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Trinity Pictures Distribution Limited
























Directors' report and financial statements



For the year ended 31 December 2023



Registered number: 09219284

 
Trinity Pictures Distribution Limited
 


Company Information


Directors
Laurence Howard 
Paul McGowan 
Robert Price 




Registered number
09219284



Registered office
2 John Street

London

England

WC1N 2ES




Independent auditor
Buzzacott LLP
Statutory Auditor

130 Wood Street

London

EC2V 6DL





 
Trinity Pictures Distribution Limited
 


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 19


 
Trinity Pictures Distribution Limited
 
 

Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements of Trinity Pictures Distribution Limited ('the company') for the year ended 31 December 2023.

Directors

The directors who served during the year were:

Laurence Howard 
Paul McGowan 
Robert Price 

Going concern

As the company has ceased to trade subsequent to the year end, the directors have prepared the accounts on a basis other than going concern, impairing assets down to their recoverable amount.

Directors' responsibilities statement

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.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Page 1

 
Trinity Pictures Distribution Limited
 

Directors' report (continued)
For the year ended 31 December 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 2 December 2024 and signed on its behalf.
 





Laurence Howard
Director

Page 2

 
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Independent auditor's report to the members of Trinity Pictures Distribution Limited
 For the year ended 31 December 2023

Opinion


We have audited the financial statements of Trinity Pictures Distribution 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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


Emphasis of matter


We draw attention to Note 2.4 to the financial statements which explains that the directors have ceased trading after the year end and intend to liquidate the company in due time. Therefore they do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.4. 
Our opinion is not modified in respect of this matter.





Page 3

 
img6419.png 
 

Independent auditor's report to the members of Trinity Pictures Distribution Limited (continued)
For the year ended 31 December 2023

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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
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Independent auditor's report to the members of Trinity Pictures Distribution Limited (continued)
For the year ended 31 December 2023

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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.


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud
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:
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with the directors and other management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006, employment
legislation and taxation legislation.

 
Page 5

 
img6db1.png 
 

Independent auditor's report to the members of Trinity Pictures Distribution Limited (continued)
For the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
 
We assessed the extent of compliance with the laws and regulations identified above through:
making enquiries of management;
inspecting legal correspondence throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.

To address the risk of fraud through management bias and override of controls, we:
determined the susceptibility of the Group to management override of controls by checking the implementation of
controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the year to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior period; and
carried out substantive testing to check the occurrence and cut-off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company's legal advisors.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


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 2006Our 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.





John Marnham (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

2 December 2024
Page 6

 
Trinity Pictures Distribution Limited
 


Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(357,995)
(265,496)

Exceptional administrative expenses
 7 
(4,838,164)
-

Operating loss
  
(5,196,159)
(265,496)

Interest receivable and similar income
  
739,155
150,010

Interest payable and similar expenses
  
(743,993)
(158,970)

Loss before tax
  
(5,200,997)
(274,456)

Loss for the financial year
  
(5,200,997)
(274,456)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
Trinity Pictures Distribution Limited - Registered number:09219284


Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 8 
-
13,767

Investments
 9 
1,802,567
3,765,524

  
1,802,567
3,779,291

Current assets
  

Debtors: amounts falling due within one year
 10 
12,749,604
4,137,218

Cash at bank and in hand
 11 
332,771
134,092

  
13,082,375
4,271,310

Creditors: amounts falling due within one year
 12 
(16,586,160)
(4,550,822)

Net current liabilities
  
 
 
(3,503,785)
 
 
(279,512)

Total assets less current liabilities
  
(1,701,218)
3,499,779

  

  

  

Net (liabilities)/assets
  
(1,701,218)
3,499,779


Capital and reserves
  

Called up share capital 
  
1
1

Share premium account
  
3,764,542
3,764,542

Profit and loss account
  
(5,465,761)
(264,764)

  
(1,701,218)
3,499,779


The company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2024.


Laurence Howard
Director

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
Trinity Pictures Distribution Limited
 


Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
3,764,542
9,692
3,774,235


Comprehensive income for the year

Loss for the year
-
-
(274,456)
(274,456)



At 1 January 2023
1
3,764,542
(264,764)
3,499,779


Comprehensive income for the year

Loss for the year
-
-
(5,200,997)
(5,200,997)


At 31 December 2023
1
3,764,542
(5,465,761)
(1,701,218)


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is 2 John Street, London, WC1N 2ES. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

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:

 
2.2

FRS 101 - reduced disclosure exemptions

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 paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
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 in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

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.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 10

 
Trinity Pictures Distribution Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Going concern

As described in note 16, subsequent to the year end the trading subsidiaries of the company have been disposed of, and proceedings were initiated to wind up all remaining non-trading subsidiaries. 
The company is unlikely to have any realistic prospects of generating further financial returns beyond distributing the proceeds of the sale transactions as a return of capital to shareholders following the payment of associated transaction and winding up expenses. There are many unknown variables that cannot be accurately predicted at this time, along with known items that are difficult to quantify, all of which will impact the ultimate amount, and the anticipated timing, of any distributions payable to shareholders.
As the company has ceased to trade subsequent to the year end, the directors have prepared the accounts on a basis other than going concern, impairing assets down to their recoverable amount.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Office equipment
-
over 7 years

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.

Page 11

 
Trinity Pictures Distribution Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 12

 
Trinity Pictures Distribution Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

  
2.14

Financial instruments

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 
Impairment of financial assets
The company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 13

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Recoverability of debtors
The directors review the Company's debtors and use their judgement to estimate the recoverable values.
Provisions are made specifically against debtors when recoverability is uncertain.


4.
Auditor's remuneration


2023
2022

£
£

Fees payable for the audit of the annual accounts
4,500
4,853


2023
2022

£
£

Fees payable to the auditor in respect of:

- taxation compliance services
2,000
1,600

- all other non-audit services
800
750

2,800
2,350


5.


Employees

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


6.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-
Page 14

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(5,200,997)
(274,456)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(1,223,274)
(52,147)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,137,687
5,136

Capital allowances for year in excess of depreciation
1,839
(1,151)

Other differences leading to an increase (decrease) in the tax charge
1,175
-

Group relief
82,573
48,162

Total tax charge for the year
-
-


Factors that may affect future tax charges

From 1 April 2023, the corporation tax rate in the UK chnaged from a flat rate of 19% to a tapered rate from 19% for businesses with profit of less than £50,000 to 25% for businesses with profits over £250,000.


7.


Exceptional administrative expenses

2023
2022
£
£


Impairment charge on adoption of basis other than going concern
4,838,164
-

4,838,164
-

Page 15

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

8.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
15,027


Additions
16,875



At 31 December 2023

31,902



Depreciation


At 1 January 2023
1,260


Charge for the year
8,323


Impairment charge
22,319



At 31 December 2023

31,902



Net book value



At 31 December 2023
-



At 31 December 2022
13,767

Page 16

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,765,524



At 31 December 2023

3,765,524



Impairment


Charge for the year
1,962,957



At 31 December 2023

1,962,957



Net book value



At 31 December 2023
1,802,567



At 31 December 2022
3,765,524

Page 17

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

10.


Debtors

2023
2022
£
£


Trade debtors
5,781
-

Amounts owed by group undertakings
12,652,545
4,121,782

Other debtors
15,436
15,436

Prepayments and accrued income
75,842
-

12,749,604
4,137,218



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
332,771
134,092

332,771
134,092



12.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
76,732
69,883

Amounts owed to group undertakings
16,490,335
4,461,846

Other creditors
981
981

Accruals and deferred income
18,112
18,112

16,586,160
4,550,822



13.


Contingent liabilities

There were no contingent liabilities as at 31 December 2023 or 31 December 2022.


14.


Capital commitments

The company had no capital commitments as at 31 December 2023 or 31 December 2022.

Page 18

 
Trinity Pictures Distribution Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

15.


Related party transactions

During the year, the company charged fellow subsidiaries interest of £739,156 (2022 £150,010). During the year, the Company was charged interest by fellow subsidiaries of £743,802 (2022 £157,068).
At 31 December 2023, the company owed £2,178,365 (31 December 2022 was due £211,806) from its parent undertaking
At 31 December 2023, the company was due £15,505,433 (31 December 2022 £3,909,976) by fellow subsidiaries and owed £14,311,970 (31 December 2022 £4,461,846) to fellow subsidiaries.


16.


Post balance sheet events

On 5 January 2024, the company's direct subsidiary, 101 Films Limited sold their investment in its subsidiary, Hollywood Classics International Limited ('HCI'). As of that date, the company was no longer an indirect subsidiary undertaking.
On 25 June 2024, the company sold the shares in its subsidiary Abacus Media Rights Limited. As of that date, Abacus Media Rights Limited was no longer a subsidiary undertaking.
On 28 July 2024, the company sold its shares in 101 Films Limited, with this entity ceasing to be a subsidairy from this date. From this date the company had no remaining trading subsidiaries and shall initiate efforts to realise distributions to its parent company in due course.


17.


Controlling party

The immediate and ultimate parent undertaking of the company is ADSL Holdings Inc. (previously Amcomri Entertainment Inc). This is also the entity that prepares consolidated accounts for the smallest and largest group of undertakings which include the company. ADSL Holdings Inc is listed on the NEO exchange.
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.

Page 19