Independent Films Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02448948 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

INDEPENDENT FILMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Bussinello

J I B Guest

SECRETARY:

G A L Cinquemani

REGISTERED OFFICE:

20 Eastcastle Street

First - Fourth Floors

London

W1W 8DB

REGISTERED NUMBER:

02448948 (England and Wales)

AUDITORS:

KBSP Partners LLP

Chartered Accountants

Statutory Auditors

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Tangible assets

4

11,054

14,161

Investments

5

2

2

11,056

14,163

CURRENT ASSETS

Debtors

6

1,216,370

959,667

Cash at bank and in hand

1,593,750

1,323,857

2,810,120

2,283,524

CREDITORS

Amounts falling due within one year

7

1,442,861

1,159,145

NET CURRENT ASSETS

1,367,259

1,124,379

TOTAL ASSETS LESS CURRENT LIABILITIES

1,378,315

1,138,542

CREDITORS

Amounts falling due after more than one year

8

(233,333

)

-

PROVISIONS FOR LIABILITIES

(617

)

(881

)

NET ASSETS

1,144,365

1,137,661

CAPITAL AND RESERVES

Called up share capital

6,250

6,250

Special reserves

1,034,379

1,034,379

Retained earnings

103,736

97,032

SHAREHOLDERS' FUNDS

1,144,365

1,137,661

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2021 and were signed on its behalf by:

J I B Guest - Director

1.	STATUTORY INFORMATION

Independent 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 (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements present information about the company as a single entity.

Preparation of consolidated financial statements

The financial statements contain information about Independent Films Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, BRW Filmland SRL, Milan, Italy.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the value, net of value added tax and discounts, for work carried out in respect of services provided to customers.

Revenue is recognised in respect of the production of commercials from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all the necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting of the commercial commences. No profit element is recognised until the company is able to estimate the profit on the commercial reliably.

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation and accumulated impairment losses. Costs include the original purchase priced, costs directly attributable to bringing the asset to it's working condition for its intended use, dismantling and restoration costs.

Depreciation is provided on their cost less their residual value over their estimated useful lives, using either the straight line or reducing balance method.

Depreciation is provided on the following basis:

Short leasehold - Over the life of the lease

Fixtures and fittings - 25 % reducing balance and straight line over 3 years.

The assets residual values and useful lives are reviewed, and adjusted, if appropriate at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements of the company have been prepared on the going concern basis as the directors believe that adequate cash resources will be available to cover the company's requirements for working capital and capital expenditure for at least the next twelve months.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, intercompany balances and cash and bank balances, are initially recognised at transactions price, unless the arrangement constitutes a financing transaction, where transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit and loss account.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, intercompany balances and loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted a market rate of interest.

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

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

Special reserve

The special reserve was created by the cancellation of the company's share premium account and the reserves are treated as realised profit available for distribution.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2020

30,464

95,504

125,968

Additions

-

5,777

5,777

Disposals

-

(5,936

)

(5,936

)

At 31 December 2020

30,464

95,345

125,809

DEPRECIATION

At 1 January 2020

30,464

81,343

111,807

Charge for year

-

8,884

8,884

Eliminated on disposal

-

(5,936

)

(5,936

)

At 31 December 2020

30,464

84,291

114,755

NET BOOK VALUE

At 31 December 2020

-

11,054

11,054

At 31 December 2019

-

14,161

14,161

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

2

NET BOOK VALUE

At 31 December 2020

2

At 31 December 2019

2

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

900,178

231,885

Other debtors

56,878

52,427

Directors' current accounts

29,195

10,426

Tax

9,488

3,388

Prepayments and accrued income

220,631

661,541

1,216,370

959,667

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

16,667

-

Trade creditors

286,064

168,151

Amounts owed to group undertakings

-

109,739

Taxation and social security

306,609

169,791

Other creditors

833,521

711,464

1,442,861

1,159,145

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

233,333

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

33,333

-

9.	LEASING AGREEMENTS

Operating lease commitments not included in the balance sheet amount to £309,848 (2019: £429,242).

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Myerson FCA (Senior Statutory Auditor)

for and on behalf of KBSP Partners LLP

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

J I B Guest

Balance outstanding at start of year

10,426

-

Amounts advanced

18,769

10,426

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,195

10,426

12.	PARENT COMPANY

The smallest group for which consolidated financial statements are prepared which included the results of this company is that headed by BRW Filmland Srl, whose registered office is Via Savona 16, 20144, Milan, Italy. Copies of BRW Filmland Srl consolidated accounts can be obtained from the following website https://www.registroimprese.it/en/web/guest/home