Baxter Film Productions Limited Filleted accounts for Companies House (small and micro)

BAXTER FILM PRODUCTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13151136

Baxter Film Productions Limited

Filleted Unaudited Accounts

31 December 2021

Baxter Film Productions Limited

Statement of Financial Position

31 December 2021

	31 Dec 21
Note	£

Current assets

Debtors	5	326,776
Cash at bank and in hand		606,169
		---------
		932,945

Creditors: amounts falling due within one year	6	( 932,943)
		---------
Net current assets		2
		----
Total assets less current liabilities		2
		----
Net assets		2
		----

Capital and reserves

Called up share capital	2
	----
Shareholders funds	2
	----

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

These accounts were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:

A Lowe

Director

Company registration number: 13151136

Baxter Film Productions Limited

Notes to the Accounts

Period from 21 January 2021 to 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23-25 Eastcastle Street, London, W1W 8DF, England.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Comparatives

The accounts cover the period from incorporation on 21 January 2021 through to 31 December 2021, hence there are no comparative figures.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

Accruals are estimated by reference to purchase orders raised at the period end. Payments received on account are estimated by reference to percentage of completion of the film, as noted in "Revenue recognition" below.

Revenue recognition

Turnover relates to the provision of production services for the film series entitled "Poor Things". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Financial instruments

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 entity after deducting all of its financial liabilities. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.

4. Employees

The Company has been incorporated to provide crew services for the film entitled "Poor Things". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.

None of the Directors received any form of remuneration.

5. Debtors

	31 Dec 21
	£
Trade debtors	13,628
Other debtors	313,148
	---------
	326,776
	---------

6. Creditors: amounts falling due within one year

	31 Dec 21
	£
Trade creditors	2,930
Other creditors	930,013
	---------
	932,943
	---------

7. Contingencies

Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Film Finances, Inc

8. Related party transactions

All related party transactions arose on an arm's-length basis through the normal course of business and related to the production of the film entitled "Poor Things". As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.

9. Controlling party

During the period, the Company was under the joint control of the Directors. On January 14, 2022, Element Pictures UK Holdings Limited, a company incorporated in the United Kingdom, acquired all of the shares of the company to become the immediate controlling party.