Really Useful Films Limited
Financial Statements
For the year ended 30 June 2022
For Filing with Registrar
Company Registration No. 01929720 (England and Wales)
Really Useful Films Limited
Company Information
Directors
J L Koravos
J C Quillan
C Farmer
(Appointed 31 March 2022)
M Lowes
(Appointed 31 March 2022)
Company number
01929720
Registered office
6 Catherine Street
London
WC2B 5JY
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Bankers
Svenska Handelsbanken AB
2nd Floor
1 Kingsway
London
WC2B 6AN
Really Useful Films Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Really Useful Films Limited
Balance Sheet
As at 30 June 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
3
3
Current assets
Debtors
4
131,173
Cash at bank and in hand
206
84
206
131,257
Creditors: amounts falling due within one year
5
(827,210)
(993,256)
Net current liabilities
(827,004)
(861,999)
Net liabilities
(827,001)
(861,996)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(827,101)
(862,096)
Total equity
(827,001)
(861,996)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 February 2023 and are signed on its behalf by:
J C Quillan
Director
Company Registration No. 01929720
Really Useful Films Limited
Notes to the Financial Statements
For the year ended 30 June 2022
Page 2
1
Accounting policies
Company information
Really Useful Films Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
6 Catherine Street, London, WC2B 5JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Really Useful Films Limited is a wholly owned subsidiary of Really Useful Group Investments Limited and the results of Really Useful Films Limited are included in the consolidated financial statements of Really Useful Group Investments Limited which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The company is financed by intercompany loans. The Really Useful Group Limited
has provided a letter of support to the company
confirming that it will provide continuing
financial support
sufficient
to enable
it
to meet its day to
day liabilities as they fall due as well as not seeking repayment of its loan account
both
for a period of at least
12 months from the date of approval of the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Really Useful Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 3
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial
instruments classified as other, or basic instruments measured at fair value.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.8
The company and its related companies utilise the application of group relief whereby current year tax losses from one company will be surrendered to a company with current year taxable profits. The amount surrendered from the loss making company will not exceed the amount of the profit making company's taxable profits.
To the extent that losses are surrendered to shelter profits recognised in the accounts, the profit-making company will utilise the tax loss surrendered and book an amount equivalent to the tax saving in its intercompany account.
2
Employees
The company had
3
employees
, including directors,
(20
21
:
3
)
. T
he directors received no remuneration in the year in
respect of qualifying services (20
21
: £nil). Directors are remunerated by group holding companies. It is
impractical to split this remuneration between group subsidiaries.
2022
2021
Number
Number
Total
3
3
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
3
3
Really Useful Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 4
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
131,173
Intercompany balances are interest free and repayable on demand.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
827,210
993,256
Intercompany balances are interest free and repayable on demand.
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mark Twum-Ampofo and the auditor was Moore Kingston Smith LLP.
8
Parent company
The immediate parent company is The Really Useful Group Limited, a company incorporated in England and Wales.
The ultimate parent company and the parent company of the smallest and largest group for which group accounts are prepared and of which the company is a member is Really Useful Group Investments Limited, a company incorporated in England and Wales. Its registered address is 6 Catherine Street, London, WC2B 5JY. A copy of the group accounts of Really Useful Group Investments Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is Lord Lloyd Webber, who is the owner of the ultimate parent company.
Really Useful Films Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 5
9
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Golgotha Limited
1
Dormant
Ordinary
100.00
Jacob & Sons Limited
1
Film Production
Ordinary
100.00
The Opera Ghost Limited
1
Film Production
Ordinary
100.00
Registered Office addresses:
1
6 Catherine Street, London, WC2B 5JY