RSA FILMS LIMITED | |
FINANCIAL STATEMENTS | |
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |
RSA FILMS LIMITED | |||
FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||
DIRECTORS | |||
R SCOTT | |||
K HSIUNG | |||
D GARVEY | |||
SECRETARY | |||
RWL Registrars Limited | |||
REGISTERED OFFICE | |||
52 Redington Road London NW3 7RS |
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COMPANY REGISTERED NUMBER | |||
01761486 | |||
AUDITORS | |||
Shulman & Company | |||
Registered Auditor | |||
52 Redington Road London NW3 7RS |
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page 1 | |
RSA FILMS LIMITED | |||
FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||
CONTENTS | |||
Pages | |||
3 | Strategic Report | ||
4-5 | Directors' Report | ||
6-7 | Independent Auditors' Report | ||
8 | Profit and Loss Account | ||
9 | Balance Sheet | ||
10 | Cash Flow Statement | ||
11-19 | Notes to the Financial Statements | ||
The following do not form part of the Statutory Financial Statements: | |||
20 | Trading and Profit and Loss Account | ||
21-22 | Profit and Loss Account Summaries | ||
page 2 | |
RSA FILMS LIMITED | ||||
STRATEGIC REPORT | ||||
FOR YEAR ENDED 30 SEPTEMBER 2015 | ||||
The Directors present their Strategic Report for the year ended |
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REVIEW OF THE BUSINESS | ||||
The Results for the year are set out on page 8. | ||||
Trading remained on a par with the previous year. | ||||
The Directors consider this satisfactory given market conditions. | ||||
PRINCIPAL RISKS AND UNCERTAINTIES | ||||
There are always fluctuations in business activity in the industry within which we operate and competion remains keen. This Company has a sound base built up over many years and very experienced management and staff. New talent is always being introduced, supported and encouraged as part of the Directors strategy for future development. |
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ON BEHALF OF THE BOARD: | ||||
R SCOTT - Director | ||||
Date: 10/06/2016 | ||||
page 3 | |
RSA FILMS LIMITED | |||
DIRECTORS' REPORT | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||
The Directors present their Report and the audited Financial Statements of the Company for the year ended 30 September 2015. | |||
DIRECTORS RESPONSIBILITIES | |||
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STATEMENT OF DISCLOSURE TO AUDITORS | |||
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PRINCIPAL ACTIVITIES | |||
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RESULTS AND DIVIDENDS | |||
2015 | 2014 | ||
£ | £ | ||
Profit after tax for the year | 224,390 | 328,841 | |
The Directors do not recommend the payment of a Dividend. | |||
page 4 | |
RSA FILMS LIMITED | |||
DIRECTORS' REPORT (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||
DIRECTORS | |||
The Directors who served during the year were as follows: | |||
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AUDITORS | |||
The Auditors, Shulman & Company, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. | |||
This Report was approved by the Board on |
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Signed | |||
R SCOTT |
page 5 | |
INDEPENDENT AUDITORS' REPORT | ||
TO THE SHAREHOLDERS OF | ||
RSA FILMS LIMITED | ||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
We have audited the Financial Statements of RSA Films Limited for the year ended 30 September 2015 which comprise Profit and Loss Account, Balance Sheet, Cash Flow Statement, Reconciliation of Movements in Shareholders' Funds and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). | ||
This Report is made solely to the Company's Members, as a body, in accordance with section 495 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's Members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Members as a body, for our audit work, for this Report, or for the opinions we have formed. | ||
Respective Responsibilities of Directors and Auditors | ||
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Scope of the Audit of the Financial Statements | ||
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Opinion on Financial Statements | ||
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page 6 | |
INDEPENDENT AUDITORS' REPORT (CONTINUED) | ||
TO THE SHAREHOLDERS OF | ||
RSA FILMS LIMITED | ||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
Opinion on Other Matters Prescribed by the Companies Act 2006 | ||
In our opinion the information given in the Directors Report for the financial year for which the Financial Statements are prepared is consistent with the Financial Statements. | ||
Matters on which we are required to report by exception | ||
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: | ||
1) adequate accounting records have not been kept; or | ||
2) the Financial Statements are not in agreement with the accounting records; or | ||
3) certain disclosures of Directors remuneration specified by law are not made; or | ||
4) we have not received all the information and explanations we require for our audit. | ||
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for and on behalf of |
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52 Redington Road London NW3 7RS |
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page 7 | |
RSA FILMS LIMITED | |||||
PROFIT AND LOSS ACCOUNT | |||||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||||
Note | 2015 | 2014 | |||
£ | £ | ||||
TURNOVER | 2 | ||||
Continuing Operations |
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Cost of Sales | ( |
( |
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GROSS PROFIT |
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Net Operating Expenses | (2,463,894) | (2,622,530) | |||
OPERATING PROFIT | 3 | ||||
Continuing Operations |
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Interest Receivable | 5 |
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Rent Receivable | ( |
( |
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PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
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Tax on Ordinary Activities | 6 | ( |
( |
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PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION |
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Extraordinary Item | 7 |
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( |
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PROFIT FOR THE FINANCIAL YEAR | £ |
£ |
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The Company made no recognised gains or losses other than those reported in the Profit and Loss Account. |
The Notes on pages 11-19 form part of these Financial Statements. | |
page 8 | |
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Company Registered Number: |
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BALANCE SHEET AT |
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Note | 2015 | 2014 | |||
£ | £ | £ | |||
FIXED ASSETS | |||||
Tangible Assets | 8 |
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Investments | 9 |
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CURRENT ASSETS | |||||
Debtors | 10 |
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Investment | 11 |
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Cash at Bank and In Hand |
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CREDITORS: Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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NET ASSETS | £ |
£ |
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CAPITAL AND RESERVES | |||||
Called up Share Capital | 13 |
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Profit and Loss Account | 14 |
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SHAREHOLDERS FUNDS | £ |
£ |
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The Accounts were approved by the Board of Directors on |
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R SCOTT , Director |
The Notes on pages 11-19 form part of these Financial Statements. | |
page 9 | |
RSA FILMS LIMITED | |||||
CASH FLOW STATEMENT | |||||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||||
Note | 2015 | 2014 | |||
£ | £ | £ | |||
Net Cash Inflow from Operating Activities | 16 |
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Extraordinary items less tax |
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Returns on Investments | |||||
Interest received |
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Taxation | |||||
UK Corporation Tax | ( |
( |
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( |
( |
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Capital Expenditure | |||||
Purchase of Tangible Fixed Assets | ( |
( |
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Purchase of investments | ( |
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( |
( |
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(49,307) | 306,861 | ||||
Financing | |||||
Increase/(Decrease) in Payments Received on Account |
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( |
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545,575 | (358,678) | ||||
Increase/(Decrease) in Cash in the year | 496,268 | (51,817) | |||
Reconciliation of Net Cash Flow to Movement in Net Debt | 19 | ||||
Increase/(Decrease) in Cash in the year | 496,268 | (51,817) | |||
Cash In/(Out)flow from Debt |
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( |
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Movement in Net (Debt)/Funds | (49,307) | 306,861 | |||
Net Funds at 1 October 2014 |
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2,148,010 | |||
Net Funds at 30 September 2015 |
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The Notes on pages 11-19 form part of these Financial Statements. | |
page 10 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
1. | ACCOUNTING POLICIES |
1a. | Basis of Accounting | |
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1b. | Tangible Fixed Assets | ||
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Depreciation is provided as follows: | |||
Short Leasehold Properties |
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Plant and Machinery |
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Fixtures, Fittings and Equipment |
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1c. | Investments | ||
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1d. | Work in Progress | ||
No provision is included due to the provisions of UITF 40 | |||
1e. | Taxation | ||
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1f. | Foreign currency | ||
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page 11 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
1. | ACCOUNTING POLICIES (CONTINUED) |
1g. | Turnover | ||
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2. | TURNOVER | ||
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The geographical analysis of turnover is as follows: United Kingdom 59% European Community 22% United States 12% Rest of the World 7% |
3. | OPERATING PROFIT | ||
2015 | 2014 | ||
£ | £ | ||
Profit on Ordinary Activities is stated | |||
after charging: | |||
Auditors' Remuneration: | |||
Audit services |
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Non-audit services |
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Depreciation and Amortisation | |||
Tangible Assets owned |
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- | - | ||
and after crediting: | |||
Rent Receivable |
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Bank Interest Received | 5,799 | 5,081 | |
page 12 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
4. | DIRECTORS AND EMPLOYEES | ||
Particulars of Employees (including Directors) are shown below: | |||
Employee Costs during the year amounted to: | 2015 | 2014 | |
£ | £ | ||
Wages and Salaries |
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Social Security Costs |
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£ |
£ |
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The average weekly number of employees during the year was as follows: | |||
2015 | 2014 | ||
No. | No. | ||
Management and Administration |
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Production |
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Directors' Remuneration: | |||
2015 | 2014 | ||
£ | £ | ||
Remuneration | £ |
£ |
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Highest paid Director's Emoluments | £ |
£ |
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5. | INTEREST RECEIVABLE AND SIMILAR INCOME | 2015 | 2014 |
£ | £ | ||
Bank Interest Received |
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£5,799 | £5,081 | ||
page 13 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
6. | TAX ON PROFIT ON ORDINARY ACTIVITIES | ||
2015 | 2014 | ||
£ | £ | ||
UK Corporation tax |
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80,256 | 75,522 | ||
Adjustment of current taxation in respect of prior years | ( |
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£ |
£ |
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The tax assessed for the year differs from the average standard rate of UK taxation applicable to the Company of |
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Profit on ordinary activities before tax | £ |
£ |
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Profit on ordinary activities multiplied by the average standard rate of |
65,342 | 68,590 | |
Expenses not deductible for tax purposes less Capital Alloowances | 11,109 | 17,967 | |
Adjustments to tax charge in respect of prior years | ( |
- | |
Current tax charge for the period | £80,225 | £75,522 | |
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DEFERRED TAXATION No provision is considered necessary due to immateriality. |
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7. | EXTRAORDINARY ITEM | 2015 | 2014 |
£ | £ | ||
Film Tax Credit |
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( |
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£ |
(£ |
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page 14 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
8. | TANGIBLE FIXED ASSETS | ||||
Short | Plant & | Fixtures & | |||
Leasehold | Machinery | Equipment | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 October 2014 |
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Additions |
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Nil Value Adjustment |
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( |
( |
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At 30 September 2015 |
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Depreciation | |||||
At 1 October 2014 |
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Nil Value Adjustment |
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( |
( |
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For the year |
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At 30 September 2015 |
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Net Book Amounts | |||||
At 30 September 2015 |
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At 30 September 2014 |
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page 15 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
9. | FIXED ASSET INVESTMENTS | ||
Net Amount | |||
Due From | |||
Group Company | Total | ||
£ | £ | ||
Cost or valuation | |||
Additions |
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At 30 September 2015 |
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Amounts written off | |||
At 30 September 2015 |
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Net Book Amounts | |||
At 30 September 2015 |
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10. | DEBTORS | 2015 | 2014 |
£ | £ | ||
Trade Debtors |
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Prepayments |
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Other Debtors |
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£ |
£ |
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11. | CURRENT ASSET INVESTMENTS | 2015 | 2014 |
£ | £ | ||
Unlisted Investment |
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£500 | £500 | ||
page 16 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
2015 | 2014 | ||
£ | £ | ||
Payments Received on Account |
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Trade Creditors |
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Corporation Tax |
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Other Taxes and Social Security |
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Other Creditors |
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Accruals |
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£ |
£ |
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13. | SHARE CAPITAL | 2015 | 2014 |
£ | £ | ||
Allotted, Issued and Fully Paid: | |||
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£ |
£ |
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14. | RECONCILIATION OF RESERVES | |
Profit | ||
& Loss | ||
Account | ||
£ | ||
At 1 October 2014 |
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Profit for the year |
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At 30 September 2015 |
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15. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS | ||
2015 | 2014 | ||
£ | £ | ||
Profit for the Financial year |
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328,841 | |
224,390 | 328,841 | ||
Net Addition to Shareholders' Funds |
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328,841 | |
Opening Shareholders' Funds |
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2,435,028 | |
Closing Shareholders' Funds | £ |
£2,763,869 | |
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page 17 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
16. | RECONCILIATION OF OPERATING LOSS TO NET CASH FLOW FROM | ||
OPERATING ACTIVITIES | |||
2015 | 2014 | ||
£ | £ | ||
Operating Profit | 298,816 | 295,342 | |
Depreciation |
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Increase in Debtors | ( |
( |
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Increase in Creditors |
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Net Cash Inflow from Operating Activities | £ |
£ |
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17. | NOTES TO THE CASH FLOW STATEMENT | ||||
2015 | 2014 | ||||
£ | £ | £ | |||
Returns on Investments | |||||
Interest Received |
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5,799 |
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Taxation | |||||
UK Corporation Tax | ( |
( |
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(75,491) | ( |
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Capital Expenditure | |||||
Purchase of Tangible Fixed Assets | ( |
( |
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Owed by Group Company | ( |
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(20,602) | ( |
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Financing | |||||
Increase/(Decrease) in Payments Received on Account | 545,575 | (358,678) | |||
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( |
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18. | ANALYSIS OF THE BALANCES OF CASH AND CASH | ||||
EQUIVALENTS AS SHOWN IN THE BALANCE SHEET | |||||
Change | Change | ||||
2015 | 2014 | in 2015 | in 2014 | ||
£ | £ | £ | £ | ||
Cash at Bank and In Hand | 3,262,404 | 2,766,136 | 496,268 | (51,817) | |
£3,262,404 | £2,766,136 | £496,268 | £(51,817) | ||
page 18 | |
RSA FILMS LIMITED | |||
NOTES TO THE ACCOUNTS (CONTINUED) | |||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 |
19. | ANALYSIS OF NET DEBT | |||
1 October 2014 | 30 September 2015 | |||
Cash Flow | ||||
£ | £ | £ | ||
Cash in Hand, at Bank | 2,766,136 | 496,268 | 3,262,404 | |
2,766,136 | 496,268 | 3,262,404 | ||
Debt due within one year | (311,765) | (545,575) | (857,340) | |
(311,765) | (545,575) | (857,340) | ||
Current Asset Investments | 500 |
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500 | |
Total | £2,454,871 | £(49,307) | £2,405,564 | |
20. | TRANSACTIONS WITH DIRECTORS | ||
- | - | ||
The Company leases it's business premises from Mr R Scott, a Director of the Company, under a formal Lease.The amount paid in the current year was £260,000 (2014 £260,000). | |||
An advance bonus payment of £74,791 was made to a Director and cleared within one month of the year end. | |||
21. | ULTIMATE PARENT COMPANY | ||
The Company is a subsidiary undertaking of RSA Films (Holdings) Limited. A Company incorporated and registered in England and Wales. |
page 19 | |
RSA FILMS LIMITED | |||||
TRADING AND PROFIT AND LOSS ACCOUNT | |||||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||||
2015 | 2014 | ||||
£ | £ | £ | £ | ||
Turnover | 23,369,782 | 23,066,671 | |||
Cost of Sales: | |||||
Purchases | 20,721,075 | 20,240,369 | |||
Other direct expenses | 5,000 | - | |||
20,726,075 | 20,240,369 | ||||
20,726,075 | 20,240,369 | ||||
Gross Profit | 2,643,707 | 2,826,302 | |||
Other Income | 124,802 | 96,651 | |||
2,768,509 | 2,922,953 | ||||
Less: | |||||
Selling and Marketing Costs | 861,991 | 866,628 | |||
Administrative Expenses | 1,583,431 | 1,740,677 | |||
Depreciation and Amortisation | 18,472 | 15,225 | |||
2,463,894 | 2,622,530 | ||||
Net Profit for the year before Taxation | 304,615 | 300,423 | |||
Taxation | 80,225 | 75,522 | |||
Net Profit for the year after Taxation | 224,390 | 224,901 | |||
Film Tax Credit | - | 103,940 | |||
- | 103,940 | ||||
224,390 | 328,841 | ||||
Retained Profits brought forward | 2,763,857 | 2,435,016 | |||
Retained Profits Carried Frward | £2,988,247 | £2,763,857 | |||
This page does not form part of the Company's Statutory Financial | |
Statements and is prepared for the information of the Directors only. | |
page 20 | |
RSA FILMS LIMITED | |||||
PROFIT AND LOSS ACCOUNT SUMMARIES | |||||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||||
2015 | 2014 | ||||
£ | £ | ||||
Other direct expenses | |||||
Consultancy Fee | 5,000 | - | |||
£5,000 | £- | ||||
Other Income | |||||
Bank Interest Received | 5,799 | 5,081 | |||
Rent Receivable | 119,003 | 91,570 | |||
£124,802 | £96,651 | ||||
Selling and Marketing Costs: | |||||
Travel & Entertaining | 103,870 | 80,915 | |||
Journals & Magazines | 6,066 | 5,977 | |||
Promotion & Publicity | 345,422 | 367,983 | |||
Marketing & Representation | 406,633 | 411,753 | |||
£861,991 | £866,628 | ||||
This page does not form part of the Company's Statutory Financial | |
Statements and is prepared for the information of the Directors only. | |
page 21 | |
RSA FILMS LIMITED | |||||
PROFIT AND LOSS ACCOUNT SUMMARIES | |||||
FOR THE YEAR ENDED 30 SEPTEMBER 2015 | |||||
2015 | 2014 | ||||
£ | £ | ||||
Administrative Expenses: | |||||
Rates Rent & Services | 439,132 | 435,180 | |||
Heating & Lighting | 19,607 | 22,082 | |||
Equipment Repairs & Renewals | 5,480 | 4,633 | |||
Property Repairs | 80,980 | 101,088 | |||
Directors Remuneration | 404,835 | 411,222 | |||
Salaries | 475,567 | 554,500 | |||
Property Costs Recovered | (123,709) | (82,080) | |||
Staff Welfare | 33,600 | 34,888 | |||
Computer Operating Costs | 41,679 | 39,162 | |||
Accountancy | 1,592 | 3,498 | |||
Audit Fees | 16,940 | 16,940 | |||
Professional Fees | 20,291 | 21,347 | |||
Insurance | 11,152 | 10,932 | |||
Cleaning | 55,690 | 60,901 | |||
Postage & Delivery | 4,016 | 4,681 | |||
Stationery & Office Supplies | 30,621 | 46,404 | |||
Telephone & Communicatios | 31,293 | 20,279 | |||
General Expenses | 18,291 | 23,202 | |||
Exchange Differences | 4,578 | - | |||
Bank Charges | 11,796 | 11,818 | |||
£1,583,431 | £1,740,677 | ||||
Depreciation and Amortisation: | |||||
Plant & Machinery | 171 | 171 | |||
Fixtures Fittings & Equipment | 18,301 | 15,054 | |||
£18,472 | £15,225 | ||||
This page does not form part of the Company's Statutory Financial | |
Statements and is prepared for the information of the Directors only. | |
page 22 |