Company Registration No. 11469241 (England and Wales)
Yekaterina UK Limited
Annual report and financial statements
for the year ended 31 March 2024
Yekaterina UK Limited
Company information
Director
Mr James Sterling
Company number
11469241
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Yekaterina UK Limited
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
Yekaterina UK Limited
Strategic report
For the year ended 31 March 2024
1
The director presents the strategic report for the year ended 31 March 2024.
Fair review of the business
During the period the company was involved in production of TV Programming. The company generated a profit after tax of £3,600 (2023: £46,400) during the period, and at the period end had net assets of £158,467 (2023: £154,867).
The director considers the company's key financial performance indicator to be whether the production of the TV Programmes are completed in line with the agreed budgets. At the period end date, the estimated final cost of the programmes were in line with the agreed budgets.
Principal risks and uncertainties
The director has reviewed the risks and resultant uncertainties facing the company and consider the principal risks to be legislative changes and the national economy.
The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.
Mr James Sterling
Director
8 October 2024
Yekaterina UK Limited
Director's report
For the year ended 31 March 2024
2
The director presents his annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company was television programme production.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr James Sterling
Auditor
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 company’s auditor 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 company’s auditor is aware of that information.
Basis other than going concern
The director has decided that the company will cease trading once all the assets have been recovered and liabilities settled, as the production is now complete. All current assets are stated at recoverable amounts and there are no changes required to the accounting treatment of assets. The accounts have therefore been prepared on a basis other than going concern.
On behalf of the board
Mr James Sterling
Director
8 October 2024
Yekaterina UK Limited
Director's responsibilities statement
For the year ended 31 March 2024
3
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.
Yekaterina UK Limited
Independent auditor's report
To the member of Yekaterina UK Limited
4
Opinion
We have audited the financial statements of Yekaterina UK Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 March 2024 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.
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 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.
We draw attention to Note 1.2 to the financial statements which explains that the director intends to liquidate the company in future periods that are yet to be determined and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis as described in Note 1.2. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Yekaterina UK Limited
Independent auditor's report (continued)
To the member of Yekaterina UK Limited
5
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 strategic report or the director's 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry tax credits.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management’s assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.
Yekaterina UK Limited
Independent auditor's report (continued)
To the member of Yekaterina UK Limited
6
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Nigel Walde (Senior Statutory Auditor)
For and on behalf of Saffery LLP
11 October 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Yekaterina UK Limited
Income statement
For the year ended 31 March 2024
7
2024
2023
Notes
£
£
Turnover
3
3,594,011
63,099,417
Cost of sales
(4,518,650)
(78,494,083)
Gross loss
(924,639)
(15,394,666)
Administrative expenses
(15,190)
77,474
Loss before taxation
(939,829)
(15,317,192)
Tax on loss
6
943,429
15,363,592
Profit for the financial year
3,600
46,400
Yekaterina UK Limited
Statement of financial position
As at 31 March 2024
8
2024
2023
Notes
£
£
£
£
Current assets
Debtors
7
2,747,256
19,020,959
Cash at bank and in hand
638,258
2,274,635
3,385,514
21,295,594
Creditors: amounts falling due within one year
8
(3,227,047)
(21,140,727)
Net current assets
158,467
154,867
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
158,466
154,866
Total equity
158,467
154,867
The financial statements were approved and signed by the director and authorised for issue on 8 October 2024.
Mr James Sterling
Director
Company Registration No. 11469241
Yekaterina UK Limited
Statement of changes in equity
For the year ended 31 March 2024
9
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
108,466
108,467
Period ended 31 March 2023:
Profit and total comprehensive income
-
46,400
46,400
Balance at 31 March 2023
1
154,866
154,867
Year ended 31 March 2024:
Profit and total comprehensive income
-
3,600
3,600
Balance at 31 March 2024
1
158,466
158,467
Yekaterina UK Limited
Notes to the financial statements
For the year ended 31 March 2024
10
1
Accounting policies
Company information
Yekaterina UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
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 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.
This 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:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Valence Media Partners LLC. These consolidated financial statements are available from its registered office, 9665 Wilshire Blvd, 1st Floor, Beverly Hills, CA 90212, USA.
1.2
Basis other than going concern
The director has confirmed that the company is expected to cease trading in the future as the production is now complete. The accounts have therefore been prepared on a basis other than going concern. Current assets have been stated at recoverable amounts.
The principal accounting policies applied in the preparation of the financial statements are set out below.
1.3
Turnover
In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
11
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayment or other assets depending on their nature, and provided it is probable they will be recovered.
1.4
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:
Leasehold improvements
Over the remaining life of the lease
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 credited or charged to profit or loss.
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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, 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.
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 company after deducting all of its liabilities.
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
12
Basic financial 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.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
1.8
Taxation
The tax credit represents the sum of the tax currently recoverable.
Current tax
The tax currently recoverable is based on relievable losses arising in the period as the result of high end television tax relief legislation. Relievable losses differ from net losses as reported in the income statement because they include an additional deduction relating to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company’s tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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 leases asset are consumed.
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
13
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into pound sterling at the rates of exchange ruling at the date of the statement of financial position. Trading results are translated at the average rate over the period in which the transactions were incurred. Foreign exchange differences are dealt with through the profit and loss account.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
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.
Tax credit estimate
The key accounting estimate within the financial statements for this Company is the valuation of the high end television tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.
3
Turnover and other revenue
Year ended
Year ended
31 March
31 March
2024
2023
£
£
Turnover analysed by class of business
Television programme rights
3,590,411
63,053,017
Production services fee
3,600
36,400
Annual fee
-
10,000
3,594,011
63,099,417
Year ended
Year ended
31 March
31 March
2024
2023
£
£
Turnover analysed by geographical market
United States of America
3,594,011
63,099,417
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
14
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(2,810)
(95,474)
Fees payable to the company's auditor for the audit of the company's financial statements
14,500
14,500
Fees payable to the company's auditor for non-audit services
3,500
10,000
Depreciation of owned tangible fixed assets
-
270,834
5
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
The director did not receive any remuneration during the period.
2024
2023
Number
Number
Production staff
7
150
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
305,940
6,624,160
Social security costs
36,141
828,379
Pension costs
2,376
55,104
344,457
7,507,643
6
Taxation
ended
Year ended
31 March
31 March
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(943,429)
(15,363,592)
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
Taxation (continued)
15
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
ended
Year ended
31 March
31 March
2024
2023
£
£
Loss before taxation
(939,829)
(15,317,192)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(234,957)
(2,910,266)
Enhanced losses arising from the television tax credit
(897,129)
(11,721,478)
Difference between the rate of corporation tax and the rate of relief under the television tax credit
(3,687,262)
Losses carried forward
188,657
2,955,414
Taxation credit for the year
(943,429)
(15,363,592)
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
943,429
15,363,592
Other debtors
1,756,113
2,761,899
Prepayments and accrued income
47,714
895,468
2,747,256
19,020,959
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,605
Amounts owed to group undertakings
3,176,661
19,800,349
Other creditors
17
Accruals and deferred income
50,369
1,338,773
3,227,047
21,140,727
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
16
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,376
55,104
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
10
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
11
Financial commitments, guarantees and contingent liabilities
JPMorgan Chase Bank holds a fixed and floating charge over all present and future assets and undertakings in relation to all loans advances or letters of credit issued from time to time.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
-
2,910,603
During the period the total amount expensed in relation to lease payments was £861,963 (2023: £4,497,138). The company's lease agreement expired in September 2023.
No dilapidations provision is recognised in the accounts, as there is uncertainty over the costs which will be required. Negotiations are still ongoing on, and so costs cannot be reliably estimated.
13
Related party transactions
The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly owned by such a member.
Yekaterina UK Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
17
14
Ultimate controlling party
The company's immediate parent undertaking is MRC II Holdings L.P., a limited partnership registered in Delaware, USA.
The ultimate parent and ultimate controlling party is Valence Media Partners LLC, a company incorporated in Delaware, USA. Copies of group accounts for Valence Media Partners LLC, can be obtained from 9665 Wilshire Blvd, 1st floor, Beverly Hills, CA 90212, USA.
The directors are unable to identify the ultimate controlling party of Valence Media Partners LLC, if any.
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