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Company Registration No. 06441851 (England and Wales)
Cinemanx Films One Limited Unaudited accounts for the year ended 30 November 2023
Cinemanx Films One Limited Unaudited accounts Contents
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Cinemanx Films One Limited Company Information for the year ended 30 November 2023
Directors
S J Ingrassia KS Ellis
Company Number
06441851 (England and Wales)
Registered Office
CANNON PLACE 78 CANNON STREET LONDON EC4N 6AF ENGLAND
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Cinemanx Films One Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
8,770,043 
8,770,043 
Investments
2 
2 
8,770,045 
8,770,045 
Current assets
Debtors
863 
2 
Creditors: amounts falling due within one year
(8,780,789)
(8,770,045)
Net current liabilities
(8,779,926)
(8,770,043)
Net (liabilities)/assets
(9,881)
2 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
(9,883)
- 
Shareholders' funds
(9,881)
2 
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
S J Ingrassia Director Company Registration No. 06441851
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Cinemanx Films One Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Cinemanx Films One Limited is a private company, limited by shares, registered in England and Wales, registration number 06441851. The registered office is CANNON PLACE, 78 CANNON STREET, LONDON, EC4N 6AF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Going concern
Repayment of the amounts due from the Cinemanx Group to the Isle of Man Treasury will not be called for repayment until a full review of the financial position of the Cinemanx Group has been completed and the Isle of Man Treasury has confirmed that they will not enforce repayment where the company has insufficient liquid assets to satisfy, thus allowing the company to continue as a going concern.
Income
Income is recognised as and when it is received.
Expenditure
Expenditure is recognised on an accruals basis.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Statement of cashflow
Under FRS 102, the company is exempt from the requirement to prepare a statement of cash flows on the grounds that it qualifies as a small entity.
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Cinemanx Films One Limited Notes to the Accounts for the year ended 30 November 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 1 December 2022
8,770,043 
At 30 November 2023
8,770,043 
Amortisation
At 1 December 2022
- 
At 30 November 2023
- 
Net book value
At 30 November 2023
8,770,043 
At 30 November 2022
8,770,043 
The company holds the international and UK rights to the theatrical feature film "Me and Orson Welles". The UK rights to the royalties are held by the distribution company Cinemanx Distribution Limited, a company that is part of the Cinemanx group of companies. The company has invested GBP11,050,000 for the production of the theatrical feature film "Me and Orson Welles". Freeway CAM B.V, a company incorporated in the Netherlands, was appointed to act as the collection agent to collect, administer and disburse the collected gross international receipts. The carrying value of the investment is measured as the unrecouped production costs matched with the non-recourse third party funding received. The investment is amortised in line with the collected receipts in relation to Cinemanx Limited which have been re-directed to Pinewood Group Plc ("Pinewood"), a company in which the controlling party has a minority interest, and Framestore Features Limited ("Framestore"), as loan repayments. The directors are of the opinion that the film has depreciated significantly in value and are in discussions of seeking a valuation to be carried out in order to obtain the investments true net realisable value.
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 December 2022
2 
Valuation at 30 November 2023
2 
The company holds 100% in Cinemanx Productions One Limited ("NCX P1"), a company incorporated in the Isle of Man, of which the principal activity is that of intellectual property holding. The net liability value of CNX P1 as at 30 November 2023, was GBP8,762 (2022: net asset value GBP2) and the loss transferred to reserves was GBP8,764 (2022: GBPnil).
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
861 
- 
Other debtors
2 
2 
863 
2 
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Cinemanx Films One Limited Notes to the Accounts for the year ended 30 November 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
5,165 
- 
Other creditors
8,770,045 
8,770,045 
Accruals
5,579 
- 
8,780,789 
8,770,045 
(i) The company received funding of GBP10.550,000 from Pinewood, a company in which the controlling party (see note 8) has a minority interest, to invest in the production of the theatrical feature film "Me and Orson Welles". As the directors are of the opinion that the investment value is significantly lower than what is stated in these financial statements, the Isle of Man Treasury has provided assurances that the loans will not be called in for repayment until a full review of the financial position of the Cinemanx Group has been completed. (ii) The company received funding of GBP500,000 from Framestore Features Limited as an equity investment in the theatrical feature film "Me and Orson Welles".
8
Transactions with related parties
As at the reporting date, two of the directors of the company were also directors of Boston Limited (“Boston”). During the year, in Boston's capacity as administrators of the company, an amount of GBP5,579 (2022: GBPnil) was accrued, an amount of GBPnil (2022: GBPnil) was prepaid and an amount of GBP5,165 (2022: GBPnil) was owed at the reporting date. All services have been provided on an arm’s length basis at the standard commercial terms of Boston.
9
Controlling party
At the reporting date, the entire issued share capital of the company was held by Cinemanx Limited and is considered part of the Cinemanx Group. In December 2020 Cinemanx Limited was acquired by the Isle of Man Treasury, a department of the Isle of Man Government.
10
Post balance sheet events
Since the reporting date, a loan facility of up to GBP 100,000 was provided by a fellow subsidiary, Cinemanx Distribution Limited. The loan is unsecured, interest free and repayable after service of written demand to the extent that there are sufficient liquid assets to satisfy and only after the payment of all other liabilities. .
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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