Independent Films Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02448948 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

INDEPENDENT FILMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Bussinello

J I B Guest

O O Rizzotti

SECRETARY:

G A L Cinquemani

REGISTERED OFFICE:

20 Eastcastle Street

First - Fourth Floors

London

W1W 8DB

REGISTERED NUMBER:

02448948 (England and Wales)

AUDITORS:

KBSP Partners LLP

Chartered Accountants

Statutory Auditors

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Tangible assets

5

20,448

30,260

Investments

6

2

2

20,450

30,262

CURRENT ASSETS

Debtors

7

1,030,622

929,023

Cash at bank and in hand

1,819,677

1,466,400

2,850,299

2,395,423

CREDITORS

Amounts falling due within one year

8

1,979,988

1,663,525

NET CURRENT ASSETS

870,311

731,898

TOTAL ASSETS LESS CURRENT LIABILITIES

890,761

762,160

PROVISIONS FOR LIABILITIES

727

1,615

NET ASSETS

890,034

760,545

CAPITAL AND RESERVES

Called up share capital

6,250

6,250

Special reserves

1,427,814

1,427,814

Retained earnings

(544,030

)

(673,519

)

SHAREHOLDERS' FUNDS

890,034

760,545

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 4 May 2018 and were signed on its behalf by:

J I B Guest - Director

1.	STATUTORY INFORMATION

Independent Films Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements present information about the company as a single entity.

Preparation of consolidated financial statements

The financial statements contain information about Independent Films Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the

Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary

undertaking are included by full consolidation in the consolidated financial statements of its parent, BRW Filmland

SRL, Milan, Italy.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.

Turnover

Turnover represents the value, net of value added tax and discounts, for work carried out in respect of services

provided to customers.

Revenue is recognised in respect of the production of commercials from the point at which the company has obtained

the right to consideration in return for performance. This is considered to be when all the necessary approvals during

the process of pre-production have been obtained from the commissioning agency and normally equates to the date

at which shooting of the commercial commences. No profit element is recognised until the company is able to

estimate the profit on the commercial reliably.

Tangible fixed assets

Tangible fixed assets are stated at historic cost less accumulated depreciation and accumulated impairment losses.

Costs include the original purchase priced, costs directly attributable to bringing the asset to it's working condition for

its intended use, dismantling and restoration costs.

Depreciation is provided on their cost less their residual value over their estimated useful lives, using either the

straight line or reducing balance method.

Depreciation is provided on the following basis:

Short leasehold - Over the life of the lease

Fixtures and fittings - 25 % reducing balance and straight line over 3 years.

The assets residual values and useful lives are reviewed, and adjusted, if appropriate at the end of each reporting

period. The effect of any change is accounted for prospectively.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the

difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those

in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have

been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing

difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements of the company have been prepared on the going concern basis as the directors believe that

adequate cash resources will be available to cover the company's requirements for working capital and capital

expenditure for at least the next twelve months.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, intercompany balances and cash and bank balances, are

initially recognised at transactions price, unless the arrangement constitutes a financing transaction, where

transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of

impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the

present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss

is recognised in the profit and loss account.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, intercompany balances and loans, are initially recognised

at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at present value of the future receipts discounted a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Creditors 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.

Special reserve

The special reserve was created by the cancellation of the company's share premium account and the reserves are

treated as realised profit available for distribution.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2016 - 17 ) .

4.	AUDITORS' REMUNERATION

2017

2016

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,500

6,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2017

30,464

92,429

122,893

Additions

-

10,787

10,787

Disposals

-

(10,190

)

(10,190

)

At 31 December 2017

30,464

93,026

123,490

DEPRECIATION

At 1 January 2017

18,279

74,354

92,633

Charge for year

6,092

14,507

20,599

Eliminated on disposal

-

(10,190

)

(10,190

)

At 31 December 2017

24,371

78,671

103,042

NET BOOK VALUE

At 31 December 2017

6,093

14,355

20,448

At 31 December 2016

12,185

18,075

30,260

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

and 31 December 2017

2

NET BOOK VALUE

At 31 December 2017

2

At 31 December 2016

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

505,235

162,388

Other debtors

54,652

82,103

Directors' current accounts

12,176

-

Tax

-

20,119

Prepayments and accrued income

458,559

664,413

1,030,622

929,023

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

772,641

491,707

Amounts owed to group undertakings

312,548

206,575

Taxation and social security

208,040

276,180

Other creditors

686,759

689,063

1,979,988

1,663,525

9.	LEASING AGREEMENTS

Operating lease commitments not included in the balance sheet amount to £171,930 (2016 : £277,524).

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Myerson FCA (Senior Statutory Auditor)

for and on behalf of KBSP Partners LLP

11.	PARENT COMPANY

The smallest group for which consolidated financial statements are prepared which included the results of this

company is that headed by BRW Filmland Srl, whose registered office is Via Savona 16, 20144, Milan, Italy. Copies of

BRW Filmland Srl consolidated accounts can be obtained from the following website

https://www.registroimprese.it/en/web/guest/home