AI Film Management Limited Filleted accounts for Companies House (small and micro)

AI FILM MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08207392

AI Film Management Limited

Filleted Financial Statements

31 December 2022

AI Film Management Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	324	1,027

Current assets

Debtors	6	407,877	345,912
Cash at bank and in hand		83,630	106,654
		---------	---------
		491,507	452,566

Creditors: amounts falling due within one year	7	( 240,261)	( 213,739)
		---------	---------
Net current assets		251,246	238,827
		---------	---------
Total assets less current liabilities		251,570	239,854
		---------	---------
Net assets		251,570	239,854
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	251,569	239,853
	---------	---------
Shareholders funds	251,570	239,854
	---------	---------

These financial statements 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 income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 16 August 2023 , and are signed on behalf of the board by:

V C Holden
Director

Company registration number: 08207392

AI Film Management Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Mansfield Street, 3rd Floor, London, England, W1G 9NY.

2. Statement of compliance

These financial statements 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 financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('FRS 102 1A') and the Companies Act 2006. The following principal accounting policies have been applied:

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will have sufficient working capital facilities to enable it to continue in business for a period of at least 12 months from approving the financial statements. In reaching this conclusion the directors have considered the future cash flows of the company and the confirmed support of its parent undertaking, including considerations for any potential disruption and economic impact caused by the COVID-19 pandemic.

Turnover

Turnover represents amounts receivable by the company for employment and other management services provided to fellow group undertakings, exclusive of Value Added Tax. Turnover is recognised when the services are provided.

Royalty income is recognised as received.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures and fittings 20% straight line Computer equipment 50% straight line

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of income and retained earnings.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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 the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost
At 1 January 2022	30,462	14,074	44,536
Additions	–	650	650
	--------	--------	--------
At 31 December 2022	30,462	14,724	45,186
	--------	--------	--------
Depreciation
At 1 January 2022	30,462	13,047	43,509
Charge for the year	–	1,353	1,353
	--------	--------	--------
At 31 December 2022	30,462	14,400	44,862
	--------	--------	--------
Carrying amount
At 31 December 2022	–	324	324
	--------	--------	--------
At 31 December 2021	–	1,027	1,027
	--------	--------	--------

6. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	405,702	337,011
Other debtors	2,175	8,901
	---------	---------
	407,877	345,912
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	–	68
Social security and other taxes	3,930	9,263
Other creditors	236,331	204,408
	---------	---------
	240,261	213,739
	---------	---------

8. Summary audit opinion

The auditor's report for the year dated 17 August 2023 was unqualified .

The senior statutory auditor was Peter Conneely , for and on behalf of Shipleys LLP .

9. Related party transactions

At 31 December 2022 the company was a wholly owned subsidiary of A.I.Film Production Limited. Accordingly, the company has taken advantage of the exemption in FRS 102 from disclosing transactions with its parent and other wholly owned subsidiaries.

10. Ultimate parent undertaking and controlling party

The company's immediate parent undertaking is A.I.Film Production Limited, a company registered in England and Wales. The company's ultimate controlling party is LBIT 2002 LLC, registered in the United States of America