Protagonist Pictures Limited Filleted accounts for Companies House (small and micro)

PROTAGONIST PICTURES LIMITED - Company Information

20 22 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 100 100 100 xbrli:pure xbrli:shares iso4217:GBP 06425904 2022-04-01 2023-03-31 06425904 2023-03-31 06425904 2022-03-31 06425904 2021-04-01 2022-03-31 06425904 2022-03-31 06425904 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 06425904 core:FurnitureFittings 2022-04-01 2023-03-31 06425904 bus:Director14 2022-04-01 2023-03-31 06425904 core:WithinOneYear 2023-03-31 06425904 core:WithinOneYear 2022-03-31 06425904 core:LandBuildings 2022-03-31 06425904 core:FurnitureFittings 2022-03-31 06425904 core:LandBuildings 2023-03-31 06425904 core:FurnitureFittings 2023-03-31 06425904 core:LandBuildings 2022-04-01 2023-03-31 06425904 core:AfterOneYear 2023-03-31 06425904 core:AfterOneYear 2022-03-31 06425904 core:ShareCapital 2023-03-31 06425904 core:ShareCapital 2022-03-31 06425904 core:SharePremium 2023-03-31 06425904 core:SharePremium 2022-03-31 06425904 core:CapitalRedemptionReserve 2023-03-31 06425904 core:CapitalRedemptionReserve 2022-03-31 06425904 core:RetainedEarningsAccumulatedLosses 2023-03-31 06425904 core:RetainedEarningsAccumulatedLosses 2022-03-31 06425904 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 06425904 core:Non-currentFinancialInstruments 2023-03-31 06425904 core:Non-currentFinancialInstruments 2022-03-31 06425904 bus:SmallEntities 2022-04-01 2023-03-31 06425904 bus:Audited 2022-04-01 2023-03-31 06425904 bus:FullAccounts 2022-04-01 2023-03-31 06425904 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06425904 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06425904 core:OfficeEquipment 2022-04-01 2023-03-31 06425904 core:ComputerEquipment 2022-04-01 2023-03-31 06425904 core:OfficeEquipment 2022-03-31 06425904 core:ComputerEquipment 2022-03-31 06425904 core:OfficeEquipment 2023-03-31 06425904 core:ComputerEquipment 2023-03-31 06425904 core:AfterOneYear 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: 06425904

Protagonist Pictures Limited

Filleted Financial Statements

31 March 2023

Protagonist Pictures Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	6	4,439	5,639
Investments	7	100	100
		-------	-------
		4,539	5,739

Current assets

Debtors	8	2,898,074	3,009,260
Cash at bank and in hand		683,064	720,873
		------------	------------
		3,581,138	3,730,133

Creditors: amounts falling due within one year	9	( 1,856,189)	( 1,373,631)
		------------	------------
Net current assets		1,724,949	2,356,502
		------------	------------
Total assets less current liabilities		1,729,488	2,362,241

Creditors: amounts falling due after more than one year	11	( 50,000)	( 116,666)
		------------	------------
Net assets		1,679,488	2,245,575
		------------	------------

Capital and reserves

Called up share capital	393,780	393,780
Share premium account	21,217	21,217
Capital redemption reserve	216,558	216,558
Profit and loss account	1,047,933	1,614,020
	------------	------------
Shareholders funds	1,679,488	2,245,575
	------------	------------

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 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.

Protagonist Pictures Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:

D G Bishop

Director

Company registration number: 06425904

Protagonist Pictures Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gilmoora House, 57-61 Mortimer Street, London, W1W 8HS, United Kingdom.

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.

Going concern

The directors have reviewed the forecasts for the company and have a reasonable expectation that the company has adequate resources to continue as a going concern for the foreseeable future, being at least twelve months from the date these financial statements have been approved. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Protagonist Pictures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. In the current year grant accounting has only been applied to the Job Retention Scheme launched as part of HM Government's response to the COVID-19 pandemic. Government grants have been included within Other Operating Income.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of all applicable taxes. Turnover shown in the Profit and Loss account mainly comprises of sales commission invoiced whilst acting as an agent, selling film rights on behalf of producers to distributors throughout the world. Turnover in respect of contracts for on-going services, is recognised by reference to the stage of completion.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	25% straight line
Fixtures & Fittings	-	33% straight line
Equipment	-	33% straight line
Computer Software	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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 .

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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2022: 20 ).

5. Provision against intercompany balances

During the year to 31 March 2023, a prudent provision was charged against debtor balances due from wholly-owned subsidiary entities, being £353,376 (2022: £nil).

6. Tangible assets

	Lease improvements	Fixtures and fittings	Equipment	Computer Software	Total
	£	£	£	£	£
Cost
At 1 April 2022	1,826	9,586	78,087	25,176	114,675
Additions	3,065	–	–	1,374	4,439
	-------	-------	--------	--------	---------
At 31 March 2023	4,891	9,586	78,087	26,550	119,114
	-------	-------	--------	--------	---------
Depreciation
At 1 April 2022	1,826	9,586	77,757	19,867	109,036
Charge for the year	–	–	330	5,309	5,639
	-------	-------	--------	--------	---------
At 31 March 2023	1,826	9,586	78,087	25,176	114,675
	-------	-------	--------	--------	---------
Carrying amount
At 31 March 2023	3,065	–	–	1,374	4,439
	-------	-------	--------	--------	---------
At 31 March 2022	–	–	330	5,309	5,639
	-------	-------	--------	--------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2022 and 31 March 2023	100
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----

Carrying amount
At 31 March 2023	100
	----
At 31 March 2022	100
	----

The company is exempt from the obligation to prepare and deliver group accounts.

8. Debtors

	2023	2022
	£	£
Trade debtors	1,399,459	1,415,980
Amounts owed by group undertakings	586,387	763,888
Other debtors	912,228	829,392
	------------	------------
	2,898,074	3,009,260
	------------	------------

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	69,469	67,667
Trade creditors	268,708	71,679
Accruals and deferred income	15,118	52,809
Social security and other taxes	35,680	46,847
Other creditors	1,467,214	1,134,629
	------------	------------
	1,856,189	1,373,631
	------------	------------

The balance held in bank loans and overdrafts represents a bank loan with Coutts & Co, and is secured in favour of Coutts .

10. Defined contribution plans

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £52,517 (2022: £48,194). Contributions totalling £7,751 (2022: £8,299) were payable to the fund at the reporting date.

11. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	50,000	116,666
	--------	---------

The balance held in bank loans and overdrafts represents a bank loan with Coutts & Co, and is secured in favour of Coutts .

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	34,500	40,676
	--------	--------

13. Other financial commitments

As at 31 March 2023 the company had no capital commitments or contracts for capital expenditure in place in the year (2022: £nil).

14. Summary audit opinion

The auditor's report for the year dated 22 November 2023 was unqualified .

The senior statutory auditor was Terrence Bourne , for and on behalf of Shipleys LLP .

15. Related party transactions and controlling party

The company was under the control of NANDV Media LLP throughout the current year by virtue of its 55% ownership in ordinary shares. Ultimate control is held by N Williams and V Williams . Related party transactions are represented by the following transactions and balances: At 31 March 2023, collected commissions and net profit shares owed to NANDV Media LLP were £7,292 (2022: £1,013). Premium paid to NANDV Media LLP in the year was £nil (2022: £2,418). Loan balance due to NANDV Media LLP at 31 March 2023 was £247,500 (2022: £247,500). In the year to 31 March 2023, the company invoiced sales of £78,085 (2022: £41,930) to 4 Ventures Limited, a shareholder in the company, in respect of commission sales. A balance of £47,642 (2022: £24,040) of accrued sales was also due from 4Ventures Limited. A balance of £3,545 (2022: £41,040) remained in trade debtors at the year end. At 31 March 2023, the loan balance due to 4 Ventures Limited at 31 March 2023 was £67,500 (2022: £67,500). At 31 March 2023, the loan balance due to Vertigo Holdings Limited, an entity in which director J E Moore and N G Williams are also directors, and also an entity that is a shareholder in the company, at 31 March 2023 was £67,500 (2022: £67,500). In the year to 31 March 2023, the company invoiced sales of £40,700 (2022: £8,282) to Vertigo Films Limited, a subsidiary of Vertigo Holdings Limited. At the year end, the company owed Protagonist Pictures Ltd £104 (2022: £34,929) in respect of VAT only for services supplied during the year. A balance of £1,336 (2022: £nil) was due to Vertigo Holdings Limited as a result of overpayments of debtors due to Protagonist Pictures. At 31 March 2023, the loan balance due to Glasine Limited, an entity in which director D Reid is also a director, and also an entity that is a shareholder in the company, at 31 March 2023 was £67,500 (2022: £67,500). During the year, a provision was charged to profit and loss against balances due from wholly owned subsidiaries, being £357,196 (2022: £nil). No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.