Company Registration No. 11305808 (England and Wales)
Arcadia Pictures Limited
Annual report and financial statements
for the year ended 31 December 2023
Arcadia Pictures Limited
Company information
Directors
Jose Barquet
David Hodgson
Matthew Sica
Company number
11305808
Registered office
1 Central St. Giles
St. Giles High Street
London
WC2H 8NU
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Arcadia Pictures Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
Arcadia Pictures Limited
Strategic report
For the year ended 31 December 2023
1

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

During the period the company was involved in the production of a feature film. At the year end, the company incurred a profit of £15,000 (2022: £15,000) and had net assets of £65,001 (2022: £50,001).

Principal risks and uncertainties

The directors have reviewed the risks and resultant uncertainties facing the company and consider the principal risks to be legislative changes and the state of 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.

Key performance indicators

The directors consider the company's key performance indicator to be whether the motion picture is produced in line with the agreed budget. Deviation from this will not however result in the withdrawal of support for the production from its financiers.

 

The directors consider the company's key non-financial performance indicator to be whether the company creates and delivers the feature films it has been contracted to produce for general release in national and international cinema and the film is certified as British. As of the date of signature, the company has received the Final British Film Certificate following completion and release of the film.

Section 172 (1) statement

Section 172 of the Companies Act 2006 requires directors to have regard to the following in performing their duties, and as part of the process are required to consider, where relevant:

 

Decisions made by the company’s directors are in line with Comcast NBCUniversal group’s strategic goals and Comcast Code of Conduct. The key decisions made at the company level include approving the annual financial statements and dividend distribution in board meetings. Whilst making decisions, at a group and company level, the following section 172 factors are considered:

Arcadia Pictures Limited
Strategic report (continued)
For the year ended 31 December 2023
2

Our employees

At Comcast NBCUniversal, we strive to make every employee feel valued and respected for who they are and the unique contributions they make. The company places considerable value on the involvement of its employees through group communications, regular leadership broadcasts of strategy and performance, employee surveys and Town Hall sessions which are run across the group. We provide all employees with the Comcast Code of Conduct and annual training to help them understand their responsibilities. The Comcast NBCUniversal group considers the interests of employees in their decision-making process. Decisions made by the company’s directors are in line with the group’s strategy and purpose.

 

Our partners

As a group, Comcast NBCUniversal understand the need to foster relationships with suppliers and customers. We seek to build long-term relationships with them and help them succeed. A critical part of doing business is partnering with others, and we believe that partnerships are built on trust and mutual advantage. We interact honestly and with integrity in the marketplace and expect our business partners to do the same. The group considers these relationships in their decision-making process. Decisions made by the company’s directors are in line with the group’s strategy and purpose.

 

Our communities

The impact on the community are considered as part of Comcast NBCUniversal group’s strategy and purpose. As a group uniquely positioned to educate, entertain, and empower, we are committed to bringing together diverse communities and inspiring our customers, audiences, and employees to make a positive impact. We focus our efforts in three areas:

 

Our members    

The Company is a wholly owned subsidiary of NBCUniversal and is part of the Comcast Group. The duties of the directors are exercised in a way that is most likely to promote the success of the Company and NBCUniversal as a whole while also having regard to the factors outlined in Section 172 of the Companies Act 2006.

 

All decisions made by the company’s directors are in line with the group’s strategy and purpose. Further details are available in Comcast Code of Conduct and Comcast values at www.cmcsa.com.

On behalf of the board

..............................
Jose Barquet
Director
Date: .............................................
Arcadia Pictures Limited
Directors' report
For the year ended 31 December 2023
3

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of motion picture production activities.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Jose Barquet
David Hodgson
Matthew Sica
Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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.

On behalf of the board
Jose Barquet
Director
26 November 2024
Arcadia Pictures Limited
Directors' responsibilities statement
For the year ended 31 December 2023
4

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Arcadia Pictures Limited
Independent auditor's report
To the members of Arcadia Pictures Limited
5
Opinion

We have audited the financial statements of Arcadia Pictures Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, 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:

Basis for opinion

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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Arcadia Pictures Limited
Independent auditor's report (continued)
To the members of Arcadia Pictures Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 directors' 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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.

Arcadia Pictures Limited
Independent auditor's report (continued)
To the members of Arcadia Pictures Limited
7

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 directors, 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 directors 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.

 

In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. Such laws and regulations include anti-bribery legislation.

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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Arcadia Pictures Limited
Independent auditor's report (continued)
To the members of Arcadia Pictures Limited
8

Use of our report

This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them 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 members as a body, 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
2 December 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Arcadia Pictures Limited
Statement of comprehensive income
For the year ended 31 December 2023
9
2023
2022
Notes
£
£
Turnover
3
60,458,847
90,656,912
Cost of sales
(75,497,474)
(113,443,402)
Gross loss
(15,038,627)
(22,786,490)
Administrative expenses
(22,000)
(25,000)
Other operating income
-
0
354,528
Loss before taxation
(15,060,627)
(22,456,962)
Tax on loss
6
15,075,627
22,471,962
Profit for the financial year
15,000
15,000

The income statement has been prepared on the basis that all operations are continuing operations.

Arcadia Pictures Limited
Statement of financial position
As at 31 December 2023
10
2023
2022
Notes
£
£
£
£
Current assets
Debtors
7
37,548,908
29,870,008
Cash at bank and in hand
27,435
59,780
37,576,343
29,929,788
Creditors: amounts falling due within one year
8
(37,511,342)
(29,879,787)
Net current assets
65,001
50,001
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
65,000
50,000
Total equity
65,001
50,001
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Jose Barquet
Director
Company Registration No. 11305808
Arcadia Pictures Limited
Statement of changes in equity
For the year ended 31 December 2023
11
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
35,000
35,001
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
15,000
15,000
Balance at 31 December 2022
1
50,000
50,001
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
15,000
15,000
Balance at 31 December 2023
1
65,000
65,001
Arcadia Pictures Limited
Notes to the financial statements
For the year ended 31 December 2023
12
1
Accounting policies
Company information

Arcadia Pictures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Central St. Giles, St. Giles High Street, London, WC2H 8NU.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Comcast Corporation. These consolidated financial statements are available from 30 Rockefeller Plaza, New York, New York 10112-0002, USA.

1.2
Going concern

At the time of approving the financial statements , the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates of 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.

 

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, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.

Arcadia Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
13
1.4
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.

1.5
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.

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.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Arcadia Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
14
1.7
Taxation

The tax credit represents the sum of the tax currently receivable and deferred tax.

Current tax

The tax currently recoverable is based on relievable losses arising in the year as a result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account 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 at the reporting date.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions, else the average rate over the period in which the transactions were incurred. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Arcadia Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
15
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 film 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.

In the directors' opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of film rights
60,458,847
90,656,912
2023
2022
£
£
Turnover analysed by geographical market
United States of America
60,458,847
90,656,912
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,500
19,000
Fees payable to the company's auditor for non-audit services
5,500
6,000
5
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Production staff
-
0
2
Arcadia Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
Employees (continued)
16

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
-
0
144,431
Social security costs
-
18,197
Pension costs
-
0
2,521
-
0
165,149

During both the year and the prior period there were no directors' emoluments.

6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(15,075,627)
(22,471,962)

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:

2023
2022
£
£
Loss before taxation
(15,060,627)
(22,456,962)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(3,542,259)
(4,266,823)
Group relief
3,605,740
4,247,148
Enhanced losses arising from the film tax credit
(14,246,630)
(17,059,015)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
(892,478)
(5,393,272)
Taxation credit for the year
(15,075,627)
(22,471,962)
Arcadia Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
17
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
59,400
Corporation tax recoverable
37,547,592
22,471,962
Amounts owed by fellow subsidiary undertakings
-
0
7,310,020
Other debtors
1,316
28,626
37,548,908
29,870,008
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to fellow subsidiary undertakings
26,015,513
1,765,557
Accruals and deferred income
11,495,829
28,114,230
37,511,342
29,879,787
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
2,521

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
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
11
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

Arcadia Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
18
12
Ultimate controlling party

The company's immediate parent undertaking is Universal Pictures Limited, a company registered in England and Wales.

 

The smallest and largest group in which the results of the company will be consolidated is that headed by its ultimate parent undertaking, Comcast Corporation, a company incorporated in the United States of America. The consolidated financial statements for this company are available to the public and may be obtained from One Comcast Center, 1701 John F Kennedy Blvd, 47th Floor, Philadelphia, Pennsylvania 19103-2838, USA or at www.comcast.com respectively.

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