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REGISTERED NUMBER: SC209563 (Scotland)













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: Frances Higson
Patricia Higson



SECRETARY: Patricia Higson



REGISTERED OFFICE: 6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



REGISTERED NUMBER: SC209563 (Scotland)



ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ



BANKERS: Bank of Scotland
174 Byres Road
Glasgow
G12 8SN

PFP FILMS LTD. (REGISTERED NUMBER: SC209563)

Balance Sheet
31 JANUARY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 6 - 1,370
Investments 7 1,250 1,250
Cash at bank 2,352 1,312
3,602 3,932
CREDITORS
Amounts falling due within one year 8 674 1,479
NET CURRENT ASSETS 2,928 2,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,928

2,453

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,926 2,451
SHAREHOLDERS' FUNDS 2,928 2,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Patricia Higson - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on a straight line basis

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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 February 2023
and 31 January 2024 2,456,949
AMORTISATION
At 1 February 2023
and 31 January 2024 2,456,949
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 746
DEPRECIATION
At 1 February 2023
and 31 January 2024 746
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 1,370

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 1,250 1,250

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 60 -
Other creditors 614 1,479
674 1,479

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.