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COMPANY REGISTRATION NUMBER: 15245049
Good Oranges Films Limited
Filleted Financial Statements
30 June 2024
Good Oranges Films Limited
Statement of Financial Position
30 June 2024
30 Jun 24
Note
£
Current assets
Debtors
5
5,918,694
Cash at bank and in hand
255,204
------------
6,173,898
Creditors: amounts falling due within one year
6
( 6,173,897)
------------
Net current assets
1
----
Total assets less current liabilities
1
----
Capital and reserves
Called up share capital
1
----
Shareholders funds
1
----
These financial statements 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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
C J Waters
Director
Company registration number: 15245049
Good Oranges Films Limited
Notes to the Financial Statements
Period from 30 October 2023 to 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 Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU, England.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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 the transaction. Exchange differences are taken into account in arriving at the operating profit.
Comparatives
The accounts cover the period from incorporation through to 30 June 2024, hence there are no comparative figures.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Pulse Films Ltd which can be obtained from 110-122 New North Place, London, England, EC2A 4JA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the film, as noted in "Revenue Recognition" below.
Revenue recognition
Turnover relates to the production of the film entitled "Bad Apples". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 constitute 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. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4. Employees
The company has been incorporated to produce a film entitled "Bad Apples". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
The average number of persons employed by the company during the year, excluding the directors, amounted to nil.
The directors did not receive any form of remuneration.
5. Debtors
30 Jun 24
£
Prepayments and accrued income
4,313,573
VAT recoverable
568,118
Corporation tax recoverable
905,657
Other debtors
131,346
------------
5,918,694
------------
6. Creditors: amounts falling due within one year
30 Jun 24
£
Trade creditors
151,651
Amounts owed to group undertakings
531,492
Social security and other taxes
458
Production loan
5,490,296
------------
6,173,897
------------
The loan has been secured against the anticipated future film tax credit.
7. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Film Finances Inc Bank of Montreal
8. Summary audit opinion
The auditor's report dated 12 March 2025 was unqualified .
The senior statutory auditor was Gurvir Cheema , for and on behalf of Shipleys LLP .
9. Related party transactions
All transactions related to the production of the film "Bad Apples" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. As a wholly-owned subsidiary of Pulse Films Limited, whose financial statements are publicly available, the company has taken advantage of the exemption under FRS 102 Paragraph 33.1A on the basis that disclosure need not be given regarding related party transactions with other wholly-owned subsidiaries of the group.
10. Controlling party
The immediate controlling party is Pulse Films Limited, a company incorporated in England and Wales. The smallest group in which the results of the company are consolidated is that headed by Pulse Films Limited. Financial statements for Pulse Films Limited are publicly available and can be obtained from 110-122 New North Place, London, EC2A 4JA. The ultimate controlling party and the largest group in which the results of the company are consolidated is Vice Ultimate Parent LLC, a company incorporated in USA.