Company Registration No. 13298150 (England and Wales)
Cheetah Productions UK Ltd.
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Cheetah Productions UK Ltd.
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Cheetah Productions UK Ltd.
Statement of financial position
As at 31 March 2024
31 March 2024
1
31 March
31 March
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
1,197,321
1,357
Cash at bank and in hand
275,260
100,296
1,472,581
101,653
Creditors: amounts falling due within one year
6
(1,455,869)
(96,652)
Net current assets
16,712
5,001
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
16,711
5,000
Total equity
16,712
5,001
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 31 March 2025 and are signed on its behalf by:
Ronald Hohauser
Director
Company Registration No. 13298150
Cheetah Productions UK Ltd.
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information
Cheetah Productions UK Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is C/O Corporation Service Company (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts for on-going services is determined by reference to the stage of completion.
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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 current liabilities.
Cheetah Productions UK Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.4
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 statement of financial position 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.
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.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently recoverable is based on relievable losses arising in the year as the result of Film tax relief legislation. Relievable losses differ from net losses as reported in the statement of comprehensive income because they include an additional deduction relating to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other periods, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Cheetah Productions UK Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the period in which the transactions were incurred. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tax credit estimate
The key accounting estimate within the financial statements for the Company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
31 March
31 March
2024
2023
Number
Number
Total
2
The directors did not receive any remuneration in the current year or prior period.
Cheetah Productions UK Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(736,800)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(725,089)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 0%)
(181,272)
Enhanced losses arising from the the film tax credit
(1,147,427)
Losses carried forward
591,899
Taxation credit for the year
(736,800)
-
5
Debtors
31 March
31 March
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
736,800
Amounts owed from parent undertakings
1
1
Other debtors
460,520
1,356
1,197,321
1,357
Amounts owed by parent undertakings are unsecured, interest free and repayable on demand.
Cheetah Productions UK Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
6
Creditors: amounts falling due within one year
31 March
31 March
2024
2023
£
£
Trade creditors
162,247
8,137
Amounts owed to group undertakings
886,146
73,117
Other creditors
407,476
15,398
1,455,869
96,652
Amounts owed to group undertakings due within one year are unsecured, interest free and repayable on demand.
7
Called up share capital
31 March
31 March
31 March
31 March
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Isla MacGillivray
Statutory Auditors:
Saffery LLP
Date of audit report:
2 April 2025
9
Financial commitments, guarantees and contingent liabilities
From 27 May 2022, JPMorgan Chase Bank, N A, held a fixed and floating charge on all rights, title and interest, relating to the film produced by the company.
10
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into 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.
Cheetah Productions UK Ltd.
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
11
Parent company
The company's immediate parent undertaking is Legendary Pictures Funding, LLC, a company registered in the United States of America.
The smallest and largest group for which consolidated accounts are prepared and of which the company is a member, is Legendary Pictures, LLC, a company registered in the United States of America. Copies of the consolidated financial statements of Legendary Pictures, LLC can be obtained from 2900 W. Alameda Ave., 15th Floor, Burbank, CA 91505.