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Company No: 10971321 (England and Wales)

RADIANT POST PRODUCTION LTD

Unaudited Financial Statements
For the financial period from 01 September 2022 to 31 January 2024
Pages for filing with the registrar

RADIANT POST PRODUCTION LTD

Unaudited Financial Statements

For the financial period from 01 September 2022 to 31 January 2024

Contents

RADIANT POST PRODUCTION LTD

COMPANY INFORMATION

For the financial period from 01 September 2022 to 31 January 2024
RADIANT POST PRODUCTION LTD

COMPANY INFORMATION (continued)

For the financial period from 01 September 2022 to 31 January 2024
DIRECTORS Mr J D Barratt (Appointed 21 December 2023, Resigned 01 January 2024)
Mr B S Marshall (Appointed 21 December 2023)
Mr M J Nichols (Appointed 21 December 2023)
Mr B J Plumb
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 10971321 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
RADIANT POST PRODUCTION LTD

BALANCE SHEET

As at 31 January 2024
RADIANT POST PRODUCTION LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 31.01.2024 31.08.2022
£ £
Fixed assets
Tangible assets 3 564,140 243,517
564,140 243,517
Current assets
Debtors 4 599,642 391,262
Cash at bank and in hand 81,757 508,222
681,399 899,484
Creditors: amounts falling due within one year 5 ( 669,724) ( 348,850)
Net current assets 11,675 550,634
Total assets less current liabilities 575,815 794,151
Creditors: amounts falling due after more than one year 6 ( 102,047) ( 92,797)
Provision for liabilities ( 141,035) ( 60,879)
Net assets 332,733 640,475
Capital and reserves
Called-up share capital 7 328 287
Share premium account 149,670 149,670
Capital redemption reserve 43 43
Profit and loss account 182,692 490,475
Total shareholder's funds 332,733 640,475

For the financial period 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 Radiant Post Production Ltd (registered number: 10971321) 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
RADIANT POST PRODUCTION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2022 to 31 January 2024
RADIANT POST PRODUCTION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 September 2022 to 31 January 2024
1. Accounting policies

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

General information and basis of accounting

Radiant Post Production Ltd (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 financial statements have been prepared under the historical cost convention, modified to include 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 £.

Reporting period length

Financial statements represent longer period of accounts for the period between 01 September 2022 and 31 January 2024, due to which financial statements are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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:

Leasehold improvements 33 % reducing balance
Plant and machinery 33 % reducing balance
Fixtures and fittings 33 % reducing balance
Computer equipment 33 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

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 and loans from fellow group companies 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 fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

Period from
01.09.2022 to
31.01.2024
Year ended
31.08.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 34 24

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 September 2022 92,525 32,112 180,355 313,757 618,749
Additions 217,664 53,246 62,896 359,122 692,928
Disposals ( 84,637) ( 18,267) ( 82,646) ( 4,346) ( 189,896)
At 31 January 2024 225,552 67,091 160,605 668,533 1,121,781
Accumulated depreciation
At 01 September 2022 40,718 20,844 91,053 222,617 375,232
Charge for the financial period 56,660 22,727 58,850 167,093 305,330
Disposals ( 40,500) ( 14,212) ( 65,224) ( 2,985) ( 122,921)
At 31 January 2024 56,878 29,359 84,679 386,725 557,641
Net book value
At 31 January 2024 168,674 37,732 75,926 281,808 564,140
At 31 August 2022 51,807 11,268 89,302 91,140 243,517

4. Debtors

31.01.2024 31.08.2022
£ £
Trade debtors 392,605 235,715
Amounts owed by Group undertakings 0 50,746
Prepayments 106,244 99,801
Corporation tax 47,652 0
Other debtors 53,141 5,000
599,642 391,262

5. Creditors: amounts falling due within one year

31.01.2024 31.08.2022
£ £
Bank loans 49,978 50,000
Trade creditors 305,272 84,689
Amounts owed to Group undertakings 94,722 0
Taxation and social security 72,435 124,108
Other creditors 147,317 90,053
669,724 348,850

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

31.01.2024 31.08.2022
£ £
Bank loans 16,719 87,500
Other creditors 85,328 5,297
102,047 92,797

7. Called-up share capital

31.01.2024 31.08.2022
£ £
Allotted, called-up and fully-paid
32,800 Ordinary shares of £ 0.01 each (31.08.2022: 287 shares of £ 1.00 each) 328 287

During the period the company had the following share capital changes:

On 2nd November 2022 62 £1 ordinary shares were issued to some of the existing company shareholders including 38 to one of the company directors. These shares were issued at par for no additional consideration.

On 1st February 2023 the company bought back a third and final trance of shares from deceased director. 21 £1 ordinary shares were acquired on 1 February 2023 for £24,609.38.

On 29th December 2023 the company sub divided its shares from 328 £1 shares into 32,800 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.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.01.2024 31.08.2022
£ £
within one year 182,345 0
between one and five years 92,075 0
274,420 0

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 £53,100 (2023: £Nil) by Rapid Pictures Commercial Limited, a company controlled by the directors.

All amounts are interest free and repayable upon demand.