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Company registration number: 12805698
Reliance Entertainment Studios UK Pvt Limited
Filleted financial statements
31 March 2024
Reliance Entertainment Studios UK Pvt Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Reliance Entertainment Studios UK Pvt Limited
Directors and other information
Directors Mr Sumit Chadha
Mr Amit Khanduja
Company number 12805698
Registered office Amba House, 4th Floor Kings Suite
15 College Road, Harrow
Middlesex
England
HA1 1BA
Auditor Nagle James Associates Limited
Amba House, 4th Floor Kings Suite,
15 College Road, Harrow,
Middlesex
England
HA1 1BA
Bankers ICICI Bank Plc
21 Knightsbridge
London
SW1X 7LY
Reliance Entertainment Studios UK Pvt Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Reliance Entertainment Studios UK Pvt Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 93,228 284,059
_______ _______
93,228 284,059
Current assets
Debtors 6 2,069,284 3,478,230
Cash at bank and in hand 953,056 870,171
_______ _______
3,022,340 4,348,401
Creditors: amounts falling due
within one year 7 ( 2,674,438) ( 4,519,082)
_______ _______
Net current assets/(liabilities) 347,902 ( 170,681)
_______ _______
Total assets less current liabilities 441,130 113,378
Provisions for liabilities 8 ( 23,307) ( 53,971)
_______ _______
Net assets 417,823 59,407
_______ _______
Capital and reserves
Called up share capital 10 1 1
Profit and loss account 11 417,822 59,406
_______ _______
Shareholders funds 417,823 59,407
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2024 , and are signed on behalf of the board by:
Mr Sumit Chadha
Director
Company registration number: 12805698
Reliance Entertainment Studios UK Pvt Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1 11,240 11,241
Profit for the year 48,166 48,166
_______ _______ _______
Total comprehensive income for the year - 48,166 48,166
_______ _______ _______
At 31 March 2023 and 1 April 2023 1 59,406 59,407
Profit for the year 358,416 358,416
_______ _______ _______
Total comprehensive income for the year - 358,416 358,416
_______ _______ _______
At 31 March 2024 1 417,822 417,823
_______ _______ _______
Reliance Entertainment Studios UK Pvt Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Amba House, 4th Floor Kings Suite, 15 College Road, Harrow, Middlesex, England, HA1 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The amounts are rounded to the nearest whole number and no other rounding is used.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has support from the parent company to continue in operational existence for the foreseeable future. Thus the director adopts the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover from distribution of movies is recognised in accordance with distribution agreement or on the physical delivery of the movie whichever is later.
Turnover from gaming division is recognised in accordance with contractual agreements in place with the respective gaming platforms.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Game Rights - over 2 year period
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Intangible assets
Game Rights Total
£ £
Cost
At 1 April 2023 and 31 March 2024 380,968 380,968
_______ _______
Amortisation
At 1 April 2023 96,909 96,909
Charge for the year 190,831 190,831
_______ _______
At 31 March 2024 287,740 287,740
_______ _______
Carrying amount
At 31 March 2024 93,228 93,228
_______ _______
At 31 March 2023 284,059 284,059
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,159,891 558,016
Amounts owed by group undertakings 897,720 1,326,009
Prepayments and accrued income - 1,574,660
Other debtors 11,673 19,545
_______ _______
2,069,284 3,478,230
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,066,456 1,736,740
Amounts owed to group undertakings 906,161 547,783
Accruals and deferred income 639,990 1,970,550
Other creditors 61,831 264,009
_______ _______
2,674,438 4,519,082
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 April 2023 53,971 53,971
Charges against provisions ( 30,664) ( 30,664)
_______ _______
At 31 March 2024 23,307 23,307
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 8) 23,307 53,971
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 53,971 53,971
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
11. Reserves
Called-up share capital - represents the nominal value of shares that have been issued.Profit and Loss account - includes all current retained profits and losses.
12. Summary audit opinion
The auditor's report dated 02 September 2024 was unqualified.
The senior statutory auditor was Kaushik Nathwani for and on behalf of Nagle James Associates Limited
13. Related party transactions
The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with the parent company.During the year, the company purchased services from Ark Consultants Inc owned by Mr. Amit Khanduja who is also a company director. The total invoices raised during the year by Ark Consultants Inc amounted to £593,574 and the balance outstanding at the year end was £61,831.
14. Controlling party
The company's ultimate parent at the balance sheet date in which the results of the company are consolidated was Risee Entertainment Holding Private Limited (REHPL), incorporated in India and its corporate address is at Abhishek Row House, Bunglow No. 1, Juhu Versova Link Road, Andheri (West), N Datta Marg, Mumbai 400 058, Maharashtra. The immediate parent at the balance sheet date was Reliance Entertainment Studios Private Limited, incorporated in India.