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Company Registration No. 06441851 (England and Wales)
Cinemanx Films One Limited Unaudited accounts for the period from 1 December 2024 to 31 March 2025
Cinemanx Films One Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Cinemanx Films One Limited Company Information for the period from 1 December 2024 to 31 March 2025
Directors
S J Ingrassia KS Ellis
Company Number
06441851 (England and Wales)
Registered Office
CANNON PLACE 78 CANNON STREET LONDON EC4N 6AF ENGLAND
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Cinemanx Films One Limited Statement of financial position as at 31 March 2025
2025
2024
Notes
£
£
Fixed assets
Intangible assets
4
8,770,043
8,770,043
Investments
5
2
2
8,770,045
8,770,045
Current assets
Debtors
6
6,745
5,838
Cash at bank and in hand
22
-
6,767
5,838
Creditors: amounts falling due within one year
7
(8,806,658)
(8,799,563)
Net current liabilities
(8,799,891)
(8,793,725)
Total assets less current liabilities
(29,846)
(23,680)
Creditors: amounts falling due after more than one year
8
(1,297,662)
(1,317,781)
Net liabilities
(1,327,508)
(1,341,461)
Capital and reserves
Called up share capital
2
2
Profit and loss account
(1,327,510)
(1,341,463)
Shareholders' funds
(1,327,508)
(1,341,461)
For the period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2025 and were signed on its behalf by
S J Ingrassia Director Company Registration No. 06441851
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Cinemanx Films One Limited Notes to the Accounts for the period from 1 December 2024 to 31 March 2025
1
Statutory information
Cinemanx Films One Limited is a private company, limited by shares, registered in England and Wales, registration number 06441851. The registered office is CANNON PLACE, 78 CANNON STREET, LONDON, EC4N 6AF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Going concern
Repayment of the amounts due from the Cinemanx Group to the Isle of Man Treasury will not be called for repayment until a full review of the financial position of the Cinemanx Group has been completed and the Isle of Man Treasury has confirmed that they will not enforce repayment where the company has insufficient liquid assets to satisfy, thus allowing the company to continue as a going concern.
Comparative period
The comparative figures are for the period from 1 December 2023 to 30 November 2024.
Turnover
Turnover represents amounts derived from royalty income.
Income
Income is recognised as and when it is received.
Expenditure
Expenditure is recognised on an accruals basis. Expenditure distributed via the collection agent, Freeway CAM B.V (see note 3) from collected gross receipts includes amounts which is or may become payable to third parties.
Foreign exchange
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the year-end date and the gains and losses on translation are taken to the income statement.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.
Investment in subsidiaries
Investments are measured at cost.
Statement of cashflow
Under FRS 102, the company is exempt from the requirement to prepare a statement of cash flows on the grounds that it qualifies as a small entity.
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Cinemanx Films One Limited Notes to the Accounts for the period from 1 December 2024 to 31 March 2025
4
Intangible fixed assets
Other
£
Cost
At 1 December 2024
8,770,043
At 31 March 2025
8,770,043
Amortisation
At 1 December 2024
-
At 31 March 2025
-
Net book value
At 31 March 2025
8,770,043
At 30 November 2024
8,770,043
The company holds the international and UK rights to the theatrical feature film "Me and Orson Welles". The UK rights to the royalties are held by the distribution company Cinemanx Distribution Limited, a company that is part of the Cinemanx group of companies. The company has invested GBP11,050,000 for the production of the theatrical feature film "Me and Orson Welles". Freeway CAM B.V, a company incorporated in the Netherlands, was appointed to act as the collection agent to collect, administer and disburse the collected gross international receipts. The carrying value of the investment is measured as the unrecouped production costs matched with the non-recourse third party funding received. The investment is amortised in line with the collected receipts in relation to Cinemanx Limited which have been re-directed to Pinewood Group Plc ("Pinewood"), a company in which the controlling party has a minority interest, and Framestore Features Limited ("Framestore"), as loan repayments. The directors are of the opinion that the film has depreciated significantly in value and are in discussions of seeking a valuation to be carried out in order to obtain the investments true net realisable value.
5
Investments
Subsidiary undertakings
£
Valuation at 1 December 2024
2
Valuation at 31 March 2025
2
The company holds 100% in Cinemanx Productions One Limited ("CNX P1"), a company incorporated in the Isle of Man, of which the principal activity is that of intellectual property holding. The net liability value of CNX P1 as at 31 March 2025, was GBP27,587 (30 November 2024: GBP23,122) and the loss transferred to reserves was GBP4,465 (30 November 2024: GBP14,360).
6
Debtors
2025
2024
£
£
Amounts falling due within one year
VAT
4,355
5,838
Amounts falling due after more than one year
Accrued income and prepayments
2,390
-
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Cinemanx Films One Limited Notes to the Accounts for the period from 1 December 2024 to 31 March 2025
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
9,446
1,758
Other creditors
8,792,286
8,788,622
Accruals
4,926
9,183
8,806,658
8,799,563
(a) The company received funding of GBP10.550,000 from Pinewood, a company in which the controlling party (see note 8) has a minority interest, to invest in the production of the theatrical feature film "Me and Orson Welles". As the directors are of the opinion that the investment value is significantly lower than what is stated in these financial statements, the Isle of Man Treasury has provided assurances that the loans will not be called in for repayment until a full review of the financial position of the Cinemanx Group has been completed. (b) The company received funding of GBP500,000 from Framestore Features Limited as an equity investment in the theatrical feature film "Me and Orson Welles". (c) The company has a loan facility of up to GBP 100,000 provided by a fellow subsidiary, Cinemanx Distribution Limited. The loan is unsecured, interest free and repayable after service of written demand to the extent that there are sufficient liquid assets to satisfy and only after the payment of all other liabilities. (d) On 3 December 2024 , a loan facility of up to GBP100,000 was provided by a fellow subsidy, Cinemanx Productions Two Limited. The loan is unsecured, interest fee and repayable after service of written demand to the extent that there are sufficient liquid assets to satisfy, and only after the payment of all other liabilities.
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
1,297,662
1,317,781
The company received funding of USD4,396,636 from Hart/Lunsford Pictures LLC for the purpose of facilitating the U.S. theatrical release of the theatrical feature film "Me and Orson Welles" (the "assigned property"). The loan is secured by way of a charge over all rights, title and interest in and to the assigned property. The loan charge will not be released until loan repayments have reached 110% of the debt.
9
Transactions with related parties
As at the reporting date, two of the directors of the company were also directors of Boston Limited (“Boston”). During the period, an amount of GBP7,642 (30 November 2024: GBP15,635) was paid to Boston in their capacity as administrators, an amount of GBP2,390 (30 November 2024: GBPnil) was prepaid, an amount of GBP4,926 (30 November 2024: GBP9,183) was accrued and an amount of GBP9,446 (30 November 2024: GBP1,758) was owed as at the reporting date. All services have been provided on an arm’s length basis at the standard commercial terms of Boston.
10
Controlling party
At the reporting date, the entire issued share capital of the company was held by Cinemanx Limited and is considered part of the Cinemanx Group. In December 2020 Cinemanx Limited was acquired by the Isle of Man Treasury, a department of the Isle of Man Government.
11
Post balance sheet events
Since the reporting date, the Isle of Man Treasury has provided funding in order to cover Company expenses. There is no formal loan agreement in place, however, the loan is to be treated as unsecured, interest fee and repayable on demand.
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Cinemanx Films One Limited Notes to the Accounts for the period from 1 December 2024 to 31 March 2025
12
Average number of employees
During the period the average number of employees was 0 (2024: 0).
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