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Company No: 03081973 (England and Wales)

ICON FILMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ICON FILMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ICON FILMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
ICON FILMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS L P Marshall
P H Marshall
REGISTERED OFFICE 56 Kingsdown Parade Kingsdown Parade
Bristol
BS6 5UQ
United Kingdom
COMPANY NUMBER 03081973 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
Portwall Place
Portwall Lane
Bristol
BS1 6NA
ICON FILMS LIMITED

BALANCE SHEET

As at 31 March 2024
ICON FILMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 84,296 163,567
84,296 163,567
Current assets
Debtors 4 899,527 1,166,782
Cash at bank and in hand 1,375,648 1,411,307
2,275,175 2,578,089
Creditors: amounts falling due within one year 5 ( 437,494) ( 569,349)
Net current assets 1,837,681 2,008,740
Total assets less current liabilities 1,921,977 2,172,307
Creditors: amounts falling due after more than one year 6 0 ( 200,000)
Provision for liabilities 7 0 ( 150,294)
Net assets 1,921,977 1,822,013
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,921,877 1,821,913
Total shareholders' funds 1,921,977 1,822,013

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Icon Films Limited (registered number: 03081973) were approved and authorised for issue by the Board of Directors on 28 March 2025. They were signed on its behalf by:

L P Marshall
Director
ICON FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ICON FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Icon Films Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 56 Kingsdown, Bristol, England, BS6 5UQ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Icon Films Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover comprises amounts receivable by the company in respect of television production, distribution income and royalty income, exclusive of Value Added Tax and trade discounts.

Amounts receivable for work carried out in producing television programmes is recognised on the basis of the value of costs incurred related to the production activity. Gross profit on production activity is recognised based upon the stage of completion of the production and in accordance with the underlying contract. Overspends are recognised as soon as they arise and underspends are recognised on completion of the production.

Amounts receivable for distribution income are recognised when receivable.

Amounts receivable for royalty income are recognised when receivable, which is when the company has been notified of sums due to it.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

In May 2023 the vesting conditions attached to the company's share options were not met and therefore all options were cancelled.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 5 years straight line
Fixtures and fittings 6.67 years straight line
Office equipment 4 years straight line
Computer equipment 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of the grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive income in the same period as the related expenditure.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 48

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 235,910 23,775 419,752 243,451 646,242 1,569,130
Disposals 0 0 0 ( 230,920) ( 447,457) ( 678,377)
At 31 March 2024 235,910 23,775 419,752 12,531 198,785 890,753
Accumulated depreciation
At 01 April 2023 133,112 23,775 419,752 237,611 591,313 1,405,563
Charge for the financial year 23,723 0 0 0 12,542 36,265
Disposals 0 0 0 ( 225,080) ( 410,291) ( 635,371)
At 31 March 2024 156,835 23,775 419,752 12,531 193,564 806,457
Net book value
At 31 March 2024 79,075 0 0 0 5,221 84,296
At 31 March 2023 102,798 0 0 5,840 54,929 163,567

4. Debtors

2024 2023
£ £
Trade debtors 258,193 286,234
Prepayments and accrued income 10,848 696,553
Other debtors 630,486 183,995
899,527 1,166,782

Included within other debtors is £471,073 (2023 - £131,948) owed to the company by a director. This loan is interest free and repayable on demand.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 2,584
Trade creditors 25,492 37,759
Other loans 0 200,000
Accruals and deferred income 144,671 210,377
Corporation tax 223,702 53,188
Other taxation and social security 42,828 55,787
Other creditors 801 9,654
437,494 569,349

The company's assets are subject to a fixed and floating charge dated 26 August 2020.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 200,000

7. Provision for liabilities

2024 2023
£ £
Deferred tax 0 10,294
Other provisions 0 140,000
0 150,294

In 2023, management made a provision for property refurbishment commitments.

8. Financial commitments

Other financial commitments

2024 2023
£ £
Not later than 1 year 153,516 153,516
Later than 1 year and not later than 5 years 307,032 460,548
460,548 614,064

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods.

9. Related party transactions

During the period, the Company paid dividends to its directors totalling £Nil (2023 - £4,000).

During the year, the Company paid £5,923 (2023 - £63,721) to daughters of the directors, with respect to employment services.

During the year, the Company made payments of £5,200 (2023 - £8,160) to a company under common control in respect of membership fees. At the year end, a balance of £Nil (2022 - £Nil) was owed.

10. Events after the Balance Sheet date

After the year end, the company sold the Intellectual Property and other assets relating to one of its productions. Further to this, the company ceased media production but continued to collect revenue from previous productions. The company also discontinued use of its business premises and began subletting the entity.