Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2 2024-01-01 false production of feature films 2 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08747782 2024-01-01 2024-12-31 08747782 2022-11-01 2023-12-31 08747782 2024-12-31 08747782 2023-12-31 08747782 c:Director2 2024-01-01 2024-12-31 08747782 d:CurrentFinancialInstruments 2024-12-31 08747782 d:CurrentFinancialInstruments 2023-12-31 08747782 d:Non-currentFinancialInstruments 2024-12-31 08747782 d:Non-currentFinancialInstruments 2023-12-31 08747782 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08747782 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08747782 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 08747782 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08747782 d:ShareCapital 2024-12-31 08747782 d:ShareCapital 2023-12-31 08747782 d:RetainedEarningsAccumulatedLosses 2024-12-31 08747782 d:RetainedEarningsAccumulatedLosses 2023-12-31 08747782 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 08747782 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 08747782 c:OrdinaryShareClass1 2024-01-01 2024-12-31 08747782 c:OrdinaryShareClass1 2024-12-31 08747782 c:OrdinaryShareClass1 2023-12-31 08747782 c:FRS102 2024-01-01 2024-12-31 08747782 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 08747782 c:FullAccounts 2024-01-01 2024-12-31 08747782 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08747782 4 2024-01-01 2024-12-31 08747782 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08747782 PORTOBELLO FILMS & TELEVISION LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
PORTOBELLO FILMS & TELEVISION LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Notes to the Financial Statements | 3 - 8
PORTOBELLO FILMS & TELEVISION LIMITED REGISTERED NUMBER: 08747782 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Work in progress | 4 | 468,383 |  | 980,512 |
Debtors: amounts falling due within one year | 5 | 82,723 |  | 86,700 |
Cash at bank and in hand | 6 | 43,078 |  | 2,278 |
|  | 594,184 |  | 1,069,490 |
Creditors: amounts falling due within one year | 7 | (108,846) |  | (149,801) |
Net current assets |  |  | 485,338 |  | 919,689
Total assets less current liabilities |  |  | 485,338 |  | 919,689
Creditors: amounts falling due after more than one year | 8 |  | (1,006,691) |  | (1,060,126)
Net liabilities |  |  | (521,353) |  | (140,437)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 1 |  | 1
Profit and loss account |  |  | (521,354) |  | (140,438)
|  |  | (521,353) |  | (140,437)
Page 1
PORTOBELLO FILMS & TELEVISION LIMITED REGISTERED NUMBER: 08747782 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 profit and loss account 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 by:
................................................ J Sidey
Director
Date: 2 October 2025
The notes on pages 3 to 8 form part of these financial statements. Page 2
PORTOBELLO FILMS & TELEVISION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Portobello Films & Television Limited is a private company, limited by shares, incorporated in England and Wales with a registration number of 08747782. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the company and its parent company has agreed to provide such support to the company as is necessary for it to meet its liabilities for a period of at least twelve months from the date of signing these financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 3
PORTOBELLO FILMS & TELEVISION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
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: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises of film related production expenses incurred in relation to ongoing projects which are in progress. Costs in foreign currency are restated at the period-end exchange rate, as the directors consider this to show a true and fair view of the substance of the transaction. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to the amount expected to be recovered. The impairment loss is recognised immediately in profit or loss.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Page 4
PORTOBELLO FILMS & TELEVISION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Financial instruments
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. 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. 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. Page 5
PORTOBELLO FILMS & TELEVISION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
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.
| 2.11 | Related parties transaction exemption
The company has taken advantage of the exemption within Financial Reporting Standard 102 - Section 1A, in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.
3. | Employees
| The average monthly number of employees, including non-payrolled directors, during the year was 2 (2023 - 2).
4. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Work in progress | 468,383 | 980,512
| Work in progress relates to production expenses for a film that has not been completed.
Page 6
PORTOBELLO FILMS & TELEVISION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 82,722 | 86,699
| Called up share capital not paid | 1 | 1
|  | 82,723 | 86,700
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 43,078 | 2,278
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group companies | 49,479 | 49,479
| Other creditors | 51,825 | 5,025
| Accruals and deferred income | 7,542 | 95,297
|  | 108,846 | 149,801
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group companies | 909,941 | 953,686
| Accruals and deferred income | 96,750 | 106,440
|  | 1,006,691 | 1,060,126
| The amount owed to group companies relates to a loan that was drawn down on 14 April 2022. The loan amount and accrued interest is repayable in full on 31 December 2026. The loan is unsecured and bears interest at 3% per annum above the Bank of England base rate. Interest accrued on the loan was £171,665 (2023 - £106,440).
Page 7
PORTOBELLO FILMS & TELEVISION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Financial instruments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 43,078 | 2,278
| Financial assets measured at fair value through profit or loss comprise cash at bank.
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and unpaid |  |
|  | 1 (2023 - 1) Ordinary share of £1 | 1 | 1
11. | Ultimate parent undertaking
The company's ultimate parent undertaking is The Common Humanity Arts Trust, a company incorporated in England and Wales with a registered office address of Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.
Page 8