Company Registration No. 09227447 (England and Wales)
Medici Productions Limited
Annual report and financial statements
for the year ended 30 November 2020
Medici Productions Limited
Company information
Directors
Russell Haywood
Paul Steinke
Nicholas Rush
(Appointed 22 June 2021)
Tracy Bermingham
(Appointed 22 June 2021)
Chakira Gavazzi
(Appointed 22 June 2021)
Company number
09227447
Registered office
3 Queen Caroline Street
Hammersmith
London
W6 9PE
Independent auditor
Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
Medici Productions Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
Medici Productions Limited
Strategic report
For the year ended 30 November 2020
Page 1
The directors present the strategic report for the year ended 30 November 2020.
Fair review of the business
During the year the company was involved in the production of a film. The company incurred a profit after tax of £11,710 (2019: £16,568) during the year and at the year end had net assets of £61,986 (2019: £50,276).
The directors consider the company's key financial performance indicator to be whether the film is completed in line with the production budget. At the year end, the estimated final cost of the film has exceeded its budget cost; however, the film has continued to be funded by the financiers.
The directors consider the company's key non-financial performance indicator to be whether the film being produced is certified as British. This is required in order to access the UK Film Tax Credit. The company has obtained a final British film certificate in respect of the film it is producing.
The directors have reviewed the risks and resultant uncertainties facing the business and consider the principal risks to be legislative changes and the state of the national economy.
The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.
Tracy Bermingham
Director
29 November 2021
Medici Productions Limited
Directors' report
For the year ended 30 November 2020
Page 2
The directors present their report and financial statements for the year ended 30 November 2020.
Principal activities
The principal activity of the company continued to be that of motion picture and video production.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Marsha Reed
(Resigned 12 February 2020)
Russell Haywood
Paul Steinke
Nigel Cook
(Resigned 22 June 2021)
Nicholas Rush
(Appointed 22 June 2021)
Tracy Bermingham
(Appointed 22 June 2021)
Chakira Gavazzi
(Appointed 22 June 2021)
Post reporting date events
Substantive information came to light in early 2020 regarding the virus now identified as COVID-19. Given that production on the film has now completed the director
s
does not expect this to have a significant impact on the company going forwards in terms of its activity or its ability to continue as a going concern.
Future developments
The directors expect to continue the principal activity for the foreseeable future given the continued financial support received from its financier, Walt Disney Pictures Production, LLC, a wholly owned subsidiary of the ultimate parent company, The Walt Disney Company.
Auditor
The auditor, Saffery Champness LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Medici Productions Limited
Directors' report (continued)
For the year ended 30 November 2020
Page 3
On behalf of the board
Tracy Bermingham
Director
30 November 2021
Medici Productions Limited
Directors' responsibilities statement
For the year ended 30 November 2020
Page 4
The directors are responsible for preparing the annual 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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
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 company’s 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.
Medici Productions Limited
Independent auditor's report
To the member of Medici Productions Limited
Page 5
Opinion
We have audited the financial statements of Medici Productions Limited (the 'company') for the year ended 30 November 2020 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting
S
tandard 102
,
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 November 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
directors'
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
the
directors have
not disclosed in the
financial statements
any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements
are authorised for issue
.
Medici Productions Limited
Independent auditor's report (continued)
To the member of Medici Productions Limited
Page 6
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of
the
audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Medici Productions Limited
Independent auditor's report (continued)
To the member of Medici Productions Limited
Page 7
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.
John Graydon (Senior Statutory Auditor)
For and on behalf of Saffery Champness LLP
30 November 2021
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Medici Productions Limited
Statement of comprehensive income
For the year ended 30 November 2020
Page 8
2020
2019
Notes
£
£
Turnover
3
(1,478,321)
17,849,488
Cost of sales
1,081,119
(22,407,425)
Gross loss
(397,202)
(4,557,937)
Administrative expenses
(17,500)
(21,095)
Loss before taxation
(414,702)
(4,579,032)
Tax on loss
7
426,412
4,595,600
Profit for the financial year
11,710
16,568
The income statement has been prepared on the basis that all operations are continuing operations.
Medici Productions Limited
Statement of financial position
As at 30 November 2020
Page 9
2020
2019
Notes
£
£
£
£
Current assets
Debtors
8
3,619,226
5,106,717
Cash at bank and in hand
59,683
9,726,821
3,678,909
14,833,538
Creditors: amounts falling due within one year
9
(3,616,923)
(14,783,262)
Net current assets
61,986
50,276
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
61,985
50,275
Total equity
61,986
50,276
The financial statements were approved by the board of directors and authorised for issue on 29 November 2021 and are signed on its behalf by:
Tracy Bermingham
Director
Company Registration No. 09227447
Medici Productions Limited
Statement of changes in equity
For the year ended 30 November 2020
Page 10
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2018
1
33,707
33,708
Year ended 30 November 2019:
Profit and total comprehensive income for the year
-
16,568
16,568
Balance at 30 November 2019
1
50,275
50,276
Year ended 30 November 2020:
Profit and total comprehensive income for the year
-
11,710
11,710
Balance at 30 November 2020
1
61,985
61,986
Medici Productions Limited
Notes to the financial statements
For the year ended 30 November 2020
Page 11
1
Accounting policies
Company information
Medici Productions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Queen Caroline Street, Hammersmith, London, W6 9PE.
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.
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.
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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
and transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
The financial statements of the company are consolidated in the financial statements of
The Walt Disney Company.
These consolidated financial statements are available from its registered office,
500 Buena Vista Street, Burbank, California 91521, USA.
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. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
1
Accounting policies (continued)
Page 12
1.3
Turnover
In respect of long-term contracts and contracts for on-going 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 contract for on-going services is determined by reference to 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 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 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
1
Accounting policies (continued)
Page 13
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
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
paymen
ts 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. A
m
ounts 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.
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
1
Accounting policies (continued)
Page 14
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
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
Taxation
The tax expense represents the sum of the tax currently
recoverable
and deferred tax.
Current tax
The tax currently recoverable is based on relievable losses arising in the period as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the statement of comprehensive income because they include an additional deduction relating to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other periods, 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 end date.
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
1
Accounting policies (continued)
Page 15
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.
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
Page 16
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover analysed by class of business
Sale of rights
(1,478,321)
17,849,488
2020
2019
£
£
Turnover analysed by geographical market
United States of America
(1,478,321)
17,849,488
4
Operating loss
2020
2019
Operating loss for the year is stated after (crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
-
405
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
Page 17
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,500
19,000
For other services
Taxation compliance services
2,500
2,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Production
9
2020
2019
£
£
Wages and salaries
-
341,006
Social security costs
-
41,022
Pension costs
-
2,897
-
384,925
No directors received any remuneration in the current period (2019: £ nil).
7
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
(426,412)
(4,595,600)
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
7
Taxation (continued)
Page 18
The actual credit for the year can be reconciled to the expected tax credit for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Loss before taxation
(414,702)
(4,579,032)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
(78,793)
(870,016)
Enhanced losses arising from the film tax credit
(290,296)
(3,724,508)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
(102,339)
(1,102,944)
Losses carried forward
45,016
1,101,868
Taxation credit for the year
(426,412)
(4,595,600)
8
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
426,412
4,595,600
Amounts owed by group undertakings
3,191,358
497,656
Other debtors
1,456
10,988
Prepayments and accrued income
-
2,473
3,619,226
5,106,717
9
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
8,733
-
Amounts owed to group undertakings
3,458,751
14,417,792
Accruals and deferred income
149,439
365,470
3,616,923
14,783,262
Medici Productions Limited
Notes to the financial statements (continued)
For the year ended 30 November 2020
Page 19
10
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
2,897
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
12
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
13
Ultimate controlling party
The company's immediate parent undertaking is Banner Productions Ltd, a company registered in England and Wales.
The directors consider the ultimate parent company to be The Walt Disney Company, a company incorporated in the United States of America.
The largest
and smallest
group for which accounts are prepared and of which the company is a member, is The Walt Disney Company. Copies of group accounts of The Walt Disney Company can be obtained from 500 Buena Vista Street, Burbank, California, 91521, USA.
The directors are unable to identify the ultimate controlling party of The Walt Disney Company, if any.
2020-11-30
2019-12-01
false
CCH Software
CCH Accounts Production 2020.310
Marsha Reed
Russell Haywood
Paul Steinke
Nigel Cook
Nicholas Rush
Tracy Bermingham
Chakira Gavazzi
09227447
2019-12-01
2020-11-30
09227447
bus:Director2
2019-12-01
2020-11-30
09227447
bus:Director3
2019-12-01
2020-11-30
09227447
bus:Director5
2019-12-01
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