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Registered no: 11849528
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
COMPANY INFORMATION
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ARC CINEMA LIMITED
CONTENTS
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ARC CINEMA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
The Directors present their Strategic Report on the Company for the year ended 30 December 2024.
Arc Cinema Limited, trading as The Arc Cinema operates cinemas around the UK.
The main source of income for the Company is box office revenue. Admissions, is the key driver of box office revenue and this depends on the number, timing and popularity of the films available from the studios. Admissions are also a key driver for food & beverage income and screen advertising income, from advertisements shown on our screens prior to feature presentations.
The principal risks and uncertainties which could have a material impact on the Company’s performance are as follows;
1. Risk of declining footfall, either due to location or other outside elements which would reduce cinema goings in the future 2. Technology. A critical system interruption or breakdown of the IT infrastructure which would hinder our ability to deliver movie product. 3. Availability and Performance of Film Content. Lack of access to high quality, diverse and well publicised movie product 4. Viewer Experience. The quality of products and services offered fails to meet the needs and expectations of the customer 5. Regulatory or Data breach. 6. Provision of high quality Cinemas. Maintaining & refurbishing existing sites to a suitable standard in addition to acquiring/refurbishing new sites in appropriate locations.
The company monitors several key performance indicators, which all mainly pivot around admission numbers. These indicators are monitored throughout the entire Groups cinema assets in the UK and Ireland.
Key indicators for the company include: 1. Admissions 2. Revenue per ticket sold (box office and confectionery) 3. Occupancy rate 4. Gross margin (box office and confectionery) 5. Average spend per customer
For the year ended 31 December the company had Turnover of £6,646,570 (2023: £5,715,914) and made an operating profit of £206,829 (2023: Operating profit £564,289). Profit after tax for 2024 amounted to £208,239 (2023: Profit after tax £615,082).
The net liabilities of the Company at 31 December 2024 was £383,803 (2023: £592,042). In 2024 the company operated 6 cinemas to full capacity. The increased footfall has translated into a 16.3% increase in box office ticket sales from 2023 to 2024. During the years from incorporation to 2024 the company continued to develop cinemas in strategic locations throughout the UK.
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ARC CINEMA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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ARC CINEMA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
The directors present their report and the financial statements for the year ended 30 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £208,239 (2023 - £615,082).
The directors do not recommend the payment of a dividend for the year ended 30 December 2024.
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ARC CINEMA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The directors who served during the year were:
The directors who held office at 30 December 2024 had interests in the shares (or options to acquire shares) of the company and group companies at the beginning and the end of the financial year, as follows: Paul Furlong - ‘A’ Ordinary shares of €0.15 each in Annick Unlimited Company, No. of shares: 165,614,106 ‘B’ Preference shares of €0.15 each in Annick Unlimited Company, No. of shares: 53,333,333 Nicholas Furlong - ‘A’ Ordinary shares of €0.15 each in Annick Unlimited Company, No. of shares: 165,614,106 ‘B’ Preference shares of €0.15 each in Annick Unlimited Company, No. of shares: 53,333,333
The directors do not envisage any significant change in the company’s operations or investment plans in the foreseeable future other than the increase in level of trading activity.
The company did not engage in any research and development expenditure during the financial year ended 30 December 2024.
The company has included these matters in the strategic report at the start of these financial statements.
There were no material post balance sheet events.
The auditors, Strata Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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ARC CINEMA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
This report was approved by the board on
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ARC CINEMA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARC CINEMA LIMITED
We have audited the financial statements of Arc Cinema Limited (the 'Company') for the year ended 30 December 2024, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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).
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 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.
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ARC CINEMA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARC CINEMA LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ARC CINEMA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARC CINEMA LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
We obtained an understanding of the company, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the company's financial statements to material misstatement from irregularities, including fraud, are instances of non-compliance with laws and regulations.
Based on the understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries of management, journal entry testing, review of bank letters, board minutes, reviewing financial statement disclosures and testing the supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 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.
for and on behalf of
Statutory Audit Firm
3 Harmony Court
Dublin 2
D02 VY52
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ARC CINEMA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
REGISTERED NUMBER: 11849528
BALANCE SHEET
AS AT 30 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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ARC CINEMA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Arc Cinema Limited (the “company”) is a private company limited by shares, incorporated and tax resident in the United Kingdom under company registration number 11849528. The company was incorporated on 27 February 2019.
The address of the company's registered office is High Street, Hucknall, Nottingham, NG15 7HJ. The principal activity of the company is the operation of cinema assets in the United Kingdom. Arc Cinema Limited’s immediate parent and controlling party at 30 December 2024 was Melcorpo Solutions Limited a company incorporated in the United Kingdom under company registration number 14490802 with its registered office at 31 Howcroft Crescent, London, England, N3 1PA. The company's ultimate parent and ultimate controlling party at 30 December 2024 was Annick Unlimited, a company incorporated in the Isle of Man under company registration number 020499V with its registered office at Suite 1, 4th Floor Exchange House, 54-58 Athol Street, Douglas, IM1 1JD, Isle of Man. Annick Unlimited prepares group financial statements and is both the smallest and the largest group for which group financial statements are drawn up and of which the company is a member. These financial statements are the company’s separate financial statements for the financial year ending 30 December 2024.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company meets its working capital requirements through its existing cash facilities and financing from other group companies. The company’s forecasts and projections, taking account of reasonably possible changes in trading and investment performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, and after considering the financial support that has been pledged to the company by Annick Unlimited Company, its ultimate parent, for a period of at least twelve months from the date these financial statements are issued, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. Sale of cinema tickets and confectionery The company owns two cinemas and operates one leasehold cinema. Ticket and confectionery sales in the cinemas are recognised from the leasehold on sale to the customer, which is considered the point of delivery. These sales are usually by cash, credit or debit card. The two freehold cinemas were not in commercial use by year end.
Short term employee benefits, including wages and salaries, paid holiday arrangements and other similar non-monetary benefits, are recognised as an expense in the financial year in which employees render the related service. An expense is recognised in the profit and loss account when the company has a present legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
(i) Land and Buildings
Land and buildings include freehold cinemas and associated fit out and are carried at cost less accumulated depreciation and accumulated impairment losses. (ii) Leasehold Improvements Leasehold improvements include a leasehold cinema and are carried at cost less accumulated depreciation and accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
(a) Critical judgement in applying the entity’s accounting policies There were no judgements, apart from those involving estimates, made by the directors which had a significant effect on the amounts recognised in the entity financial statements. (b) Critical accounting estimates and assumptions The directors make estimates and assumptions concerning the future in the process of preparing the entity financial statements. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Useful economic lives of tangible fixed assets The annual depreciation on tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reviewed 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 8 for the carrying amount of the tangible fixed assets, and note 2.11 for the useful economic lives for each class of tangible fixed assets. Going concern The directors have reviewed the forecasts for the company and have concluded that with the ongoing support of the ultimate parent, the company will continue in operation for a period of at least twelve months from the date of approving the financial statements, and that the going concern basis of accounting is appropriate.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
11.Taxation (continued)
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
At 30 December 2024, the company has no capital or other commitments.
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ARC CINEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
The company has provided security to Northern Bank Ltd. for a loan facility made available under a facility agreement.
At 30 December 2024, the immediate parent undertaking of the company is Melcorpo Solutions Limited a company incorporated in the United Kingdom under company registration number 14490802 with its registered office at 31 Howcroft Crescent, London, England, N3 1PA.
The ultimate parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up, and of which the company is a member is Annick Unlimited, a company incorporated in the Isle of Man under company registration number 020499V with its registered office at Suite 1, 4th Floor Exchange House, 54-58 Athol Street, Douglas, IM1 1JD, Isle of Man. The ultimate controlling party is the shareholders of Annick Unlimited.
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