COMPANY REGISTRATION NUMBER:
11999591
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
30 November 2024
|
30 Nov 24 |
31 May 23 |
|
Note |
£ |
£ |
|
|
|
Fixed assets
|
Intangible assets |
5 |
2,274,017 |
– |
|
|
|
|
Current assets
|
Stocks |
– |
2,941,895 |
|
Debtors |
6 |
54,894 |
152,004 |
|
Cash at bank and in hand |
166,413 |
101,945 |
|
--------- |
------------ |
|
221,307 |
3,195,844 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,294,467 |
3,125,976 |
|
------------ |
------------ |
|
Net current (liabilities)/assets |
(
2,073,160) |
69,868 |
|
------------ |
-------- |
|
Total assets less current liabilities |
200,857 |
69,868 |
|
--------- |
-------- |
|
Net assets |
200,857 |
69,868 |
|
--------- |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
200,757 |
69,768 |
|
--------- |
-------- |
|
Shareholders funds |
200,857 |
69,868 |
|
--------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
30 November 2024
These financial statements were approved by the
board of directors
and authorised for issue on
10 October 2025
, and are signed on behalf of the board by:
Company registration number:
11999591
|
Notes to the Financial Statements |
|
Period from 1 June 2023 to 30 November 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Kenton Road, Harrow, Middlesex, HA3 0AN, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for film distribution licences supplied and services rendered, net of discounts and Value Added Tax. Revenue from the broadcasting of the films is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on signing the distribution agreements of the film); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Intangible assets |
- |
over 12 months from the film release date on a straight line basis |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Work in progress
Work in progress relates to direct production costs incurred on the production of the film during the period. The costs are recorded at the lower of costs and net realisable value, and are net of Value Added Tax.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
3
(2023:
3
).
5.
Intangible assets
|
Film rights |
|
£ |
|
Cost |
|
|
Additions |
– |
|
Additions from internal developments |
3,032,023 |
|
------------ |
|
At 30 November 2024 |
3,032,023 |
|
------------ |
|
Amortisation |
|
|
Charge for the period |
758,006 |
|
------------ |
|
At 30 November 2024 |
758,006 |
|
------------ |
|
Carrying amount |
|
|
At 30 November 2024 |
2,274,017 |
|
------------ |
|
At 31 May 2023 |
– |
|
------------ |
|
|
6.
Debtors
|
30 Nov 24 |
31 May 23 |
|
£ |
£ |
|
Trade debtors |
43,244 |
– |
|
Other debtors |
11,650 |
152,004 |
|
-------- |
--------- |
|
54,894 |
152,004 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
30 Nov 24 |
31 May 23 |
|
£ |
£ |
|
Trade creditors |
– |
1,500 |
|
Production advances |
2,257,913 |
3,084,964 |
|
Other creditors |
36,554 |
39,512 |
|
------------ |
------------ |
|
2,294,467 |
3,125,976 |
|
------------ |
------------ |
|
|
|
Production advances are in respect of funding received by the company to produce the film.
8.
Contingencies
Charges have been made against the company's assets including its rights, title and interest in and to the film, in favour of the following entity who has advanced funds to finance film production costs: - Bank of Montreal