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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
COMPANY INFORMATION
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OCTOBER FILMS LTD
CONTENTS
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OCTOBER FILMS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
October Films Ltd, henceforth referred to as the 'company', is an established UK independent and market renowned visual media production house specialising in documentaries and factually based entertainment.
October Films Holdings Limited is the parent undertaking of the smallest group to consolidate the financial performance for the reporting period and financial position as at the reporting date of October Films Ltd.
The principal activity of the company during the reporting period continued to be that of the development, production and distribution of television programming. The directors do not anticipate any changes in those activities over the coming financial reporting period.
The company’s financial performance for the year ended, and financial position as at, 31 December 2024 are shown on pages 9-10 of the financial statements. The directors consider the following as the relevant financial key performance indicators sufficient to ensure an appropriate understanding to the true underlying financial performance and position of the company: The development, performant and position of the company, in the context of the group as a whole, are discussed in the group financial statements of October Films Holdings Limited which do not form part of this strategic report.
The key business risks and uncertainties affecting the company, and the group in which the company is an undertaking, relate to the general economic environment, competition from other producers and distributors of television programming and the success of the company's media content available for worldwide distribution. Further discussion of these risks and uncertainties, in the context of the group as a whole, is provided in the group financial statements of October Films Holdings Limited which do not form part of this strategic report.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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OCTOBER FILMS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The loss for the year, after taxation, amounted to £333,802 (2023 - profit £2,922,735).
During the year a dividend of £Nil (2023: £2,473,140) was paid to Boulder Television Limited, the immediate parent undertaking.
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;
∙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.
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OCTOBER FILMS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company funds its operations through its trading activities and, where applicable, external loan financing on specific commissions. Through its trading activities the company is exposed to certain levels of credit, currency and liquidity risk.
The company’s credit risk is primarily attributable to its trade receivables which the company manages through the assessment of the credit risk of current and potential customers and ongoing review and collection of outstanding receivables. At the balance sheet date, there were no actual or potentially significant concentrations of credit risk aware of by the directors of the company. The company enters into transactions that are denominated in currencies other than its functional currency, primarily the US Dollar and Euro, and is therefore exposed to movements in foreign currency exchange rates. Where exchange rates change between reporting periods, fluctuations in the reported results of the company's operations may arise that are reflective of currency performance and not indicative of operating performance. The company will therefore use currency specific bank facilities and forward currency contracts, where considered financially appropriate, to manage exposure to movements in foreign currency exchange rates.Liquidity risk is monitored on an ongoing basis as part of the company's day to day control activities and through periodic financial reviews and forecast exercises with action taken as considered necessary. Such action may include the acquisition of commercial credit and bank overdraft facilities as well as the retention of cash balances; thereby ensuring appropriate funding facilities are continually available within the company.
There are no significant future developments to report as of the date this report was approved by the directors. The company is expected to continue trading as historically observed.
The company's principal financial instruments comprise bank balances, trade receivables and payables and, where necessary, forward currency contracts and credit facilities provided by financial institutions to the company. Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The company does not follow any specific code nor standard practice on the payment of trade payables. The company's policy is to adhere to agreed terms and conditions and ensure timely payment in accordance with these terms for all suppliers.
Applications for employment by disabled employees are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event members of staff become disabled, every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development, and promotion of disabled persons should, as far as possible, be identical to that of a person who does not suffer from a disability. Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of their respective business units and of the company as a whole.
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OCTOBER FILMS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As of the date of this report being approved, there have been no significant events affecting the company that have transcribed after the reporting date to delineate.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OCTOBER FILMS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTOBER FILMS LTD
We have audited the financial statements of October Films Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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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OCTOBER FILMS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTOBER FILMS LTD (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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OCTOBER FILMS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTOBER FILMS LTD (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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
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.
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OCTOBER FILMS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OCTOBER FILMS LTD (CONTINUED)
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
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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OCTOBER FILMS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
REGISTERED NUMBER: 02328023
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
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OCTOBER FILMS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
October Films Ltd ('the company') is a private company limited by shares, incorporated in England and Wales.
The address of the company's registered office and principal place of business is Benwell Studios, 11 - 13 Benwell Road, London, N7 7BL. The nature of the company's operations and its principal activities are set out in the strategic report on page 1 of these financial statements.
2.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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).
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (the "functional currency").
The functional currency of the company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account as part of total comprehensive income. Changes in the fair value of forward foreign exchange contracts that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in profit or loss with the change in fair value of the forward foreign exchange contract recognised as a fair value movement within operating profit or loss and foreign exchange gains or losses relating to monetary items recognised within administrative expenditure.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of October Films Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Benwell Studios, 11-13 Benwell Road, London, N7 7BL.
The company is itself a subsidiary company and is exempt from the requirement to prepare consolidated financial statements by virtue of section 401 of the Companies Act 2006 on the grounds that the company and its subsidiary undertakings are included by full consolidation in the group financial statements of October Films Holdings Limited (see note 26).
The financial statements therefore present information about the company as an individual undertaking and not about its group.
The company meets its day to day working capital requirements through the utilisation of its own funds and its bank facilities.
After reviewing the company's forecast and projection, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore consider it appropriate to adopt the going concern basis in preparing the company's financial statements.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
- Supply of television programming development and production services, and; - Royalties receivable from the exploitation of distribution rights held in television programming. Revenues in respect of development and production services comprise fees and other pre-sales receivable, exclusive of Value Added Tax, in exchange for the provision of a contract for services; with recognition made, in respect of production services, by reference to the stage of completion of contract activity at the balance sheet date; and in respect of development services, over the period of the activity in line with expenditure incurred. Where it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in profit or loss. Royalties and other similar revenues on the exploitation of distribution rights held are recognised once the company has been notified of sums due to it. The company does not expect to have any contracts where the period between the transfer of the contracted services and related payment exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.
Production tax credits are incentives provided to creative industries designed to promote culturally relevant productions in the UK, to incentivise investment into UK productions that would otherwise take place outside the UK, and to support the necessary critical mass of infrastructure and skills in the UK for both today and in the longer term.
Production tax credits are reported within other operating income and not taxation on the grounds that such tax credits are deemed to be working capital in nature for they arise, albeit not as a direct result, in the course of normal operational activities.
Defined contribution pension schemes
The company operates a defined contribution plan for its employees and on behalf of certain employees makes direct contributions to their personal pension schemes. 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 on an accruals basis as they become payable under the respective schemes' rules. Amounts not paid are shown as part of other creditors in the balance sheet. The assets of the respective plans are held separately from the company in independently administered funds.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 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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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the company’s obligations are discharged, cancelled or expired. The measurement of specific financial assets (other than investments), financial liabilities, and equity held by the company are as outlined below: Debtors and creditors Debtors, excluding deferred taxation (see note 2.12), and creditors deemed to be short term in nature are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets. The company held no debtors, excluding deferred taxation, and/or creditors deemed not to be short term in nature during the current or preceding financial reporting periods. Cash and cash equivalents Cash balances are reported by the company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash and cash equivalents are held at floating interest rates linked to UK bank rates. Derivatives During the current and preceding financial reporting periods, the company entered into forward foreign exchange contracts, not designated and effective as a hedging instrument, to manage its exposure to foreign exchange rate risk (see note 18). Such derivatives are initially, and subsequently re-measured at each reporting date, at fair value with any gains or losses on re-measurement immediately recognised in profit or loss. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a fixed asset or long-term liability if the remaining maturity is more than 12 months and is not expected to be realised or settled within 12 months of the reporting date. Other derivatives are presented as current assets or current liabilities. Equity and dividends Ordinary share capital, shown in equity, is initially measured at transaction price. There were no costs directly attributable to Ordinary share capital issued by the company. Equity dividends are recognised in the reporting period in which they become legally payable within the statement of changes in equity upon approval by the company's shareholders.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. In preparing the company's financial statements, the directors may make estimates and assumptions concerning events that have transpired, or were ongoing, during the financial reporting period and continued after the balance sheet date. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, there were no estimates and/or assumptions made towards the preparation of these financial statements that would be considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial reporting period. Research and development In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors of the company are recognised as being the key management personnel of the company. It is these individuals who together hold joint responsibility for planning, directing and controlling the activities of the company.
As the company forms part of a group for which consolidated financial statements are prepared and the results of the company are included within as part of the consolidation, the company has taken advantage of the exemption provided by paragraph 33.7 of Financial Reporting Standard 102 not to disclose total key management compensation as part of these financial statements.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Other derivatives
31 December 2024 31 December 2023 Current Current Current Current assets liabilities assets liabilities Other derivatives 126,647 26,170 Other derivatives comprise of forward foreign exchange currency contracts classified as 'held for trading'. The company uses derivative financial instruments to cover its exposure to foreign exchange risks arising from operational activities. It principally employs forward foreign exchange contracts to hedge against changes in exchange rates over fixed terms of between three and twelve months. Derivative financial instruments are recognised at fair value and during the current and preceding financial reporting periods, derivative financial instruments held by the company were not designated as hedges and were therefore required to be classified as 'held for trading' with changes in their underlying fair values recognised in profit or loss as they arose. Derivative financial instruments used by the company are not traded in an active market; however, their fair values are based on currency broker prices and are therefore measured at fair value through profit or loss in accordance with IFRS 13 classification hierarchy Level 2. The company held no other financial instruments during either the current or preceding financial reporting periods that would be considered reportable under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital redemption reserve
Profit and loss account
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 amounted to £21,796 (2023: £29,883). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date and are included in creditors.
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OCTOBER FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking is Boulder Television Limited by virtue of a 100% interest in the total issued share capital of October Films Ltd. Boulder Television Limited is incorporated in England and Wales, whose registered office is located at Benwell Studios, 11-13 Benwell Road, London, N7 7BL.
At the reporting date, the ultimate parent undertaking largest group to consolidate these financial statements is October Films Holdings Limited. Copies of the October Films Holdings Limited consolidated financial statements are available from Benwell Studios, 11-13 Benwell Road, London, N7 7BL.
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