10
false
false
false
false
true
true
false
false
false
false
false
false
true
false
false
false
false
true
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
520,767
254,535
82
82
82
xbrli:pure
xbrli:shares
iso4217:GBP
07811108
2023-01-01
2023-12-31
07811108
2023-12-31
07811108
2022-12-31
07811108
2022-01-01
2022-12-31
07811108
2022-12-31
07811108
2021-12-31
07811108
core:Subsidiary1
2023-01-01
2023-12-31
07811108
core:Subsidiary2
2023-01-01
2023-12-31
07811108
core:FurnitureFittings
2023-01-01
2023-12-31
07811108
bus:RegisteredOffice
2023-01-01
2023-12-31
07811108
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
07811108
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
07811108
bus:Director1
2023-01-01
2023-12-31
07811108
bus:Director2
2023-01-01
2023-12-31
07811108
core:WithinOneYear
2023-12-31
07811108
core:WithinOneYear
2022-12-31
07811108
core:FurnitureFittings
2022-12-31
07811108
core:FurnitureFittings
2023-12-31
07811108
core:RetainedEarningsAccumulatedLosses
2022-01-01
2022-12-31
07811108
core:RetainedEarningsAccumulatedLosses
2023-01-01
2023-12-31
07811108
core:ShareCapital
2023-12-31
07811108
core:ShareCapital
2022-12-31
07811108
core:CapitalRedemptionReserve
2023-12-31
07811108
core:CapitalRedemptionReserve
2022-12-31
07811108
core:RetainedEarningsAccumulatedLosses
2023-12-31
07811108
core:RetainedEarningsAccumulatedLosses
2022-12-31
07811108
core:ShareCapital
2021-12-31
07811108
core:CapitalRedemptionReserve
2021-12-31
07811108
core:RetainedEarningsAccumulatedLosses
2021-12-31
07811108
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
07811108
core:Non-currentFinancialInstruments
2023-12-31
07811108
core:Non-currentFinancialInstruments
2022-12-31
07811108
core:FurnitureFittings
2022-12-31
07811108
bus:MediumEntities
2023-01-01
2023-12-31
07811108
bus:Audited
2023-01-01
2023-12-31
07811108
bus:Medium-sizedCompaniesRegimeForAccounts
2023-01-01
2023-12-31
07811108
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
07811108
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2023-01-01
2023-12-31
07811108
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2023-12-31
07811108
bus:OrdinaryShareClass1
2022-12-31
07811108
core:ComputerEquipment
2023-01-01
2023-12-31
07811108
core:ComputerEquipment
2022-12-31
07811108
core:ComputerEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
07811108
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of comprehensive income |
10 |
|
|
Statement of financial position |
11 |
|
|
Statement of changes in equity |
12 |
|
|
Notes to the financial statements |
13 |
|
|
Officers and Professional Advisers |
|
The board of directors |
M L Craig |
|
P Frescobaldi |
|
|
Registered office |
10 Orange Street |
|
Haymarket |
|
London |
|
United Kingdom |
|
WC2H 7DQ |
|
|
Auditor |
Shipleys LLP |
|
Chartered Accountants & statutory auditor |
|
10 Orange Street |
|
Haymarket |
|
London |
|
WC2H 7DQ |
|
|
Year ended 31 December 2023
The directors present the strategic report for the year ended 31 December 2023.
Introduction
The Company operates a live action production business, head quartered in London but working across various markets. There remains a challenging business environment, with interest rate rises and the lingering impact of war and pandemic situations of the past few years. The Company has remained prudent and believes we are better placed than many of our competitors to secure new business. The strategic aim is to have a diversified business that supports its clients and provides the Company with complementary services. In this way, where the environment for one segment becomes challenging, another segment may be operating more strongly, providing the Company with a balanced business model. The Company's ethos is to deliver fair shareholder returns relative to the market and competitive environment, whilst looking after its staff and being mindful of its social agenda.
Review of the business
Unit 9 Films Limited is the intermediate parent company of 2 operating subsidiaries of the Unit 9 Holdings Limited Group. The Company generated profit before tax for the year of £520,767 (2022: £254,535). The net assets of the Company were £3,095,491 (2022: £2,574,724). A review of the group for the year ended 31 December 2023 is contained in the Strategic Report of Unit 9 Holdings Limited, the ultimate parent company. The Strategic Report for Unit 9 Holdings Limited also contains details of the group's principal risks and uncertainties and likely future developments.
Future prospects
Unit 9 Films Limited continues to pitch to new and current clients as part of its ongoing business plan. The Company and group have continued to move into new creative space, offering clients a wide range of live action services based on the delivery of quality content. The directors believe the current challenging global trading conditions will continue to influence prospects and current work. Despite the difficult trading conditions, Unit 9 Films Limited and Unit 9 Films Inc continue to secure new clients post balance sheet date, whilst maintaining a manageable cost base.
Principal risks and uncertainties
The Company's principal risk lies within the potentially volatile nature of the live action industry. The Company operates in a competitive branch of the media industry with only a relatively small proportion of recurring revenue (albeit this is increasing). The Company relies upon the quality of its outputs to maintain a strong brand image within the industry. However, retaining such a reputation cannot be considered a certainty. No dividends have been paid or are proposed for the foreseeable future.
Key performance indicators
The key performance indicators (KPIs) used in the analysis below are the KPIs the directors judge are most effective in assessing progress against their objectives or strategy, monitoring principal risks or otherwise utilised to measure the development, performance or position of the Company. The directors consider the KPIs to be turnover, gross profit, EBITDA and net assets. Non-financial indicators include client experience metrics, percentage of pitch wins (number of pitches converted to work) and successful delivery targets. KPIs of the wider group are included in Unit 9 Holdings Limited.
This report was approved by the board of directors on 24 March 2025 and signed on behalf of the board by:
Registered office: |
10 Orange Street |
Haymarket |
London |
United Kingdom |
WC2H 7DQ |
|
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
Directors
The directors who served the company during the year were as follows:
Dividends
The directors do not recommend the payment of a dividend.
Companies Act requirements
The following items required in the Directors’ Report are included in the group’s Strategic Report: -Financial risk management -Exposure to credit risk -Post balance sheet events -Future developments -Dividends -Research and development -Relationships and third parties -Corporate governance arrangements
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
24 March 2025
and signed on behalf of the board by:
Registered office: |
10 Orange Street |
Haymarket |
London |
United Kingdom |
WC2H 7DQ |
|
Independent Auditor's Report to the Members of
Unit9 Films Ltd |
|
Year ended 31 December 2023
Opinion
We have audited the financial statements of Unit9 Films Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the Company's business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the Company's financial statements to material misstatement from irregularities, including fraud, are instances of non-compliance with laws and regulations. - Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of bank letters and any correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Terrence Bourne |
(Senior Statutory Auditor) |
|
For and on behalf of |
Shipleys LLP |
Chartered Accountants & statutory auditor |
10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
|
24 March 2025
Statement of Comprehensive Income |
|
Year ended 31 December 2023
|
2023 |
2022 |
Note |
£ |
£ |
Turnover |
4 |
7,836,354 |
6,857,216 |
|
|
|
|
Cost of sales |
(
6,322,824) |
(
5,542,527) |
|
------------ |
------------ |
Gross profit |
1,513,530 |
1,314,689 |
|
|
|
Administrative expenses |
(
992,760) |
(
1,059,273) |
|
|
------------ |
------------ |
Operating profit |
5 |
520,770 |
255,416 |
|
|
|
|
Interest payable and similar expenses |
7 |
(
3) |
(
881) |
|
------------ |
------------ |
Profit before taxation |
520,767 |
254,535 |
|
|
|
|
Tax on profit |
– |
– |
|
--------- |
--------- |
Profit for the financial year and total comprehensive income |
520,767 |
254,535 |
|
--------- |
--------- |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
8 |
5,726 |
9,970 |
Investments |
9 |
82 |
82 |
|
------- |
-------- |
|
5,808 |
10,052 |
|
|
|
|
Current assets
Debtors |
10 |
2,770,747 |
2,058,695 |
Cash at bank and in hand |
1,393,889 |
1,178,229 |
|
------------ |
------------ |
|
4,164,636 |
3,236,924 |
|
|
|
|
Creditors: amounts falling due within one year |
11 |
(
1,074,953) |
(
672,252) |
|
------------ |
------------ |
Net current assets |
3,089,683 |
2,564,672 |
|
------------ |
------------ |
Total assets less current liabilities |
3,095,491 |
2,574,724 |
|
------------ |
------------ |
Net assets |
3,095,491 |
2,574,724 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
13 |
7 |
7 |
Capital redemption reserve |
14 |
3 |
3 |
Profit and loss account |
14 |
3,095,481 |
2,574,714 |
|
------------ |
------------ |
Shareholders funds |
3,095,491 |
2,574,724 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2025
, and are signed on behalf of the board by:
Company registration number:
07811108
Statement of Changes in Equity |
|
Year ended 31 December 2023
|
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
At 1 January 2022 |
7 |
3 |
2,320,179 |
2,320,189 |
|
|
|
|
|
Profit for the year |
|
|
254,535 |
254,535 |
|
---- |
---- |
------------ |
------------ |
Total comprehensive income for the year |
– |
– |
254,535 |
254,535 |
|
|
|
|
|
At 31 December 2022 |
7 |
3 |
2,574,714 |
2,574,724 |
|
|
|
|
|
Profit for the year |
|
|
520,767 |
520,767 |
|
---- |
---- |
------------ |
------------ |
Total comprehensive income for the year |
– |
– |
520,767 |
520,767 |
|
|
|
|
|
|
---- |
---- |
------------ |
------------ |
At 31 December 2023 |
7 |
3 |
3,095,481 |
3,095,491 |
|
---- |
---- |
------------ |
------------ |
|
|
|
|
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with 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.
Going concern
The financial statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future. At 31 December 2023, the company had net assets of £3.1mil and cash/cash equivalents of £1.4mil. With the company having healthy cash/cash equivalents, an increase in profits from the prior year, and with healthy profit and cashflow forecasts for the Company going forwards, this gives the ability to meet its liabilities as they fall due. The Directors therefore consider it appropriate that these financial statements are prepared on a going concern basis.
Disclosure exemptions
The company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such advantage has been taken of the following reduced disclosures under FRS 102: -No cash flow statement has been presented for the company -Disclosures in respect of financial instruments have not been presented; -No disclosures has been given for the aggregate remuneration of key management personnel.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State. The company is included in the consolidated accounts of Unit 9 (Holdings) Ltd, a company incorporated in England and Wales whose registered office address is 10 Orange Street Haymarket, London, United Kingdom, WC2H 7DQ.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. i) Revenue Management continually assess the projected total costs of production, which is the basis used for revenue recognition. Where productions are in progress at the year-end and where the billing exceeds the value of the work completed, the excess is classified as deferred income and is shown within creditors. Similarly, where the amount billed is less than the value of the work completed, revenue is accrued and held within debtors. ii) Allowance for doubtful accounts Management continually assesses the recoverability of debtor balances. Where management have concluded that the recoverability of a debtor balance is not virtually certain, a full bad debt provision allowance would be made in the financial statements. When a doubtful debtor balance is recovered, the bad debt provision would be reversed and shown separately from administration costs in the financial statements.
Revenue recognition
Revenue is measured to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. Revenue represents amounts receivable from the multimedia operations and is recognised over the period of production, in accordance with the underlying signed contract. The revenue is recognised based on the amount of costs incurred as a percentage of total expected costs at completion. 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 it is probable the expenses recognised will be recovered.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
Equipment |
- |
25% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
4.
Turnover
Turnover arises from:
|
2023 |
2022 |
|
£ |
£ |
Rendering of services |
7,836,354 |
6,857,216 |
|
------------ |
------------ |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2023 |
2022 |
|
£ |
£ |
Depreciation of tangible assets |
5,367 |
5,879 |
Impairment of trade debtors |
– |
183,460 |
Foreign exchange differences |
(
26,843) |
(
49,901) |
Fees payable for the audit of the financial statements |
8,838 |
9,200 |
|
-------- |
--------- |
|
|
|
6.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2023 |
2022 |
|
No. |
No. |
Production staff |
10 |
9 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
585,931 |
528,691 |
Social security costs |
68,949 |
62,438 |
Other pension costs |
16,775 |
14,689 |
|
--------- |
--------- |
|
671,655 |
605,818 |
|
--------- |
--------- |
|
|
|
7.
Interest payable and similar expenses
|
2023 |
2022 |
|
£ |
£ |
Other interest payable and similar charges |
3 |
881 |
|
---- |
---- |
|
|
|
8.
Tangible assets
|
Fixtures and fittings |
Office equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
28,101 |
74,090 |
102,191 |
Additions |
1,123 |
– |
1,123 |
|
-------- |
-------- |
--------- |
At 31 December 2023 |
29,224 |
74,090 |
103,314 |
|
-------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 January 2023 |
28,086 |
64,135 |
92,221 |
Charge for the year |
237 |
5,130 |
5,367 |
|
-------- |
-------- |
--------- |
At 31 December 2023 |
28,323 |
69,265 |
97,588 |
|
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
901 |
4,825 |
5,726 |
|
-------- |
-------- |
--------- |
At 31 December 2022 |
15 |
9,955 |
9,970 |
|
-------- |
-------- |
--------- |
|
|
|
|
9.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
82 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
82 |
|
---- |
At 31 December 2022 |
82 |
|
---- |
|
|
Subsidiaries, associates and other investments
|
Registered office |
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
|
Unit9 Films Inc |
6525 Sunset Boulevard |
Ordinary A |
100 |
|
Hollywood |
|
|
|
CA 90028 |
|
|
Nowhere Contents Inc |
6525 Sunset Boulevard |
Ordinary |
50 |
|
Hollywood |
|
|
|
CA 90028 |
|
|
|
|
|
|
10.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
463,164 |
463,915 |
Amounts owed by group undertakings |
1,820,089 |
841,393 |
Prepayments and accrued income |
467,688 |
737,513 |
Other debtors |
19,806 |
15,874 |
|
------------ |
------------ |
|
2,770,747 |
2,058,695 |
|
------------ |
------------ |
|
|
|
Amounts owed by group are interest free, unsecured and repayable on demand.
11.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
230,975 |
250,845 |
Amounts owed to group undertakings |
40,861 |
86,404 |
Accruals and deferred income |
621,089 |
169,530 |
Social security and other taxes |
181,770 |
165,447 |
Other creditors |
258 |
26 |
|
------------ |
--------- |
|
1,074,953 |
672,252 |
|
------------ |
--------- |
|
|
|
Amounts owed to group are interest free, unsecured and repayable on demand.
12.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
16,775
(2022: £
14,689
).
13.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
7 |
7 |
7 |
7 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
14.
Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
15.
Contingent liabilities
Coutts & Co hold a fixed and floating charge over the entity as security against loans provided to Unit9 Films Limited's parent company, Unit 9 (UK) Limited.
16.
Related party transactions
During the year, related party transactions were undertaken with group entities. All transactions arose on an arm’s length basis through the normal course of business and therefore the directors have taken advantage of the disclosure exemption available under paragraph 33.1A of FRS 102. No further transactions with related parties were undertaken such as are required to be disclosed.
17.
Controlling party
The immediate parent company is
Unit 9 (UK) Limited
, a company incorporated in England and Wales. The address of the registered office of Unit 9 (UK) Ltd is 10 Orange Street, Haymarket, London, WC2H 7DQ. The ultimate controlling party is Unit 9 (Holdings) Limited, a company incorporated in England and Wales. The address of the registered office of Unit 9 (Holdings) Ltd
is 10 Orange Street, Haymarket, London, WC2H 7DQ.