Company Registration No. 07034053 (England and Wales)
Cinemanx Films Three Limited
Unaudited accounts
for the year ended 30 September 2024
Cinemanx Films Three Limited
Unaudited accounts
Contents
Cinemanx Films Three Limited
Company Information
for the year ended 30 September 2024
Directors
S J Ingrassia
KS Ellis
Company Number
07034053 (England and Wales)
Registered Office
CANNON PLACE
78 CANNON STREET
LONDON
EC4N 6AF
ENGLAND
Cinemanx Films Three Limited
Statement of financial position
as at 30 September 2024
Intangible assets
1,625,335
1,625,335
Creditors: amounts falling due within one year
(1,654,856)
(1,634,114)
Net current liabilities
(1,648,960)
(1,634,114)
Net liabilities
(23,623)
(8,777)
Called up share capital
2
2
Profit and loss account
(23,625)
(8,779)
Shareholders' funds
(23,623)
(8,777)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2025 and were signed on its behalf by
S J Ingrassia
Director
Company Registration No. 07034053
Cinemanx Films Three Limited
Notes to the Accounts
for the year ended 30 September 2024
Cinemanx Films Three Limited is a private company, limited by shares, registered in England and Wales, registration number 07034053. The registered office is CANNON PLACE, 78 CANNON STREET, LONDON, EC4N 6AF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Repayments of the amounts due from Cinemanx Limited and its subsidiary entities (the "Cinemanx Group") to the Isle of Man Treasury will not be called for repayment until a full review of the financial position of the Cinemanx Group has been completed and the Isle of Man Treasury will not enforce repayment where the company has insufficient liquid assets to satisfy any demand for repayment, thus allowing the company to continue as a going concern.
Turnover represents the amounts derived from royalty income.
Income and expenditure is recognised on an accruals basis.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.
Intangible fixed assets are included at cost less accumulated amortisation and any accumulated impairment.
Investment in subsidiary is measured at fair value with changes to fair value taken to the income statement. Where the fair value of an investment cannot be reliably determined, the investments are recognised at historic cost.
Under FRS 102, the company is exempt from the requirement to prepare a statement of cash flows on the grounds that it qualifies as a small entity.
Cinemanx Films Three Limited
Notes to the Accounts
for the year ended 30 September 2024
4
Intangible fixed assets
Total
At 1 October 2023
1,750,000
At 30 September 2024
1,750,000
At 30 September 2024
124,665
At 30 September 2024
1,625,335
At 30 September 2023
1,625,335
The company holds the international and UK rights to the theatrical feature film "Albatross". The UK rights to the royalties are held by the distribution company Cinemanx Distribution Limited, a company that is part of the Cinemanx group of companies.
The company has invested GBP1,750,000 for the production of the theatrical feature film "Albatross". Freeway CAM B.V, a company incorporated in the Netherlands, was appointed to act as the collection agent to collect, administer and disburse the collected gross international receipts. The carrying value of the investment is measured as the unrecouped production costs matched with the non-recourse third party funding received. The investment is amortised in line with the collected receipts in relation to Cinemanx Limited which have re-directed to Pinewood Group Plc ("Pinewood"), a company in which the controlling party has a minority interest, as loan repayments. The directors are of the opinion that the film has depreciated significantly in value and are in discussions of seeking a valuation to be carried out in order to obtain the investments true net realisable value.
5
Transactions with related parties
As at the reporting date, two of the directors of the company were also directors of Boston Limited (“Boston”). During the year an amount of GBP15,124 (2023: GBPnil)was paid to Boston in their capacity as administrators of the company, an amount of GBP10,219 (2023: GBP8,779) was accrued, an amount of GBP542 (2023: GBPnil) was prepaid and an amount of GBP1,611 (2023: GBPnil) was owed as at the reporting date. All services have been provided on an arm’s length basis at the standard commercial terms of Boston.
During the year the company was granted a loan facility of up to GBP100,000 from a fellow subsidiary, Cinemanx Distribution Limited.
At the reporting date, the entire issued share capital of the company was held by Cinemanx Limited and is considered part of the Cinemanx Group. In December 2020 Cinemanx Limited was acquired by the Isle of Man Treasury, a department of the Isle of Man Government.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).