Company Registration No. 15525665 (England and Wales)
Stanton Wood Films Limited
Unaudited financial statements
for the period ended 23 August 2024
Pages for filing with the registrar
Stanton Wood Films Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Stanton Wood Films Limited
Statement of financial position
As at 23 August 2024
1
2024
Notes
£
£
Current assets
Debtors
7
3,776,781
Cash at bank and in hand
30,751
3,807,532
Creditors: amounts falling due within one year
8
(3,807,531)
Net current assets
1
Capital and reserves
Called up share capital
9
1
Total equity
1
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 23 August 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 period 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 6 May 2025 and are signed on its behalf by:
Alan Moloney
Director
Company Registration No. 15525665
Stanton Wood Films Limited
Notes to the financial statements
For the period ended 23 August 2024
2
1
Accounting policies
Company information
Stanton Wood Films Limited is a private company limited by shares incorporated in England and Wales. The registered address is 71 Queen Victoria Street, London, EC4V 4BE
1.1
Reporting period
The company was incorporated on 27 February 2024 and began trading on the same day. The period covers six months, ending on 23 August 2024.
1.2
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.
1.3
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 total 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 represented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.4
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.
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 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.
Stanton Wood Films Limited
Notes to the financial statements (continued)
For the period ended 23 August 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date..
1.8
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.
Stanton Wood Films Limited
Notes to the financial statements (continued)
For the period ended 23 August 2024
1
Accounting policies (continued)
4
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met, which for the company means recognising the income in line with production costs incurred.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practical, else at the average rate for the period. 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.
Audio Visual Expenditure Credit
The other key accounting estimate within the financial statements for this company is the valuation of the Audio Visual Expenditure Credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the credit.
In the directors' opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.
Stanton Wood Films Limited
Notes to the financial statements (continued)
For the period ended 23 August 2024
5
3
Turnover and other revenue
2024
£
Turnover analysed by class of business
Sale of film rights
10,242,962
2024
£
Turnover analysed by geographical market
United States of America
10,242,962
2024
£
Other revenue
Grants received
2,837,672
Government grants
Government grants received during the year relate entirely to the Audio Visual Expenditure Credit claimed in respect of a high end television production.
4
Operating profit
2024
Operating profit for the period is stated after charging/(crediting):
£
Government grants
(2,837,672)
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
43
6
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
259,918
Stanton Wood Films Limited
Notes to the financial statements (continued)
For the period ended 23 August 2024
6
Taxation (continued)
6
The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2024
£
Profit before taxation
259,918
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
64,980
Enhanced losses arising from the film tax credit
194,938
Taxation charge for the period
259,918
7
Debtors
2024
Amounts falling due within one year:
£
Corporation tax recoverable
2,577,754
Amounts owed by group undertakings
24,535
Other debtors
1,174,492
3,776,781
8
Creditors: amounts falling due within one year
2024
£
Other creditors
3,807,531
9
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
10
Related parties
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.
Stanton Wood Films Limited
Notes to the financial statements (continued)
For the period ended 23 August 2024
7
11
Parent company
The company was under the control of Big Things Films (UK) Limited, a company incorporated in England, throughout the period. Big Things Films (UK) Limited owns 100% of the issued shares of the company.
The ultimate parent undertaking and controlling parties are considered to be Alan Moloney and Cillian Murphy.
12
Charges
Netflix Worldwide Entertainment, LLC hold a fixed charge, a floating charge and a negative pledge over the Company's assets. This charge was created on 19 March 2024 and remains outstanding as at the period end of 23 August 2024.