ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

ZENTROPA MUSIC RIGHTS SERVICE LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefilm and video productionfalse2017-01-01 SC232097 2017-01-01 2017-12-31 SC232097 2016-01-01 2016-12-31 SC232097 2017-12-31 SC232097 2016-12-31 SC232097 c:CompanySecretary1 2017-01-01 2017-12-31 SC232097 c:Director1 2017-01-01 2017-12-31 SC232097 c:Director2 2017-01-01 2017-12-31 SC232097 c:Director2 2017-12-31 SC232097 c:Director3 2017-01-01 2017-12-31 SC232097 c:Director3 2017-12-31 SC232097 c:Director4 2017-01-01 2017-12-31 SC232097 c:Director4 2017-12-31 SC232097 c:RegisteredOffice 2017-01-01 2017-12-31 SC232097 d:ShareCapital 2017-12-31 SC232097 d:ShareCapital 2016-12-31 SC232097 d:RetainedEarningsAccumulatedLosses 2017-12-31 SC232097 d:RetainedEarningsAccumulatedLosses 2016-12-31 SC232097 c:FRS102 2017-01-01 2017-12-31 SC232097 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 SC232097 c:FullAccounts 2017-01-01 2017-12-31 SC232097 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 iso4217:GBP xbrli:pure

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ZENTROPA MUSIC RIGHTS SERVICE LIMITED


Company registration number SC232097


FILING FINANCIAL STATEMENTS


FOR THE YEAR ENDED 31 DECEMBER 2017






























 
ZENTROPA MUSIC RIGHTS SERVICE LIMITED
 

CONTENTS



Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 5


 
ZENTROPA MUSIC RIGHTS SERVICE LIMITED
 
 
COMPANY INFORMATION


Directors
Sarah Ann Wells 
Frederick Grenna Nemeth (resigned 19 January 2017)
Johnny Jensen (appointed 6 April 2017, resigned 31 December 2017)
Anders Serup Kjaerhauge (appointed 31 December 2017)




Company secretary
Scott-Moncrieff



Registered number
SC232097



Registered office
25 Bothwell Street

Glasgow

G2 6NL




Accountants
Scott-Moncrieff
Chartered Accountants

25 Bothwell Street

Glasgow

G2 6NL




1
 
ZENTROPA MUSIC RIGHTS SERVICE LIMITED
REGISTERED NUMBER:SC232097

BALANCE SHEET
AS AT 31 DECEMBER 2017

2017
2016
Note
£
£

  

Current assets
  

Cash at bank and in hand
  
5
65

  
5
65

Total assets less current liabilities
  
 
 
5
 
 
65

  

Net assets
  
5
65


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
4
64

  
5
65


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 statement.

The financial statement have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





................................................
Sarah Ann Wells
Director

Date: 13 May 2018

The notes on pages 3 to 5 form part of these financial statements.

2

 
ZENTROPA MUSIC RIGHTS SERVICE LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

1.


General information

The financial statements are presented in Pounds Sterling (GBP) as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 31 December 2017.
The continuing activity of Zentropa Music Rights Service Limited ('the company') is film and video production.
The company is a private company limited by shares incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company registration number is SC232097.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered a period of at least twelve months from the date on which these financial statements have been signed and, having considered all relevant information available to them, believe it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.4

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

  
2.5

Film development and production

Film development and production expenditure is written off to the profit and loss account in the year in which the main income, following the release of the film or television series, is earned. Where there is a reasonable certainty of future material income, then expenditure is deferred and amortised over the period during which the company is expected to benefit.

3

 
ZENTROPA MUSIC RIGHTS SERVICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

  
2.6

Film sale and leaseback

Where the company has entered into a sale and leaseback arrangement for the rights to a film or television series, the finance lease is matched by a pledged deposit account such that the principal on deposit and interest earned will be sufficient to cover the rental obligations on the finance lease until the end of the lease. The deposit account can only be used to settle the finance lease liabilities and therefore these do not represent separate assets and liabilities of the company. Consequently the deposit account has been netted off with the finance lease creditor. Interest arising on the pledged deposit account has been similarly matched against the finance lease interest charges.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2016 - 2).


4.


Taxation

There is no charge for corporation tax in the current or prior year.


5.


Contingent liabilities

In July 2002 the company entered into a sale and leaseback transaction for the master copy of the film 'Song for a Raggy Boy' with The Invicta Film Partnership. Amounts held in deposit account as a result of this transaction comprise of monies to provide for the discharge of future leasing liabilities. The bank with which these sums are deposited has given guarantees to the lessors in respect of the lease liabilities. The contingent liability would only crystallise upon the failure of the bank holding the deposit. The amounts involved are as follows:

2017
2016
£
£




Amounts held on deposit
-
235,164

Less: Lease liabilities outstanding

-
(235,164)

-
-



The maturity of the above amounts is as follows:

2017
2016
£
£


Within one year
-
(235,164)

Between two and five years
-
-

-
(235,164)


4

 
ZENTROPA MUSIC RIGHTS SERVICE LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

6.


Related party transactions

During the year Zentropa Music Rights Limited received £Nil (2016: £15) from Zentropa Film Administration Limited, a member of the group. Zentropa Film Administration Limited has confirmed this balance will not be pursued and the amount of £Nil (2016: £15) has been written back to the profit and loss. There was no further outstanding balance either due or payable to Zentropa Film Administration Limited at the year end. 


7.


Ultimate Parent Undertaking

The immediate parent undertaking is Zentropa UK Limited which owns the only share issued.

 
5