REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HAMMER FILMS LEGACY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HAMMER FILMS LEGACY LIMITED |
HAMMER FILMS LEGACY LIMITED (REGISTERED NUMBER: 00464538) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HAMMER FILMS LEGACY LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
HAMMER FILMS LEGACY LIMITED (REGISTERED NUMBER: 00464538) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HAMMER FILMS LEGACY LIMITED (REGISTERED NUMBER: 00464538) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hammer Films Legacy Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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 assets are being amortised over their useful lives as follows: |
Patents and licences - 5 years |
Film library |
Historically capitalised film costs were amortised using the individual-film-forecast-computation method over a maximum of twenty years. Under this method costs were amortised in the ratio that the current period actual revenue bears to the estimated remaining unrecognised ultimate revenue. Under this methodology amortisation commenced where a film was released and the Company began to recognise revenue from the distribution and other exploitation of the film. In the year ended 31 December 2015 the useful life was reviewed and it was determined that the asset should be amortised on a straight line basis over the remaining life of five years commencing 1 January 2015. |
Financial instruments |
Basic Financial Instrument as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102. |
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. |
HAMMER FILMS LEGACY LIMITED (REGISTERED NUMBER: 00464538) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
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. |
Turnover |
Turnover comprises the sale of existing and new intellectual property. All turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of discounts, VAT and other related sales taxes. |
Sale of existing intellectual property is based upon a percentage of the customers revenue generated by our customers for the use of the IP and can be subject to a minimum guaranteed fee. Turnover is recognised over the period of the deal in line with the revenue the customer has generated, reported to the company biannually in arrears. |
Sale of new intellectual property arises from the charging of a flat fee for access to the IP for an exclusive |
period, with turnover recognised when the rights pass to the customer. Where the customer does not make any productions based on the IP by the end of the exclusive period, the rights revert back to the company. For any new intellectual property where customers utilise them for productions, additional turnover is receivable, measured at an agreed percentage of the production costs. Turnover is recognised upon the release of the production by the customer, Additional turnover is receivable if further productions are made. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
HAMMER FILMS LEGACY LIMITED (REGISTERED NUMBER: 00464538) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Other creditors & accruals |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
8. | RELATED PARTY DISCLOSURES |
During the year, the company received funding of £1,100 (2022: NIL) from a related party, Network Distributing Limited, by virtue of a common statutory director, Jonathan Lack. At the year end the amount payable to the related party was £1,100 (2022: NIL). |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is John Gore by virtue of his 100% shareholding in Hammer Films and Productions Limited, the ultimate parent company. |
10. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Hammer Films and Productions Holdings Limited by virtue of their 100% indirect shareholding of the parent company Hammer Films Holdings Limited. The registered office is located within the United Kingdom, accounts are publicly available. |
11. | SECURED DEBTS |
John Gore has fixed and floating charges with negative pledge over all the assets of the company. |