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101 Films Limited
























Directors' report and financial statements



for the year ended 31 December 2023



Registered number: 07766163

 
101 Films Limited
 


Company Information


Directors
Martin Lyon 
Robert Price 




Registered number
07766163



Registered office
30-34 North Street

Hailsham

East Sussex

BN27 1DW





 
101 Films Limited
 


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8 - 9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 24


 
101 Films Limited
 
 

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 31 December 2023

Directors

The directors who served during the year were:

Adam Lacey (resigned 30 August 2024)
Martin Lyon 

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

 
101 Films 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.
 





Martin Lyon
Director

Page 2

 
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Independent auditor's report to the members of 101 Films Limited
 For the year ended 31 December 2023

Opinion


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 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.


Conclusions relating to going concern


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.


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.


Page 3

 
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Independent auditor's report to the members of 101 Films Limited (continued)
For the year ended 31 December 2023

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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement, 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:

 
Page 4

 
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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)
 
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 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 and taxation
legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through:

making enquiries of management;
inspecting legal expenditure and 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 company to management override of controls by checking the implementation of
controls and enquiring of individuals involved in the financial reporting process during the period
reviewed journal entries to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of the company's management;
tested occurence of income by agreeing a substantial sample to rreports from third parties; 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; and
enquiring of management as to actual and potential litigation and claims.


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.
Page 5

 
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Independent auditor's report to the members of 101 Films Limited (continued)
For the year ended 31 December 2023



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
Senior statutory auditor
Statutory Auditor
130 Wood Street
London
EC2V 6DL

3 December 2024
Page 6

 
101 Films Limited
 


Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
2,230,104
2,255,141

Cost of sales
  
(644,098)
(664,379)

Gross profit
  
1,586,006
1,590,762

Administrative expenses
  
(1,745,173)
(1,666,031)

Operating loss
  
(159,167)
(75,269)

Interest payable and similar expenses
  
(66,963)
(46,538)

Loss before tax
  
(226,130)
(121,807)

Tax on loss
 6 
74,134
52,222

Loss for the financial year
  
(151,996)
(69,585)

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

The notes on pages 11 to 24 form part of these financial statements.

Page 7

 
101 Films Limited - Registered number:07766163


Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 7 
2,937,709
2,752,834

Tangible assets
 8 
4,357
3,760

  
2,942,066
2,756,594

Current assets
  

Stocks
  
100,811
95,710

Debtors
 9 
2,136,564
1,265,053

Cash at bank and in hand
 10 
35,159
124,148

  
2,272,534
1,484,911

Creditors: amounts falling due within one year
 11 
(2,954,725)
(1,701,505)

Net current liabilities
  
 
 
(682,191)
 
 
(216,594)

Total assets less current liabilities
  
2,259,875
2,540,000

Creditors: amounts falling due after more than one year
 12 
-
(27,778)

Provisions for liabilities
  

Deferred tax
 14 
(1,089)
(101,440)

Net assets
  
2,258,786
2,410,782


Capital and reserves
  

Called up share capital 
  
1,200
1,200

Share premium account
  
231,512
231,512

Profit and loss account
  
2,026,074
2,178,070

  
2,258,786
2,410,782


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.




Martin Lyon
Director

The notes on pages 11 to 24 form part of these financial statements.
Page 8

 
101 Films Limited - Registered number:07766163


Statement of financial position (continued)
As at 31 December 2023


Page 9

 
101 Films 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
1,200
231,512
2,247,655
2,480,367


Comprehensive income for the year

Loss for the year
-
-
(69,585)
(69,585)



At 1 January 2023
1,200
231,512
2,178,070
2,410,782


Comprehensive income for the year

Loss for the year
-
-
(151,996)
(151,996)
Total comprehensive income for the year
-
-
(151,996)
(151,996)


At 31 December 2023
1,200
231,512
2,026,074
2,258,786


The notes on pages 11 to 24 form part of these financial statements.

Page 10

 
101 Films 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 30-34 North Street, Hailsham, East Sussex, BN27 1DW. The company number is 07766163.

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 Section 1A of 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 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.

Page 11

 
101 Films Limited
 

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

The company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the company adjusts the transaction prices of these contracts for the time value of money.

Sale of goods

Turnover from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Turnover from providing services is recognised in the accounting period in which the services are rendered. Turnover from digital distribution of titles and the revenue from sale of the rights to distribute certain titles in
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.

Page 12

 
101 Films Limited
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the copmany pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 13

 
101 Films Limited
 

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

2.Accounting policies (continued)

 
2.9

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Film distribution rights
-
Over length of licence

 
2.10

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 5 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.

 
2.11

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.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 14

 
101 Films Limited
 

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

  
2.16

Financial instruments

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 
101 Films 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

Intangible assets
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.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 -5).

Page 16

 
101 Films Limited
 
 

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

5.

Auditors remuneration


2023
2022

£
£

Fees payable for the audit of the annual accounts
11,000
9,991


2023
2022

£
£

Fees payable to the auditor in respect of:

- taxation compliance services
2,500
1,850

- all other non-audit services
800
750

3,300
2,600


6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
44,491

Adjustments in respect of previous periods
26,217
5,647


26,217
50,138


Total current tax
26,217
50,138

Deferred tax


Origination and reversal of timing differences
(94,411)
(77,794)

Effects of changes in tax rate opening balances
(5,940)
(24,566)

Total deferred tax
(100,351)
(102,360)


Taxation on loss on ordinary activities
(74,134)
(52,222)
Page 17

 
101 Films 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 lower than (2022 - lower 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
(226,130)
(121,807)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -19%)
(53,187)
(23,143)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
43,601
2,890

Adjustments to tax charge in respect of prior periods
26,217
5,647

Other differences leading to an increase (decrease) in taxation
1,872
7,425

Effects of changes in tax rate opening balances
(5,940)
(24,566)

Group relief
(86,697)
(20,475)

Total tax charge for the year
(74,134)
(52,222)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 18

 
101 Films Limited
 
 

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

7.


Intangible assets




Film distribution rights
Goodwill
Total

£
£
£



Cost


At 1 January 2023
5,925,463
80,000
6,005,463


Additions - external
980,292
-
980,292



At 31 December 2023

6,905,755
80,000
6,985,755



Amortisation


At 1 January 2023
3,199,962
52,667
3,252,629


Charge for the year 
789,419
5,999
795,418



At 31 December 2023

3,989,381
58,666
4,048,047



Net book value



At 31 December 2023
2,916,374
21,334
2,937,708



At 31 December 2022
2,725,501
27,333
2,752,834




Page 19

 
101 Films 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
9,742


Additions
2,301



At 31 December 2023

12,043



Depreciation


At 1 January 2023
5,982


Charge for the year
1,704



At 31 December 2023

7,686



Net book value



At 31 December 2023
4,357



At 31 December 2022
3,760


9.


Debtors

2023
2022
£
£


Trade debtors
251,541
484,801

Amounts owed by group undertakings
763,313
177,117

Other debtors
2,327
2,327

Prepayments and accrued income
1,119,383
600,808

2,136,564
1,265,053


Page 20

 
101 Films Limited
 
 

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

10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
35,159
124,148

35,159
124,148



11.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
34,722
90,278

Trade creditors
195,500
255,381

Amounts owed to group undertakings
2,286,006
872,897

Corporation tax
90,241
183,412

Other taxation and social security
179,491
167,705

Other creditors
-
3,933

Accruals and deferred income
168,765
127,899

2,954,725
1,701,505



12.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
27,778

-
27,778


Page 21

 
101 Films Limited
 
 

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

13.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
34,722
90,278


34,722
90,278

Amounts falling due 1-2 years

Bank loans
-
27,778


-
27,778


34,722
118,056


The bank loan attracts interest at 3.99% above the Bank of England base rate. It is secured by means of a fixed and floating charge over the assets of the Company.


14.


Deferred taxation




2023


£






At beginning of year
(101,440)


Charged to profit or loss
100,351



At end of year
(1,089)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,089)
(102,423)

Short term provisions
-
983

(1,089)
(101,440)

Page 22

 
101 Films Limited
 
 

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

15.


Contingent liabilities

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


16.


Capital commitments

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


17.


Related party transactions

During the year, the company earned revenue of £1,142,288 (2022: £1,741,559) and incurred Cost of Sales of £67,587 (2022: £136,042) to an entity related by virtue of being controlled by a director of the company.
At 31 December 2023, the company was owed £107,716 (31 December 2022: £261,887) from this entity.
During the year, the company incurred administrative expenses of £379,296 (2022: £298,148) from parent undertakings, and was charged interest of £47,242 (2022 £12,481) from parent undertakings.

At 31 December 2023, the company owed £1,214,498 (31 December 2022 was owed £494,612) to parent undertakings.
During 2023, the company earned revenue of £65,678 (2022: £77,296) from fellow subsidiaries of the group.

At 31 December 2023, the company was owed £763,313 (31 December 2022: £177,118) from entities within the same group. At 31 December 2023, the company owed £1,071,508 (31 December 2022: £378,285) to entities within the same group. 
The total remuneration paid to Key Managmenet Personnel for 2023 was £186,091 (2022: £160,921).


18.


Post balance sheet events

On 5 January 2024, the company sold their investment in subsidiary, Hollywood Classics International Limited for £1. 
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.

Page 23

 
101 Films Limited
 
 

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

19.


Controlling party

The immediate parent undertaking of the company during the year was Trinity Pictures Distribution LimitedADSL Holdings Inc. (formerly Amcomri Entertainment Inc) was the ultimate parent undertaking and 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. 
As per note 18, on 28 July 2024, the shares in the company were, with the new parent entity becoming Tropico Limited.

Page 24