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Company No: 07637209 (England and Wales)

RAPID PICTURES COMMERCIAL LTD

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

RAPID PICTURES COMMERCIAL LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

RAPID PICTURES COMMERCIAL LTD

COMPANY INFORMATION

For the financial year ended 31 January 2024
RAPID PICTURES COMMERCIAL LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Mr B S Marshall
Mr M J K Nichols
Mr B Plumb
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
BUSINESS ADDRESS 21/25 Goldhawk Road
Shepherds Bush
London
W12 8QQ
COMPANY NUMBER 07637209 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
RAPID PICTURES COMMERCIAL LTD

BALANCE SHEET

As at 31 January 2024
RAPID PICTURES COMMERCIAL LTD

BALANCE SHEET (continued)

As at 31 January 2024
2024 2023
£ £
Current assets
Debtors 3 95,081 55,190
Cash at bank and in hand 688 34
95,769 55,224
Creditors: amounts falling due within one year 4 ( 105,940) ( 52,890)
Net current (liabilities)/assets (10,171) 2,334
Total assets less current liabilities (10,171) 2,334
Net (liabilities)/assets ( 10,171) 2,334
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account ( 10,271 ) 2,234
Total shareholders' (deficit)/funds ( 10,171) 2,334

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 Commercial Ltd (registered number: 07637209) 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 COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
RAPID PICTURES COMMERCIAL LTD

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 Commercial 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 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 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 services provided in the normal course of business.

Cash and cash equivalents

Cash and cash equivalents 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Debtors

2024 2023
£ £
Prepayments 16,981 14,502
Other debtors 78,100 40,688
95,081 55,190

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 360
Other creditors 105,940 52,530
105,940 52,890

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

6. Financial commitments

Commitments

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

2024 2023
£ £
within one year 100,000 0
between one and five years 191,667 0
291,667 0

7. Related party transactions

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

At the reporting date the company owed £53,100 (2023: Nil) to Radiant Post Production limited, a company controlled by the directors.

All amounts are interest free and repayable upon demand.