Cipher Films Limited iXBRL

Cipher Films Limited

FINANCIAL STATEMENTS

for the financial year ended 30 August 2025

CIPHER FILMS LIMITED

DIRECTORS AND OTHER INFORMATION


Directors	Pierre Patrick Mascolo
	Ms Lilia Ivanova Mascolo (Appointed 14 July 2026)
	George Isaac (Resigned 14 July 2026)


Company Registration Number	04859237


Registered Office	Berkeley House
	Amery Street
	Alton
	Hampshire
	GU34 1HN


Independent Auditors	JWR Audit Limited
	24 Picton House
	Hussar Court
	Waterlooville
	Hampshire
	PO7 7SQ
	United Kingdom

CIPHER FILMS LIMITED

Company Registration Number: 04859237

BALANCE SHEET

as at 30 August 2025

Aug 25

Aug 24

Notes

Fixed Assets

Tangible assets	8	-	251
Investments	9	1	1
		─────────	─────────
Fixed Assets		1	252
		─────────	─────────

Current Assets

Debtors

178,840

194,518

Creditors: amounts falling due within one year

(390,578)

(390,457)

─────────

Net Current Liabilities

(211,738)

(195,939)

─────────

Total Assets less Current Liabilities

(211,737)

(195,687)

Creditors:

amounts falling due after more than one year

(233)

(233)

─────────

Net Liabilities

(211,970)

(195,920)

═════════

Capital and Reserves

Called up share capital

13,333

13,333

Retained earnings

(225,303)

(209,253)

─────────

Equity attributable to owners of the company

(211,970)

(195,920)

═════════

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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 13 August 2026 and signed on its behalf by



________________________________
Pierre Patrick Mascolo
Director

CIPHER FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 AUGUST 2025

GENERAL INFORMATION

Cipher Films 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 (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 30 August 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Intangible assets

Film Production Costs

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life

Film Production Costs - 20% on cost

Tangible assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life

Plant and machinery

20% on cost

Office Equipment

25% on reducing balance

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial year in which it is receivable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing the financial statements in accordance with FRS 102, management is required to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and parent company support will be given if needed. Hence the directors consider it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.

The financial statements were audited by JWR Audit Limited.

The Auditor's Report was signed by Katie Wood FCA FCCA (Senior Statutory Auditor) for and on behalf of JWR Audit Limited on 15th August 2026.

EMPLOYEES

The average monthly number of employees, including directors, during the financial year was 0, (Aug 24 - 0).


7.	INTANGIBLE ASSETS
		Film
		Production Costs	Total
		£	£
	Cost
	At 31 August 2024	391,979	391,979
		─────────	─────────

	At 30 August 2025	391,979	391,979
		─────────	─────────
	Amortisation

	At 30 August 2025	391,979	391,979
		─────────	─────────
	Net book value
	At 30 August 2025	-	-
		═════════	═════════


8.	TANGIBLE ASSETS
		Plant and	Office	Total
		machinery	Equipment

		£	£	£
	Cost
	At 31 August 2024	2,129	1,500	3,629
	Disposals	(2,129)	(1,500)	(3,629)
		─────────	─────────	─────────
	At 30 August 2025	-	-	-
		─────────	─────────	─────────
	Depreciation
	At 31 August 2024	2,129	1,249	3,378
	On disposals	(2,129)	(1,249)	(3,378)
		─────────	─────────	─────────
	At 30 August 2025	-	-	-
		─────────	─────────	─────────
	Net book value
	At 30 August 2025	-	-	-
		═════════	═════════	═════════
	At 30 August 2024	-	251	251
		═════════	═════════	═════════


9.	INVESTMENTS
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost

	At 30 August 2025	1	1
		─────────	─────────
	Net book value
	At 30 August 2025	1	1
		═════════	═════════
	At 30 August 2024	1	1
		═════════	═════════


10.	DEBTORS	Aug 25	Aug 24
		£	£

	Amounts owed by group undertakings	65,381	73,257
	Directors' current accounts	96,832	90,808
	Taxation	16,627	30,453
		─────────	─────────
		178,840	194,518
		═════════	═════════


11.	CREDITORS	Aug 25	Aug 24
	Amounts falling due within one year	£	£

	Bank overdrafts	-	54
	Trade creditors	24	24
	Amounts owed to group undertakings	384,775	384,775
	Accruals	5,779	5,604
		─────────	─────────
		390,578	390,457
		═════════	═════════


12.	CREDITORS	Aug 25	Aug 24
	Amounts falling due after more than one year	£	£

	Other loans	233	233
		═════════	═════════

13.

DETAILS OF CREDITORS

Security given in respect of creditors

The company had the following outstanding charges registered with Companies House:

A charge dated 4 April 2006 in favour of The Governor and Company of the Bank of Ireland, relating to a fixed charge over deposits and a floating charge over debts.

A charge dated 4 April 2006 in favour of Abn Amro Bank N.V., relating to a charge over deposits held in connection with certain loans.

Both charges remain outstanding.

14.

PARENT COMPANY

The company regards Mascolo (UK) Holdings Limited as its parent company.

15.

CONTROLLING INTEREST

The controlling party is Mascolo (UK) Holdings Limited.

16.

SHARE CAPITAL

Allotted, issued and fully paid

Aug 25

Aug 24

13,333 Ordinary Shares

13,333

13,333

═════════

17.

DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 August 2025 and 30 August 2024:

P Mascolo

Aug 25

Aug 24

Balance outstanding at start of year

90,808

89,058

Amounts advanced

2,644

2,020

Amounts repaid

(120)

(270)

─────────

93,332

90,808

═════════

18.

G Isaac

Aug 25

Aug 24

Balance outstanding at start of year

230,280

230,280

Amounts advanced

3,500

Provision for Write Off

(230,280)

(230,280)

─────────

3,500

═════════

Interest of £2,644 was charged on the loan during the current financial year and repayments of £120 were received during the year. At the year end, the company was owed £93,332 (2024: £90,808).

A loan to the director, G Isaac, remains outstanding at the year end. A provision of £230,280 has been recognised in respect of the loan.