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REGISTERED NUMBER: 03880958 (England and Wales)















Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2023

for

BALLCROWN LIMITED

BALLCROWN LIMITED (Registered number: 03880958)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


BALLCROWN LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Dr. LAM Kin Ngok, Peter
Mr. CHEUNG Sum, Sam
Mr. YIP Chai Tuck
Mr. YANG Yiu Chong, Ronald Jeffrey



SECRETARY: Lai Sun Corporate Services Limited



REGISTERED OFFICE: 30B Southgate
Chichester
West Sussex
PO19 1DP
United Kingdom



REGISTERED NUMBER: 03880958 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr. Robert Alistair Sadler



INDEPENDENT AUDITORS: Robert Sadler and Company Ltd
Chartered Accountants and Statutory Auditors
30B Southgate
Chichester
West Sussex
PO19 1DP
United Kingdom

BALLCROWN LIMITED (Registered number: 03880958)

Report of the Directors
for the Year Ended 31 December 2023

The Directors of the Company ("Directors") present their report with the audited financial statements of Ballcrown Limited ("Company") for the year ended 31 December 2023 ("Year").

PRINCIPAL ACTIVITY
The principal activity of the Company in the Year has not changed and was that of purchasing and re-selling film, television and video distribution rights.

DIRECTORS
The Directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Dr. LAM Kin Ngok, Peter

Other changes in Directors holding office are as follows:
Mr. CHEW Fook Aun ceased to be a Director on 2 June 2023.
Mr. LUI Siu Tsuen, Richard ceased to be a Director on 3 October 2023.

Mr. YIP Chai Tuck was appointed as a Director on 2 June 2023.
Mr CHEUNG Sum, Sam was appointed as a Director on 3 October 2023.
Mr. YANG Yiu Chong, Ronald Jeffrey was appointed as a Director on 3 October 2023.


Mr. LUI Siu Tsuen, Richard held one share in the Company as nominee until 3 October 2023 (for Media Asia Distribution Ltd.) Mr. LUI Siu Tsuen, Richard had no beneficial interest in this share. On 3 October 2023 the share was transferred to Media Asia Distribution Ltd.

GOING CONCERN
The Company has made losses before other comprehensive income of £7,680 in this Year and losses in prior years and its liabilities exceed its assets. As a result, it is dependent on the ongoing financial support of its parent company for its continued trading.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Report of the Directors and the financial statements of the Company in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements of the Company for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the Directors must not approve the 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 year. 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; and
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BALLCROWN LIMITED (Registered number: 03880958)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO INDEPENDENT AUDITORS
So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's independent auditors are unaware, and each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company's independent auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr. YANG Yiu Chong, Ronald Jeffrey - Director


17 September 2024

Report of the Independent Auditors to the Members of
BALLCROWN LIMITED (Registered number: 03880958)

Opinion
We have audited the financial statements of BALLCROWN LIMITED (the 'Company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and 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 Company's affairs as at 31 December 2023 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note twelve to the financial statements, 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.

Material uncertainty related to going concern
We draw attention to note 13 in the financial statements, which indicates that the Company incurred a loss before other comprehensive income of £7,680 during the year ended 31 December 2023 and, as of that date, the Company's current liabilities exceeded its total assets by £172,335. As stated in note 13, this position indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern and is subject to the ongoing support from its parent company. Our opinion is not modified in respect of this matter.

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.

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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
BALLCROWN LIMITED (Registered number: 03880958)


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant were to be the applicable financial reporting frameworks and relevant tax compliance regulations.

We assessed the risks of material misstatement in respect of fraud, including understanding where and how fraud might occur and raised relevant enquiries with management.

Based on the results of our risk assessment, we designed our audit procedures to identify non-compliance with the laws and regulations identified above.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
BALLCROWN LIMITED (Registered number: 03880958)


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors 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.




Mr. Robert Alistair Sadler (Senior Statutory Auditor)
for and on behalf of Robert Sadler and Company Ltd
Chartered Accountants and Statutory Auditors
30B Southgate
Chichester
West Sussex
PO19 1DP
United Kingdom

26 September 2024

BALLCROWN LIMITED (Registered number: 03880958)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £ £

TURNOVER 93,635 95,857

Cost of sales 90,881 93,035
GROSS PROFIT 2,754 2,822

Administrative expenses 10,464 15,100
OPERATING LOSS 3 (7,710 ) (12,278 )

Interest receivable and similar income 30 9
LOSS BEFORE TAXATION (7,680 ) (12,269 )

Tax on loss 4 - -
LOSS FOR THE FINANCIAL YEAR (7,680 ) (12,269 )

OTHER COMPREHENSIVE INCOME/(LOSS)
Revaluations to presentational currency 8,558 (16,655 )
Income tax relating to other comprehensive
income/(loss)

-

-
OTHER COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR, NET
OF INCOME TAX


8,558


(16,655


)
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR

878

(28,924

)

BALLCROWN LIMITED (Registered number: 03880958)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
CURRENT ASSETS
Debtors 6 91,617 97,726
Cash at bank 3,932 43,431
95,549 141,157
CREDITORS
Amounts falling due within one year 7 267,884 314,370
NET CURRENT LIABILITIES (172,335 ) (173,213 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(172,335

)

(173,213

)

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 (172,337 ) (173,215 )
SHAREHOLDERS' FUNDS (172,335 ) (173,213 )

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mr. YANG Yiu Chong, Ronald Jeffrey - Director


BALLCROWN LIMITED (Registered number: 03880958)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 2 (144,291 ) (144,289 )

Changes in equity
Total comprehensive loss - (28,924 ) (28,924 )
Balance at 31 December 2022 2 (173,215 ) (173,213 )

Changes in equity
Total comprehensive income - 878 878
Balance at 31 December 2023 2 (172,337 ) (172,335 )

BALLCROWN LIMITED (Registered number: 03880958)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (39,323 ) 546
Net cash from operating activities (39,323 ) 546

Cash flows from investing activities
Interest received 30 9
Net cash from investing activities 30 9

(Decrease)/increase in cash and cash equivalents (39,293 ) 555
Cash and cash equivalents at beginning of
year

2

43,431

42,323
Effect of foreign exchange rate changes (206 ) 553
Cash and cash equivalents at end of year 2 3,932 43,431

BALLCROWN LIMITED (Registered number: 03880958)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£ £
Loss before taxation (7,680 ) (12,269 )
Other comprehensive gain/(loss) items 8,558 (16,655 )
Unrealised (gain)/loss on bank balance 206 (553 )
Finance income (30 ) (9 )
1,054 (29,486 )
Decrease/(increase) in trade and other debtors 6,109 (22,199 )
(Decrease)/increase in trade and other creditors (46,486 ) 52,231
Cash generated from operations (39,323 ) 546

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 3,932 43,431
Year ended 31 December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 43,431 42,323


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank 43,431 (39,499 ) 3,932
43,431 (39,499 ) 3,932
Total 43,431 (39,499 ) 3,932

BALLCROWN LIMITED (Registered number: 03880958)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

BALLCROWN LIMITED ("Company") is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the net value of distribution rights earned in the year on the basis of the income being recognised when the film materials have been delivered to the licensees. The amount of the income recognised is limited to the amount of deposits or subsequent license fees received in the year, and is subject to due allowance for contingencies.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
The Company's functional currency is US Dollars but it elects to present its accounts in sterling, this being the currency of the country in which it is incorporated. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences between transactional currencies and the functional currency are taken into account in arriving at the operating result. Exchange differences between the functional currency and the presentational currency are recognised in other comprehensive income/loss.

BALLCROWN LIMITED (Registered number: 03880958)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.12.23 31.12.22
£ £
Auditors' remuneration 2,250 2,250
Taxation compliance services 2,000 2,000
Other non-audit services 6,123 5,300
Foreign exchange differences (1,073 ) 4,381

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£ £
Loss before tax (7,680 ) (12,269 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(1,920

)

(2,331

)

Effects of:
Restriction on loss relief 1,920 2,331

Total tax charge - -

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£ £ £
Revaluations to presentational currency 8,558 - 8,558

31.12.22
Gross Tax Net
£ £ £
Revaluations to presentational currency (16,655 ) - (16,655 )

5. EMPLOYEES

The average number of the Company's employees during the year was NIL (2022 - NIL).

BALLCROWN LIMITED (Registered number: 03880958)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 89,616 96,032
VAT 2,001 1,694
91,617 97,726

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Customer overpayments 610 641
Amounts owed to group undertakings 258,224 305,049
Accrued expenses 9,050 8,680
267,884 314,370

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
2 Ordinary £1 2 2

9. RESERVES
Retained
earnings
£

At 1 January 2023 (173,215 )
Deficit for the year (7,680 )
Exchange gain regarding
presentational currency

8,558

At 31 December 2023 (172,337 )

10. ULTIMATE PARENT COMPANY

The Company is a wholly-owned subsidiary of Media Asia Distribution Ltd. which was incorporated in the British Virgin Islands.

The ultimate holding company of the Company is Lai Sun Garment (International) Limited which was incorporated in Hong Kong and whose shares are listed and traded on the Main Board of The Stock Exchange of Hong Kong Limited.

BALLCROWN LIMITED (Registered number: 03880958)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RELATED PARTY DISCLOSURES

During the year under review, the Company undertook transactions on normal commercial terms with the following
companies which are part of the same group and have Directors in common with the Company.

Fees paid for services
2023 2022
£ £
Media Asia Distribution Ltd.
Purchases 90,881 93,035
Distribution representative fees 918 940


Commission receivable
2023 2022
£ £

Media Asia Distribution Ltd. 1,836 1,880


Creditor
Amounts owed to related parties as at 31.12.23 31.12.22
£ £

Media Asia Holdings Ltd. (258,224 ) (305,049 )



12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of this size and nature, the Company uses their independent auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. GOING CONCERN

As noted in the Report of the Directors, the Company has made a loss before other comprehensive income of £7,680 in this year and losses in prior years. Its liabilities exceed its assets by £172,335. As a result, it is dependent on the ongoing financial support of its parent company for its continued trading.