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Company Information
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Contents
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Directors' report
For the year ended 31 December 2023
The directors present their report and the financial statements of 101 Films Limited ('the company') for the year ended
The directors who served during the year were:
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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Directors' report (continued)
For the year ended 31 December 2023
This report was approved by the board on
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Independent auditor's report to the members of 101 Films Limited
For the year ended 31 December 2023
We have audited the financial statements of 101 Films 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 the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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.
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Independent auditor's report to the members of 101 Films Limited (continued)
For the year ended 31 December 2023
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
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 Directors' report.
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Independent auditor's report to the members of 101 Films Limited (continued)
For the year ended 31 December 2023
Auditor's responsibilities for the audit of the financial statements (continued)
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; knowledge of actual, suspected and alleged fraud; statements of the company through discussions with directors and other management at the planning stage; misstatement, including with respect to fraud and non-compliance with laws and regulations; and effect on the financial statements or the operations of the company including the Companies Act 2006 and taxation legislation. and regulations. To address the risk of fraud through management bias and override of controls, we: controls and enquiring of individuals involved in the financial reporting process during the period on the part of the company's management; included:
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Independent auditor's report to the members of 101 Films Limited (continued)
For the year ended 31 December 2023
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.
for and on behalf of
Senior statutory auditor
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
For the year ended 31 December 2023
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Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 24 form part of these financial statements.
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Statement of financial position (continued)
As at 31 December 2023
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Statement of changes in equity
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
The Company is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is 30-34 North Street, Hailsham, East Sussex, BN27 1DW. The company number is 07766163.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Amcomri Entertainment Inc as at 31 December 2023 and these financial statements may be obtained from amcomrientertainmentinc.com.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
certain markets is recognised on an accrual basis at the point the agreements are made because all performance obligations on the company have been satisfied. Furthermore, these sales are recognised net of the royalties due to producers as the company does not retain the rights to make significant adjustments to the saleable titles.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Financial assets and liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 31 December 2023
The company holds licences to distribute certain film titles for defined periods of time. The company capitalises any directly attributable costs for these licences and amortises them over the length of the licence. The directors review the appropriatness of the amortisation period and the residual value of the licences for recoverability. Recoverability of debtors The directors review the company's debtors and use their judgement to estimate the recoverable values. Provisions were made specifically against debtors when recoverability is uncertain.
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
6.Taxation (continued)
There are no factors that may affect future tax charges.
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
There were no contingent liabilities as at 31 December 2023 or 31 December 2022.
The Company had no capital commitments as at 31 December 2023 or 31 December 2022.
On 28 July 2024, 101 Films acquired 100% of the share capital in Positivor Limited, the full assets and assumed liabilities of 101 Films International Limited and Amcomri Productions Limited. The aggregate consideration for the acquisition was $900,000. On 26 September 2024, the company issued an additional 1,170,337 shares with an aggregate nominal value of £1,170,337.
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Notes to the financial statements
For the year ended 31 December 2023
The immediate parent undertaking of the company during the year was Trinity Pictures Distribution Limited. ADSL Holdings Inc. (formerly
ADSL Holdings Inc is incorporated in Canada with a registered office of 22 Mathers Drive Stoney Creek, Ontario, L8G 4J3. It is listed on the NEO exchange and has no ultimate controlling party. As per note 18, on 28 July 2024, the shares in the company were, with the new parent entity becoming Tropico Limited.
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