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RSA FILMS LIMITED |
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STRATEGIC REPORT |
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FOR YEAR ENDED 30 SEPTEMBER 2016 |
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The Directors present their Strategic Report for the year ended 30 September 2016 and subsequently. |
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REVIEW OF THE BUSINESS |
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The Results for the year are set out on page 8. |
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Trading was reduced from the previous year. |
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The Directors consider this satisfactory given market conditions. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
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There are always fluctuations in business activity in the industry within which we operate and competion remains as keen as ever. This Company has a sound base built up over many years with very experienced management and staff. New talent is always being introduced, supported and encouraged by the Directors as part of their strategy for the Company's future development.
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ON BEHALF OF THE BOARD: |
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L SCOTT - Director |
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Date: 23/06/2017 |
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RSA FILMS LIMITED |
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DIRECTORS' REPORT |
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FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
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The Directors present their Report and the audited Financial Statements of the Company for the year ended 30 September 2016. |
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DIRECTORS RESPONSIBILITIES |
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The Directors are responsible for preparing the Directors' Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these Financial Statements, the Directors are required to: 1) select suitable accounting policies and then apply them consistently. 2) make judgements and accounting estimates that are reasonable and prudent. 3) prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Companys transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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STATEMENT OF DISCLOSURE TO AUDITORS |
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The Directors of the Company who held office on the date of approval of this annual report confirm that: a) so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the Company's Auditors are unaware; and b) they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information.
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PRINCIPAL ACTIVITIES |
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The principal activities of the Company during the year were those of Film Production.
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RESULTS AND DIVIDENDS |
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2016 |
2015 |
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£ |
£ |
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Profit after tax for the year |
84,337 |
224,390 |
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The Directors do not recommend the payment of a Dividend. |
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We have audited the Financial Statements of RSA Films Limited for the year ended 30 September 2016 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). |
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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. |
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Respective Responsibilities of Directors and Auditors |
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As explained more fully in the Directors Responsibilities Statement, the Directors are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the Financial Statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Boards (APBs) Ethical Standards for Auditors.
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Scope of the Audit of the Financial Statements |
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A description of the scope of an audit of Financial Statements is provided on the APBs web-site.
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Opinion on Financial Statements |
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In our opinion the Financial Statements: 1) give a true and fair view of the state of the Company's affairs as at 30 September 2016 and of its profit for the year then ended; 2) have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 3) have been properly prepared in accordance with the requirements of the Companies Act 2006.
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Opinion on Other Matters Prescribed by the Companies Act 2006 |
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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. |
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Matters on which we are required to report by exception |
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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: |
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1) adequate accounting records have not been kept; or |
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2) the Financial Statements are not in agreement with the accounting records; or |
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3) certain disclosures of Directors remuneration specified by law are not made; or |
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4) we have not received all the information and explanations we require for our audit. |
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Neville Shulman,(Senior Statutory Auditor) |
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for and on behalf of Shulman & Company, Statutory Auditors |
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52 Redington Road London NW3 7RS |
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26/06/2017
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RSA FILMS LIMITED |
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CASH FLOW STATEMENT |
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FOR THE YEAR ENDED 30 SEPTEMBER 2016 |
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Note |
2016 |
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2015 |
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£ |
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£ |
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Net Cash (Outflow)/Inflow from Operating Activities |
15 |
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(10,286) |
40,987
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Returns on Investments |
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Interest received |
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5,824
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5,799
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5,824
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5,799
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Taxation |
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UK Corporation Tax |
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(80,256) |
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(75,491) |
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(80,256) |
(75,491) |
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Capital Expenditure |
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Purchase of Tangible Fixed Assets |
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(10,054) |
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(17,602) |
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Purchase of investments |
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(2,765) |
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(3,000) |
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Sale of investments |
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3,000
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-
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(9,819) |
(20,602) |
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(94,537) |
(49,307) |
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Financing |
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(Decrease)/Increase in Payments Received on Account |
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(456,900) |
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545,575
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(456,900) |
545,575 |
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(Decrease)/Increase in Cash in the year |
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(551,437) |
496,268 |
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Reconciliation of Net Cash Flow to Movement in Net Debt |
18 |
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(Decrease)/Increase in Cash in the year |
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(551,437) |
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496,268 |
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Cash (Out)/Inflow from Debt |
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(456,900) |
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545,575
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Movement in Net Debt |
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(94,537) |
(49,307) |
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Net Funds at 1 October 2015 |
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2,405,564
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2,454,871 |
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Net Funds at 30 September 2016 |
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2,311,027
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2,405,564
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6. |
TAX ON PROFIT ON ORDINARY ACTIVITIES |
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2016 |
2015 |
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UK Corporation tax |
46,439
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80,256
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46,439 |
80,256 |
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Adjustment of current taxation in respect of prior years |
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(31) |
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£46,439
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£80,225
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The tax assessed for the year differs from the average standard rate of UK taxation applicable to the Company of 20% less Marginal Relief (2015 - 20.5% less Marginal Relief). The differences are explained below: |
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Profit on ordinary activities before tax |
£130,776
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£304,615
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Profit on ordinary activities multiplied by the average standard rate of 20% less Marginal Relief (2015 - 20.5% less Marginal Relief) |
26,809 |
65,342 |
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Expenses not deductible for tax purposes less Capital Alloowances |
17,810 |
11,109 |
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Adjustments to tax charge in respect of prior years |
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(31) |
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Current tax charge for the period |
£46,439 |
£80,225 |
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DEFERRED TAXATION No provision is considered necessary due to immateriality. |
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