REGISTERED NUMBER: 09019896 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NEEDAFIXER LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Income Statement

11

Other Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Statement of Cash Flows

16

Notes to the Financial Statements

17

DIRECTORS:

Mrs S Panagiotaki

Mr A Konstantinou

REGISTERED OFFICE:

1 Kings Avenue

Winchmore Hill

London

N21 3NA

REGISTERED NUMBER:

09019896 (England and Wales)

AUDITORS:

AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

Winchmore Hill

London

N21 3NA

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Needafixer Limited is a global film and video production company, specializing in providing comprehensive support anywhere in the world, from obtaining filming permits and scouting unique film locations to hiring local film crew and managing on-the-ground logistics.

During the financial year, the Company strengthened its position as a leading provider of international film production services. Turnover for the year ended 31 December 2024 was £22,582,698, compared with £16,774,988 in the prior period. Gross profit margin improved from 8.7% to 14.2% despite inflationary and supply chain issues affecting production costs, due to the Company's effective cost management and efficient resource utilisation.

The balance sheet remains robust, with net assets of £2,201,810 (2023: £1,666,386), supported by strong cash balances of £1,466,830. Debtors reduced from £7,370,812 to £4,771,059, reflecting improved working capital management.

COMPANY STRATEGY AND FUTURE OUTLOOK

Following the significant labour strikes and production slowdowns of 2023 and early 2024, production volumes are expected to rebound in 2025. Studio executives generally expect their 2025 production slates to meet or exceed 2024 levels. Hence, the global motion picture market is projected to expand from $51.7 billion in 2024 to $56.37 billion in 2025, with overall market growth expected to continue for the next several years. The broader film and video market is also expected to see strong growth, reaching an estimated $328.49 billion in 2025.

Independent film financing remains challenging but innovative approaches (blended financing, crowdfunding) are helping projects move forward. There's also a growing global appetite for locally produced, non-Hollywood films (e.g., from China and India), which is diversifying content worldwide.

The Company's strategy is to continually develop and maintain its strong global creative and production partnerships. By leveraging the Company's international community of experienced film producers, film fixers, location managers, and film production crew, that understand the nuances of local regulations, production logistics, and the unique needs of the film and video production industry, the Company is confident it can expand market share and ride on the expected industry growth in the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES

1. Attracting, developing and retaining people with the necessary skills

Our ability to achieve our business strategy depends on attracting, developing and retaining a wide range of skilled and experienced people. Tight labour markets and entry into new countries are leading to heightened competition for diverse talent and critical skills.

Potential impact on the Company

- Inability to attract, develop and retain people with necessary skills could negatively impact delivery of our strategy.

- Business interruption or underperformance may arise from a lack of access to the right capabilities.

Mitigating factors or controls

- We conduct annual and quarterly business planning activities that identify trends in turnover and retention, which enables corrective action to be taken when needed.

- We have local trainee (apprenticeship) and graduate internship programmes and other future skill development partnerships.

- We conduct a biennial people survey, as part of our engagement strategy and retention efforts.

- We provide respect at work training to mitigate sexual harassment, bullying and discrimination in our workplace.

- We undertake succession planning for critical roles.

- We provide leadership training and development programmes.

2. Counterparty credit and performance

We are subject to the risk of nonperformance by our suppliers and customers, in particular in respect of our filming activities.

Potential impact on the Company

- Non-performance by suppliers and customers may occur and cause losses in a range of situations, such as:

- a significant increase in production cost due to suppliers being unwilling to honour their contractual commitments at

pre-agreed prices;

- suppliers to whom we have made prepayments not honouring their contractual obligations due to financial distress or other reasons.

Mitigating factors or controls

- We seek to diversify our customer and supplier base.

- We adopt stringent criteria and checks before accepting a supplier or customer.

- We regularly monitor and review the performances of our partners.

3. Currency exchange (FX) rates

FX changes affect us as a global company usually selling in US dollars but having costs in a large variety of other currencies. The main currency exchange rate exposure is through our outstanding trade receivables and payables, which are spread across many different countries.

Potential impact on the Company

- As the Company's presentation currency is the Pound Sterling (£), a depreciation in the value of the US dollar against the Pound Sterling (£) will result in an increase in FX cost or lower sales recognised in Pound Sterling (£).

Mitigating factors or controls

- We continuously monitor and report on financial impacts resulting from foreign currency movements to determine appropriate actions and mitigating responses.

- We take into account the foreign currency movements when negotiating terms with suppliers or customers.

4. Major project delivery

The Company is exposed to the impact of unsatisfactory major project delivery. Failure to deliver on major projects or the lack of an adequate project pipeline may result in an inability to provide expected production output, which can in turn have an adverse impact on our capital and operational results. This could also impact our ability to deliver production growth and/or meet guidance.

Potential impact on the Company

- Overall risk to the credibility of the Company in delivering on its stated objectives.

- Demand on capital funding in excess of approved budgets and forecasts submitted.

- Shortfall on projected volumes relative to production guidance.

- Materially underdelivering on initial project return expectations, which may also result in impairments.

Mitigating factors or controls

- Before undertaking a film project, assess the availability and cost of resources critical to the successful completion of the production.

- Plan for contingencies by ensure the availability and suitability of backup resources.

- We regularly monitor and review the progress of our film productions.

5. Geopolitical, permits and licences to operate

The current geopolitical environment is dynamic, and disputes, tariffs or changes in policy could impact trade flows, market access and our ability to conduct business. The potential for conflict is increasing, which in turn could impact our entire business from production and marketing to sourcing and logistics.

Potential impact on the Company

- Adverse actions by governments and others can result in operational/project delays or loss of permits or licences to operate, which could have a material adverse effect on the Company thereby affecting the Company’s long-term viability and success.

- Failure to obtain or renew a necessary permit or the occurrence of other disputes could mean that we would be unable to proceed with the development or continued operation of film projects.

- Laws and regulations in the countries in which we do business may change or be implemented in a manner that may have a materially adverse effect on the Company.

Mitigating factors or controls

- The Company’s projects are diversified across various countries which reduces the Company’s exposure to any particular country.

- The Company has active engagement strategies with the governments, regulators and other stakeholders within the countries in which it operates or intends to operate. Through strong relationships with stakeholders, we endeavour to secure and maintain our licences to operate.

- We endeavour to operate our businesses according to high legal, ethical, social and human rights standards, and to ensure that our presence in host countries leaves a positive lasting legacy.

- We operate under a policy, annually reviewed by the Board, which sets out the Company’s commitment to comply with all applicable tax laws, rules and regulations, without exception, and to be characterised as a ‘good corporate fiscal citizen’.

ENGAGEMENT WITH EMPLOYEES

We consider that our employees act with the utmost integrity and professional expertise in providing our customers with exceptional service. In doing so, the Board considers that its employees are both rewarded fairly and incentivised to deliver the Company’s strategy.

How we engage with our employees

The Board is kept informed on employee-related matters at every Board meeting at which it receives a standing agenda update from the Company’s Human Resources Director. For our senior people, feedback is regularly received from the work that our human resources department undertakes throughout the year. Employee surveys are undertaken regularly to monitor issues arising and these surveys form the basis of action plans. Consultation with employees happens when their views need to be considered in decisions the Company needs to make that will likely affect their interests. All employees are kept abreast of Company news and financial performance in quarterly business updates. There is also ongoing communication through the Company’s intranet, notice boards, newsletters and team briefings.

KEY PERFORMANCE INDICATORS

2024

2023 (7 months

)

£

£

Revenue

22,582,698

16,774,988

Gross profit

3,206,667

1,462,069

Operating profit/loss

654,009

22,349

Profit/Loss before tax

661,744

27,534

Net assets

2,201,810

1,666,386

Gross margin

14.20%

8.72%

Current ratio

1.28

1.07

EBITDA*

753,637

82,809

*EBITDA is operating profit as measured using UK GAAP principles adjusted for the effects of depreciation, amortisation and impairment of non-financial assets. EBITDA is reported to the Board as management considers that it provides a useful proxy for the Company’s operating profit excluding non-cash items, it also gives the Board some insight as to the Company’s ability to produce cash to repay creditors or to distribute to shareholders.

The Company also monitors its performance by tracking other non-financial indicators that are important to the Company's long term success. A key non-financial indicator is customer satisfaction scores, which the Company collate periodically based on voluntary customer satisfaction surveys. Low scores are investigated and subject to a root cause assessment to make sure that any lessons that should be learned are identified and implemented.

FINANCIAL POSITION

The Company is in good financial health and has adequate financial resources to expand the business going forward and to take advantage of potential opportunities that may arise in the future.

ON BEHALF OF THE BOARD:

Mrs S Panagiotaki - Director

12 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of film and video productions.

DIVIDENDS

An interim dividend of £625 per share on the Ordinary Shares £1 shares was paid on 31 December 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the B Ordinary shares £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 62,500 .

FUTURE DEVELOPMENTS

The Company’s future developments are set out in the Company strategy and future outlook section of the Strategic Report on page 2 in accordance with s414C(11) of the Companies Act 2006 as the directors consider this to be of strategic importance to the Company.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year are set out in note 22 to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs S Panagiotaki

Mr A Konstantinou

FINANCIAL INSTRUMENTS

The financial risk management objectives and policies of the Company, including exposure to currency risk, credit risk and liquidity risk are set out in note 15 to the financial statements.

POLITICAL DONATIONS AND EXPENDITURE

During the year under review, the company did not make any political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S Panagiotaki - Director

12 December 2025

Opinion

We have audited the financial statements of Needafixer Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address

As disclosed in Note 25, the financial statements of the company for the year ended 31st December 2023 were not audited. Our opinion on the current period's financial statements is not modified in respect of this matter.

Prior year adjustment

As described in Note 10 to the financial statements, the Company has restated its comparative financial statement to reflect a prior year adjustment. This adjustment was necessary to correct an incorrect classification in the Statement of Financial Position of film rights, resulting in the following adjustments:

- Film rights as at 31 December 2023 has been restated to £90,000 from £Nil.

- Shares in group undertakings as at 31 December 2023 has been restated from £846,685 to £756,685.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alekos Christofi (Senior Statutory Auditor)

for and on behalf of AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

Winchmore Hill

London

N21 3NA

12 December 2025

TURNOVER

4

22,582,698

16,774,988

Cost of sales

19,376,031

15,312,919

GROSS PROFIT

3,206,667

1,462,069

Administrative expenses

2,552,658

1,439,720

OPERATING PROFIT

6

654,009

22,349

Interest receivable and similar income

10,172

6,302

664,181

28,651

Interest payable and similar expenses

7

2,437

1,117

PROFIT BEFORE TAXATION

661,744

27,534

Tax on profit

8

63,820

(457,370

)

PROFIT FOR THE FINANCIAL YEAR

597,924

484,904

PROFIT FOR THE YEAR

597,924

484,904

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

597,924

484,904

FIXED ASSETS

Tangible assets

11

95,384

117,829

Investments

12

846,685

846,685

942,069

964,514

CURRENT ASSETS

Stocks

13

-

78,305

Debtors

14

4,681,059

7,280,812

Cash and cash equivalents

1,466,830

4,343,470

6,147,889

11,702,587

CREDITORS

Amounts falling due within one year

15

4,865,101

10,971,258

NET CURRENT ASSETS

1,282,788

731,329

TOTAL ASSETS LESS CURRENT LIABILITIES

2,224,857

1,695,843

PROVISIONS FOR LIABILITIES

17

23,047

29,457

NET ASSETS

2,201,810

1,666,386

CAPITAL AND RESERVES

Called up share capital

18

115

115

Retained earnings

19

2,201,695

1,666,271

SHAREHOLDERS' FUNDS

2,201,810

1,666,386

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Mrs S Panagiotaki - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 30 May 2023

115

1,181,367

1,181,482

Changes in equity

Total comprehensive income

-

484,904

484,904

Balance at 31 December 2023

115

1,666,271

1,666,386

Changes in equity

Dividends

-

(62,500

)

(62,500

)

Total comprehensive income

-

597,924

597,924

Balance at 31 December 2024

115

2,201,695

2,201,810

Cash flows from operating activities

Cash generated from operations

1

(2,628,255

)

3,062,279

Interest paid

(2,437

)

(1,117

)

Tax paid

(186,608

)

(128,905

)

Net cash from operating activities

(2,817,300

)

2,932,257

Cash flows from investing activities

Purchase of tangible fixed assets

(7,012

)

(41,750

)

Purchase of fixed asset investments

-

(435,113

)

Interest received

10,172

6,302

Net cash from investing activities

3,160

(470,561

)

Cash flows from financing activities

Equity dividends paid

(62,500

)

-

Net cash from financing activities

(62,500

)

-

(Decrease)/increase in cash and cash equivalents

(2,876,640

)

2,461,696

Cash and cash equivalents at beginning of year

2

4,343,470

1,881,774

Cash and cash equivalents at end of year

2

1,466,830

4,343,470

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

30.5.23

Year Ended

to

31.12.24

31.12.23

as restated

(Unaudited)

£

£

Profit before taxation

661,744

27,534

Depreciation charges

29,457

12,989

Increase in Interco Debtors

(1,818,213

)

(453,983

)

Decrease in Interco Creditors

(736,041

)

377,027

Finance costs

2,437

1,117

Finance income

(10,172

)

(6,302

)

(1,870,788

)

(41,618

)

Decrease/(increase) in stocks

78,305

(78,305

)

Decrease/(increase) in trade and other debtors

4,534,344

(4,196,652

)

(Decrease)/increase in trade and other creditors

(5,370,116

)

7,378,854

Cash generated from operations

(2,628,255

)

3,062,279

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,466,830

4,343,470

Period ended 31 December 2023

31.12.23

30.5.23

as restated

(Unaudited)

£

£

Cash and cash equivalents

4,343,470

1,881,774

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash and cash equivalents

4,343,470

(2,876,640

)

1,466,830

4,343,470

(2,876,640

)

1,466,830

Total

4,343,470

(2,876,640

)

1,466,830

1.	STATUTORY INFORMATION

Needafixer Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

After reviewing the Company’s forecasts and projections, which cover the 12-month period from the date of signing the financial statements, the directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. These forecasts and projections have considered a downside scenario in sales levels; however, management have also identified mitigating actions that could be taken to ensure that the Company has sufficient funds to meet liabilities as they fall due over the next 12 months. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, net of returns and discounts. Value added tax and other sales taxes that the Company collects on behalf of the tax authority are excluded. Revenue is earned from the sale of goods and from the rendering of services.

Sale of goods

Goods are sold when required for the video production. Revenue from these sales is recognised when:

- the buyer has obtained the significant risks and rewards of ownership of the goods;

- the Company has no significant continuing involvement;

- the amount of revenue and associated costs can be measured reliably; and

- it is probable that the Company will receive the consideration.

Rendering of services

The Company provides video production services. Revenue from these services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract, subject to the following conditions being satisfied:

- the amount of revenue, costs incurred, future costs to complete and stage of completion can all be measured reliably; and

- it is probable that the Company will receive the consideration.

The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Other interest receivable and similar income

Interest income is recognised in profit or loss using the effective interest method.

Property, plant and equipment

Property, plant and equipment, with the exception of freehold property, are measured using the cost model. These assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Plant and machinery - 25% on reducing balance.

The Company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in associates and joint ventures

An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in, but not to control or jointly control, the financial and operating policy decisions of the investee. A joint venture is an activity that is controlled jointly by the Company and one or more other investors under a contractual arrangement.

Investments in associates and joint ventures are recognised initially in the statement of financial position at cost (including transaction costs). Subsequently, they are accounted for at cost less accumulated impairment.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss unless it relates to a transaction recognised as other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity respectively.

Current tax is recognised for the amount of income tax the Company expect to pay on taxable profit for the current or past reporting periods. This is determined based on the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operate.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

- 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;

- Where applicable deferred tax balances are reversed if and when all conditions for retaining associated tax allowances for the cost of a fixed asset have been met.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only when the Company has a right to set off related current tax assets and tax liabilities, which is generally the case for balances within the same taxable entity.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity and has no further payment obligations.

The contributions are recognised as an expense in profit or loss in the period as employees provide service. Amounts due but unpaid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Operating leases

Rentals payable under operating leases are generally charged to profit or loss on a straight line basis over the lease term. The aggregate benefits of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Financial instruments

Basic financial instruments

Recognition and measurement

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the current effective rate under the contract is used.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset, and the net amount reported in the statement of financial position when there is an 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. At present, the Company has not offset any items.

Derecognition

A financial asset is derecognised only when:

- the contractual rights to the cash flows from the financial asset expire or are settled; or

- substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party; or

- when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the Company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer.

A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Film rights

The Company enters into contracts to finance the production of film projects and, in return, obtains contractual rights to participate in the future cash flows generated by those projects. These rights typically comprise priority recoupment of the original investment (plus a fixed premium) from gross receipts and an ongoing share of net profits thereafter. The Company does not obtain control of the underlying intellectual property nor an equity interest in the production entity itself.

Such arrangements are classified as film rights and are presented within non-current assets, as they are not expected to be realised in the normal operating cycle and realisation is dependent on the medium to long term exploitation of the film. These instruments are non-basic financial assets within the scope of Section 12 of FRS 102.

Initial recognition

Film rights are recognised when the Company becomes party to the contractual provisions of the film financing agreement and the funds are irrevocably committed to the production. They are initially measured at fair value, which in the absence of evidence to the contrary is deemed to be the transaction price (the amount of cash invested). Directly attributable transaction costs are included in the initial carrying amount of the asset.

Subsequent measurement

The Company's film rights are not traded in an active market and their fair value cannot be measured reliably on a recurring basis due to the high degree of estimation uncertainty over future box office and distribution receipts. Accordingly, these investments are measured subsequently at cost less impairment, in accordance with FRS 102 Section 12.

The carrying amount is reviewed at each reporting date for indicators that the asset may be impaired, including:

- adverse changes in expected performance of the film (for example, failure to secure distribution deals, poor festival or market reception, or significantly lower than expected sales);

- evidence that future cash flows are likely to be lower than originally forecast; and

- any other events or changes in circumstances that indicate the carrying amount may not be recoverable.

Where such indicators exist, the recoverable amount is estimated as the higher of (i) value in use, determined by reference to updated expected discounted cash flows, and (ii) fair value less costs to sell, where this can be determined. If the recoverable amount is lower than the carrying amount, an impairment loss is recognised in the profit and loss account.

Impairment losses are reversed only if there has been a change in the estimates used to determine the recoverable amount, and only to the extent that the carrying amount does not exceed the original cost less any previously recognised amortisation or impairment.

Income recognition

Cash receipts arising from film rights (including recoupment of the original investment and any premium, and participation in net profits) are recognised as income in the profit and loss account when:

- the amounts are contractually due under the terms of the financing agreement; and

- it is probable that the economic benefits will flow to the Company and the amount can be measured reliably.

Amounts received are allocated between:

- recovery of the carrying amount of the investment (treated as a reduction in the carrying value of the asset where they represent recoupment of cost); and

- film rights' income (recognised within other operating income) where they exceed the carrying amount or represent the premium and/or share of net profits.

Derecognition

Film rights are derecognised when the contractual rights to the cash flows expire, are settled, or are transferred, and the Company has transferred substantially all the risks and rewards of ownership. Any difference between the proceeds received (including any final participation income) and the carrying amount of the investment is recognised in the profit and loss account in the period of derecognition.

Called up share capital and reserves

Called-up share capital represents the nominal value of ordinary shares that have been issued. The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with issuing shares are deducted from share premium.

The retained earnings include all current and prior period retained profits and losses.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. These amounts are recognised in the statement of changes in equity.