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Company No: 03242486 (England and Wales)

RAPID PICTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

RAPID PICTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

RAPID PICTURES LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
RAPID PICTURES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Mr J D Barratt (Appointed 29 December 2023, Resigned 01 January 2024)
Mr B S Marshall
Mr M J Nichols
Mr B J Plumb
SECRETARY Mr M J Nichols
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
BUSINESS ADDRESS 21/25 Goldhawk Road
Shepherds Bush
London
W12 8QQ
COMPANY NUMBER 03242486 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
RAPID PICTURES LIMITED

BALANCE SHEET

As at 31 January 2024
RAPID PICTURES LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 222,866 213,346
Investments 4 0 61,721
222,866 275,067
Current assets
Debtors 5 424,782 506,068
Cash at bank and in hand 157,620 378,569
582,402 884,637
Creditors: amounts falling due within one year 6 ( 280,332) ( 285,987)
Net current assets 302,070 598,650
Total assets less current liabilities 524,936 873,717
Creditors: amounts falling due after more than one year 7 ( 44,379) ( 45,123)
Provision for liabilities ( 38,776) ( 34,429)
Net assets 441,781 794,165
Capital and reserves
Called-up share capital 8 850 850
Capital redemption reserve 150 150
Profit and loss account 440,781 793,165
Total shareholder's funds 441,781 794,165

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rapid Pictures Limited (registered number: 03242486) were approved and authorised for issue by the Board of Directors on 02 December 2024. They were signed on its behalf by:

Mr B J Plumb
Director
RAPID PICTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
RAPID PICTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rapid Pictures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom. The principal place of business is 21/25 Goldhawk Road, Shepherds Bush, London, W12 8QQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration receivable for television post production services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

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.

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 6 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 15 - 20 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 32

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2023 209,157 1,106,932 659,318 1,975,407
Additions 10,775 81,960 0 92,735
At 31 January 2024 219,932 1,188,892 659,318 2,068,142
Accumulated depreciation
At 01 February 2023 166,413 1,014,409 581,239 1,762,061
Charge for the financial year 12,723 58,701 11,791 83,215
At 31 January 2024 179,136 1,073,110 593,030 1,845,276
Net book value
At 31 January 2024 40,796 115,782 66,288 222,866
At 31 January 2023 42,744 92,523 78,079 213,346

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 February 2023 61,721 61,721
Disposals ( 61,679) ( 61,679)
At 31 January 2024 42 42
Provisions for impairment
At 01 February 2023 0 0
Impairment 42 42
At 31 January 2024 42 42
Carrying value at 31 January 2024 0 0
Carrying value at 31 January 2023 61,721 61,721

During the year the company distributed its shares held in an associate company, Radiant Post Production Limited, to a new holding company Radiant Post Production Group Limited (RPPGL). This has resulted in a dividend of the formerly held investment amount of £61,679 to RPPGL.

During the year, the company also impaired a £42 investment in an entity which has subsequently been liquidated.

5. Debtors

2024 2023
£ £
Trade debtors 254,831 399,111
Amounts owed by directors 0 10,310
Prepayments 0 15,756
Corporation tax 60,477 0
Other debtors 109,474 80,891
424,782 506,068

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 31,852 31,852
Trade creditors 76,323 31,585
Taxation and social security 109,938 145,838
Obligations under finance leases and hire purchase contracts 17,776 0
Other creditors 44,443 76,712
280,332 285,987

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,271 45,123
Obligations under finance leases and hire purchase contracts 31,108 0
44,379 45,123

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
85,000 Ordinary shares of £ 0.01 each (2023: 850 shares of £ 1.00 each) 850 850

On 20th December 2023 the company sub divided its shares from 850 £1 shares into 85,000 1p shares.

On 31st December 2023 all the shareholders sold their shares to a new holding company, Radiant Post Production Group Limited (RPPGL), the consideration being purely the new shares issue in RPPGL.

9. Related party transactions

Radiant Post Production Group Limited is the ultimate parent company. All the intercompany transactions/balances with wholly-owned members have been concluded under normal market conditions and as such are exempt from disclosure.

At the reporting date the company was owed £7,712 (2023: £36,128) by Rapid Pictures Commercial Limited, a company controlled by the directors.

At the reporting date the company owed £9,519 (2023: £10,312 owed from) to the directors of the company.

All amounts are interest free and repayable upon demand.