Protagonist Pictures Limited Filleted accounts for Companies House (small and micro)

PROTAGONIST PICTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06425904

Protagonist Pictures Limited

Filleted Financial Statements

31 March 2021

Protagonist Pictures Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5	12,881	29,140
Investments	6	100	100
		--------	--------
		12,981	29,240

Current assets

Debtors	7	2,446,516	2,859,317
Cash at bank and in hand		942,202	502,249
		------------	------------
		3,388,718	3,361,566

Creditors: amounts falling due within one year	8	( 1,016,182)		( 883,916)
		------------		------------
Net current assets			2,372,536	2,477,650
			------------	------------
Total assets less current liabilities			2,385,517	2,506,890

Creditors: amounts falling due after more than one year	10	( 183,333)	–
		------------	------------
Net assets		2,202,184	2,506,890
		------------	------------

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	1,570,629	1,875,335
	------------	------------
Shareholders funds	2,202,184	2,506,890
	------------	------------

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 2021

These financial statements were approved by the board of directors and authorised for issue on 25 November 2021 , and are signed on behalf of the board by:

N G Williams

Director

Company registration number: 06425904

Protagonist Pictures Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Henry Wood House, 2 Riding House Street, London, W1W 7FA, 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 directors have considered and will continue to monitor the threat and implications of the COVID-19 pandemic and the impact that the virus has had on our business sector and the wider macro-economic environment. Based on a review of the activities of the company, the current working capital position and the ability to reduce certain costs in the short term, the directors currently believe that this risk can be managed for the year ahead. The company therefore continues to adopt the going concern basis in 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 18 (2020: 18 ).

5. Tangible assets

	Lease improvements	Fixtures and fittings	Equipment	Computer Software	Total
	£	£	£	£	£
Cost
At 1 April 2020	7,305	9,586	77,098	31,471	125,460
Additions	–	–	989	–	989
	-------	-------	--------	--------	---------
At 31 March 2021	7,305	9,586	78,087	31,471	126,449
	-------	-------	--------	--------	---------
Depreciation
At 1 April 2020	1,826	9,586	71,335	13,573	96,320
Charge for the year	5,479	–	5,475	6,294	17,248
	-------	-------	--------	--------	---------
At 31 March 2021	7,305	9,586	76,810	19,867	113,568
	-------	-------	--------	--------	---------
Carrying amount
At 31 March 2021	–	–	1,277	11,604	12,881
	-------	-------	--------	--------	---------
At 31 March 2020	5,479	–	5,763	17,898	29,140
	-------	-------	--------	--------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2020 and 31 March 2021	100
	----
Impairment
At 1 April 2020 and 31 March 2021	–
	----

Carrying amount
At 31 March 2021	100
	----
At 31 March 2020	100
	----

The company is exempt from the obligation to prepare and deliver group accounts.

7. Debtors

	2021	2020
	£	£
Trade debtors	1,030,936	1,154,439
Amounts owed by group undertakings and undertakings in which the company has a participating interest	686,812	529,589
Other debtors	728,768	1,175,289
	------------	------------
	2,446,516	2,859,317
	------------	------------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	16,667	–
Trade creditors	88,319	157,109
Accruals and deferred income	48,976	30,378
Corporation tax	–	7,066
Social security and other taxes	80,374	38,778
Other creditors	781,846	650,585
	------------	---------
	1,016,182	883,916
	------------	---------

9. 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 £46,074 (2020: £47,743). Contributions totalling £7,711 (2020: £15,523) were payable to the fund at the reporting date.

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	183,333	–
	---------	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	27,308	81,925
Later than 1 year and not later than 5 years	–	27,308
	--------	---------
	27,308	109,233
	--------	---------

12. Other financial commitments

As at 31 March 2021 the company had no capital commitments or contracts for capital expenditure in place in the year (2020: £nil).

13. Summary audit opinion

The auditor's report for the year dated 23 November 2021 was unqualified.

The senior statutory auditor was Terrence Bourne , for and on behalf of Shipleys LLP .

14. Related party transactions

The company was under the control of Nandv Media LLP throughout the current year by virtue of its 55% ownership in ordinary shares. During the year the following transactions took place with related parties:- The company paid £5,012 (2020: £nil) as a premium to Nandv Media LLP. At the year end £1,013 (2020: £6,025) was owed to Nandv Media LLP due after one year. The company invoiced sales of £69,946 (2020: £147,147) to 4 Ventures Limited, a shareholder in the company, in respect of commission sales. A balance of £39,039 (2020: £63,136) of accrued sales was also due from 4Ventures Limited. A balance of £26,868 (2020: £8,484) remained in debtors at the year end. During the year, the company invoiced sales of £14,883 (2020: £5,365) to Vertigo Films Ltd, a subsidiary of Vertigo Holdings Ltd, a shareholder in the company. At the year end, the company owed Protagonist Pictures Ltd £29,688 (2020: £23,760) in respect of VAT only for services supplied during the year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).