Company Registration No. 13747606 (England and Wales)
Exit Light Productions Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Exit Light Productions Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Exit Light Productions Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
940,305
33,225,445
Investments
5
1
1
940,306
33,225,446
Current assets
Debtors
7
9,456,753
4,056,885
Cash at bank and in hand
43,725
948,991
9,500,478
5,005,876
Creditors: amounts falling due within one year
8
(10,982,583)
(36,105,557)
Net current liabilities
(1,482,105)
(31,099,681)
Total assets less current liabilities
(541,799)
2,125,765
Creditors: amounts falling due after more than one year
9
-
0
(4,619,849)
Net liabilities
(541,799)
(2,494,084)
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
(541,802)
(2,494,087)
Total equity
(541,799)
(2,494,084)

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 March 2025 and are signed on its behalf by:
Ivan Atkinson
Director
Company Registration No. 13747606
Exit Light Productions Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

Exit Light Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Apartment 305, 4 Wood Crescent, London, England, W12 7GP.

1.1
Reporting period

The current period covers the year to 31 December 2023. The prior period is not directly comparable as it covers the period from 16 November 2021 to 31 December 2022, a period of more than one year.

1.2
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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the development of television projects is recognised by dependant on the nature of the ownership of the underlying rights to the programme being produced. Where the company owns the underlying rights the revenue is recognised only upon delivery of the programme. Where the underlying rights are owned by a third party and the company is producing the programme on a 'work-for-hire' basis then revenue is recognised with reference to stage of completion of the programme.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Exit Light Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Film Rights
Amortised in line with sales
1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

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.

Exit Light Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.9
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.

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.

1.10
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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the year in which the transactions were incurred. 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.

Exit Light Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
33,225,445
Additions
551,421
At 31 December 2023
33,776,866
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
32,836,561
At 31 December 2023
32,836,561
Carrying amount
At 31 December 2023
940,305
At 31 December 2022
33,225,445
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Exit Light Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of shares held
% Held
Direct
Indirect
Interpreter Productions Limited
1
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Apartment 305, 4 Wood Crescent, London, England, W12 7GP
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Interpreter Productions Limited
30,001
10,000
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by subsidiary undertakings
3,061,975
3,590,050
Other debtors
6,394,778
466,835
9,456,753
4,056,885
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,044,453
36,091,057
Other creditors
2,938,130
14,500
10,982,583
36,105,557

 

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
4,619,849
Exit Light Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
10
Loans and overdrafts
2023
2022
£
£
Bank loans
8,044,331
40,710,906
Bank overdrafts
122
-
0
8,044,453
40,710,906
Payable within one year
8,044,453
36,091,057
Payable after one year
-
0
4,619,849

At 31 December 2023 Comerica Bank held fixed and floating charges and a negative pledge in respect of the property and undertaking of the company.

11
Charges

Comerica Bank, a Texas Banking Association holds two fixed and floating charge over the company which entitles it to the rights, title and interest in all the property or undertaking of the company.

12
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.

Senior Statutory Auditor:
Nigel Walde
Statutory Auditors:
Saffery LLP
Date of audit report:
12 March 2025
13
Ultimate controlling party

The company is owned 33% each by Toff Guy Films Limited, One Van Films Limited, and Battersea Pictures Holdings Limited.

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