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REGISTERED NUMBER: 08950920 (England and Wales)















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 4 296 168,056
Cash at bank 10,532 23,505
10,828 191,561
CREDITORS
Amounts falling due within one year 5 11,647,250 8,559,041
NET CURRENT LIABILITIES (11,636,422 ) (8,367,480 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(11,636,422

)

(8,367,480

)

CREDITORS
Amounts falling due after more than one year 6 5,239,548 5,239,548
NET LIABILITIES (16,875,970 ) (13,607,028 )

CAPITAL AND RESERVES
Called up share capital 7 51 51
Share premium 4,824,999 4,824,999
Retained earnings (21,701,020 ) (18,432,078 )
SHAREHOLDERS' FUNDS (16,875,970 ) (13,607,028 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th March 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th March 2025 and were signed on its behalf by:





G S Collins - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08950920

Registered office: Suite 7 The Sanctuary
23 Oakhill Grove
Surbiton
KT6 6DU

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 6 (2023 - 6 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.3.24 28.3.23
£    £   
VAT 296 1,417
Prepayments - 166,639
296 168,056

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.3.24 28.3.23
£    £   
Trade creditors (1 ) 1,800
Other creditors 11,645,751 8,555,591
Accrued expenses 1,500 1,650
11,647,250 8,559,041

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.3.24 28.3.23
£    £   
Other creditors 5,239,548 5,239,548

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: £    £   
5,000 Ordinary B £0.01 51 51
5,125 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.