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Registered number: 13860919
MINNOW FILMS (SAS US) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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MINNOW FILMS (SAS US) LIMITED
REGISTERED NUMBER: 13860919
BALANCE SHEET
AS AT 31 MARCH 2025
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 8 form part of these financial statements.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Minnow Films (SAS US) Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The Company's registered office and principal place of business are located at 124 Finchley Road, London, NW3 5JS and 58-60 Rivington Street, London, EC2A 3AU respectively.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account as part of total comprehensive income.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company's operational cash flow requirements are dependent upon both the waterfall of income and scheduled performance of works towards services the Company is contractually obliged to complete and deliver.
Where expenditure incurred in delivering said services exceeds either the total income generated by the Company or the timing in which income is scheduled to flow into the Company, there is an increased likelihood that the Company may become unable to meet its liabilities as they should fall due without significant financial support from either its fellow group undertakings and/or third parties.
As at both the balance sheet date and the date upon which these financial statements were approved for issue, the Company held net liabilities on its balance sheet with its principal creditors being that of the Company's fellow group undertakings.
The board of directors of the Company are also directors of those fellow group undertakings with whom the Company has a creditor relationship with.
Having reviewed both the financial performance and cashflow requirements of said group undertakings' by the directors; they are of the opinion and having confirmed in said capacity on behalf of the relevant group undertakings that no demand for repayment of any amounts owed by the Company will need to be made until such time as the Company can repay them and that the current and ongoing intention is for the Company to continue to be provided with appropriate financial support where considered necessary such that the Company would be able to meet any third party debts as they should fall due without detriment to the group undertakings.
In preparing these financial statements the directors are therefore of the opinion that based on current and expected operational performance and the presence of ongoing financial from its principal creditors, there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to ensure liabilities are appropriately discharged as they should fall due, complete and deliver on all executed contractual obligations and continue in operational existence going forward.
While there will always remain inherent uncertainty, the directors have no reason to believe that a material uncertainty exists, despite the net liability position reported at the balance sheet date, that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Turnover comprises of revenues receivable by the Company during the financial reporting period in respect of the supply of television programming development and production services.
Revenues in respect of development and production services comprise of fees and other pre-sales receivable, exclusive of Value Added Tax, in exchange for the provision of a contract for services; with recognition made, in respect of production services, by reference to the stage of completion of contract activity at the balance sheet date; and in respect of development services, over the period of the activity in line with expenditure incurred. Where it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in profit or loss.
The Company does not expect to have any contracts where the period between the transfer of the contracted services and related payment exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Format fees, royalties and other similar revenues are recognised once the Company has been notified of sums due to it.
Current (i.e. corporation) taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable.
The Company, by way of its operational activities, may be eligible for UK Creative Industry Credits.
Said incentives provided by the UK Government to creative industries are designed to promote culturally relevant productions, incentivise investment into regions that would otherwise take place elsewhere and support the necessary critical mass of infrastructure and skills for both today and in the longer term.
UK Creative Industry Credits are recognised on receipt and reported within other operating income and not taxation on the grounds that such tax credits are deemed to be working capital in nature for they arise, albeit not as a direct result, in the course of normal operational activities.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the reporting date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities, and equity held by the Company is as outlined in notes 2.9 to 2.13 below.
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
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Cash and cash equivalents
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Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.
Creditors are initially measured and subsequently held at transaction price (i.e fair value).
The Company may enter into forward foreign exchange contracts, not designated and effective as a hedging instrument, to manage its exposure to foreign exchange rate risk.
Such derivatives are initially, and subsequently re-measured at each balance sheet date, at fair value with any gains or losses on re-measurement immediately recognised in profit or loss. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a fixed asset or long-term liability if the remaining maturity is more than 12 months and is not expected to be realised or settled within 12 months of the balance sheet date. Other derivatives are presented as current assets or current liabilities.
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
The judgments, estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and/or liabilities within the next financial period are addressed below:
Work in progress with respect to contract activity
Accrued and/or deferred income in respect of production services are recognised by reference to the stage of completion of contract activity at the balance sheet date.
In determining the stage of completion as at the balance sheet date, the directors look at the total expenditure incurred up to the balance sheet date as a percentage of the total expected expenditure in delivery of contract completion.
In determining the total expected expenditure in delivery of contract completion, the directors consider the following unobservable inputs, estimates and assumptions:
∙Identification of potential changes in expenditure budgeted for at the outset of contract activity expected to be incurred in order to achieve completion and subsequent delivery, taking into account current and expected production activity, changes in market risk and the likelihood of completion based on current expectations.
Recoverable value of debtors
Debtors are reported at transaction price less provision for impairment.
When assessing the recoverable value of debtors, the directors consider the following unobservable inputs, estimates and assumptions:
∙Externally available and internal sources of information such as historic and expected market activity, ageing profile, historical experience and, in the case of amounts owed by connected parties, the forecasted financial performance and expected cash flows of the connected party.
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The average monthly number of employees, including directors, during the year was 9 (2024 - 4).
As is common with the film and television industry, the majority of crew involved in operations are freelance; either on secondment from fellow group undertakings, employed on short-term contracts for the duration of principal photography or registered as self-employed.
In accordance with UK legislation, certain office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value that is not materially different from their carrying value.
Amounts owed by group undertakings are unsecured, interest-free and repayable on demand with no fixed date of repayment.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2024: £nil).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed date of repayment.
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MINNOW FILMS (SAS US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The Company's immediate parent company is Minnow Films Limited, a company incorporated under the UK Companies Act 1985, which holds a 100% interest in the total voting rights of the Company.
Minnow Films Limited, whose registered office is located at 124 Finchley Road, London, NW3 5JS, is the parent undertaking of the smallest group to consolidate these financial statements.
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 19 December 2025 by Anthony Pins (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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