The directors present the strategic report for the year ended 30 September 2024.
RSA Films is a global, award-winning production company, delivering high-impact work across live action, photography, branded content, music videos, social-first campaigns, and longform entertainment. With offices in the UK, Europe, the US, and Asia, RSA serves a broad range of clients spanning advertising, music, platforms, and IP development.
The year to 30 September 2024 marked a period of external disruption and strategic repositioning. Following global strikes in Hollywood and broader market contraction, the Group made deliberate moves to broaden its creative and commercial base, investing in new verticals designed to complement its established strengths in advertising and enhance long-term creative equity.
While this investment cycle contributed to a consolidated loss of £2.3 million, it also enabled the company to transition toward a more flexible, multi-vertical studio model, capable of navigating volatility and unlocking new growth opportunities across sectors.
The Group continues to manage ongoing risks from FX volatility, geopolitical uncertainty, and cost pressures across international production. These are mitigated through careful planning, multi-office collaboration, and a diversified slate of client work.
The Group’s broader service offering has reduced reliance on any one market or vertical, improving its resilience and creative agility.
Despite external headwinds, RSA sustained high levels of creative output across its divisions. The Group expanded its Music Video (Black Dog), Photography, Social Content, and Branded Entertainment units—positioning these as long-term growth drivers alongside its established core business.
We also made continued investments in early-stage development, cross-border creative strategy, and internal systems that enable scalability.
To maintain transparency, RSA applies a conservative impairment policy for unrecoverable development costs, ensuring only high-confidence projects are capitalised.
In line with our long-term financial sustainability plan, the Group also restructured certain support functions, reducing headcount and overheads while preserving core creative and production capabilities.
Legacy & Assets
We’ve taken a bold, long-term view of RSA’s future—investing heavily in diversifying our global capabilities while protecting the company’s core creative and commercial assets. These investments reflect our belief that the future belongs to companies that can find and tell the right stories in the right format—whether that’s feature film, non-scripted, audio, print, or beyond. While this strategic expansion has come with short-term cost, it has laid the foundations for a more agile, globally-connected business built around story-first execution. We are positioning RSA to operate wherever the story leads us, and to deliver world-class content in the form best suited to each narrative. This is how we honour the company’s legacy—by building its next chapter.
Group turnover for the year was £19.95 million, down from £29.7 million in 2023, reflecting both external market pressures and a planned shift in business mix. Despite this, the Group delivered an increased gross profit of £2.78 million (2023: £2.57 million), with gross margin rising to 13.9% from 8.6% the previous year. This reflects tighter production controls, more selective job conversion, and a shift toward higher-value creative engagements.
Administrative expenses remained stable at £5.55 million, with ongoing cost discipline maintained throughout the year. Despite the revenue contraction, the operating loss remained consistent with the prior year — a sign of early impact from tighter controls and business model adjustment.
The Group's net asset position remains strong at £14.3 million, supported by cash at bank of £1.04 million and net current assets of £308,000, ensuring continued liquidity during this investment phase.
The directors regularly review KPIs across revenue, gross margin, overheads, EBITDA, and working capital as part of the normal management process.
Going Concern
The directors have prepared cash flow forecasts extending beyond 12 months from the approval of these financial statements. Based on these forecasts, RSA will be able to meet its obligations as they fall due, and the financial statements have been prepared on a going concern basis.
While the outlook for the wider industry remains changeable, the directors believe RSA is well-positioned to benefit from its broadened creative base, more agile structure, and growing global collaboration in the year ahead.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 September 2024.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.
We have audited the financial statements of RSA Films (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £198,367 (2023 - £203,021 loss ).
RSA Films (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 42-44 Beak Street, London, W1F 9RH.
The group consists of RSA Films (Holdings) Limited and all of its subsidiaries, as set out in note 12.
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.
The Group and Company have adopted Amendments to FRS102 - Triennial Review 2017 in these financial statements.
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The consolidated financial statements incorporate those of RSA Films (Holdings) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the merger accounting method. Their results are incorporated from the date that control passes.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
During the year the group made a loss of £2,306,928 (2023: £1,178,840), and at the year end had a cash position of £1,037,049 (2023: £1,613,477), a net current asset position of £308,244 (2023: £2,232,894) and a net asset position of £14,332,853 (2023: £16,596,634).
As a result of the changing landscape of the shorter form production industry, the group has taken the opportunity to diversify its offering and grow its expertise in the longer format production side of the industry and look to build on the legacy the company possesses. One of the main consequences of this has been to make a number of redundancies to address the loss-making position the group has experienced over the last two accounting period by reducing their administrative expenditure.
Alongside the above diversification and cost cutting measures, the group has prepared plans to invest heavily in the group’s core creative activities and commercial assets, as a way of securing the future of the group. The funding of these plans is by the way of a capital injection / long term loan from the shareholders (directors) of the group, and shows the commitment the directors are showing to continue to support and grow group.
The directors have prepared cashflow forecasts for the group for a period of at least 12 months from the date of approval of these financial statements. These forecasts indicate that the group will continue to trade and generate cash from trading through 2025 and into 2026.
As a result of the above, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have sufficient funds to continue to meet its liabilities as the fall due for at least 12 months from the date of approval of the financial statements. Therefore, the financial statements have been prepared on a going concern basis.
Revenue in the parent company is in relation to rental income and service charges from a subsidiary company and is fully eliminated on consolidation of the group financial statements.
Group revenue
Revenue is recognised at the fair value of the consideration received or receivable for production services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from production contracts is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. If the production contract is a short-form production, the stage of completion is measured by shoot days. If the production contract is a long-form production, revenue is recognised to the extent of the expenses recognised that are recoverable, otherwise known as the percentage completion.
When long form productions are in the development stage, expenditure is treated as work in progress and held on the balance sheet until either the production begins to generate revenue or it is no longer likely that future economic benefits will flow into the company.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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 group's balance sheet when the group 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, which include 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 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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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.
In the application of the group’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.
The significant judgements made by management in applying the Group's accounting policies (apart from those involving estimates) which have had the most significant effect on amounts recognised in the financial statements are as follows:
Significant management judgement is required in determining the point at which revenue should be recognised. Revenue is recognised in respect of each production from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting commences. No profit element is recognised until the company is able to estimate the profit on the production reliably. In arriving at this point of recognition, management have considered the liabilities and amounts that would be due if, at different points of the contract, the project would were to be pulled.
The Directors have also applied judgement in determining the split of land and buildings for the purpose of depreciating the property. There is no depreciation attributed to the freehold land.
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.
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Investment income includes the following:
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 30 September 2024 are as follows:
Registered office addresses:
The following subsidiaries were exempt from audit by virtue of s479A of Companies Act 2006:
All England Limited
Details of associates at 30 September 2024 are as follows:
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
In 2015 the property at 42-44 Beak Street was gifted to RSA Films (Holdings) Limited, and at the time of gifting, the property was valued to include in the financial statements at cost. The "other reserve" held within capital and reserves is a non-distributable reserve and relates to the capital contribution resulting from the above transaction.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The group sublets surplus office space in its business premises.
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
The remuneration of key management personnel is as follows:
During the year, RSA Films Limited made sales of £1,469,147 (2023: £1,491,062) to, recharged costs of £485,010 (2023: £473,027) to, and received development funding of £798,358 (2023: £nil) from companies that are related parties by virtue of common ownership. At the year-end there were balances included within debtors of £204,960 (2023: 154,239) and deferred income of £551,528 (2023: £nil) in relation to contracts with these parties.
During the year companies that are related by virtue of common ownership made sales of £nil (£1,218,448) and recharged costs of £nil (2023: £20,618) to RSA Films Limited.
During the year the group paid out directors fees of £nil (2023: £100,000) to the directors of the group. At the year end the group was owed a total of £63,387 (2023: £nil) from the directors of the company.
RSA Films (Holdings) Limited has taken exemptions from disclosing related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.7.
On 18 February 2025, RSA Films (Holdings) Limited incorporated a new 100% subsidiary, RSA Features Limited for £1 share capital.