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Registered number: 14098043
MOTIVE PICTURES (WITW) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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MOTIVE PICTURES (WITW) LIMITED
COMPANY INFORMATION
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3rd Floor, Waverley House
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Ecovis Wingrave Yeats LLP
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Chartered Accountants and Statutory Auditor
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3rd Floor, Waverley House
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MOTIVE PICTURES (WITW) LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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MOTIVE PICTURES (WITW) LIMITED
REGISTERED NUMBER: 14098043
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.
The notes on pages 3 to 10 form part of these financial statements.
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MOTIVE PICTURES (WITW) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Comprehensive income for the period
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Comprehensive income for the year
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The notes on pages 3 to 10 form part of these financial statements.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Motive Pictures (WITW) Limited is a private company, limited by shares, incorporated in England and Wales, registration number 14098043. The registered office is Ecovis 3rd Floor, Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ. The principal place of business is 22-23 James Street, 3rd Floor, Covent Garden, London WC2E 8NS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 nature of the Company’s principal activity means that there is significant expenditure during active television production phases and substantially lower costs outside of these periods. The Company’s robust financial planning and funding arrangements ensure operational continuity and financial stability throughout. Therefore, the fluctuating costs associated with our production cycles do not pose a threat to our status as a going concern. Furthermore, the Company’s immediate parent company has indicated its willingness to provide financial support in the 12 months from the date of signing the financial statements if required. As a result, the director believes that it remains appropriate to continue to adopt the going concern basis in preparing these financial statements.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The Company licences its produced television programmes around the world, for a fee and/or on a revenue sharing basis, to television networks and streaming platforms. Revenues from television programming and home entertainment are recognised when each programme becomes contractually available for use by the licensee and has been delivered or is available for immediate and unconditional delivery. For licencing of television programming, where each individual episode delivered represents a separate performance obligation and revenues are recognised when the episode is made available to the licensee for exhibition and the license period has begun. License fees are recognised when access to the television programme has been granted or delivery has occurred, as required under the contract, and the right to exploit the television programme in that window, media or territory has commenced. Revenues are also generated from sales or usage-based royalties received from international distributors based on their distribution performance pursuant to the terms of the contracts after the recoupment of certain costs in some cases.
When the timing of the Company's revenue recognition is different from the timing of the customer payments the Company recognises either accrued income or deferred income. Deferred income relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Deferred income is recognised as income as (or when) the Company performs under the contract. Consideration due under contracts with payments in arrears is recognised as trade debtors.
For contracts that have more than one performance obligation, the total contract consideration is allocated based on observable prices or if, standalone selling prices are not readily observable, based on management's estimate of each performance obligation's standalone selling price. The variance consideration contained in the Company's contracts primarily relates to sales or usage based licensing fees and royalties earned on licensing the Company's intellectual properly, and as such the variable consideration is constrained until the licensee generates sales or usage related to the intellectual property license.
Tax credit income is based on qualifying UK production expenditure and as such is recognised in the period in which the claim is made.
Work in Progress (WIP) assets are recorded at the lower of cost or net realisable value and are inclusive of all costs directly related to producing television programmes. Amounts held in WIP are specifically related to producing television programmes and are carried on the balance sheet to the extent they will generate revenue post year end.
Grants are accounted under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in the profit or loss in the same period as the related expenditure.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Revenue and cost of sales
There are significant judgements in determining the amount of revenue to recognise, given that there are often distinct performance obligations in contracts. Furthermore, within contracts it is typical for a proportion of revenue to be variable and often is contingent on certain events or costs being incurred which management need to estimate the likelihood of taking place.
In addition, the Company receives funding from multiple sources in the form of a license fee for the television programmes it produces. Often the performance obligations can vary between contract, and the Company will only recognise revenue to the extent that the performance obligations have been satisfied and therefore when each programme becomes contractually available for use by the licensee and has been delivered or is available for immediate and unconditional delivery.
The costs associated with producing a television programme are held within work in progress until such time that the associated revenue is recognised. Management will align the costs to the revenue on a proportional basis. There is some judgement involved as some costs incurred will be specific to each revenue contract, although the majority of costs will be required in order to produce the television programme and fulfil all relevant contracts.
If it is probable that the total expected costs to produce a television programme exceed the total revenue received in respect of licensing that television programme then the expected loss shall be recognised as an expense immediately.
The average monthly number of employees, including directors, during the period was 1 (10 month period ended 30 September 2023 - 27).
The director did not receive any reumeration during the current or prior period.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Called up share capital not paid
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Prepayments and accrued income
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Current asset investments
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The Company holds £2,000,000 in a deposit account. The deposit account was opened during the year with a principal of £2,000,000 and bears an interest rate of 4.5% per annum. The account matured on 31 January 2025 and was renewed on the same date and is set to mature on 30 April 2025.
The account offers a fixed interest rate, is to be held until maturity and is classified as a current investment rather than as cash at bank and in hand.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Allotted, called up and partly paid
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100 (2023 - 100) Ordinary Shares shares of £1.00 each
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £Nil (10 month period ended September 2023 - £4,935). The amount payable to the fund at the balance sheet date was £Nil (2023 - £Nil).
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Related party transactions
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The Company has taken the exemption under FRS102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned subsidiaries.
During the year the Company accrued sales fees of £229,830 (10 month period ended 30 September 2023 - £965,286) from a related party by virtue of common ownership. The amount outstanding at the balance sheet date in respect of these transactions was £Nil (2023 - £Nil).
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The parent of the smallest group for which consolidated financial statements are drawn up is Motive Pictures Limited, a company incorporated in England and Wales, and the registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ. The consolidated acounts are drawn up to 31st December 2024 and are available from Companies House.
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MOTIVE PICTURES (WITW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
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In their report, the auditors confirmed that the financial statements for the prior period were not audited.
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The audit report was signed on 29 September 2025 by Jessica Teague (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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