For the financial year ended 31 January 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

PFP Films Ltd. is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover is stated net of Value Added Tax and represents amounts invoiced to third parties, except in respect of long term film production work in progress where turnover represents the sales value of work done in the year, including estimates in respect of amounts not invoiced.

Turnover arises wholly in the United Kingdom and is attributable to the principal activity of motion picture production.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Amortisation of the lease of film rights is being made over the earlier of : (a) the primary lease period of 15 years; or (b) the period to achieve sufficient recoupment by the film to repay its financiers.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Profit on long term film production work in progress is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the film production costs incurred by the year end, by recording turnover and related costs as production activity progresses, turnover is recorded as that proportion of total production value which costs incurred to date bear to total expected costs for that production. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Assets held under finance leases or hire purchase contracts are capitalised in the balance sheet under tangible fixed assets and depreciated over their useful economic lives. The capital elements of future obligations under finance leases and hire purchase contracts are included as liabilities in the balance sheet. The interest elements of rental obligations are charged in the profit ans loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balances of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the periods of the agreements.

The company entered into a sale and leaseback transaction in the year ended 31 January 2003 for the rights, title and interest to the feature film, The Magdalene Sisters. Rentals are payable over 15 years, the initial net present value of which was £2,456,949 using a discount rate of 5.525 %. The balance remaining for this is covered by amounts on deposit which have been guaranteed by the bank.

The average monthly number of persons (including directors) employed by the company during the year was:

Throughout the year ended 31 January 2025 the company was under the immediate and ultimate control of director Frances Higson and former director Peter Mullan.