COMPANY REGISTRATION NUMBER:
13058498
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Element Pictures PT Limited |
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Filleted Financial Statements |
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Element Pictures PT Limited |
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Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
5 |
10,922,238 |
10,926,475 |
|
Cash at bank and in hand |
159,918 |
376,037 |
|
------------- |
------------- |
|
11,082,156 |
11,302,512 |
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|
|
|
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Creditors: amounts falling due within one year |
6 |
(
11,082,155) |
(
11,302,511) |
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------------- |
------------- |
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Net current assets |
1 |
1 |
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---- |
---- |
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Total assets less current liabilities |
1 |
1 |
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---- |
---- |
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Net assets |
1 |
1 |
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---- |
---- |
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Capital and reserves
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Called up share capital |
7 |
1 |
1 |
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---- |
---- |
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Shareholders funds |
1 |
1 |
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---- |
---- |
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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 comprehensive income has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
10 December 2025
, and are signed on behalf of the board by:
Company registration number:
13058498
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Element Pictures PT Limited |
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Notes to the Financial Statements |
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Year ended 31 December 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 22-25 Eastcastle Street, London, W1W 8DF, England.
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.
Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial have been prepared on a going concern basis. A detailed budget and cashflow have been prepared for the production and delivery of the television series. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. The directors are therefore satisfied that the going concern assumption remains appropriate.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the film, as noted in "Revenue recognition" below.
Revenue recognition
Turnover relates to the production of the film entitled "Poor Things". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Financial instruments
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 entity after deducting all of its financial liabilities. 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 future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4.
Employees
The company has been incorporated to produce a film called "Poor Things". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
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VAT recoverable |
– |
|
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Corporation tax recoverable |
|
|
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Other debtors |
10,238,206 |
10,242,771 |
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------------- |
------------- |
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10,922,238 |
10,926,475 |
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------------- |
------------- |
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6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed to group undertakings |
– |
(
3,002) |
|
Accruals and deferred income |
10,398,123 |
10,622,674 |
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Production loan |
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------------- |
------------- |
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11,082,155 |
11,302,511 |
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------------- |
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7.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
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---- |
---- |
---- |
---- |
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8.
Contingencies
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Film Finances, Inc Searchlight Pictures, Inc
9.
Summary audit opinion
The auditor's report dated
10 December 2025
was
unqualified
.
The senior statutory auditor was
Gurvir Cheema
, for and on behalf of
Moore Kingston Smith LLP
.
10.
Related party transactions
During the year the following related-party transactions took place. All transactions related to the production of the film "Poor Things" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
11.
Controlling party
In the opinion of the directors the immediate parent undertaking is Element Pictures UK Limited, a company incorporated in England and Wales. The smallest group to consolidate these financial statements is RTL Group S.A., a Company registered in Luxembourg. Copies of the RTL Group S.A. Annual Report can be obtained from the General Counsel at RTL Group S.A., 43 Boulevard Pierre Frieden, L-1543 Luxembourg. The ultimate parent undertaking and controlling party is Bertelsmann SE & Co.KGaA, a Company registered in Germany, which is the largest group to consolidate these accounts. Copies of the Bertelsmann SE & Co.KGaA accounts can be obtained from the General Counsel at Bertelsmann SE & Co.KGaA, Carl Bertelsmann Straße 270, 33311 Gütersloh, Germany.