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Registered number: 11597591 FILM SOHO LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 30 SEPTEMBER 2024
FILM SOHO LIMITED REGISTERED NUMBER: 11597591 BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 566,197 |  | 540,126
Investments | 5 |  | 88,219 |  | 88,119
|  |  | 654,416 |  | 628,245
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,574,224 |  | 1,735,456 |
Cash at bank and in hand | 7 | 28,415 |  | 3,659 |
|  | 3,602,639 |  | 1,739,115 |
Creditors: amounts falling due within one year | 8 | (1,099,477) |  | (1,156,500) |
Net current assets |  |  | 2,503,162 |  | 582,615
Total assets less current liabilities |  |  | 3,157,578 |  | 1,210,860
Creditors: amounts falling due after more than one year | 9 |  | (4,958,245) |  | (1,992,501)
Net liabilities |  |  | (1,800,667) |  | (781,641)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Share premium account |  |  | 1,124,965 |  | 1,124,965
Profit and loss account |  |  | (2,925,732) |  | (1,906,706)
|  |  | (1,800,667) |  | (781,641)
Page 1
FILM SOHO LIMITED REGISTERED NUMBER: 11597591 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 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 period 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 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 by:
N P Hamson
Director
Date: 15 October 2025
The notes on pages 3 to 9 form part of these financial statements. Page 2
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1. | General information
Film Soho Limited is a private company limited by shares and incorporated in England & Wales (registered number 11597591). The registered office is 1-2 Portland Mews, London, England, W1F 8JE. The principal activity of the company is that of motion picture production and distribution services. 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
In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the company is in a net deficit position, assurances have been obtained from the directors, its existing major shareholders along with new prospective investors of the company, to continue to provide adequate funds to meets its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the directors considers it appropriate to prepare the financial statements on a going concern basis.
| 2.3 | 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.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.7 | Pensions
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.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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:
|  |  |  | Long-term leasehold property | - | straight line over 15 years
|  |  |  | Plant and machinery | - | 25% straight -line
|  |  |  | Fixtures and fittings | - | 25% straight -line
|  |  |  | Computer equipment | - | 25% straight -line
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. Page 4
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.10 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the period was 18 (2023 - 18).
Page 5
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
4. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 November 2023 | 678,913 | 147,451 | 25,184 | 14,496 | 866,044
| Additions | - | 115,210 | 1,160 | 6,918 | 123,288
| At 30 September 2024 | 678,913 | 262,661 | 26,344 | 21,414 | 989,332
| Depreciation |  |  |  |  |
| At 1 November 2023 | 158,280 | 140,673 | 20,580 | 6,385 | 325,918
| Charge for the period on owned assets | 45,261 | 45,560 | 1,200 | 5,196 | 97,217
| At 30 September 2024 | 203,541 | 186,233 | 21,780 | 11,581 | 423,135
| Net book value |  |  |  |  |
| At 30 September 2024 | 475,372 | 76,428 | 4,564 | 9,833 | 566,197
| At 31 October 2023 | 520,633 | 6,778 | 4,604 | 8,111 | 540,126
5. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 November 2023 | 88,119
| Additions | 100
| At 30 September 2024 | 88,219
Page 6
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 16,470 | 1,008
| Other debtors | 3,315,207 | 1,501,452
| Prepayments and accrued income | 242,547 | 232,996
|  | 3,574,224 | 1,735,456
7. | Cash and cash equivalents
|  |  |  |  | 30 September | 31 October
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 28,415 | 3,659
| Less: bank overdrafts | (212) | (11,347)
|  | 28,203 | (7,688)
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 212 | 11,347
| Trade creditors | 393,955 | 429,423
| Other taxation and social security | 246,259 | 55,252
| Other creditors | 255,419 | 549,302
| Accruals and deferred income | 203,632 | 111,176
|  | 1,099,477 | 1,156,500
Page 7
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 18,940 | 28,703
| Other loans | 4,454,715 | 1,963,798
| Amounts owed to group undertakings | 484,590 | -
|  | 4,958,245 | 1,992,501
| Included within Other Loans of £4,454,715 is: (i) an amount of £636,657 in relation to an Advance Subscription Agreement for ordinary shares that have been subscribed and fully paid for, but not yet issued at 30 September 2024; and (ii) an amount of £1,361,834 in relation to Convertible Loans Notes issued during the period that contain an option to convert into the ordinary shares of the Company within 12 months of the date of signing these accounts. (iii) an amount owing to the two Directors of £482,737.
Page 8
FILM SOHO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 8,900 8,900 Ordinary shares of £0.01 each | 89 | 89
|  | 1,100 (2023 - 1,100) Ordinary shares of £0.01 each | 11 | 11
|  |  | 100 | 100
11. | Pension commitments
The company operates a defined contributions pension scheme. The pension cost charge for the year amounted to £14,735 (2023: £21,000).
Page 9