|
Registered number: 15070429
TT FILMS LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
|
|
TT FILMS LTD
REGISTERED NUMBER: 15070429
BALANCE SHEET
AS AT 31 MARCH 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
................................................
Clare Joanna Voyce
|
|
|
|
|
|
|
The notes on pages 2 to 8 form part of these financial statements.
|
|
TT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TT Films Ltd (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and is 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
|
|
|
Summary of significant accounting policies
|
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.
|
|
|
Basis of preparation of financial statements
|
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.
|
|
|
Functional and presentational currency
|
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.
|
|
|
Foreign currency translation
|
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.
|
|
TT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Comparative figures are for the period commencing on incorporation of the Company (14 August 2023) and ending 31 March 2024.
Following completion and airing of the production in January 2025 for which the Company was originally establised to deliver, the Company became non-trading and shall remain as such until such time the directors either receive confirmation from its legal counsel and/or the broadcaster of the production of any contentious matters in respect of the production, identify a suitable venture for which the Company may be used as a vehicle to undertake said venture or choose to wind up the Company.
There were no known contentious matters raised against the Company or any plans in place or formally being considered by the directors to wind up the Company as of the date these financial statements were approved by the directors.
In preparing these financial statements the directors are of the opinion that, based on current and expected operational performance of the Company and confirmed financial support from the Company's immediate parent undertaking (see note 11), 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 and continue in operational existence.
While there will always remain inherent uncertainty, the directors have no reason to believe that a material uncertainty exists 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.
Turnover comprises of revenues receivable by the Company during the financial reporting period in respect of the supply of over-the-top (OTT) 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.
|
|
TT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
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 2.10 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.
|
|
TT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
|
|
|
Cash and cash equivalents
|
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).
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.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
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.
In the opinion of the directors, there were no judgments, estimates and/or assumptions that woud be considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and/or liabilities within the next financial period.
|
|
The average monthly number of employees, including directors, during the year was 2 (2024 - 1).
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.
|
|
|
TT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
|
|
|
|
|
Falling due within one year
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors falling due within one year are non-interest bearing and, in the opinion of the directors, of a fair value is not materially different from their carrying value.
Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date for repayment.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2024: £nil).
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date for repayment.
|
|
|
TT FILMS LTD
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.
Agreement to reimburse
In the ordinary course of business, the Company has entered into a contractual arrangement under which the broadcaster of a production for which the Company was commissioned to produce is due a minimum return against the approved contract sum to the value of £362,481 by way of UK Creative Industry Credits to be claimed by the Company against said production.
Where the Company's claim for UK Creative Industry Credits against said production is less than the minimum return value of £362,481, the Company is liable for any shortfall; except where such shortfall is as a result of changes in the legislature or any action exercised by the broadcaster.
At the balance sheet date, the Company had submitted claims to the value of £179,143, and subsequently received payment prior to the date these financial statements were approved by the directors, in respect of production activities undertaken up to 31 March 2024.
Litigation claims
The legal risks arising from the Company's operational activities are typical of those faced by any production company whose content may be considered to be defamatory by the individual(s) the productions' subject matter focuses on. Consequently, in the normal course of its operations, the Company may be subject to litigation matters and claims.
Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold.
In the ordinary course of business, the Company has entered into contractual arrangements under which the broadcaster of the production subject to litigation matters and claims has agreed to provide indemnification of varying scope and terms to the Company with respect to certain matters including, but not limited to, infringement claims made by third parties. In these circumstances, reimbursement of losses incurred by the Company in relation to litigation matters may be conditional on the Company making a claim with the broadcaster pursuant to the procedures specified in the particular contract. The broadcaster'’s obligations under these arrangements may also be limited in terms of time and/or amount.
|
|
Related party transactions
|
|
|
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.
|
|
|
TT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
|