Company No: 03242486 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr B S Marshall
	Mr M J Nichols
	Mr B J Plumb

REGISTERED OFFICE	66 Prescot Street
	London
	E1 8NN
	United Kingdom

BUSINESS ADDRESS	21/25 Goldhawk Road
	Shepherds Bush
	London
	W12 8QQ

COMPANY NUMBER

03242486 (England and Wales)

CHARTERED ACCOUNTANTS	Gravita III LLP
	66 Prescot Street
	London
	E1 8NN

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	213,346		253,773
Investments	4	61,721		61,721
		275,067		315,494
Current assets
Debtors	5	506,068		350,605
Cash at bank and in hand		378,569		321,008
		884,637		671,613
Creditors: amounts falling due within one year	6	( 285,987)		( 202,717)
Net current assets		598,650		468,896
Total assets less current liabilities		873,717		784,390
Creditors: amounts falling due after more than one year	7	( 45,123)		( 76,975)
Provision for liabilities		( 34,429)		( 45,614)
Net assets		794,165		661,801
Capital and reserves
Called-up share capital	8	850		850
Capital redemption reserve		150		150
Profit and loss account		793,165		660,801
Total shareholders' funds		794,165		661,801

For the financial year ending 31 January 2023 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Rapid Pictures Limited (registered number: 03242486) were approved and authorised for issue by the Board of Directors on 08 December 2023. They were signed on its behalf by:

Mr B J Plumb Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rapid Pictures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom. The principal place of business is 21/25 Goldhawk Road, Shepherds Bush, London, W12 8QQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration receivable for television post production services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expenses as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	6 years straight line
Plant and machinery	4 years straight line
Fixtures and fittings	15 - 20 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised at the fair value of the asset receivable.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	32		28

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 February 2022	180,968		1,079,824		658,873		1,919,665
Additions	28,189		27,108		445		55,742
At 31 January 2023	209,157		1,106,932		659,318		1,975,407
Accumulated depreciation
At 01 February 2022	149,758		948,799		567,335		1,665,892
Charge for the financial year	16,655		65,610		13,904		96,169
At 31 January 2023	166,413		1,014,409		581,239		1,762,061
Net book value
At 31 January 2023	42,744		92,523		78,079		213,346
At 31 January 2022	31,210		131,025		91,538		253,773

4. Fixed asset investments

	2023		2022
	£		£
Participating interests	61,721		61,721

Fixed asset investments consist of ordinary shares held in Radiant Post Productions Limited and West London Suites Limited.

5. Debtors

	2023		2022
	£		£
Trade debtors	399,111		303,758
Other debtors	106,957		46,847
	506,068		350,605

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	31,852		31,852
Trade creditors	31,585		7,358
Taxation and social security	145,838		101,362
Obligations under finance leases and hire purchase contracts	0		14,938
Other creditors	76,712		47,207
	285,987		202,717

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

	2023		2022
	£		£
Bank loans	45,123		76,975

Fixed and floating charges have been registered at Companies House in favour of HSBC UK Bank PLC.

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
850 Ordinary shares of £ 1.00 each	850		850

9. Related party transactions

At the reporting date the company was owed £10,309 (2022: £6,878 owed to) by the directors of the company.

During the reporting period the company provided services of £45,616 (2022: £36,486) to a company in which some of the directors are also directors. At the reporting date the company was owed £33,243 (2022: £239) by the same company. All amounts are interest free and repayable upon demand.

All amounts are interest free and repayable upon demand.