ACCOUNTS - Final Accounts

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.

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

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