REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28th March 2024 |
for |
Blazing Productions Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28th March 2024 |
for |
Blazing Productions Ltd |
Blazing Productions Ltd (Registered number: 08950920) |
Contents of the Financial Statements |
for the Year Ended 28th March 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Blazing Productions Ltd (Registered number: 08950920) |
Balance Sheet |
28th March 2024 |
28.3.24 | 28.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
Blazing Productions Ltd (Registered number: 08950920) |
Notes to the Financial Statements |
for the Year Ended 28th March 2024 |
1. | COMPANY INFORMATION |
Blazing Productions Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
We record sales of goods and services only when a film sales agreement is in place, delivery has occurred, or services have been rendered and collectability of the fixed or determinable sales price is reasonably assured. |
Revenue not meeting these conditions is deferred. Revenue recognised in the profit and loss account but not yet invoiced is held on the balance sheet within prepayments and accrued income. Revenue invoiced, but not yet recognised in the profit and loss account, is held on the balance sheet within accruals and deferred income. |
Turnover relates to the production of the film entitled "Blazing Samurai". It represents the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
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 |
. |
Turnover is recognised once the feature film is delivered to the distributors, providing that a signed contract with the distributor exists and the amount of revenue can be measured reliably, the significant risks and rewards of ownership of distribution have been transferred to the distributor, and it is probable that the economic benefits associated with the transaction will flow to the entity. Furthermore, it is at the distributors discretion to request repayment on demand of any deposits collected in relation to this film if the project is to be delayed further. |
Blazing Productions Ltd (Registered number: 08950920) |
Notes to the Financial Statements - continued |
for the Year Ended 28th March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. The film was released in July 2022 and unfortunately, the box office was disappointing due to tough competition. |
However, the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
Film development costs |
Film development costs are costs incurred by the Company in producing a film where the film is part way through the production process and not yet available for delivery to the distributors. They are recognised within current assets at the production cost incurred and are expensed in operating costs on delivery of the film. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.3.24 | 28.3.23 |
£ | £ |
VAT |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.3.24 | 28.3.23 |
£ | £ |
Trade creditors | ( |
) |
Other creditors |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.3.24 | 28.3.23 |
£ | £ |
Other creditors |
Included in creditors due in more than one year is an equity investment to the film from Huayi Brothers International Ltd, that is only recoupable from a share of net revenues generated by the film. |
Blazing Productions Ltd (Registered number: 08950920) |
Notes to the Financial Statements - continued |
for the Year Ended 28th March 2024 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.3.24 | 28.3.23 |
value: | £ | £ |
Ordinary B | £0.01 | 51 | 51 |
Ordinary B | £0.0002 | - | - |
51 | 51 |
8. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
A charged was created in favour of the Screen Actors Guild – American Federation of Television and Radio Artist dated 27 October 2015 in relation to the film. The charge is in relation to the right, title and interest throughout the universe in relation the film and things of value pertaining to the film, whether in existence or not. Paramount Pictures Corp (PPC) assumed obligations to pay any SAG residual payments incurred in its territories and these payments to form part of its recoupable distribution expenses. |
On 23 May 2022 a charge was raised at Companies House relating to the funding provided by Paramount Pictures Corporation. This charge provides security over that funding. |
9. | RELATED PARTY DISCLOSURES |
The directors Mr G Collins, Mr F Hedman and Mr M Ryan are members of GFM Films LLP, which went into liquidation on 4th March 2021 and is now controlled by the liquidator. At the balance sheet date, the amount owed to GFM Films LLP totalled £250,616 (2023: £250,616). |
The directors Mr G Collins, Mr F Hedman and Mr M Ryan are also directors of GFM Film Sales Limited. At the balance sheet date the amount owed to GFM Film Sales Limited by the company totalled £31,689 (2023:£31,689). |
GFM Films and GFM Film sales Ltd will be entitled to recoup their advances from Blazing Production Limited's retained share of receipts which are governed by the films revenue waterfall and collection agreement. |
10. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party and the day to day management of the company is carried out equally by its directors. |