Company Registration No. 09577149 (England and Wales)
B25 Limited
Financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
B25 Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
B25 Limited
Statement of financial position
As at 30 June 2024
30 June 2024
1
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
6
590,878
1,917,609
Cash at bank and in hand
188,944
150,068
779,822
2,067,677
Creditors: amounts falling due within one year
7
(732,222)
(2,020,077)
Net current assets
47,600
47,600
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
47,500
47,500
Total equity
47,600
47,600

The directors of the Company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Andrew Noakes
John Roebuck
Director
Director
Company Registration No. 09577149
B25 Limited
Notes to the financial statements
For the year ended 30 June 2024
2
1
Accounting policies
Company information

B25 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 124 Finchley Road, London, NW3 5JS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for film rights transferred, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of film rights is recognised when the significant risks and rewards of ownership of the rights have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

These conditions are considered to be met at the point that the film is delivered which took place in the prior year.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the Company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

B25 Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
3
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax credit represents the sum of the tax currently recoverable and deferred tax.

Current tax

The tax currently recoverable is based on relievable losses arising in the year as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

B25 Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions, else the average rate for the period. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The key accounting estimate within the financial statements for this Company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
15,000
4
Employees

The average monthly number of persons (excluding directors) employed by the Company during the year was 0 (2023 - 0).

B25 Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
5
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(548,798)
(1,867,618)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(548,798)
(1,867,618)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(137,200)
(382,862)
Enhanced losses arising from the film tax credit
(548,798)
(1,521,889)
Differences between the rate of corporation tax and the rate of relief under the film tax credit
-
0
(336,171)
Losses carried forward
137,200
81,142
Adjustments due to restatement
-
0
292,162
Taxation credit for the year
(548,798)
(1,867,618)
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
548,798
1,867,618
Amounts owed from fellow group undertakings
4,004
4,004
Other debtors
38,076
45,987
590,878
1,917,609
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to parent undertaking
712,222
1,964,216
Other creditors
20,000
55,861
732,222
2,020,077
B25 Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Darren Drake.
The auditor was Saffery LLP.
9
Related party transactions

The Company has taken advantage of the exemption under section 1AC.35 of FRS 102 from disclosing transactions entered into between two or more members of the group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

 

The Company benefits from a cross-guarantee from Eon Productions Limited, its parent, in respect of any amounts falling due to its bankers.

 

During the year the company paid one of it's directors £3,348 (2023: £120,900) for their services to the entity.

10
Parent company

The immediate and ultimate parent company is Eon Productions Limited, a company incorporated in England and Wales with registered office at Regina House, 124 Finchley Road, London, NW3 5JS.

 

In the opinion of the directors, there is no single ultimate controlling party.

11
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Reanalysis of 'other income'
-
(1,425,181)
Equity as previously reported
47,600
1,472,781
Equity as adjusted
47,600
47,600
Analysis of the effect upon equity
Profit and loss reserves
-
(1,425,181)
B25 Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
11
Prior period adjustment (continued)
7
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Reanalysis of 'other income'
(1,425,181)
Profit as previously reported
1,425,181
Profit as adjusted
-
2024-06-302023-07-01false13 February 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedBarbara BroccoliMichael  WilsonAndrew NoakesDavid PopeJohn RoebuckJohn Roebuckfalsefalse095771492023-07-012024-06-30095771492024-06-30095771492023-06-3009577149core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3009577149core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3009577149core:ShareCapital2024-06-3009577149core:ShareCapital2023-06-3009577149core:RetainedEarningsAccumulatedLosses2024-06-3009577149core:RetainedEarningsAccumulatedLosses2023-06-3009577149bus:Director32023-07-012024-06-3009577149bus:CompanySecretaryDirector12023-07-012024-06-30095771492022-07-012023-06-3009577149core:UKTax2023-07-012024-06-3009577149core:UKTax2022-07-012023-06-300957714912023-07-012024-06-300957714912022-07-012023-06-300957714922023-07-012024-06-300957714922022-07-012023-06-300957714932023-07-012024-06-300957714932022-07-012023-06-300957714942023-07-012024-06-3009577149core:CurrentFinancialInstruments2024-06-3009577149core:CurrentFinancialInstruments2023-06-3009577149core:WithinOneYear2024-06-3009577149bus:PrivateLimitedCompanyLtd2023-07-012024-06-3009577149bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3009577149bus:FRS1022023-07-012024-06-3009577149bus:Audited2023-07-012024-06-3009577149bus:Director12023-07-012024-06-3009577149bus:Director22023-07-012024-06-3009577149bus:Director42023-07-012024-06-3009577149bus:Director52023-07-012024-06-3009577149bus:CompanySecretary12023-07-012024-06-3009577149bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP