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REGISTERED NUMBER: 02693090 (England and Wales)















Financial Statements for the Year Ended 31 December 2020

for

Majestic Films and Television

Majestic Films and Television (Registered number: 02693090)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Majestic Films and Television

Company Information
for the Year Ended 31 December 2020







DIRECTORS: A Iervolino
Ms J A Sultan





SECRETARY: Elemental Company Secretary Limited





REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 02693090 (England and Wales)





AUDITORS: S&W Partners Audit Limited
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

Majestic Films and Television (Registered number: 02693090)

Balance Sheet
31 December 2020

31.12.20 31.12.19
Notes £    £   
CURRENT ASSETS
Debtors 4 6,040 2,590

CREDITORS
Amounts falling due within one year 5 57,867 32,799
NET CURRENT LIABILITIES (51,827 ) (30,209 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(51,827

)

(30,209

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (51,927 ) (30,309 )
(51,827 ) (30,209 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Ms J A Sultan - Director


Majestic Films and Television (Registered number: 02693090)

Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

Majestic Films and Television is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 required the use of certain critical accounting estimates. It also required management to exercise judgement in applying the company accounting policies. Due to the straightforward nature of the business, no critical judgements have been made in applying the company's accounting policies. there are no key accounting estimates or assumptions made that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Non-refundable licence revenues are recognised in full when all performance obligations associated with contract have been met. Usage based royalty revenue is recognised at the occurrence of the licensees' subsequent usage on an accrual basis.

Financial instruments
The Company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.


Majestic Films and Television (Registered number: 02693090)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The company is reliant in the absence of other funding on the continued support of the parent company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation the Company remains to have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Amounts owed by group undertakings 6,040 2,590

Majestic Films and Television (Registered number: 02693090)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade creditors 557 295
Amounts owed to group undertakings 16,218 8,768
Other creditors 41,092 23,736
57,867 32,799

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Sassen (Senior Statutory Auditor)
for and on behalf of S&W Partners Audit Limited

7. RELATED PARTY TRANSACTIONS

During the year, the entity had transactions of £NIL (2019 - £36) with other related parties. The balance owed to these entities at the year end was £4,294 (2019 - £4,294).

During the year, the entity had transactions of £4,001 (2019 - £4,505) with entities who have control, joint control or significant influence over the entity. The balance owed to these entities at the year end was £5,885 (2019 - £1,884)

The above amounts are interest free, unsecured and have no fixed repayment date

8. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Exclusive Media (Majestic) Holding Limited, a company registered in England and Wales.

The company's ultimate parent undertaking is AMBI Exclusive Acquisition Co. LLC, a company incorporated in the USA and the ultimate controlling party was Entertainment Worldwide Holding Inc, a company incorporated in Canada.