83 FILM LIMITED - Filleted accounts

83 FILM LIMITED - Filleted accounts

83 FILM LIMITED - Company Information

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Registered number
11530586
83 FILM LIMITED
Filleted Accounts
22 November 2020
83 FILM LIMITED
Registered number: 11530586
Balance Sheet
as at 22 November 2020
Notes 2020 2019
£ £
Current assets
Work in progress 7,750,810 10,935,156
Debtors 3 3,986,108 2,511,879
Cash at bank and in hand 27,795 460,486
11,764,713 13,907,521
Creditors: amounts falling due within one year 4 (9,378,556) (11,735,006)
Net current assets 2,386,157 2,172,515
Net assets 2,386,157 2,172,515
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,386,156 2,172,514
Shareholders' funds 2,386,157 2,172,515
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sumit Chadha
Director
Approved by the board on 18 August 2021
83 FILM LIMITED
Notes to the Accounts
for the year ended 22 November 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The Company is producing the British qualifying film '83 (working title) (the Film) during the current period. All of the tunrover recognised by the Company relates only to this Film.

The turnover in the profit & loss account relates to the acquistion funding received from Reliance Big Entertainment Pvt Ltd and Reliance Entertainment Studios Pvt Ltd in relation to the acquisition of the Film rights.
Cost of sales
Production cost of the Film is recognised in the profit & loss account as cost of sales for the amount of acquisition advances/funding received.
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Balance production cost of the film at the balance sheet date is carried forward as Work in progress on the basis that it is deemed recoverable from the future income/revenue of the Film.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The tax credit claimed relates to the Film. Deferred tax assets based on timing differences is not applicable in respect of this Company's claim for film tax credits.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 0 20
3 Debtors 2020 2019
£ £
Trade debtors 3,460,000 -
VAT receivable - 145,299
Other debtors 526,108 2,366,580
3,986,108 2,511,879
4 Creditors: amounts falling due within one year 2020 2019
£ £
Bank loans and overdrafts 50,000 1,653,744
Other secured loans 2,997,017 3,159,838
Trade creditors 1,977,032 2,773,742
Taxation and social security costs 178,616 178,517
Other creditors 4,175,891 3,969,165
9,378,556 11,735,006
5 Loans 2020 2019
£ £
Creditors include:
Secured bank loans & other secured loans 2,997,017 4,813,582
Included in Creditors are:

- Secured loan of £2,997,017 (22/11/2019: £3,159,838) from Epic Financial Holdings Pte Ltd, a Singapore based company. The loan is secured against the rights of the Film.
6 Related party transactions
As on the balance sheet date, Phantom Films Pvt Ltd was the sole shareholder of the Company.

For the year ending 22 November 2020, Phantom Films Pvt Ltd provided the Company with short term loan of £555,555 (22/11/2019: £2,166,665) which is included in other creditors as on balance sheet date.

For the year ending 22 November 2020, Phantom Films Pvt Ltd invoiced the Company for NIL (22/11/2019: £2,850,000)

Reliance Big Entertainment Pvt Ltd, holding 50% shares of Phantom Films Pvt Ltd, is one of the Acquirer of the film project and provided total finance of £1,680,000 (22/11/2019: £4,694,397) to the Company during the year ending 22 November 2020

Reliance Entertainment Studios Pvt Ltd, which is related to Reliance Big Entertainment Pvt Ltd through having common ultimate individual beneficiary owenership, is another Acquirer of the film project and provided total finance of £540,000 (22/11/2019: NIL) out of sales invoices raised for £4,000,000 to the Company during the year ending 22 November 2020. Amount receivable for £3,460,000 is included in trade debtors.

The director confirms all related party transactions have been on arms-length basis and as per industry standard and benchmark.
7 Controlling party
Mr Sumit Chadha, the Director and PSC of the Company, is ultimate controlling party
8 Other information
83 FILM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
c/o Suite F
1-3 Canfield Place
London
NW6 3BT
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