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22 November 2023
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2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
06425904
2022-04-01
2023-03-31
06425904
2023-03-31
06425904
2022-03-31
06425904
2021-04-01
2022-03-31
06425904
2022-03-31
06425904
core:LandBuildings
core:ShortLeaseholdAssets
2022-04-01
2023-03-31
06425904
core:FurnitureFittings
2022-04-01
2023-03-31
06425904
bus:Director14
2022-04-01
2023-03-31
06425904
core:WithinOneYear
2023-03-31
06425904
core:WithinOneYear
2022-03-31
06425904
core:LandBuildings
2022-03-31
06425904
core:FurnitureFittings
2022-03-31
06425904
core:LandBuildings
2023-03-31
06425904
core:FurnitureFittings
2023-03-31
06425904
core:LandBuildings
2022-04-01
2023-03-31
06425904
core:AfterOneYear
2023-03-31
06425904
core:AfterOneYear
2022-03-31
06425904
core:ShareCapital
2023-03-31
06425904
core:ShareCapital
2022-03-31
06425904
core:SharePremium
2023-03-31
06425904
core:SharePremium
2022-03-31
06425904
core:CapitalRedemptionReserve
2023-03-31
06425904
core:CapitalRedemptionReserve
2022-03-31
06425904
core:RetainedEarningsAccumulatedLosses
2023-03-31
06425904
core:RetainedEarningsAccumulatedLosses
2022-03-31
06425904
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
06425904
core:Non-currentFinancialInstruments
2023-03-31
06425904
core:Non-currentFinancialInstruments
2022-03-31
06425904
bus:SmallEntities
2022-04-01
2023-03-31
06425904
bus:Audited
2022-04-01
2023-03-31
06425904
bus:FullAccounts
2022-04-01
2023-03-31
06425904
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
06425904
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
06425904
core:OfficeEquipment
2022-04-01
2023-03-31
06425904
core:ComputerEquipment
2022-04-01
2023-03-31
06425904
core:OfficeEquipment
2022-03-31
06425904
core:ComputerEquipment
2022-03-31
06425904
core:OfficeEquipment
2023-03-31
06425904
core:ComputerEquipment
2023-03-31
06425904
core:AfterOneYear
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
06425904
Protagonist Pictures Limited |
|
Filleted Financial Statements |
|
Protagonist Pictures Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
6 |
4,439 |
5,639 |
Investments |
7 |
100 |
100 |
|
------- |
------- |
|
4,539 |
5,739 |
|
|
|
|
Current assets
Debtors |
8 |
2,898,074 |
3,009,260 |
Cash at bank and in hand |
683,064 |
720,873 |
|
------------ |
------------ |
|
3,581,138 |
3,730,133 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
(
1,856,189) |
(
1,373,631) |
|
------------ |
------------ |
Net current assets |
1,724,949 |
2,356,502 |
|
------------ |
------------ |
Total assets less current liabilities |
1,729,488 |
2,362,241 |
|
|
|
|
Creditors: amounts falling due after more than one year |
11 |
(
50,000) |
(
116,666) |
|
------------ |
------------ |
Net assets |
1,679,488 |
2,245,575 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
393,780 |
393,780 |
Share premium account |
21,217 |
21,217 |
Capital redemption reserve |
216,558 |
216,558 |
Profit and loss account |
1,047,933 |
1,614,020 |
|
------------ |
------------ |
Shareholders funds |
1,679,488 |
2,245,575 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Protagonist Pictures Limited |
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
20 November 2023
, and are signed on behalf of the board by:
Company registration number:
06425904
Protagonist Pictures Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gilmoora House, 57-61 Mortimer Street, London, W1W 8HS, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reviewed the forecasts for the company and have a reasonable expectation that the company has adequate resources to continue as a going concern for the foreseeable future, being at least twelve months from the date these financial statements have been approved. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Preparation of consolidated financial statements
The financial statements contain information about
Protagonist Pictures Limited
as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year
.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. In the current year grant accounting has only been applied to the Job Retention Scheme launched as part of HM Government's response to the COVID-19 pandemic. Government grants have been included within Other Operating Income.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of all applicable taxes. Turnover shown in the Profit and Loss account mainly comprises of sales commission invoiced whilst acting as an agent, selling film rights on behalf of producers to distributors throughout the world. Turnover in respect of contracts for on-going services, is recognised by reference to the stage of completion.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Improvements |
- |
25% straight line |
|
Fixtures & Fittings |
- |
33% straight line |
|
Equipment |
- |
33% straight line |
|
Computer Software |
- |
20% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date
.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity
.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
20
(2022:
20
).
5.
Provision against intercompany balances
During the year to 31 March 2023, a prudent provision was charged against debtor balances due from wholly-owned subsidiary entities, being £353,376 (2022: £nil).
6.
Tangible assets
|
Lease improvements |
Fixtures and fittings |
Equipment |
Computer Software |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 April 2022 |
1,826 |
9,586 |
78,087 |
25,176 |
114,675 |
Additions |
3,065 |
– |
– |
1,374 |
4,439 |
|
------- |
------- |
-------- |
-------- |
--------- |
At 31 March 2023 |
4,891 |
9,586 |
78,087 |
26,550 |
119,114 |
|
------- |
------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 April 2022 |
1,826 |
9,586 |
77,757 |
19,867 |
109,036 |
Charge for the year |
– |
– |
330 |
5,309 |
5,639 |
|
------- |
------- |
-------- |
-------- |
--------- |
At 31 March 2023 |
1,826 |
9,586 |
78,087 |
25,176 |
114,675 |
|
------- |
------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
At 31 March 2023 |
3,065 |
– |
– |
1,374 |
4,439 |
|
------- |
------- |
-------- |
-------- |
--------- |
At 31 March 2022 |
– |
– |
330 |
5,309 |
5,639 |
|
------- |
------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
100 |
|
---- |
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 March 2023 |
100 |
|
---- |
At 31 March 2022 |
100 |
|
---- |
|
|
The company is exempt from the obligation to prepare and deliver group accounts.
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,399,459 |
1,415,980 |
Amounts owed by group undertakings |
586,387 |
763,888 |
Other debtors |
912,228 |
829,392 |
|
------------ |
------------ |
|
2,898,074 |
3,009,260 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
69,469 |
67,667 |
Trade creditors |
268,708 |
71,679 |
Accruals and deferred income |
15,118 |
52,809 |
Social security and other taxes |
35,680 |
46,847 |
Other creditors |
1,467,214 |
1,134,629 |
|
------------ |
------------ |
|
1,856,189 |
1,373,631 |
|
------------ |
------------ |
|
|
|
The balance held in bank loans and overdrafts represents a bank loan with Coutts & Co, and is secured in favour of Coutts
.
10.
Defined contribution plans
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £52,517 (2022: £48,194). Contributions totalling £7,751 (2022: £8,299) were payable to the fund at the reporting date.
11.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
50,000 |
116,666 |
|
-------- |
--------- |
|
|
|
The balance held in bank loans and overdrafts represents a bank loan with Coutts & Co, and is secured in favour of Coutts
.
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
34,500 |
40,676 |
|
-------- |
-------- |
|
|
|
13.
Other financial commitments
As at 31 March 2023 the company had no capital commitments or contracts for capital expenditure in place in the year (2022: £nil).
14.
Summary audit opinion
The auditor's report for the year dated
22 November 2023
was
unqualified
.
The senior statutory auditor was
Terrence Bourne
, for and on behalf of
Shipleys LLP
.
15.
Related party transactions and controlling party
The company was under the control of
NANDV Media LLP
throughout the current year by virtue of its 55% ownership in ordinary shares. Ultimate control is held by N Williams and V Williams
. Related party transactions are represented by the following transactions and balances: At 31 March 2023, collected commissions and net profit shares owed to NANDV Media LLP were £7,292 (2022: £1,013). Premium paid to NANDV Media LLP in the year was £nil (2022: £2,418). Loan balance due to NANDV Media LLP at 31 March 2023 was £247,500 (2022: £247,500). In the year to 31 March 2023, the company invoiced sales of £78,085 (2022: £41,930) to 4 Ventures Limited, a shareholder in the company, in respect of commission sales. A balance of £47,642 (2022: £24,040) of accrued sales was also due from 4Ventures Limited. A balance of £3,545 (2022: £41,040) remained in trade debtors at the year end. At 31 March 2023, the loan balance due to 4 Ventures Limited at 31 March 2023 was £67,500 (2022: £67,500). At 31 March 2023, the loan balance due to Vertigo Holdings Limited, an entity in which director J E Moore and N G Williams are also directors, and also an entity that is a shareholder in the company, at 31 March 2023 was £67,500 (2022: £67,500). In the year to 31 March 2023, the company invoiced sales of £40,700 (2022: £8,282) to Vertigo Films Limited, a subsidiary of Vertigo Holdings Limited. At the year end, the company owed Protagonist Pictures Ltd £104 (2022: £34,929) in respect of VAT only for services supplied during the year. A balance of £1,336 (2022: £nil) was due to Vertigo Holdings Limited as a result of overpayments of debtors due to Protagonist Pictures. At 31 March 2023, the loan balance due to Glasine Limited, an entity in which director D Reid is also a director, and also an entity that is a shareholder in the company, at 31 March 2023 was £67,500 (2022: £67,500). During the year, a provision was charged to profit and loss against balances due from wholly owned subsidiaries, being £357,196 (2022: £nil). No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.