Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312024-05-3117truetruetruetruetruetruetruetruetruetruefalse2023-01-01No description of principal activity9true 12451984 2023-01-01 2023-12-31 12451984 2022-01-01 2022-12-31 12451984 2023-12-31 12451984 2022-12-31 12451984 2022-01-01 12451984 1 2023-01-01 2023-12-31 12451984 1 2022-01-01 2022-12-31 12451984 d:Exceptional 2023-01-01 2023-12-31 12451984 d:Exceptional 2022-01-01 2022-12-31 12451984 e:CompanySecretary1 2023-01-01 2023-12-31 12451984 e:Director1 2023-01-01 2023-12-31 12451984 e:Director2 2023-01-01 2023-12-31 12451984 e:Director3 2023-01-01 2023-12-31 12451984 e:Director4 2023-01-01 2023-12-31 12451984 e:Director5 2023-01-01 2023-12-31 12451984 e:RegisteredOffice 2023-01-01 2023-12-31 12451984 d:FurnitureFittings 2023-01-01 2023-12-31 12451984 d:FurnitureFittings 2023-12-31 12451984 d:FurnitureFittings 2022-12-31 12451984 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12451984 d:OfficeEquipment 2023-01-01 2023-12-31 12451984 d:OfficeEquipment 2023-12-31 12451984 d:OfficeEquipment 2022-12-31 12451984 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12451984 d:ComputerEquipment 2023-01-01 2023-12-31 12451984 d:ComputerEquipment 2023-12-31 12451984 d:ComputerEquipment 2022-12-31 12451984 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12451984 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12451984 d:ComputerSoftware 2023-01-01 2023-12-31 12451984 d:ComputerSoftware 2023-12-31 12451984 d:ComputerSoftware 2022-12-31 12451984 d:IntangibleAssetsOtherThanGoodwill 2023-12-31 12451984 d:IntangibleAssetsOtherThanGoodwill 2022-12-31 12451984 d:CurrentFinancialInstruments 2023-12-31 12451984 d:CurrentFinancialInstruments 2022-12-31 12451984 d:Non-currentFinancialInstruments 2023-12-31 12451984 d:Non-currentFinancialInstruments 2022-12-31 12451984 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12451984 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12451984 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12451984 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12451984 d:UKTax 2023-01-01 2023-12-31 12451984 d:UKTax 2022-01-01 2022-12-31 12451984 d:ForeignTax 2023-01-01 2023-12-31 12451984 d:ForeignTax 2022-01-01 2022-12-31 12451984 d:ShareCapital 2023-12-31 12451984 d:ShareCapital 2022-12-31 12451984 d:ShareCapital 2022-01-01 12451984 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12451984 d:RetainedEarningsAccumulatedLosses 2023-12-31 12451984 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12451984 d:RetainedEarningsAccumulatedLosses 2022-12-31 12451984 d:RetainedEarningsAccumulatedLosses 2022-01-01 12451984 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12451984 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12451984 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 12451984 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 12451984 e:FRS101 2023-01-01 2023-12-31 12451984 e:Audited 2023-01-01 2023-12-31 12451984 e:FullAccounts 2023-01-01 2023-12-31 12451984 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12451984 d:FinancialInstrumentsFairValueThroughProfitOrLoss 2023-01-01 2023-12-31 12451984 d:FinancialLiabilitiesAmortisedCost 2023-01-01 2023-12-31 12451984 d:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss 2023-01-01 2023-12-31 12451984 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12451984 2 2023-01-01 2023-12-31 12451984 4 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


















Abacus Media Rights Limited
























Directors' report and financial statements



For the year ended 31 December 2023



Registered number: 12451984

 
Abacus Media Rights Limited
 


Company Information


Directors
Jonathan Ford 
Laurence Howard 
Martin Lyon 
Paul McGowan 
Robert Price 




Company secretary
Inca Lockhart-Ross



Registered number
12451984



Registered office
2 John Street

London

England

WC1N 2ES





 
Abacus Media Rights Limited
 


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 22


 
Abacus Media Rights Limited
 
 

Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements of Abacus Media Rights Limited ('the company') for the year ended 31 December 2023.

Directors

The directors who served during the year were:

Jonathan Ford 
Laurence Howard 
Martin Lyon 
Paul McGowan 
Robert Price 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the 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 101 ‘Reduced Disclosure Framework’. 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 of the profit or loss of the company for that period.

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


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

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's auditor is 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's auditor is aware of that information.

Page 1

 
Abacus Media Rights Limited
 

Directors' report (continued)
For the year ended 31 December 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 31 May 2024 and signed on its behalf.
 





Laurence Howard
Director

Page 2

 
img6ee5.png 

Independent auditor's report to the members of Abacus Media Rights Limited
 For the year ended 31 December 2023

Opinion


We have audited the financial statements of Abacus Media Rights Limited ('the company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.


Page 3

 
img16ba.png 
 
Independent auditor's report to the members of Abacus Media Rights Limited (continued)
For the year ended 31 December 2023

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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; 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 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; or
the directors were not entitled to prepare the financial statements 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 set out on page 1, 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 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 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 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 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:
Page 4

 
img2bb2.png 
 
Independent auditor's report to the members of Abacus Media Rights Limited (continued)
For the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, employment legislation and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

making enquiries of management;
inspecting legal expenditure and correspondence throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process during the period;
reviewed journal entries to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management;
tested occurrence of income by agreement to contracts or other supporting documents from third parties; and
carried out substantive testing to check the occurrence and cut off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company's legal advisors.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Page 5

 
img0555.png 
 
Independent auditor's report to the members of Abacus Media Rights Limited (continued)
For the year ended 31 December 2023

Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


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 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.





John Marnham (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Chartered Accountants
Statutory Auditor
130 Wood Street
London
EC2V 6DL

31 May 2024
Page 6

 
Abacus Media Rights Limited
 


Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
4,918,035
6,073,283

Cost of sales
  
(693,164)
(711,239)

Gross profit
  
4,224,871
5,362,044

Administrative expenses
  
(3,909,241)
(2,991,474)

Exceptional administrative expenses
  
-
(85,000)

Operating profit
  
315,630
2,285,570

Interest receivable and similar income
  
733,451
142,836

Interest payable and similar expenses
  
(214,842)
(72,836)

Profit before tax
  
834,239
2,355,570

Tax on profit
 6 
(238,626)
(230,952)

Profit for the financial year
  
595,613
2,124,618

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
Abacus Media Rights Limited - Registered number:12451984


Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Fixed assets
  

Intangible assets
 7 
4,193,313
3,687,359

Tangible assets
 8 
29,980
45,034

  
4,223,293
3,732,393

Current assets
  

Debtors
 9 
20,279,460
12,624,364

Cash at bank and in hand
 10 
1,079,343
1,873,216

  
21,358,803
14,497,580

Creditors: amounts falling due within one year
 11 
(19,786,206)
(13,384,843)

Net current assets
  
 
 
1,572,597
 
 
1,112,737

Total assets less current liabilities
  
5,795,890
4,845,130

  

Creditors: amounts falling due after more than one year
 12 
(366,406)
-

  
5,429,484
4,845,130

Provisions for liabilities
  

Deferred taxation
 13 
-
(11,259)

Net assets
  
5,429,484
4,833,871


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
5,429,474
4,833,861

  
5,429,484
4,833,871


The company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board on 31 May 2024. and were signed on its behalf by:


Laurence Howard
Director

The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
Abacus Media Rights Limited
 


Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10
2,709,243
2,709,253


Comprehensive income for the year

Profit for the year
-
2,124,618
2,124,618



At 1 January 2023
10
4,833,861
4,833,871


Comprehensive income for the year

Profit for the year
-
595,613
595,613


At 31 December 2023
10
5,429,474
5,429,484


The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office is 2 John Street, London, WC1N 2ES and the registered number is 12451984.

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FRS 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Amcomri Entertainment Inc as at 31 December 2023 and these financial statements may be obtained from amcomrientertainmentinc.com.

Page 10

 
Abacus Media Rights 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.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

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

The company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.

Rendering of services

Turnover from providing services is recognised in the accounting period in which the services are rendered. Revenue from digital distribution of titles and the revenue from sale of the rights to distribute certain titles in
certain markets is recognised on an accrual basis at the point the agreements are made because all performance obligations on the company have been satisfied. Furthermore, these sales are recognised net of the royalties due to producers as the company does not retain the rights to make significant adjustments to the saleable titles.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 
Abacus Media Rights Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 12

 
Abacus Media Rights Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 
2.12

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:

Fixtures and fittings
-
5 years
Office equipment
-
5 years
Computer equipment
-
5 years

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.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

 
Abacus Media Rights Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.16

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.17

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.

 
2.18

Financial instruments

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:


Financial assets and financial liabilities are initially measured at fair value. 

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would
Page 14

 
Abacus Media Rights Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Intangible assets
The Company holds licenses to distribute certain film titles for defined periods of time. The Company capitalises any directly attributable costs for these licences and amortises them over the length of the licence, with a maximum amortisation period of  7 years. The directors review the appropriateness of the amortisation period and the residual value of the licences for recoverability.
Recoverability of debtors
The directors review the company's debtors and use their judgement to estimate the recoverable values. Provisions were made specifically against debtors when recoverability is uncertain.


4.


Employees

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


        2023
        2022
            No.
            No.







Employees
17
9


5.
Auditors remuneration


2023
2022

£
£

Fees payable for the audit of the annual accounts
11,000
9,991


2023
2022
Page 15

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

£
£

Fees payable to the auditor in respect of:

- taxation compliance services
2,500
1,850

- all other non-audit services
800
750

3,300
2,600


6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
128,573
197,581

Adjustments in respect of previous periods
70,289
104,401


198,862
301,982


Double taxation relief
(128,573)
(105,486)


70,289
196,496

Foreign tax


Foreign tax on income for the year
202,513
106,083

Foreign tax in respect of prior periods
-
(76,766)

Total current tax
272,802
225,813

Deferred tax


Origination and reversal of timing differences
(3,764)
3,906

Unused tax losses and credits
(30,412)
-

Effects of changes in tax rate opening balances
-
1,233

Total deferred tax
(34,176)
5,139


Taxation on profit on ordinary activities
238,626
230,952
Page 16

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023
 
6.Taxation (continued)


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 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
834,239
2,355,570


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
196,213
447,558

Effects of:


Expenses not deductible for tax purposes
99,115
6,083

Capital allowances for year in excess of depreciation
-
(2,127)

Higher rate taxes on overseas earnings
44,511
-

Adjustments to tax charge in respect of prior periods
70,289
27,635

Other timing differences leading to an increase (decrease) in taxation
(1,202)
1,830

Group relief claimed
(170,300)
(250,027)

Total tax charge for the year
238,626
230,952


Factors that may affect future tax charges

From 1 April 2023 the corproation tax rate in the UK changed from a flat rate of 19% to a tapered rate from 19% for businesses with profit of less than £50,000 to 25% for businesses with profits over £250,000.
Page 17

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

7.


Intangible assets




Film distribution rights

£



Cost


At 1 January 2023
4,718,707


Additions - external
1,264,159



At 31 December 2023

5,982,866



Amortisation


At 1 January 2023
1,031,348


Charge for the year
663,205


Impairment charge
95,000



At 31 December 2023

1,789,553



Net book value



At 31 December 2023
4,193,313



At 31 December 2022
3,687,359




Page 18

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

8.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
26,998
17,861
20,701
65,560


Additions
-
3,498
-
3,498



At 31 December 2023

26,998
21,359
20,701
69,058



Depreciation


At 1 January 2023
2,506
9,336
8,683
20,525


Charge for the year
9,001
5,412
4,140
18,553



At 31 December 2023

11,507
14,748
12,823
39,078



Net book value



At 31 December 2023
15,491
6,611
7,878
29,980



At 31 December 2022
24,492
8,524
12,018
45,034


9.


Debtors

2023
2022
£
£


Trade debtors
65,299
133,646

Amounts owed by group undertakings
14,262,152
4,328,811

Other debtors
2,155
94,809

Prepayments and accrued income
5,766,812
7,888,208

Tax recoverable
160,125
178,890

Deferred taxation
22,917
-

20,279,460
12,624,364


Page 19

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,079,343
1,873,216

1,079,343
1,873,216



11.


Creditors: amounts falling due within one year

2023
2022
£
£

Other loans
1,286,649
784,737

Trade creditors
1,675,334
1,657,361

Amounts owed to group undertakings
10,456,296
517,076

Corporation tax
124,018
192,698

Other taxation and social security
574,634
37,720

Other creditors
694,240
310,326

Accruals and deferred income
4,975,035
9,884,925

19,786,206
13,384,843


The following liabilities were secured:

2023
2022
£
£



Other loans
1,286,649
784,737

Amounts owed to group undertakings
10,456,296
-

11,742,945
784,737

Details of security provided:

Other loans attract an interest rate of 1% per month and are secured by means of a fixed charge over certain rights held by the company to distribute certain film titles. The amounts owed to group undertakings are secured by means of a fixed and floating charge over the general assets of the company.
Page 20

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
366,406
-

366,406
-


Other loans attract an interest rate of 1% per month and are secured by means of a fixed charge over certain rights held by the company to distribute certain film titles. 


13.


Deferred taxation




2023


£






At beginning of year
(11,259)


Charged to profit or loss
34,176



At end of year
22,917

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,495)
(11,259)

Tax losses carried forward
30,412
-

22,917
(11,259)


14.


Contingent liabilities

There were no contingent liabilities at 31 December 2023 or 31 December 2022.


15.


Capital commitments

The company had no capital commitments at 31 December 2023 or 31 December 2022.

Page 21

 
Abacus Media Rights Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

16.


Related party transactions

During the year the Company has charged interest to parent undertakings of £733,451 (2022: £142,836). The company was charged £897,865 (2022: £745,394) by parent undertakings for management services supplied. Additionally, the Company was charged £7,494 (2022: £45,946) by fellow subsidiaries in relation to recharged staff costs.
At 31 December 2023, the company was owed £14,260,993 (31 December 2022: £4,327,652) by parent undertakings.
At 31 December 2023, the company owed £1,159 (2022: £1,159) by fellow subsidiaries. At 31 December 2023, the company owed £10,456,295 (2022: £517,077) to fellow subsidiaries. 


17.


Controlling party

The immediate controlling party of the company is Trinity Pictures Distribution Limited, a company incorporated in England and Wales with the same registered office as the company. The ultimate controlling parent undertaking is  Amcomri Entertainment Inc, a company incorporated in Canada with its registered office at 22 Mathers Drive, Stoney Creek, Ontario L8G 4J3. Amcomri Entertainment Inc is listed on the NEO exchange.
The smallest and largest group of undertakings for which group accounts are prepared which include the company is Amcomri Entertainment Inc.

Page 22