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30 October 2024
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2023-08-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC738712
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2024-03-31
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COMPANY REGISTRATION NUMBER:
SC738712
Eleventh Hour Films Scotland Ltd |
|
Filleted Financial Statements |
|
Eleventh Hour Films Scotland Ltd |
|
Statement of Financial Position |
|
31 March 2024
|
31 Mar 24 |
31 Jul 23 |
Note |
£ |
£ |
|
|
|
Current assets
Debtors |
6 |
2,202,468 |
1,950,750 |
Cash at bank and in hand |
9,081 |
598,418 |
|
------------ |
------------ |
|
2,211,549 |
2,549,168 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
2,211,548) |
(
2,549,167) |
|
------------ |
------------ |
Net current assets |
1 |
1 |
|
---- |
---- |
Total assets less current liabilities |
1 |
1 |
|
---- |
---- |
Net assets |
1 |
1 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
1 |
1 |
|
---- |
---- |
Shareholders funds |
1 |
1 |
|
---- |
---- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
25 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC738712
Eleventh Hour Films Scotland Ltd |
|
Notes to the Financial Statements |
|
Period from 1 August 2023 to 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Chiene & Tait Llp, 61 Dublin Street, Edinburgh, EH3 6NL, United Kingdom. The company registration number is
SC738712
.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Comparatives
The accounts cover the period from 1 August 2023 to 31 March 2024. The comparatives cover the period from incorporation to 31 July 2023, hence figures are not entirely comparable.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the television series entitled "Rebus". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities.
4.
Employees
The company has been incorporated to produce a high-end television series called "Rebus". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Tax on loss
Major components of tax income
|
Period from |
Period from |
|
1 Aug 23 to |
19 Jul 22 to |
|
31 Mar 24 |
31 Jul 23 |
|
£ |
£ |
|
|
|
Current tax:
UK current tax income |
(
501,891) |
(
1,611,252) |
|
--------- |
------------ |
Tax on loss |
(
501,891) |
(
1,611,252) |
|
--------- |
------------ |
|
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2023: lower than) the
standard rate of corporation tax in the UK
of
19
% (2023:
19
%).
|
Period from |
Period from |
|
1 Aug 23 to |
19 Jul 22 to |
|
31 Mar 24 |
31 Jul 23 |
|
£ |
£ |
Loss on ordinary activities before taxation |
(
501,891) |
(
1,611,252) |
|
--------- |
------------ |
High-end television tax relief |
(501,891) |
(1,611,252)
|
|
--------- |
------------ |
|
|
|
6.
Debtors
|
31 Mar 24 |
31 Jul 23 |
|
£ |
£ |
Prepayments and accrued income |
1,672,413 |
– |
VAT recoverable |
6,163 |
268,317 |
Corporation tax recoverable |
501,891 |
1,611,252 |
Other debtors |
22,001 |
71,181 |
|
------------ |
------------ |
|
2,202,468 |
1,950,750 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
31 Jul 23 |
|
£ |
£ |
Trade creditors |
947,830 |
236,752 |
Amounts owed to group undertakings |
80,000 |
– |
Accruals and deferred income |
681,827 |
566,681 |
Production loan |
501,891 |
1,611,252 |
Other creditors |
– |
134,482 |
|
------------ |
------------ |
|
2,211,548 |
2,549,167 |
|
------------ |
------------ |
|
|
|
The loan has been secured against the anticipated future high-end television tax credit.
8.
Called up share capital
Issued, called up and fully paid
|
31 Mar 24 |
31 Jul 23 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Events after the end of the reporting period
Subsequent to the period end, the Company's ultimate controlling parties announced that they had agreed to sell the Eleventh Hour Films Limited Group to Sony Pictures Television Production UK Limited. The sale completed on 28 June 2024. There are no adjustments to the Report and financial statements as a result of the sale. Sony Group Corporation are now the Company's ultimate controlling party.
10.
Summary audit opinion
The auditor's report dated
30 October 2024
was
unqualified
.
The senior statutory auditor was
Stephen Joberns
, for and on behalf of
Shipleys LLP
.
11.
Related party transactions
As a wholly-owned subsidiary of Eleventh Hour Films Limited, the Company has taken advantage of the exemption under FRS 102 Paragraph 33 on the basis that disclosure need not be given regarding related party transactions with other wholly-owned subsidiaries of the group. All related party transactions arose on an arm's-length basis through the normal course of business and related to the production of the television series entitled "Rebus". As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
12.
Controlling party
At the balance sheet date, the immediate parent undertaking and controlling party is
Eleventh Hour Films Limited
, a company incorporated in England and Wales. Eleventh Hour Films Limited is the parent undertaking of the smallest and the largest group to consolidate these financial statements at 31 March 2024. Copies of its group financial statements, which include the company, are available from 12th Floor, Brunel Building, 2 Canalside Walk, London, W2 1DG. Subsequent to the period end Sony Pictures Television Production UK Limited assumed majority control of the company. The ultimate holding company and controlling party from that point is Sony Group Corporation, a company incorporated in Japan.