Company Registration No. 12212417 (England and Wales)
Flic Films UK Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Flic Films UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Flic Films UK Limited
Statement of financial position
As at 31 December 2024
1
31 December 2024
31 December 2023
Notes
£
£
£
£
Current assets
Debtors
4
447,811
618,907
Creditors: amounts falling due within one year
5
(367,810)
(548,906)
Net current assets
80,001
70,001
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
80,000
70,000
Total equity
80,001
70,001

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 10 November 2025 and are signed on its behalf by:
Thomas Zadra
Director
Company Registration No. 12212417
Flic Films UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information

Flic Films UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of MMX Media Finance LLC. These consolidated financial statements are available from its registered office, 1041 N. Formosa Avenue, West Building 4th Floor, West Hollywood, CA 90046.

1.2
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.

Flic Films UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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. A m ounts 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax credit represents tax recoverable relating to the current year.

Current tax

The tax currently recoverable is based on relievable losses for the period as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include additional deduction relation to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Flic Films UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

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

1.9
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the period in which the transactions were incurred. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

AVEC

The directors believe the key accounting estimate within the financial statements for this company is the valuation of the Audio Visual Expenditure Credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the credit.

Flic Films UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
3
Employees

The average monthly number of persons (excluding directors) employed by the company during th e period ended 31 December 2024 was 0 (period ended 31 December 202 3: 0).

The directors did not receive any remuneration in the current or prior period.

4
Debtors
31 December
31 December
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
377,483
618,029
Amounts owed by group undertakings
886
878
Other debtors
69,442
-
0
447,811
618,907

Amounts owed by parent and other group companies are unsecured, interest free and repayable on demand.

5
Creditors: amounts falling due within one year
31 December
31 December
2024
2023
£
£
Trade creditors
36,465
-
0
Amounts owed to parent company
322,679
511,476
Other creditors
-
0
37,430
Accruals and deferred income
8,666
-
367,810
548,906

Amounts due to parent and other group companies are unsecured, interest free and repayable on demand.

6
Called up share capital
31 December
31 December
31 December
31 December
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Flic Films UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
Audit report information (continued)
6
Senior Statutory Auditor:
Isla MacGillivray
Statutory Auditors:
Saffery LLP
Date of audit report:
13 November 2025
8
Financial commitments, guarantees and contingent liabilities

Miramax Film NY LLC holds a fixed and floating charge over Flic Films UK Limited in respect of all rights, title and interest of the company.

Bank of America holds two fixed and floating charges over Flic Films UK Limited in respect of all rights, title and interest of the company.

9
Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

10
Parent company

The company's immediate parent undertaking is Miramax Film NY, LLC, a company registered in the United States of America.

The smallest group for which consolidated financial statements are prepared and which the company is a member of is MMX Media Finance LLC, a company incorporated in the United States. The registered office address of MMX Media Finance LLC is 1041 N. Formosa Avenue, West Building 4th Floor, West Hollywood, CA 90046, United States.

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