Company Registration No. 11443062 (England and Wales)
Coach Films UK Limited
Financial statements
for the period ended 31 December 2022
Pages for filing with the registrar
Coach Films UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Coach Films UK Limited
Statement of financial position
As at 31 December 2022
31 December 2022
Page 1
31 Dec 2022
9 Dec 2021
Notes
£
£
£
£
Current assets
Debtors
4
945,106
1,204,275
Cash at bank and in hand
42,803
46,650
987,909
1,250,925
Creditors: amounts falling due within one year
5
(56,910)
(329,926)
Net current assets
930,999
920,999
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
930,998
920,998
Total equity
930,999
920,999
The directors of the company have elected not to include a copy of the income statement 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 16 October 2023 and are signed on its behalf by:
Thomas Zadra
Director
Company Registration No. 11443062
Coach Films UK Limited
Notes to the financial statements
For the period ended 31 December 2022
Page 2
1
Accounting policies
Company information
Coach Films UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 1-4 King Street, Covent Garden, London, WC2E 8HH.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The smallest group for which consolidated financial statements are prepared and which the company is a member of is MMX Media Finance LLC, a company incorporated in the United States. The registered office address of MMX Media Finance LLC is 1901 Avenue of the Stars, Los Angeles, CA 90067, United States.
1.2
Reporting date
The reporting date of the company has been amended to 31 December 2022 to align the period end with the group reporting date. The period is 387 days from 10 December 2021 to 31 December 2022. The prior period, from 10 December 2020 to 9 December 2021 was 365 days and therefore are not entirely comparable.
Coach Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 3
1.3
Turnover
In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.
1.4
Cash at bank and in hand
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 elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.
Classification of financial liabilities
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.
Coach Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 4
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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax credit represents tax recoverable relating to the current period.
Current tax
The tax currently recoverable is based on relievable losses for the period as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include additional deduction relation to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Coach Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions where practicable, else at the average rate over the period in which the transactions were incurred. 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.
Coach Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 6
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tax Credit Estimate
The directors believe the key accounting estimate within the financial statements for the Company is the valuation of the Film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief. In the opinion of the directors , there were no other critical judgements or other estimation uncertainties in these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
Coach Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 7
4
Debtors
31 December
9 December
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
67,009
343,277
Amounts owed by group undertakings
878,097
860,998
945,106
1,204,275
Amounts owed by group undertakings due within one year are unsecured, interest free and repayable on demand.
5
Creditors: amounts falling due within one year
31 December
9 December
2022
2021
£
£
Amounts owed to group undertakings
171,493
Other creditors
56,910
158,433
56,910
329,926
Amounts owed to group undertakings due within one year are unsecured, interest free and repayable on demand.
6
Called up share capital
31 December
9 December
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
Coach Films UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 8
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.
Senior Statutory Auditor:
Isla MacGillivray
Statutory Auditors:
Saffery LLP
8
Financial commitments, guarantees and contingent liabilities
Miramax UK Limited hold a fixed and floating charge over Coach Films UK Limited in respect of all rights, title and interest of the company.
9
Related party transactions
The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
10
Ultimate controlling party
The company's immediate parent undertaking is Miramax Film NY, LLC, a company registered in the United States of America.
The smallest group for which consolidated financial statements are prepared and which the company is a member of is MMX Media Finance LLC, a company incorporated in the United States. The registered office address of MMX Media Finance LLC is 1901 Avenue of the Stars, Los Angeles, CA 90067, United States. MMX Media Finance LLC is co-controlled by beIN Corporation and Viacom International Inc and MMX Media Finance LLC is consolidated into Paramount Global.