0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,043,718 4,483,480 401,399 4,972,183 71,535 560,238 xbrli:pure xbrli:shares iso4217:GBP 07488552 2023-07-01 2024-06-30 07488552 2024-06-30 07488552 2023-06-30 07488552 2022-07-01 2023-06-30 07488552 2023-06-30 07488552 2022-06-30 07488552 bus:Director3 2023-07-01 2024-06-30 07488552 core:WithinOneYear 2024-06-30 07488552 core:WithinOneYear 2023-06-30 07488552 core:ShareCapital 2024-06-30 07488552 core:ShareCapital 2023-06-30 07488552 core:SharePremium 2024-06-30 07488552 core:SharePremium 2023-06-30 07488552 core:RetainedEarningsAccumulatedLosses 2024-06-30 07488552 core:RetainedEarningsAccumulatedLosses 2023-06-30 07488552 bus:SmallEntities 2023-07-01 2024-06-30 07488552 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07488552 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07488552 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07488552 bus:FullAccounts 2023-07-01 2024-06-30 07488552 core:IntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 07488552 core:IntangibleAssetsOtherThanGoodwill 2024-06-30 07488552 core:IntangibleAssetsOtherThanGoodwill 2023-06-30 07488552 1 2023-07-01 2024-06-30 07488552 bus:Director1 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 07488552
Quickfire (Agate) Films Limited
Filleted Unaudited Accounts
30 June 2024
Quickfire (Agate) Films Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
71,535
560,238
Current assets
Debtors
6
4,250
2,333
Cash at bank and in hand
1,005,828
696,940
------------
---------
1,010,078
699,273
Creditors: amounts falling due within one year
7
( 32,264)
( 19,969)
------------
---------
Net current assets
977,814
679,304
------------
------------
Total assets less current liabilities
1,049,349
1,239,542
------------
------------
Net assets
1,049,349
1,239,542
------------
------------
Capital and reserves
Called up share capital
50,110
50,110
Share premium account
4,950,000
4,950,000
Profit and loss account
( 3,950,761)
( 3,760,568)
------------
------------
Shareholders funds
1,049,349
1,239,542
------------
------------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Quickfire (Agate) Films Limited
Statement of Financial Position (continued)
30 June 2024
These accounts were approved by the board of directors and authorised for issue on 11 February 2025 , and are signed on behalf of the board by:
J Pace
Director
Company registration number: 07488552
Quickfire (Agate) Films Limited
Notes to the Accounts
Period ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
While the company made losses of £190,193 (2023: £297,092), it holds net assets of £1,049,349 (2023: £1,239,542) the directors are of the opinion that the company will be able to meets its working capital obligations. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
Period dates and comparative information
The financial statements reflect the period from 1 July 2023 to 30 September 2024, a 15 month period of account. Therefore the figures presented may not be considered directly comparable to those of the comparative year to 30 June 2023.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The only area within which there are estimates, judgements and assumptions which bear a risk of introducing a material impact on the balances held on the statement of financial position is as below: Impairment of intangible film distribution rights assets The company capitalises the acquired film distribution assets and amortises these on the basis of revenue forecasts. Such forecasts are regularly reviewed and updated, and if it is identified that a project may be impaired or deemed to be of a recoverable value less than the carrying value, an impairment is recognised in profit and loss. The estimate of future net revenue requires the application of judgement by management based on expected revenues and the life of the contracts.
Revenue recognition
Revenue represents amounts earned on services provided in the ordinary course of business. Revenue recognised represents the amounts receivable from the distribution of the feature film slate held. Revenue is recognised on film distributions where there is a reasonable contractual certainty to the receipt of revenue, and is recognised on an accruals basis where there is a known entitlement to such as reported by third party collection agents and this is attributable directly to the reporting period.
Intangible assets
Intangible assets represent the cost of film rights acquired by the company. Amortisation against these assets is provided over the estimated useful economic life of the asset by reference to the total projected turnover from the exploitation of international film rights. Where the carrying value of an intangible asset is considered to be in excess of its future net contribution (gross profit), the asset is amortised to reduce its carrying value to the level of future net contributions.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Distribution rights
-
On a revenue forecast basis over a period not more than 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employees and staff
The company has no staff under contracts of employment (2023: nil).
5. Intangible assets
Distribution rights
£
Cost
At 1 July 2023 and 30 June 2024
5,043,718
------------
Amortisation
At 1 July 2023
4,483,480
Charge for the period
401,399
Impairment losses
87,304
------------
At 30 June 2024
4,972,183
------------
Carrying amount
At 30 June 2024
71,535
------------
At 30 June 2023
560,238
------------
6. Debtors
2024
2023
£
£
Other debtors
4,250
2,333
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,039
8,936
Social security and other taxes
4,821
Other creditors
9,225
6,212
--------
--------
32,264
19,969
--------
--------
8. Events after the end of the reporting period
Subsequent to year end, on 18 December 2024, Quickfire Entertainment Limited took control over the company, and became the controlling entity.
9. Related party transactions
During the year, Quickfire Entertainment Limited, the controlling party and a company in which A J Atherton and J Pace are directors, issued invoices to Quickfire (Agate) Films Limited totalling £67,910 (2023: £140,313). There was £2,223 due from Quickfire Entertainment Limited at 30 June 2024 (2023: £2,223 due to Quickfire). No other transactions with related parties were undertaken as such that are required to be disclosed under FRS 102.
10. Controlling party
The immediate and ultimate parent is Quickfire Entertainment Limited . The ultimate controlling party is A J Atherton .