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 Financial Statements

31 December 2022

Baxter Film Productions Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Current assets

Debtors	5	6,626	326,776
Cash at bank and in hand		102,279	606,169
		---------	---------
		108,905	932,945

Creditors: amounts falling due within one year	6	( 108,903)	( 932,943)
		---------	---------
Net current assets		2	2
		----	----
Total assets less current liabilities		2	2
		----	----
Net assets		2	2
		----	----

Capital and reserves

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

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 comprehensive income has not been delivered.

The directors acknowledge their 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 28 September 2023 , and are signed on behalf of the board by:

A Lowe

Director

Company registration number: 13151136

Baxter Film Productions 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 23-25 Eastcastle Street, London, W1W 8DF, England.

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 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 Financial Statements are prepared in sterling, which is the functional currency of the entity.

Foreign currencies

Functional and presentation currency

The Company's functional and presentation currency is GBP

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Going concern

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on an going concern basis. A detailed budget and cashflow have been prepared for the production and delivery of the film. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. The directors are therefore satisfied that the going concern assumption remains appropriate.

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.

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 crew services for the film 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

	2022	2021
	£	£
Trade debtors	4,763	13,628
Other debtors	1,863	313,148
	-------	---------
	6,626	326,776
	-------	---------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	–	2,930
Social security and other taxes	3,901	–
Other creditors - desc in a/cs	84	–
Other creditors	104,918	930,013
	---------	---------
	108,903	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. Summary audit opinion

The auditor's report for the year dated 29 September 2023 was unqualified .

The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .

9. Related party transactions

All transactions arose on an arm's-length basis through the normal course of business. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

10. Controlling party

In the opinion of the directors the immediate parent undertaking is Element Pictures UK Limited, a company incorporated in England. The ultimate parent undertaking is Element Pictures GHC Unlimited, a company incorporated in the Isle of Man. On 10 May 2022, Bertelsmann SE & Co. KGaA, a Company registered in Germany (through its wholly owned subsidiary, Fremantle Periodic (Holdings) Limited) completed the acquisition of 51% of the shares of Element Pictures GHC (the indirect parent of Baxter Film Productions Limited ) after having met all regulatory approvals and closing conditions. From that date onwards, the smallest group to consolidate these financial statements is RTL Group S.A., a Company registered in Luxembourg. Copies of the RTL Group S.A. Annual Report can be obtained from the General Counsel at RTL Group S.A., 43 Boulevard Pierre Frieden, L-1543 Luxembourg.