RSA Films (Holdings) Limited
Annual Report and Financial Statements
For the year ended 30 September 2023
Company Registration No. 09571057 (England and Wales)
RSA Films (Holdings) Limited
Company Information
Directors
Luke Scott
Jordan Scott
Company number
09571057
Registered office
42-44 Beak Street
London
United Kingdom
W1F 9RH
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
RSA Films (Holdings) Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss account
7
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
RSA Films (Holdings) Limited
Strategic Report
For the year ended 30 September 2023
Page 1

The directors present the strategic report for the year ended 30 September 2023.

Fair review of the business

The results for the year and the financial position of the company are in the annexed financial statements.

 

RSA Films is a global, award-winning advertising, creative and entertainment production company specializing in Live Action, Stills Photography, Ideation, Social Media and Unscripted TV and Live Event films.

 

The year ending 30 September 2023 was a year for the global entertainment industry and the country. The heart of the entertainment industry (Hollywood) went on strike, pausing productions in features and TV. This caused a backlog for all productions, which delayed everything. RSA continued to convert most of its pipelines at the higher end, which enabled us to navigate the turbulent waters of the global industry.

Principal risks and uncertainties

The determination of the creative industries to diversify and drive new verticals increased the load on reserves, and with the contraction of the market made the cash management strategy key to navigating another tough year. The FX Markets continue to fluctuate, and risks around shooting in certain countries continue to hamper production worldwide.

 

Management continues executing the strategic plan, focusing on growing new areas of the business and developing our global reach. The initial investment is starting to show signs of maturing into a harmonious, solid, and secure business.

Development and performance

We have maintained a similar level of output. We have also continued to invest in nurturing new talent and developing Black Dog, our Music Video Division whilst exploring other opportunities in TV, Creative Ideation, Social Media and Brand Entertainment.

Key performance indicators

The Directors review KPIs throughout the year as part of the normal management process. Whilst our turnover has increased by £241,989, the margins are increasingly difficult to maintain in the challenging environment. The net current asset position of the group still remains in a very strong position at £2,232,894. The directors were also satisfied with net asset position at the year end.

On behalf of the board

Luke Scott
Director
1 October 2024
RSA Films (Holdings) Limited
Directors' Report
For the year ended 30 September 2023
Page 2

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activity of the company continued to be a holding company of a trading group whose fixed assets (land and buildings) are used in the film production business of its principal subsidiary.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Luke Scott
Jordan Scott
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Luke Scott
Director
1 October 2024
2024-10-01
RSA Films (Holdings) Limited
Directors' Responsibilities Statement
For the year ended 30 September 2023
Page 3

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RSA Films (Holdings) Limited
Independent Auditor's Report
To the Members of RSA Films (Holdings) Limited
Page 4
Opinion

We have audited the financial statements of RSA Films (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 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 and 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.

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 report. 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.

 

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.

RSA Films (Holdings) Limited
Independent Auditor's Report (Continued)
To the Members of RSA Films (Holdings) Limited
Page 5

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 Strategic Report and the Directors' Report.

 

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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 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 parent 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

RSA Films (Holdings) Limited
Independent Auditor's Report (Continued)
To the Members of RSA Films (Holdings) Limited
Page 6

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Joanna Cosgrove (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
2 October 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
RSA Films (Holdings) Limited
Group Profit and Loss Account
For the year ended 30 September 2023
Page 7
2023
2022
Notes
£
£
Turnover
3
29,702,494
29,460,505
Cost of sales
(27,136,389)
(25,805,755)
Gross profit
2,566,105
3,654,750
Administrative expenses
(5,309,653)
(3,736,786)
Other operating income
135,243
486,180
Operating (loss)/profit
4
(2,608,305)
404,144
Interest receivable and similar income
8
11,901
10,843
Interest payable and similar expenses
9
(9,630)
(7,759)
(Loss)/profit before taxation
(2,606,034)
407,228
Tax on (loss)/profit
10
1,427,194
58,069
(Loss)/profit for the financial year
23
(1,178,840)
465,297
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
RSA Films (Holdings) Limited
Group Statement of Comprehensive Income
For the year ended 30 September 2023
Page 8
2023
2022
£
£
(Loss)/profit for the year
(1,178,840)
465,297
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(26,940)
12,364
Total comprehensive income for the year
(1,205,780)
477,661
Total comprehensive income for the year is all attributable to the owners of the parent company.
RSA Films (Holdings) Limited
Group Balance Sheet
As at 30 September 2023
Page 9
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
231,493
297,531
Tangible assets
12
14,136,510
14,395,760
14,368,003
14,693,291
Current assets
Work in progress
16
1,049,292
2,769,598
Debtors
17
5,521,258
4,782,235
Investments
18
500
500
Cash at bank and in hand
1,613,477
3,486,609
8,184,527
11,038,942
Creditors: amounts falling due within one year
19
(5,951,633)
(7,927,596)
Net current assets
2,232,894
3,111,346
Total assets less current liabilities
16,600,897
17,804,637
Provisions for liabilities
Deferred tax liability
20
(4,263)
(2,223)
(4,263)
(2,223)
Net assets
16,596,634
17,802,414
Capital and reserves
Called up share capital
22
1,000
1,000
Other reserves
23
16,120,137
16,120,137
Profit and loss reserves
23
475,497
1,681,277
Total equity
16,596,634
17,802,414
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
01 October 2024
Luke Scott
Director
RSA Films (Holdings) Limited
Company Balance Sheet
As at 30 September 2023
30 September 2023
Page 10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
14,109,428
14,373,343
Investments
13
10,904
10,903
14,120,332
14,384,246
Current assets
Debtors
17
101,947
46,987
Cash at bank and in hand
21,695
30,886
123,642
77,873
Creditors: amounts falling due within one year
19
(18,779)
(33,422)
Net current assets
104,863
44,451
Total assets less current liabilities
14,225,195
14,428,697
Provisions for liabilities
Deferred tax liability
20
(1,442)
(1,923)
(1,442)
(1,923)
Net assets
14,223,753
14,426,774
Capital and reserves
Called up share capital
22
1,000
1,000
Other reserves
23
16,120,137
16,120,137
Profit and loss reserves
23
(1,897,384)
(1,694,363)
Total equity
14,223,753
14,426,774

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £203,021 (2022 - £258,912 loss ).

The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
01 October 2024
Luke Scott
Director
Company Registration No. 09571057 (England and Wales)
RSA Films (Holdings) Limited
Group Statement of Changes in Equity
For the year ended 30 September 2023
Page 11
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2021
1,000
16,120,137
1,203,616
17,324,753
Year ended 30 September 2022:
Profit for the year
-
-
465,297
465,297
Other comprehensive income:
Currency translation differences
-
-
12,364
12,364
Total comprehensive income for the year
-
-
477,661
477,661
Balance at 30 September 2022
1,000
16,120,137
1,681,277
17,802,414
Year ended 30 September 2023:
Loss for the year
-
-
(1,178,840)
(1,178,840)
Other comprehensive income:
Currency translation differences
-
-
(26,940)
(26,940)
Total comprehensive income for the year
-
-
(1,205,780)
(1,205,780)
Balance at 30 September 2023
1,000
16,120,137
475,497
16,596,634
RSA Films (Holdings) Limited
Company Statement of Changes in Equity
For the year ended 30 September 2023
Page 12
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2021
1,000
16,120,137
(1,435,451)
14,685,686
Year ended 30 September 2022:
Loss and total comprehensive income for the year
-
-
(258,912)
(258,912)
Balance at 30 September 2022
1,000
16,120,137
(1,694,363)
14,426,774
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
-
(203,021)
(203,021)
Balance at 30 September 2023
1,000
16,120,137
(1,897,384)
14,223,753
RSA Films (Holdings) Limited
Group Statement of Cash Flows
For the year ended 30 September 2023
Page 13
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(1,813,445)
(467,172)
Interest paid
(9,630)
(7,759)
Income taxes (paid)/refunded
(17,854)
20,252
Net cash outflow from operating activities
(1,840,929)
(454,679)
Investing activities
Purchase of business
-
1,733,720
Purchase of tangible fixed assets
(17,304)
(14,542)
Proceeds from disposal of tangible fixed assets
(1)
-
Interest received
11,901
10,843
Net cash (used in)/generated from investing activities
(5,404)
1,730,021
Net (decrease)/increase in cash and cash equivalents
(1,846,333)
1,275,342
Cash and cash equivalents at beginning of year
3,486,609
2,199,369
Effect of foreign exchange rates
(26,799)
11,898
Cash and cash equivalents at end of year
1,613,477
3,486,609
RSA Films (Holdings) Limited
Notes to the Financial Statements
For the year ended 30 September 2023
Page 14
1
Accounting policies
Company information

RSA Films (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 42-44 Beak Street, London, W1F 9RH.

 

The group consists of RSA Films (Holdings) Limited and all of its subsidiaries, as set out in note 12.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

 

The Group and Company have adopted Amendments to FRS102 - Triennial Review 2017 in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 15
1.2
Basis of consolidation

The consolidated financial statements incorporate those of RSA Films (Holdings) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the merger accounting method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue to trade in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue in the parent company is in relation to rental income and service charges from a subsidiary company and is fully eliminated on consolidation of the group financial statements.

 

Revenue is recognised at the fair value of the consideration received or receivable for production services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue from production contracts is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. If the production contract is a short-form production, the stage of completion is measured by shoot days. If the production contract is a long-form production, revenue is recognised to the extent of the expenses recognised that are recoverable, otherwise known as the percentage completion.

 

When long form productions are in the development stage, expenditure is treated as work in progress and held on the balance sheet until either the production begins to generate revenue or it is no longer likely that future economic benefits will flow into the company.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 16
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Freehold buildings
2% straight line
Leasehold land and buildings
33% straight line
Plant and equipment
20% straight line / 25% reducing balance
Fixtures and fittings
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 17

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Work in progress

Work in progress represents costs incurred on productions which are shot post year end and is valued at the lower of cost and realisable value.

1.10
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 18
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 19
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 20
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The significant judgements made by management in applying the Group's accounting policies (apart from those involving estimates) which have had the most significant effect on amounts recognised in the financial statements are as follows:

Revenue recognition

Significant management judgement is required in determining the point at which revenue should be recognised. Revenue is recognised in respect of each production from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting commences. No profit element is recognised until the company is able to estimate the profit on the production reliably. In arriving at this point of recognition, management have considered the liabilities and amounts that would be due if, at different points of the contract, the project would were to be pulled.

Freehold land and buildings

The Directors have also applied judgement in determining the split of land and buildings for the purpose of depreciating the property. There is no depreciation attributed to the freehold land.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 21
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Production and creative services
29,702,494
29,460,505
2023
2022
£
£
Other significant revenue
Interest income
11,901
10,843
Grants received
-
261,896
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
21,010,730
17,546,304
Europe
3,424,937
6,272,454
USA
2,131,480
2,371,334
Rest of the World
3,135,347
3,270,413
29,702,494
29,460,505
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
37,580
(38,255)
Government grants
-
(261,896)
Depreciation of owned tangible fixed assets
275,633
274,842
Loss on disposal of tangible fixed assets
781
-
Amortisation of intangible assets
66,038
32,660
Operating lease charges
81,846
65,719
Rental income from operating leases
(217,359)
(198,193)
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 22
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,550
3,800
Audit of the financial statements of the company's subsidiaries
33,600
23,900
38,150
27,700
For other services
All other non-audit services
17,100
15,550
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
17
13
1
1
Production
37
26
-
-
Total
54
39
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,958,829
3,008,796
110,000
147,107
Social security costs
557,815
392,757
15,561
19,351
Pension costs
64,224
35,710
528
1,778
5,580,868
3,437,263
126,089
168,236
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 23
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
110,000
110,000
Company pension contributions to defined contribution schemes
528
528
110,528
110,528
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,452
51
Other interest income
9,449
10,792
Total income
11,901
10,843

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
2,452
51
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
92
175
Interest payable to group undertakings
9,538
7,584
9,630
7,759
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 24
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(1,416,319)
2,024
Adjustments in respect of prior periods
(14,837)
-
0
Total current tax
(1,431,156)
2,024
Deferred tax
Origination and reversal of timing differences
2,040
(54,886)
Changes in tax rates
-
0
267
Foreign exchange differences
1,922
(5,474)
Total deferred tax
3,962
(60,093)
Total tax credit for the year
(1,427,194)
(58,069)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(2,606,034)
407,228
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(495,146)
77,373
Tax effect of expenses that are not deductible in determining taxable profit
15,705
11,263
Tax effect of utilisation of tax losses not previously recognised
-
0
(140,372)
Unutilised tax losses carried forward
418,902
(48,190)
Adjustments in respect of prior years
(14,837)
-
0
Permanent capital allowances in excess of depreciation
50,218
49,654
Amortisation on assets not qualifying for tax allowances
12,547
7,021
Foreign exchange differences
1,736
(206)
Film tax credits
(1,416,319)
(14,612)
Taxation credit for the year
(1,427,194)
(58,069)
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 25
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
330,191
Amortisation and impairment
At 1 October 2022
32,660
Amortisation charged for the year
66,038
At 30 September 2023
98,698
Carrying amount
At 30 September 2023
231,493
At 30 September 2022
297,531
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 October 2022
16,199,596
17,057
140,191
163,939
16,520,783
Additions
-
0
-
0
-
0
17,304
17,304
Disposals
-
0
-
0
-
0
(7,697)
(7,697)
Exchange adjustments
-
0
-
0
-
0
(243)
(243)
At 30 September 2023
16,199,596
17,057
140,191
173,303
16,530,147
Depreciation and impairment
At 1 October 2022
1,833,944
17,057
140,191
133,831
2,125,023
Depreciation charged in the year
261,992
-
0
-
0
13,641
275,633
Eliminated in respect of disposals
-
0
-
0
-
0
(6,917)
(6,917)
Exchange adjustments
-
0
-
0
-
0
(102)
(102)
At 30 September 2023
2,095,936
17,057
140,191
140,453
2,393,637
Carrying amount
At 30 September 2023
14,103,660
-
0
-
0
32,850
14,136,510
At 30 September 2022
14,365,652
-
0
-
0
30,108
14,395,760
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
12
Tangible fixed assets
(Continued)
Page 26
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
16,199,596
37,122
16,236,718
Depreciation and impairment
At 1 October 2022
1,833,944
29,431
1,863,375
Depreciation charged in the year
261,992
1,923
263,915
At 30 September 2023
2,095,936
31,354
2,127,290
Carrying amount
At 30 September 2023
14,103,660
5,768
14,109,428
At 30 September 2022
14,365,652
7,691
14,373,343
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 27
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,904
10,903
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 October 2022
10,903
Additions
1
At 30 September 2023
10,904
Carrying amount
At 30 September 2023
10,904
At 30 September 2022
10,903
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Address
Nature of
Class of
% Held
business
shares held
Direct
Indirect
RSA Films Limited
1
Film Production
Ordinary
100.00
-
RSA1 - LIAD2020 Limited
1
Film Production
Ordinary
-
100.00
RSA Films Asia Limited
2
Film Production
Ordinary
100.00
-
Ridley Scott Creative B.V.
3
Film Production
Ordinary
100.00
-
No Regrets Films Limited
1
Film Production
Ordinary
100.00
-
Asia Advertising (Shanghai) Co, Ltd
4
Film Production
Ordinary
-
100.00
Loftus Casual Limited
1
Film Production
Ordinary
100.00
-

Registered office addresses:

1
42-44 Beak Street, London, W1F 9RH, United Kingdom
2
37 D'Aguilar Street, Central, Hong Kong
3
Oudezijds Voorburgwal 237 B, 1012 EZ Amsterdam, The Netherlands
4
2421 Huichuan Road, Changning District, Shanghai, China
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 28
15
Associates

Details of associates at 30 September 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Electric Herdsman Limited
England & Wales
IP Ownership
Ordinary
49
-
RSA Films 2.0 Inc
USA
IP Ownership
Ordinary
-
-
16
Work in progress
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
1,049,292
2,769,598
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
861,838
2,568,531
-
0
-
0
Corporation tax recoverable
1,426,734
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
101,947
33,376
Other debtors
531,007
509,910
-
0
-
0
Prepayments and accrued income
2,576,118
1,576,311
-
0
13,611
5,395,697
4,654,752
101,947
46,987
Amounts falling due after more than one year:
Deferred tax asset (note 20)
125,561
127,483
-
0
-
0
Total debtors
5,521,258
4,782,235
101,947
46,987
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
500
500
-
-
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 29
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
464,491
1,778,099
-
0
2,195
Corporation tax payable
-
0
22,276
-
0
-
0
Other taxation and social security
406,087
487,903
2,975
4,862
Other creditors
1,964,674
1,045,055
4
3
Accruals and deferred income
3,116,381
4,594,263
15,800
26,362
5,951,633
7,927,596
18,779
33,422
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
4,263
2,223
-
-
Tax losses
-
-
125,561
127,483
4,263
2,223
125,561
127,483
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
1,442
1,923
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Net Liability/(asset) at 1 October 2022
(125,260)
1,923
Charge/(credit) to profit or loss
3,962
(481)
Net Liability/(asset) at 30 September 2023
(121,298)
1,442
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 30
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,224
35,710

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
23
Reserves
Other reserve

In 2015 the property at 42-44 Beak Street was gifted to RSA Films (Holdings) Limited, and at the time of gifting, the property was valued to include in the financial statements at cost. The "other reserve" held within capital and reserves is a non-distributable reserve and relates to the capital contribution resulting from the above transaction.

24
Operating lease commitments
Lessor

The group sublets surplus office space in its business premises.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
25,200
87,612
-
-
Between two and five years
68,400
-
-
-
93,600
87,612
-
-
RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 31
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2023
2022
£
£
Aggregate compensation
538,545
700,070
Transactions with related parties
Group

During the year RSA Films Limited made sales of £1,342,676 (2022: £480,449) to RSA Films, Inc, a company incorporated in the United States of America and a related party by virtues of common ownership. RSA Films, Inc. also made sales of £1,218,448 (2022: £1,636,287) to RSA Films Limited. During the year RSA Films Limited recharged costs of £428,043 (2022: £445,949) to RSA Films, Inc. and RSA Films, Inc. recharged costs of £110,444 (2023: £341,995) to RSA Films Limited. At the year end a balance of £154,239 was owed from RSA Films, Inc (2022: £889,291 was owed to RSA Films, Inc).

 

During the year RSA Films Limited made sales of £148,386 (2022: £97,747) to Scott Free Films Limited, a related party by virtue of common directorship. During the year RSA Films Limited recharged costs of £17,115 (2022: £nil) to RSA Scott Free Films Limited and Scott Free Films Limited recharged costs of £20,618 (2022: £nil) to RSA Films Limited. At the year end a balance of £nil (2022: £94,797) was owed from Scott Free Films Limited.

 

During the year RSA Films Limited recharged costs of £11,115 (2022: £nil) to Scott Free Films LLC, a related party by virtue of common directorship. At the year end there were no balances owed in respect of these amounts.

 

During the year RSA Films Limited recharged costs of £16,754 (2022: £nil) to Scott Free Productions Inc, a related party by virtue of common directorship. At the year end a balance of £5,028 (2022: £nil) was owed to Scott Free Productions Inc.

 

On 1 January 2022 Ridley Scott Creative BV, a related party by virtue of common directorship, was acquired into the RSA group, therefore under the same 100% control at the year end. During the prior year, up to the date of acquisition, RSA Films Limited made sales of £22,629 to Ridley Scott Creative BV. All outstanding balances with Ridley Scott Creative BV at the prior year end are reflected in the intercompany account.

 

During the year the group paid out directors fees of £100,000 (2022: £nil) to the directors of the group. At the year end the group owed a total of £nil (2022: £1,917) to the directors of the group.

Company

RSA Films (Holdings) Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.7.

RSA Films (Holdings) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 32
26
Events after the reporting date

On 13 November 2023 the company incorporated a 100% subsidiary called Ridley Scott Associates Limited.

 

On 6 March 2024 the company incorporated a 100% subsidiary called All England Limited.

27
Controlling party

There is no ultimate controlling party.

28
Cash absorbed by group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,178,840)
465,297
Adjustments for:
Taxation credited
(1,427,194)
(58,069)
Finance costs
9,630
7,759
Investment income
(11,901)
(10,843)
Loss on disposal of tangible fixed assets
781
-
Amortisation and impairment of intangible assets
66,038
32,660
Depreciation and impairment of tangible fixed assets
275,633
274,842
Movements in working capital:
Decrease/(increase) in stocks
1,720,306
(2,229,105)
Decrease in debtors
685,789
2,458,551
Decrease in creditors
(1,953,687)
(1,408,264)
Cash absorbed by operations
(1,813,445)
(467,172)
29
Analysis of changes in net funds - group
1 October 2022
Cash flows
Exchange rate movements
30 September 2023
£
£
£
£
Cash at bank and in hand
3,486,609
(1,846,333)
(26,799)
1,613,477
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2024.210Luke ScottJordan 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