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COMPANY REGISTRATION NUMBER: 12669332
Brussels Productions Limited
Filleted Financial Statements
31 December 2024
Brussels Productions Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Current assets
Debtors
7
1,578,919
1,717,212
Cash at bank and in hand
7,989
949,870
------------
------------
1,586,908
2,667,082
Creditors: amounts falling due within one year
8
( 1,586,906)
( 2,667,080)
------------
------------
Net current assets
2
2
----
----
Total assets less current liabilities
2
2
----
----
Net assets
2
2
----
----
Capital and reserves
Called up share capital
9
2
2
----
----
Shareholders funds
2
2
----
----
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 income and retained earnings 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 16 September 2025 , and are signed on behalf of the board by:
K Bennetts
Director
Company registration number: 12669332
Brussels Productions Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 172 Tottenham Court Road, London, W1T 7NS. The company registration number is 12669332 .
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 or loss.
Going concern
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial have been prepared on a going concern basis. A detailed budget and cashflow have been prepared for the production and delivery of the film. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. The directors are therefore satisfied that the going concern assumption remains appropriate.
Comparatives
The accounts cover the period from 1 January 2024 to 31 December 2024. The comparatives cover the period from 16 October 2022 through to 31 December 2023 and as such the comparatives are not entirely comparable.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Revenue recognition
Turnover relates to the production of the television series entitled "Liaison" (f.k.a "Brussels"). It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. 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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employees
The company has been incorporated to produce a television series called "Liaison" (f.k.a "Brussels"). 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.
None of the Directors received any form of remuneration.
5. Auditor's remuneration
Fees payable for the audit of the financial statements are £6,000 (2023: £10,000).
6. Tax on loss
Major components of tax income
Period from
Year to
16 Oct 22 to
31 Dec 24
31 Dec 23
£
£
Current tax:
UK current tax income
–
( 1,577,011)
----
------------
Tax on loss
–
( 1,577,011)
----
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is the same as (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
Period from
Year to
16 Oct 22 to
31 Dec 24
31 Dec 23
£
£
Loss on ordinary activities before taxation
–
( 1,577,011)
----
------------
High-end television tax relief
–
(1,577,011)
----
------------
7. Debtors
2024
2023
£
£
Prepayments and accrued income
–
139,628
VAT recoverable
1,906
573
Corporation tax recoverable
1,577,011
1,577,011
Other debtors
2
–
------------
------------
1,578,919
1,717,212
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,400
3,467
Amounts owed to group undertakings
1,568,452
1,577,011
Accruals and deferred income
7,054
22,600
Other creditors
–
1,064,002
------------
------------
1,586,906
2,667,080
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Contingencies
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the series: Apple Video Programming LLC Compagnie Pour Le Financement Des Loisirs S.A
11. Summary audit opinion
The auditor's report dated 16 September 2025 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Moore Kingston Smith LLP .
12. Related party transactions
The company has taken advantage of Section 33 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. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
13. Controlling party
The company was under the joint control of Ringside Studios Ltd & Leonis Productions Ltd.