |||||||
The Company operates in a highly competitive market and is therefore reliant on its parent company, B4U Holdings Ltd, for both liquidity and financial support. B4U Holdings Ltd has confirmed that it will provide financial support either directly or through group companies to enable all creditors to be settled when due for at least 12 months from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis on the basis of that continuing support. | |||||||
Directors' responsibilities |
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. | |||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
Auditor | |||||||
RSM UK AUDIT LLP resigned as auditor on 7th May 2024 and Rel Integral accounting and auditing limited was appointed in their place. Rel Integral accounting and auditing limited, Chartered Certified Accountants, has indicated its willingness to continue in office. | |||||||
Small company provisions | |||||||
This report was approved by the board on |
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Sanjay Agarwal | |||||||
Director | |||||||
B4U NETWORK (EUROPE) LIMITED | ||
Independent auditor's report | ||
to the members of B4U NETWORK (EUROPE) LIMITED | ||
Opinion |
We have audited the accounts of B4U NETWORK (EUROPE) LIMITED (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the accounts: | ||
● | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts. | ||
Conclusions relating to going concern | ||
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. | ||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. | ||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation. | ||
Other information | ||
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | ||
We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and | |
● | the directors’ report has been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the accounts are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit; or | |
● | the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. | ||
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s responsibilities for the audit of the accounts | ||
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. | ||
The extent the audit was considered capable of detecting irregularities, including fraud. Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: · obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; · inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; · discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud |
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from internal/external tax advisors. | ||
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. | ||
Use of our report | ||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
(Senior Statutory Auditor) | 65 Delamere Road | |
for and on behalf of | Hayes | |
Middlesex | ||
Statutory Auditor | UB4 0NN | |
Profit and Loss Account | ||||||||
for the year ended |
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2024 | 2023 | |||||||
£ | £ | |||||||
Turnover | ||||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Administrative expenses | ( |
( |
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Operating loss | ( |
( |
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Interest payable | ( |
- | ||||||
Loss before taxation | ( |
( |
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Tax on loss | ( |
( |
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Loss for the financial year | ( |
( |
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Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 5 | ||||||
Tangible assets | 6 | ||||||
Current assets | |||||||
Debtors | 7 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 8 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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Sanjay Agarwal | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | |||||||
for the year ended |
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Share | Profit | Total | |||||
capital | and loss | ||||||
account | |||||||
£ | £ | £ | |||||
At 1 April 2022 | ( |
( |
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Loss for the financial year | (748,111) | (748,111) | |||||
At 31 March 2023 | 6,000,000 | (10,897,136) | (4,897,136) | ||||
At 1 April 2023 | ( |
( |
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Loss for the financial year | ( |
( |
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At 31 March 2024 | ( |
( |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
General Information | ||||||||
B4U Network (Europe) Limited, the “Company”, is a private company limited by shares and is registered and incorporated in England with registration number 0370721. The address of the Company’s registered & principal place of business is 19 Heather Park Drive, Wembley, Middlesex, HA0 1SS. The Company’s principal activities are television broadcasting and distribution of films in the UK, Europe and USA. | ||||||||
Basis of preparation | ||||||||
Monetary amounts in these financial statements are rounded to the nearest pound sterling. Sterling is both functional and presentational currency of the Company. The accounting policies of the Company are set out below. The policies, which the directors have reviewed and consider to remain appropriate, have remained unchanged from the previous year. |
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Turnover | ||||||||
Subscription turnover is recognised based on subscriber numbers over the term of the contract. Turnover arising from advertising is recognised on the date of broadcast. Turnover arising from film distribution is recognised on the date of exhibition of the films. |
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Intangible fixed assets | ||||||||
Film rights are acquired by the Company. These film rights are stated at cost less amortisation and impairment, if any. In accordance with industry norms, the rights are amortised over the average period of the rights up to a maximum of 8 years. Where film rights are acquired from a group company, at a price which is marked up above the acquisition cost for that group company, the film is capitalised at the original cost and the value of the mark-up expensed immediately in programming expenses. Film rights acquired by the the company during the year are amortised over the average period of the rights up to 2 years. |
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Tangible fixed assets | ||||||||
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows; |
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Fixtures and fittings | 10% straight line | |||||||
Equipment | 20% straight line | |||||||
Impairment of intangible assets | ||||||||
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account. | ||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents 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 | ||||||||
Financial assets | ||||||||
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 assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Basic financial assets, which include trade and other receivables 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 |
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Financial assets at amortised cost | ||||||||
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
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Impairment of financial assets | ||||||||
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
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Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. | ||||||||
Financial liabilities | ||||||||
Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire. | ||||||||
Taxation | ||||||||
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is recognised on income or expenses from subsidiaries, associates, branches and interests in jointly controlled entities, that will be assessed to or allow for tax in a future period except where the Company is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future. Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity Current tax assets and current tax liabilities, deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Foreign currencies | ||||||||
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the daily rate of exchange for the period. Exchange differences are taken into account in arriving at the operating profit | ||||||||
Financial instruments | ||||||||
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debts instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity |
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Provisions | ||||||||
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. |
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Going Concern | ||||||||
The Company operates in a highly competitive market and is therefore reliant on its parent company, B4U Holdings Ltd, for both liquidity and financial support. B4U Holdings Ltd has confirmed that it will provide financial support either directly or through group companies to enable all creditors to be settled when due for at least 12 months from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis on the basis of that continuing support. | ||||||||
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||
The Directors do recognise that there are uncertainties in relation to going concern in the group which provides the Company with support to continue as a going concern. However, at the time of approving the financial statements, the directors have a reasonable expectation that the group and Company have adequate resources to continue in operational existence for the foreseeable future with the ongoing support of the parent group. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Recoverability of assets Financial and non-financial assets are subject to impairment reviews based on whether current or future events and circumstances suggest that their recoverable amount may be less than their carrying value. The recoverable amount is based on the higher of the value in use and fair value less costs to dispose. Value in use is calculated from expected future cash flows using suitable discount rates and includes management assumptions on recoverability. |
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Critical areas of judgement Deferred tax assets The Company recognises a deferred tax asset on unrelieved losses only to the extent that it can be recovered against future profits. Therefore, management are required to make a judgement of the Company’s expected future profits when valuing the deferred tax asset at each reporting date. On the basis of FRS 102, 29.7, the current deferred tax asset has not been recognised. Allowance for uncollectable debtors Management have calculated the allowance for uncollectable debtors by reviewing the ageing of older balances. |
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2 | Audit information | |||||||
As per the disclosure u/s 444(5B) of "The Companies Act 2006", the audit report is unqualified. | ||||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
3 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Key Management Personnel | |||||||
The total remuneration of the head of departments, who are considered to be the key management personnel of the Company, was £177,268 (2023: £190,891) | ||||||||
5 | Intangible fixed assets | £ | ||||||
Distribution | Broadcasting | Total | ||||||
Cost | ||||||||
At 1 April 2023 | 179,731 | 621,803 | ||||||
Additions | 334,911 | |||||||
At 31 March 2024 | 179,731 | 956,714 | ||||||
Amortisation | ||||||||
At 1 April 2023 | 179,731 | 276,576 | ||||||
Provided during the year | 176,013 | |||||||
At 31 March 2024 | 179,731 | 452,589 | ||||||
Net book value | ||||||||
At 31 March 2024 | - | 504,125 | ||||||
At 31 March 2023 | - | 345,227 | ||||||
The amortisation charge for the current and previous year has been charged to cost of sales within the statement of income and retained earnings | ||||||||
6 | Tangible fixed assets | |||||||
Equipments | Total | |||||||
£ | ||||||||
Cost | ||||||||
At 1 April 2023 | 35,948 | |||||||
Disposals | (4,664) | ( |
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At 31 March 2024 | 31,284 | |||||||
Depreciation | ||||||||
At 1 April 2023 | 23,271 | |||||||
Charge for the year | 6,291 | |||||||
On disposals | (4,664) | ( |
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At 31 March 2024 | 24,898 | |||||||
Net book value | ||||||||
At 31 March 2024 | 6,386 | |||||||
At 31 March 2023 | 12,677 | |||||||
7 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by group undertakings | ||||||||
Other debtors | ||||||||
8 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Amounts owed to group undertakings | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
9 | Prior year's balance of Amounts owed to group undertakings for more than one year of GBP 6,422,120 have been regrouped to amounts owed to group undertakings falling due within one year to facilitate the comparison. | |||||||
10 | Share Capital | |||||||
Alloted, called up and fully paid : | 2024 | 2023 | ||||||
Nos. | £ | Nos. | £ | |||||
Ordinary share of GBP 1 each | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | ||||
The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. | ||||||||
11 | Ultimate and Holding Company | |||||||
The Company’s immediate parent company and controlling party is B4U Holdings Limited, a company registered in the Mauritius. Consolidated financial statements of B4U Holdings Limited are available at the ultimate holding company level from B4U Entertainment Holdings Pte. Ltd. (Formerly known as Horizon Production Pte. Ltd.,) a company registered in Singapore, registered address 30 Cecil Street #19-08 Prudential Tower Singapore 049712 which is the smallest group for which accounts are drawn up. B4U Network (Europe) Limited is included within the consolidated accounts of its parent. | ||||||||
12 | Related Party Transactions | |||||||
The Company has taken the exemptions, under FRS 102 Section 33, not to disclose related party transactions with member of the group which are 100% owned within the same group structure. | ||||||||
13 | Other information | |||||||
B4U NETWORK (EUROPE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Transputec House | ||||||||
19 Heather Park Drive | ||||||||
Wembley, Middlesex | ||||||||
United Kingdom | ||||||||
HA0 1SS |