REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
PFP FILMS LTD. |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
PFP FILMS LTD. |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PFP FILMS LTD. |
Company Information |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6th Floor |
Gordon Chambers |
90 Mitchell Street |
Glasgow |
Lanarkshire |
G1 3NQ |
BANKERS: |
174 Byres Road |
Glasgow |
G12 8SN |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Balance Sheet |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Balance Sheet - continued |
31 JANUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
PFP Films Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is stated net of Value Added Tax and represents amounts invoiced to third parties, except in respect of long term film production work in progress where turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced. |
Turnover arises wholly in the United Kingdom and is attributable to the principal activity of motion picture production. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible fixed assets |
Amortisation of the lease of film rights is being made over the earlier of : (a) the primary lease period of 15 years; or (b) the period to achieve sufficient recoupment by the film to repay its financiers. |
Tangible fixed assets |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Work in progress |
Profit on long term film production work in progress is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the film production costs incurred by the year end, by recording turnover and related costs as production activity progresses, turnover is recorded as that proportion of total production value which costs incurred to date bear to total expected costs for that production. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. |
Leasing and hire purchase commitments |
Assets held under finance leases or hire purchase contracts are capitalised in the balance sheet under tangible fixed assets and depreciated over their useful economic lives. The capital elements of future obligations under finance leases and hire purchase contracts are included as liabilities in the balance sheet. The interest elements of rental obligations are charged in the profit ans loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balances of capital repayments outstanding. |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the periods of the agreements. |
The company entered into a sale and leaseback transaction in the year ended 31 January 2003 for the rights, title and interest to the feature film, The Magdalene Sisters. Rentals are payable over 15 years, the initial net present value of which was £2,456,949 using a discount rate of 5.525 %. The balance remaining for this is covered by amounts on deposit which have been guaranteed by the bank. |
Government grants |
Government grants received in respect of expenditure charged in the profit and loss account during the year have been included in the profit and loss. |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
PFP FILMS LTD. (REGISTERED NUMBER: SC209563) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Other |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
9. | RELATED PARTY DISCLOSURES |
Throughout the year ended 31 January 2024 the company was under the immediate and ultimate control of director Frances Higson and former director Peter Mullan. |