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Company No: 03242486 (England and Wales)

# RAPID PICTURES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

RAPID PICTURES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

RAPID PICTURES LIMITED

## COMPANY INFORMATION

For the financial year ended 31 January 2025
RAPID PICTURES LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 January 2025

DIRECTORS | Mr B S Marshall
| Mr M J Nichols
| Mr B J Plumb

SECRETARY | Mr M J Nichols

REGISTERED OFFICE | 2 Leman Street
| London
| E1W 9US
| United Kingdom

BUSINESS ADDRESS | 21/25 Goldhawk Road
| Shepherds Bush
| London
| W12 8QQ

COMPANY NUMBER | 03242486 (England and Wales)

ACCOUNTANT | Gravita Business Services II Limited
| Aldgate Tower
| 2 Leman Street
| London
| E1 8FA
| United Kingdom

RAPID PICTURES LIMITED

## BALANCE SHEET

As at 31 January 2025
RAPID PICTURES LIMITED

## BALANCE SHEET (continued)

As at 31 January 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 158,027 |  | 222,866
|  | 158,027 |  | 222,866
Current assets |  |  |  |
Debtors | 4 | 328,713 |  | 424,782
Cash at bank and in hand |  | 558 |  | 157,620
|  | 329,271 |  | 582,402
Creditors: amounts falling due within one year | 5 | ( 199,151) |  | ( 280,332)
Net current assets |  | 130,120 |  | 302,070
Total assets less current liabilities |  | 288,147 |  | 524,936
Creditors: amounts falling due after more than one year | 6 | ( 13,632) |  | ( 44,379)
Provision for liabilities |  | ( 25,526) |  | ( 38,776)
Net assets |  | 248,989 |  | 441,781
Capital and reserves |  |  |  |
Called-up share capital | 7 | 850 |  | 850
Capital redemption reserve |  | 150 |  | 150
Profit and loss account |  | 247,989 |  | 440,781
Total shareholder's funds |  | 248,989 |  | 441,781

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Rapid Pictures Limited (registered number: 03242486) were approved and authorised for issue by the Board of Directors on 06 October 2025. They were signed on its behalf by:

Mr B J Plumb Director |

RAPID PICTURES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
RAPID PICTURES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Rapid Pictures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom. The principal place of business is 21/25 Goldhawk Road, Shepherds Bush, London, W12 8QQ.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration receivable for television post production services provided in the normal course of business, and is shown net of VAT.

##### Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expenses as they fall due.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 6 years straight line
Plant and machinery | 4 years straight line
Fixtures and fittings | 15 - 20 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 20 |  | 25

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Fixtures and fittings |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 February 2024 | 219,932 |  | 1,188,892 |  | 659,318 |  | 2,068,142
Additions | 3,885 |  | 2,510 |  | 0 |  | 6,395
At 31 January 2025 | 223,817 |  | 1,191,402 |  | 659,318 |  | 2,074,537
Accumulated depreciation |  |  |  |  |  |  |
At 01 February 2024 | 179,136 |  | 1,073,110 |  | 593,030 |  | 1,845,276
Charge for the financial year | 10,873 |  | 50,355 |  | 10,006 |  | 71,234
At 31 January 2025 | 190,009 |  | 1,123,465 |  | 603,036 |  | 1,916,510
Net book value |  |  |  |  |  |  |
At 31 January 2025 | 33,808 |  | 67,937 |  | 56,282 |  | 158,027
At 31 January 2024 | 40,796 |  | 115,782 |  | 66,288 |  | 222,866

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 166,486 |  | 254,831
Amounts owed by Group undertakings | 144,663 |  | 0
Corporation tax | 0 |  | 60,477
Other debtors | 17,564 |  | 109,474
| 328,713 |  | 424,782

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans and overdrafts | 18,851 |  | 31,852
Trade creditors | 30,364 |  | 76,323
Taxation and social security | 60,500 |  | 109,938
Obligations under finance leases and hire purchase contracts | 17,776 |  | 17,776
Other creditors | 71,660 |  | 44,443
| 199,151 |  | 280,332

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 13,271
Obligations under finance leases and hire purchase contracts | 13,632 |  | 31,108
| 13,632 |  | 44,379

Fixed and floating charges have been registered at Companies House in favor of HSBC Bank PLC.

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
85,000 Ordinary shares of £ 0.01 each | 850 |  | 850

#### 8. Related party transactions

Radiant Post Production Group Limited is the ultimate parent company. All the intercompany transactions/balances with wholly-owned members have been concluded under normal market conditions and as such are exempt from disclosure.
At the reporting date the company owed £14,146 (2024: £7,712 owed by) to Rapid Pictures Commercial Limited, a company controlled by the directors. All amounts are interest free and repayable upon demand.
At the reporting date the company owed £33,407 (2024: £9,516 owed from) to the directors of the company. The amount is interest free and repayable on demand.