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Registered number: 08768677









LIGHTBOX MEDIA LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LIGHTBOX MEDIA LIMITED
 
 
COMPANY INFORMATION


Directors
J E Chinn 
S L Chinn 




Registered number
08768677



Registered office
124 Finchley Road

London

NW3 5JS




Trading Address
10 Amwell Street

London

EC1R 1UQ






Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS





 
LIGHTBOX MEDIA LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1
Directors' report
 
 
2 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of income and retained earnings
 
 
9
Consolidated statement of financial position
 
 
10 - 11
Company statement of financial position
 
 
12 - 13
Consolidated statement of cash flows
 
 
14
Consolidated analysis of net debt
 
 
15
Notes to the financial statements
 
 
16 - 32


 
LIGHTBOX MEDIA LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the group's strategic report for the year ended 31 December 2023.
The principal activity of the company and its group is film and TV programme production and ancillary activities.

Business review
 
The directors consider the results of the group for the year to be in line with expectations. The results for the year were considered satisfactory by the directors who anticipate an increase in the net profitability of the group during the next 12 months.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors therefore consider that the going concern basis of accounting in preparing the financial statements remains appropriate.
Future developments
The directors do not expect any significant change to the current strategy and objectives of the group. The group will continue to incur costs on projects in early development stages and will continue with its goal of securing contracts from a varied customer base and exploiting finished programme sales overseas where possible.

Principal risks and uncertainties
 
The principal risks to the business of the group relate to failure to secure new commissions and to failing to control costs of productions. The management of the group mitigate this by seeking to produce excellent programming which leads to repeat commissions from existing customers and new commissions elsewhere. The group also exercises tight budgetary control over its production activities.

Financial key performance indicators
 
Given the nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business. They consider the group's key financial performance indicator to be whether a film is completed in line with the production budget.

Other key performance indicators
 
The directors consider the group's key non-financial performance indicators to be whether a production is delivered by the prescribed deadline and, if applicable, whether a film achieves a British Film certification.


This report was approved by the board and signed on its behalf.




S L Chinn
Director

Date: 25 September 2024

Page 1

 
LIGHTBOX MEDIA LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

J E Chinn 
S L Chinn 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,420,081 (2022 - £1,736,450).

The company paid interim dividends totalling £1,100,000 (2022: £800,000) during the year

Future developments

Future developments in the business of the group are discussed in the strategic report.

Page 2

 
LIGHTBOX MEDIA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instruments

The directors review the principal risks and uncertainties, which are set out below, on a regular basis and ensure systems and policies are continuously updated to reflect any changes.
Financial risk management objectives and policies
The group has established a risk and financial management framework. The primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at business unit level. The group has exposure to three main areas of financial risk, being credit risk, liquidity risk and foreign exchange risk:
Credit risk
The group’s is subject to credit risk through the default of a client or other counterparty.
The group evaluates and monitors clients’ ongoing creditworthiness and continues to work with our clients and ensure timely payment of services in line with contractual commitments.
Liquidity risk
Cash flows are monitored to maintain the group's cash flow and mitigate liquidity risk. The group has access to funds from its parent company if required, to ensure that the group has sufficient resources available to support its operations.
Foreign currency risk
The group's principal foreign exchange risk arises from its operations. Following evaluation of these risks, the group selectively enters into foreign exchange contracts to manage exposure or uses foreign exchange bank accounts to avoid currency conversions. The group reviews its existing contracts and activities to ensure foreign exchange risks are identified, assessed, monitored and are within risk tolerance.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Page 3

 
LIGHTBOX MEDIA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S L Chinn
Director

Date: 25 September 2024

Page 4

 
LIGHTBOX MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTBOX MEDIA LIMITED
 

Opinion


We have audited the financial statements of Lightbox Media Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.


Page 5

 
LIGHTBOX MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTBOX MEDIA LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual reportOur opinion on the financial statements 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 financial statements 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 financial statements 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements 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.


Page 6

 
LIGHTBOX MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTBOX MEDIA LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance, enquiries with management and review of accounting estimates. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The financial statements of Lightbox Media Limited and its group companies for the period ended 31 December 2022 were not audited and as such, the comparative figures are unaudited.


Page 7

 
LIGHTBOX MEDIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIGHTBOX MEDIA LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Anthony Pins (Senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

25 September 2024
Page 8

 
LIGHTBOX MEDIA LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,838,145
22,353,875

Cost of sales
  
(8,840,757)
(17,104,530)

Gross profit
  
4,997,388
5,249,345

Distribution costs
  
(74,307)
(214,394)

Administrative expenses
  
(3,677,148)
(3,323,015)

Other operating income
 5 
774,523
377,091

Operating profit
 6 
2,020,456
2,089,027

Interest receivable and similar income
 10 
-
63

Interest payable and similar expenses
 11 
-
(22,382)

Profit before tax
  
2,020,456
2,066,708

Tax on profit
 12 
(600,375)
(330,258)

Profit after tax
  
1,420,081
1,736,450

  

  

Retained earnings at the beginning of the year
  
1,752,116
815,666

Profit for the year attributable to the owners of the parent
  
1,420,081
1,736,450

Dividends declared and paid
  
(1,100,000)
(800,000)

Retained earnings at the end of the year
  
2,072,197
1,752,116

  

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
LIGHTBOX MEDIA LIMITED
REGISTERED NUMBER: 08768677

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
50,525
104,951

  
50,525
104,951

Current assets
  

Stocks
 16 
4,624,759
1,535,398

Debtors: amounts falling due within one year
 17 
4,632,317
4,818,648

Cash at bank and in hand
 18 
4,791,550
7,086,792

  
14,048,626
13,440,838

Creditors: amounts falling due within one year
 19 
(11,347,220)
(10,763,939)

Net current assets
  
 
 
2,701,406
 
 
2,676,899

Total assets less current liabilities
  
2,751,931
2,781,850

Creditors: amounts falling due after more than one year
 20 
-
(300,000)

Provisions for liabilities
 22 

Other provisions
  
-
(50,000)

  
 
 
-
 
 
(50,000)

Net assets
  
2,751,931
2,431,850


Capital and reserves
  

Called up share capital 
 23 
100
100

Share premium account
  
679,634
679,634

Profit and loss account
  
2,072,197
1,752,116

Equity attributable to owners of the parent company
  
2,751,931
2,431,850

  
2,751,931
2,431,850


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S L Chinn
Director

Date: 25 September 2024

The notes on pages 16 to 32 form part of these financial statements.
Page 10

 
LIGHTBOX MEDIA LIMITED
REGISTERED NUMBER: 08768677
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 11

 
LIGHTBOX MEDIA LIMITED
REGISTERED NUMBER: 08768677

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,561
7,604

Investments
 15 
2,377
2,177

  
6,938
9,781

Current assets
  

Debtors: amounts falling due within one year
 17 
3,847,806
3,413,703

Cash at bank and in hand
 18 
1,444,869
2,785,046

  
5,292,675
6,198,749

Creditors: amounts falling due within one year
 19 
(2,619,553)
(4,063,066)

Net current assets
  
 
 
2,673,122
 
 
2,135,683

Total assets less current liabilities
  
2,680,060
2,145,464

  

Creditors: amounts falling due after more than one year
 20 
-
(300,000)

Provisions for liabilities
 22 

Other provisions
  
-
(50,000)

  
 
 
-
 
 
(50,000)

Net assets excluding pension asset
  
2,680,060
1,795,464

Net assets
  
2,680,060
1,795,464

Page 12

 
LIGHTBOX MEDIA LIMITED
REGISTERED NUMBER: 08768677
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 23 
100
100

Share premium account
  
679,634
679,634

Profit and loss account brought forward
  
1,115,730
648,861

Profit for the year
  
1,984,596
1,266,869

Other changes in the profit and loss account

  

(1,100,000)
(800,000)

Profit and loss account carried forward
  
2,000,326
1,115,730

  
2,680,060
1,795,464


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S L Chinn
Director

Date: 25 September 2024

The notes on pages 16 to 32 form part of these financial statements.

Page 13

 
LIGHTBOX MEDIA LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,420,081
1,736,450

Adjustments for:

Depreciation of tangible assets
16,378
6,632

Interest paid
-
22,382

Interest received
-
(63)

Taxation charge
(174,148)
(46,833)

(Increase) in stocks
(3,089,361)
(1,387,731)

Decrease in debtors
196,470
527,247

Increase in creditors
296,111
4,420,944

(Decrease)/increase in provisions
(50,000)
50,000

Corporation tax received
451,219
167,160

Net cash generated from operating activities

(933,250)
5,496,188


Cash flows from investing activities

Purchase of tangible fixed assets
(1,264)
(162,468)

Sale of tangible fixed assets
39,272
-

Interest received
-
63

Net cash from investing activities

38,008
(162,405)

Cash flows from financing activities

Repayment of loans
(300,000)
(200,000)

Dividends paid
(1,100,000)
(800,000)

Interest paid
-
(22,382)

Net cash used in financing activities
(1,400,000)
(1,022,382)

Net (decrease)/increase in cash and cash equivalents
(2,295,242)
4,311,401

Cash and cash equivalents at beginning of year
7,086,792
2,775,391

Cash and cash equivalents at the end of year
4,791,550
7,086,792


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,791,550
7,086,792


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
LIGHTBOX MEDIA LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

7,086,792

(2,295,242)

4,791,550

Debt due after 1 year

(300,000)

300,000

-

Debt due within 1 year

(100,000)

100,000

-


6,686,792
(1,895,242)
4,791,550

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Lightbox Media Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS and the address of its principal place of business is Ground Floor, 10 Amwell Street, London, EC1R 1UQ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 16

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are recognised in the Consolidated Statement of income and retained earnings in the period in which they arise.

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Development and production turnover is recognised over the period of the development/production Gross profit on development and production activity is recognised over the period of the activity and in accordance with the underlying contract. Overspends are recognised as they arise and underspends are recognised on completion of the activity.

  
2.5

Cost of sales

Production costs incurred in producing a film or television programme are recognised in the Consolidated Statement of income and retained earnings as cost of sales in the period in which they are incurred.

 
2.6

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 17

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

The tax expense for the year comprises current tax and is recognised in profit or loss. 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 and the group operate and generate income.

The group is eligible to claim a Tax Credit on film or television programme production costs. TheTax Credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The group claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
33.33 % on cost
Office equipment
-
25 % on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks take the form of work in progress. Work in progress relates to direct production costs, net of tax credits, incurred on film and television productions not yet delivered. Production costs are recognised in the income statement as soon as the production is delivered and the related sale is recognised.

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.

 
2.11

Debtors

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

Page 18

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The group 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 to/from related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Consolidated Statement of Income and Retained Earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilites as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the group's key sources of estimation uncertainty:
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
I
nvestments
At each reporting date the investments are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected investment is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Consolidated statement of income and retained earnings.
Debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the ageing profile and historical experience of each debtor.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Revenue recognition
The group accounts for its revenue from professional services depending on the contract-specific facts and circumstances, and is based upon the satisfaction of specifc performance obligations/milestones. Estimates may be required when determining the service performed as a proportion of the total services to be provided. When carrying out the assessment various factors are considered including the stage of production/milestones achieved.

Page 20

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Production income
11,261,067
18,791,794

Distribution income
2,429,285
3,323,882

Development income
147,793
238,199

13,838,145
22,353,875


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
103,790
1,174,331

United States of America
13,596,836
20,218,093

Rest of the world
137,519
961,451

13,838,145
22,353,875



5.


Other operating income

2023
2022
£
£

Film and High-end Television Tax Credits receivable
774,523
377,091

774,523
377,091



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
65,237
(79,094)

Other operating lease rentals
54,691
59,065

Page 21

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
26,000
-


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,321,948
2,125,764
1,100,874
972,896

Social security costs
132,646
130,841
132,646
130,841

Cost of defined contribution scheme
13,478
13,356
13,478
13,356

2,468,072
2,269,961
1,246,998
1,117,093


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Staff
63
62
33
32

65
64
35
34

Page 22

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
212,549
212,242

Group contributions to defined contribution pension schemes
1,320
1,318

213,869
213,560


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £213,869 (2022 - £213,560).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,320 (2022 - £1,318).

The total remuneration of the key management personnel of Lightbox Media Limited and its group was £840,138 (2022: £816,170).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
-
63

-
63


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
19,260

Other interest payable
-
3,122

-
22,382

Page 23

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
600,375
330,258


600,375
330,258


Total current tax
600,375
330,258

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,020,456
2,066,708


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
505,114
392,675

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,755
3,138

Depreciation for the year in excess of capital allowances
1,531
(667)

Changes in provisions leading to an (decrease) / increase in the tax charge
(12,500)
9,500

Alignment of tax rates
87,819
(65,529)

Unrelieved tax losses carried forward
11,656
(8,859)

Total tax charge for the year
600,375
330,258


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25%, effective 1 April 2023, was introduced by Finance (No.2) Bill 2021-2022. As such current tax is provided for at 25% in the current period and 19% in the prior period respectively. It will continue to be provided for at 25% in subsequent years.

Page 24

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Dividends

2023
2022
£
£


Equity dividends
1,100,000
800,000

1,100,000
800,000


14.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost


At 1 January 2023
27,620
819,977
94,803
942,400


Additions
-
-
1,264
1,264


Disposals
-
(38,868)
-
(38,868)



At 31 December 2023

27,620
781,109
96,067
904,796



Depreciation


At 1 January 2023
27,619
722,630
87,200
837,449


Charge for the year on owned assets
444
3,650
3,863
7,957


Disposals
-
8,865
-
8,865



At 31 December 2023

28,063
735,145
91,063
854,271



Net book value



At 31 December 2023
(443)
45,964
5,004
50,525

Page 25

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Long-term leasehold property
Office equipment
Total

£
£
£

Cost


At 1 January 2023
27,620
94,803
122,423


Additions
-
1,264
1,264



At 31 December 2023

27,620
96,067
123,687



Depreciation


At 1 January 2023
27,619
87,200
114,819


Charge for the year on owned assets
444
3,863
4,307



At 31 December 2023

28,063
91,063
119,126



Net book value



At 31 December 2023
(443)
5,004
4,561






Page 26

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
2,177


Additions
300


Disposals
(100)



At 31 December 2023
2,377





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Firehole Media Limited
10 Amwell St, London
Ordinary
100%
LT2 Films Limited
10 Amwell St, London
Ordinary
100%
TFD Films Limited
10 Amwell St, London
Ordinary
100%
COTC Films Limited
10 Amwell St, London
Ordinary
100%
DFD Films Limited
10 Amwell St, London
Ordinary
100%
FWS Film Limited
10 Amwell St, London
Ordinary
100%
AFPU Films Limited
10 Amwell St, London
Ordinary
100%
STVS Films Limited
10 Amwell St, London
Ordinary
100%
DHP Films Limited
10 Amwell St, London
Ordinary
100%
NW1 Films Limited
10 Amwell St, London
Ordinary
100%
BTM Films Limited
10 Amwell St, London
Ordinary
100%
MMAM Films Limited
10 Amwell St, London
Ordinary
100%
JFD Films Limited
10 Amwell St, London
Ordinary
100%
TYH Films Limited
10 Amwell St, London
Ordinary
100%
MH Films Limited
10 Amwell St, London
Ordinary
100%
MCF Films Limited
10 Amwell St, London
Ordinary
100%
GPS Films Limited
10 Amwell St, London
Ordinary
100%
Lightbox Entertainment, Inc
USA
Ordinary
100%
Crescent H, Inc *
USA
Ordinary
100%
Hoji Productions, Inc *
USA
Ordinary
100%

* - companies are held indirectly as 100% subsidiaries of Lightbox Entertainment, Inc.

Page 27

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Firehole Media Limited
83,134
(1,576)

LT2 Films Limited
100
-

TFD Films Limited
100
-

COTC Films Limited
100
-

DFD Films Limited
100
(46,625)

FWS Film Limited
100
-

AFPU Films Limited
100
-

STVS Films Limited
100
-

DHP Films Limited
100
-

NW1 Films Limited
100
-

BTM Films Limited
100
-

MMAM Films Limited
100
-

JFD Films Limited
100
-

TYH Films Limited
100
-

MH Films Limited
100
-

MCF Films Limited
100
-

GPS Films Limited
100
-

Lightbox Entertainment, Inc
(99,177)
(443,073)

Crescent H, Inc *
93,499
(72,096)

Hoji Productions, Inc *
(3,025)
(1,145)

The following subsidiaries were exempt from audit by virtue of S479A of the Companies Act 2006:
Firehole Media Ltd - registered number: 09879793
LT2 Films Limited - registered number: 10766289
TFD Films Limited - registered number: 11477306
COTC Films Limited - registered number: 12642620
DFD Films Limited - registered number: 12701193
FWS Films Limited - registered number: 12812170
AFPU Films Limited - registered number: 12822202
STVS Films Ltd - registered number: 13088396
DHP Films Ltd - registered number: 13949598
NW1 Films Ltd - registered number: 14115666
BTM Films Limited - registered number: 14175993
MMAM Films Limited - registered number: 14201324
JFD Films Limited - registered number: 14385776
TYH Films Limited - registered number: 14540300
MH Films Limited - registered number: 15028331
MCF Films Limited - registered number: 15218815
GPS Films Limited - registered number: 15222919

Page 28

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

Group
Group
2023
2022
£
£

Work in progress
4,624,759
1,535,398

4,624,759
1,535,398



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,255,960
2,824,777
221,807
1,049,597

Amounts owed by group undertakings
-
-
2,275,411
1,497,491

Other debtors
303,596
90,447
294,664
87,909

Prepayments and accrued income
1,495,234
1,577,687
1,055,924
778,706

Tax recoverable
577,527
325,737
-
-

4,632,317
4,818,648
3,847,806
3,413,703



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,791,550
7,086,792
1,444,869
2,785,046

4,791,550
7,086,792
1,444,869
2,785,046


Page 29

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loan
-
100,000
-
100,000

Trade creditors
41,644
500,359
72,835
114,299

Amounts owed to group undertakings
-
-
259,616
1,183,064

Corporation tax
444,191
167,160
443,837
166,786

Other taxation and social security
73,114
103,917
73,114
103,917

Other creditors
1,159,792
193,914
2,141
50

Accruals and deferred income
9,628,479
9,698,589
1,768,010
2,394,950

11,347,220
10,763,939
2,619,553
4,063,066


The bank loan was secured by fixed and floating charges over the current and future assets of the company.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loan
-
300,000
-
300,000

-
300,000
-
300,000


The bank loan was secured by fixed and floating charges over the current and future assets of the company. It was also secured by the UK Government in accordance with the terms of the Coronavirus Business Interruption Loan Scheme.

Page 30

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
-
100,000
-
100,000


-
100,000
-
100,000


Amounts falling due 2-5 years

Bank loans
-
300,000
-
300,000


-
300,000
-
300,000


-
400,000
-
400,000



22.


Provisions


Group






Legal provision

£





At 1 January 2023
50,000


Charged to the profit or loss
(50,000)



At 31 December 2023
-

Company





Legal provision
Total

£
£





At 1 January 2023
50,000
50,000


Charged to the profit or loss
(50,000)
(50,000)



At 31 December 2023
-
-

Page 31

 
LIGHTBOX MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



24.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
55,110
63,070
55,110
63,070

Later than 1 year and not later than 5 years
-
55,110
-
55,110

55,110
118,180
55,110
118,180


25.


Related party transactions

The company has taken advantage of the exemption contained in FRS102 section 33 "Related Party Disclosures" from disclosing transactions with companies that are a wholly owned member of the group.


26.


Controlling party

Lightbox Media Limited is head of the largest and smallest group which prepares consolidated financial statements and is under the control of J E Chinn and S L Chinn. There is no ultimate controlling party.

 
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