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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 Trinity Pictures Distribution Limited ('the company') for the year ended
The directors who served during the year were:
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.
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 Trinity Pictures Distribution Limited
For the year ended 31 December 2023
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 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.
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.
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Independent auditor's report to the members of Trinity Pictures Distribution Limited (continued)
For the year ended 31 December 2023
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.
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 Trinity Pictures Distribution Limited (continued)
For the year ended 31 December 2023
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: 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 the 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, employment legislation and taxation legislation.
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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)
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; variances from the prior period; and In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
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
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 10 to 19 form part of these financial statements.
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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 2 John Street, London, WC1N 2ES.
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 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.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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.
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)
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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.
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Notes to the financial statements
For the year ended 31 December 2023
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.
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Notes to the financial statements
For the year ended 31 December 2023
6.Taxation (continued)
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.
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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.
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Notes to the financial statements
For the year ended 31 December 2023
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.
The immediate and ultimate parent undertaking of the company is
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.
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