Company Registration No. 07891066 (England and Wales)
GFM FILM SALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
GFM FILM SALES LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
GFM FILM SALES LIMITED
COMPANY INFORMATION
Directors
Mr G S Collins
Mr F J Hedman
Company number
07891066
Registered office
Suite 7 The Sanctuary
23 Oak Hill Grove
Surbiton
England
KT6 6DU
Accountants
King & King
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
GFM FILM SALES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GFM FILM SALES LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFM Film Sales Limited for the period ended 31 December 2024 which comprise, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of GFM Film Sales Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of GFM Film Sales Limited and state those matters that we have agreed to state to the b oard of d irectors of GFM Film Sales Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GFM Film Sales Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that GFM Film Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GFM Film Sales Limited. You consider that GFM Film Sales Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of GFM Film Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

These conditions set out in the business review in the directors report indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its bankers and shareholders and will generate sufficient cash flows to meet its liabilities as they fall due.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
10 February 2026
GFM FILM SALES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
4
15,181
211,217
Cash and cash equivalents
1,056
11
16,237
211,228
Current liabilities
5
(702,551)
(711,867)
Net current liabilities
(686,314)
(500,639)
Non-current liabilities
6
(24,279)
(31,810)
Net liabilities
(710,593)
(532,449)
Equity
Called up share capital
1
1
Retained earnings
(710,594)
(532,450)
Total equity
(710,593)
(532,449)

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

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 10 February 2026 and are signed on its behalf by:
Mr G S Collins
Director
Company Registration No. 07891066
GFM FILM SALES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
Share capital
Retained earnings
Total
£
£
£
Balance at 28 December 2022
1
(425,361)
(425,360)
Year ended 27 December 2023:
Loss and total comprehensive income for the year
-
(107,089)
(107,089)
Balance at 27 December 2023
1
(532,450)
(532,449)
Period ended 31 December 2024:
Loss and total comprehensive income for the period
-
(178,144)
(178,144)
Balance at 31 December 2024
1
(710,594)
(710,593)
GFM FILM SALES LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
1
Judgements and key sources of estimation uncertainty

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

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

2
Accounting policies
Company information

GFM Film Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 7 The Sanctuary, 23 Oak Hill Grove, Surbiton, England, KT6 6DU.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Going concern

The financial statements have been prepare don a going concern basis subject to the following material uncertainties.

We draw attention to the business review in the directors report o page 2 to the financial statements and note 7 to the accounts. The company is dependent on the continued support of its bankers and shareholders and the generation of future profitable trading.

These conditions set out in the business review in the directors report indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its bankers and shareholders and will generate sufficient cash flows to meet its liabilities as they fall due.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

GFM FILM SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 5 -
2.3
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

2.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT where applicable.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

2.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.6
Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GFM FILM SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7
Equity instruments

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

2.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2.9
Foreign exchange

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

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
3
3
GFM FILM SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
9,315
100,825
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,949
56,089
Other receivables
917
54,303
15,181
211,217
5
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
5,426
4,870
Trade payables
2,469
3,359
Amounts owed to group undertakings and undertakings in which the company has a participating interest
314,507
285,254
Corporation tax
-
0
1,487
Other taxation and social security
88,075
88,075
Other payables
292,074
328,822
702,551
711,867
6
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
24,279
31,810
GFM FILM SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
7
Financial commitments, guarantees and contingent liabilities

HMRC have assessed on the company a Vat charge of £88,075 being a portion of he Vat liability due from GFM Films LLP at the point of its liquidation. This assessment was not known or expected at the time when the company was purchased by Nucit Ltd from the Receiver of GFM Films LLP. The company directors have appealed against this assessment but at the time of signing the accounts for the year under review this appeal has not been settled.

The company licenced distributions rights to the proposed feature film entitled 'Severance' to various distributors internationally. Deposit payments amounting to $284,639 were received by the company before the acquisition by Nucit Ltd and remain outstanding. As the company has not been able to raise the full production financing for the film some distributors have demanded repayment of these deposits.

Currently the GFM Films LLP liquidator controls the rights to the film which prevents the company continuing to set up the film. The company has asked the liquidator to grant it an option against agreed payments so that the company can proceed with the film. The company repeated the request to the LLP liquidator, after discussions with a potential co producer for the film who is willing to provide production cost savings and investment. So far the liquidator has not responded.

The company is in ongoing discussion with HMRC and trade creditors about rescheduling its liabilities and if this can be secured, the company would be able to restart film distribution saes activities,with support from its parent company, with or without a new option to restart the relevant film. Failing that it is the directors opinion that the company is unlikely to be able to continue as a going concern.

These liabilities outcome is contingent on the company having the option granted.

8
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the period in respect of shares held by the company's directors.

Advances
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan account
-
36,748
(36,748)
-
36,748
(36,748)
-
9
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Nucit Limited
36,421
-
GFM Animation Limited
278,086
285,254
GFM FILM SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
9
Related party transactions
(Continued)
- 9 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Nucit Limited
-
51,890
Evolution Pictures Limited
744
744
GFM Productions LLP
4,205
3,455
10
Controlling parties

The company is 100% owned by Nucit Limited, a company registered in England. The parent company's registered office is 5th Floor Watson House, 54-60 Baker Street, London W1U 7BU.

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