Kwame Film Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 15490067

Kwame Film Ltd

Filleted Financial Statements

31 July 2025

Kwame Film Ltd

Statement of Financial Position

31 July 2025

	2025	2024
Note	£	£

Current assets

Debtors	5	363,649	1
Cash at bank and in hand		181,427	–
		---------	----
		545,076	1

Creditors: amounts falling due within one year	6	( 545,075)	–
		---------	----
Net current assets		1	1
		----	----
Total assets less current liabilities		1	1
		----	----
Net assets		1	1
		----	----

Capital and reserves

Called up share capital	1	1
	----	----
Shareholders funds	1	1
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 2 September 2025 , and are signed on behalf of the board by:

I Bonhote

Director

Company registration number: 15490067

Kwame Film Ltd

Notes to the Financial Statements

Year ended 31 July 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 22 Soho Square, London, W1D 4NS, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is a 100% owned subsidiary of Misfits Entertainment Limited. The directors have received confirmation from Misfits Entertainment Limited, of its continued financial support for 12 months from the date of approval of these financial statements, and the directors have concluded that Misfits Entertainment Limited has the resources to provide such financial support. The directors are confident given the financial resources available to it and with the continued financial support from Misfits Entertainment Limited, that the company has adequate resources for all reasonably expected eventualities. After making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Comparatives

The financial statements cover the period from 1 August 2024 through to 31 July 2025. The comparatives cover the period from 14 February 2024 to 31 July 2024 and as such the comparatives are not directly comparable.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Turnover relates to the production of a motion picture. It represents the value of the work done in the period.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. On 29 November 2023, the UK government issued final legislation to reform the current system of creative industry tax credits to merge the four existing tax reliefs (Film, High-End Television (‘HETV’), Children’s Television and Animation) into a single mechanism of Audio-Visual Expenditure Credits (‘AVEC’) and has reviewed the qualifying criteria. The legislation was substantively enacted on 21 February 2024. The new mechanism is one of expenditure credits as opposed to corporate tax relief to include them within statutory operating profit rather than within the tax charge. The Company has elected to claim the new AVEC for all qualifying expenditure incurred from 1 August 2024.

Government grants

Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Government grants, including enhanced audio-visual expenditure credits, received towards staff costs and other expenses are recognised as other operating income. This recognition occurs over the periods necessary to match the grants with the related costs.

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 when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and 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 other debtors and cash and bank balances, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 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, production loans, 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. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Financial liabilities held at fair value Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss, unless fair value measurement is not permitted by law, or the debt instrument gives rise to cash flows on specified dates that constitute repayment of the principal advanced, together with reasonable compensation for the time value of money, credit risk and other basic lending risks and costs and does not have contractual terms which introduce exposure to unrelated risks or volatility. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the Company are recorded at the fair value of 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.

4. Employees

The company has been incorporated to produce a film called "Black is Beautiful". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.

The average number of staff employed by the company including the two directors was two (2024: two). During the year, no remuneration was paid to the directors (2024: £nil).

5. Debtors

	2025	2024
	£	£
Other debtors	363,649	1
	---------	----

Included within other debtors is film tax credit receivable from HMRC of £363,422.

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	350,000	–
Other creditors	195,075	–
	---------	----
	545,075	–
	---------	----

7. Summary audit opinion

The auditor's report dated 3 September 2025 was unqualified .

The senior statutory auditor was Peter Conneely , for and on behalf of Moore Kingston Smith LLP .

8. Related party transactions

The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with 100% owned subsidiaries within the group of which the company is a member of.

9. Controlling party

The company is under the control of Misfits Entertainment Limited, which owns 100% of the share capital of the company.