Company Registration No. 06748791 (England and Wales)
Cinemanx Films Two Limited
Unaudited accounts
for the year ended 30 November 2023
Cinemanx Films Two Limited
Unaudited accounts
Contents
Cinemanx Films Two Limited
Company Information
for the year ended 30 November 2023
Directors
S J Ingrassia
KS Ellis
Company Number
06748791 (England and Wales)
Registered Office
CANON PLACE
78 CANNON STREET
LONDON
EC4N 6AF
ENGLAND
Cinemanx Films Two Limited
Statement of financial position
as at 30 November 2023
Intangible assets
25,708
28,221
Creditors: amounts falling due within one year
(138,993)
(129,731)
Net current liabilities
(36,601)
(28,221)
Net (liabilities)/assets
(10,891)
2
Called up share capital
2
2
Profit and loss account
(10,893)
-
Shareholders' funds
(10,891)
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. 06748791
Cinemanx Films Two Limited
Notes to the Accounts
for the year ended 30 November 2023
Cinemanx Films Two Limited is a private company, limited by shares, registered in England and Wales, registration number 06748791. The registered office is CANON PLACE, 78 CANNON STREET, LONDON, EC4N 6AF, ENGLAND.
These accounts have been prepared in compliance with FRS102
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 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.
Expenditure is recognised on an accruals basis.
Royalties are recognised on an accruals basis
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. any losses arising from impairment are recognised in profit or loss in other operating expenses.
Intangible fixed assets are included at cost less accumulated amortisation and any accumulated impairment losses.
Under FRS102, the company is exempt from the requirement to prepare a statement of cashflows on the grounds that it qualifies as a small entity.
Cinemanx Films Two Limited
Notes to the Accounts
for the year ended 30 November 2023
3
Intangible fixed assets
Other
At 30 November 2023
28,221
At 30 November 2023
25,708
At 30 November 2022
28,221
The company holds the international and UK rights to the theatrical feature film "The Disappearance of Alice Creed". 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 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, a company in which the controlling party has a minority interest, as loan repayments.
4
Investments
Subsidiary undertakings
Valuation at 1 December 2022
2
Valuation at 30 November 2023
2
The company holds 100% in Cinemanx Productions Two Limited ("CNX P2"), a company incorporated in England, of which is the rights holder and film development and productions company of theatrical feature films. The net asset value of CNX P2 as at 25 March 2023 was GBP13,547 (2022: GBP7,790) and the loss transferred to reserves was GBP5,757 (2022: GBP7,792).
Amounts falling due within one year
Other debtors
101,508
101,510
Cinemanx Films Two Limited
Notes to the Accounts
for the year ended 30 November 2023
6
Creditors: amounts falling due within one year
2023
2022
Other creditors
127,216
129,731
The company received funding of GBP850,000 from Pinewood, a company in which the controlling party has a minority interest, to invest in the production of the theatrical feature film "The Disappearance of Alice Creed" (see note 4). 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.
Charges have been made against the theatrical feature film "The Disappearance of Alice Creed" in favour of the following party to secure their interests in the copyright and title to the film:
Cinemanx Limited
8
Transactions with related parties
The company has directors in common with the corporate service provided. During the year an amount of GBP6,474 was accrued, an amount of GBPnil was prepaid and an amount of GBP5,303 was owed as at the reporting date. All services have been provided on an armâÃÂÃÂs length basis at the standard commercial terms of Boston.
As 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 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).