Company Registration No. 06891737 (England and Wales)
Speaking Film Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Speaking Film Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Speaking Film Limited
Balance sheet
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
45,900
173,326
Cash at bank and in hand
74,664
27,602
120,564
200,928
Creditors: amounts falling due within one year
5
(279,384)
(380,245)
Net current liabilities
(158,820)
(179,317)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
7
(158,821)
(179,318)
Total equity
(158,820)
(179,317)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 26 March 2025 and are signed on its behalf by:
Emile Sherman
Director
Company Registration No. 06891737
Speaking Film Limited
Notes to the financial statements
For the year ended 30 June 2024
2
1
Accounting policies
Company information
Speaking Film Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 45 Folgate Street, London, E1 6GL.
1.1
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.
1.2
Going concern
The company balance sheet shows net liabilities as at 30 June 2024 of £158,819 (2023: £179,317). The directors have pledged to support the company for 12 months from the date of their approval of these financial statements. Given this support, the directors consider it appropriate to prepare the financial statements on a going concern basis.true
1.3
Turnover
In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.
The "percentage of completion" method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.4
Cash at bank and in hand
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.
1.5
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 balance sheet 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.
Speaking Film Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
3
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.
1.6
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.
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.
In the directors' opinion there are no critical judgements or key areas of estimation uncertainty in the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2023: nil)
Speaking Film Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,914
172,782
Other debtors
29,986
544
45,900
173,326
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,539
2,640
Amounts owed to group undertakings
244,209
257,682
Taxation and social security
27,491
Other creditors
5,636
92,432
279,384
380,245
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(179,318)
(182,589)
Profit for the year
20,497
3,271
At the end of the year
(158,821)
(179,318)
8
Financial commitments, guarantees and contingent liabilities
The Weinstein Company, LLC holds security assignments and charges over all the right title and interest in and to the collateral on all monies due or to become due from the company to the chargee.
9
Ultimate controlling party
The company's immediate parent undertaking is Old See Saw Films Limited, a company incorporated in England and Wales. The company is controlled by the director Emile Sherman.
Speaking Film Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
5
10
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.