Isle of Man Film Limited

Transcription

1 GD 0033/13 Isle of Man Film Limited Directors' report and consolidated financial statements For the year ended 31 March 2012

2 C'onr etas Page Directors' Report Statement of Directors' Responsibilities 2 Report of the Independent Auditots 3 and 4 Consolidated Profit and Loss Account 5 Consolidated Balance Sheet 6 Company Balance Sheet 7 Notes to the financial statements 8 and 9

3 I isle of Man Film Limited Directors' Report The Directors present their annual report and the audited consolidated financial statements for the year ended 31 March Principal activities The principal activity of the Group is facilitating the investment in films. Results The results of the Group are set out on page 5. The profit on ordinary activities after taxation was fnil (2011: Loll). Dividend The Directors do not propose to pay a dividend (2011: End). Directors The Directors of the Company during the ycar were: A R Bell (resigned 01 December 2011) C N Kniveton J S Christian A J Fingret (resigned 01 December 2011) C McGreal P Shimmin (appointed 01 December 2011) Auditors KPMG Audit LLC, being eligible, have expressed their willingness to continue in office in accordance with Section 12 (2) of the Isle of Man Companies Act By order of the Board I te. II II 3td Floor Murdoch Chambers South Quay Douglas

4 Statement of Directors' responsibilities in respect of the Directors' report and the financial statements The Directors are responsible for preparing the Directors' 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, which meet the requirements of Isle of Man company law. In addition, the Directors have elected to prepare the financial statements in accordance with UK Accounting Standards. The financial statements are required by law to give a true and fair view of the state of affairs of the Group and Parent 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 estimates that are reasonable and prudent; state whether they have been prepared in accordance with UK Accounting Standards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Parent Company will continue in business. The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Parent Company and to enable them to ensure that its financial statements comply with the Companies Acts 1931 to They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

5 Report of the Independent Auditors, KPMG Audit LLC, to the members of Isle of Man Film Limited We have audited the Group and Parent financial statements of Isle of Man Film Limited for the year ended 31 March 2012 which comprise the Group Profit and Loss Account, the Group and Parent Company Balance Sheets, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards. This report is made solely to the Company's members, as a body, in accordance with Section 15 of the Companies Act Our audit work has been undertaken so that we might state to the Company's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of Directors and Auditor As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of financial statements that give a true and fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. Opinion on the financial statements In our opinion the financial statements: give a true and fair view of the state of the Group's and Parent Company's affairs as at 31 March 2012 and of the Group's profit for the year then ended; have been properly prepared in accordance with UK Accounting Standards; and have been properly prepared in accordance with the provisions of Companies Acts 1931 to II

6 Report of the Independent Auditors, KPMG Audit LLC, to the members of Isle of Man Film Limited (continued) Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Acts 1931 to 2004 require us to report to you if, in our opinion: proper books of account have not been kept by the Parent Company and proper returns adequate for our audit have not been received from branches not visited by us; or the Parent Company's balance sheet and profit and loss account are not in agreement with the books of account and returns; or certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. kueta L-L-c 14 M ovran KPMG Audit LLC Chartered Accountants Heritage Court 4 I Athol Street Douglas Isle of Man 1M99 I HN 4

7 Consolidated Profit and Loss Account for the year ended 31 March 2012 Turnover Notes Investment return 282, ,381 Bank interest Expenses 282, ,410 Provision against investments Recoupment recharge 4 250, ,682 Audit fees 4,140 4,838 Insurance 4,245 5,175 Exchange loss Miscellaneous expenses 22,731 10,192 Bank charges , ,410 Loss on ordinary activities before taxation Taxation Result for the year Retained profit brought forward 26,050 26,050 Retained profit carried forward 26,050 26,050 = The notes on pages 8 to 9 form part of these consolidated financial statements. In both the current and preceding financial year, there were no recognised gains or losses other than those dealt with in the profit and loss account The Directors consider that all results derive from continuing activities.

8 Consolidated Balance Sheet as at 31 March 2012 Notes Fixed Assets Investment in films 2 Current assets Cash at bank 697, , , ,517 Creditors: amounts falling due within one year Amount due to Media Development Fund 592, ,840 Other creditors 42,321 98,141 VAT account 36, , , ,467 Net current assets 26, Net assets 26,050 26,050 Represented by: Reserves 26,050 26,050 The notes on pages 8 to 9 form part of these consolidated financial statements. These financial statements were approved by the Board of Directors (-Ai e f) I. their behalf by: and signed on Director Director

9 Company Balance Sheet as at 31 March 2012 Fixed Assets Investment in films Notes Current assets Cash at bank 693, , , ,357 Creditors: amounts falling due within one year Amount due to Media Development Fund 575, ,669 Other creditors 42,320 93,141 Vat account 36,442 15,486 Amount clue to subsidiary 8 14,011 14, , ,307 Net current assets ,050 Net assets 26,050 26,050 Represented by: 26,050 26,050 Reserves 26,050 26,050 The notes on pages 8 to 9 form part of these consolidated financial statements These financial statements were approved by the Board of Directors en Z ) 1113 their behalf by: and signed on ( Director Director

10 Notes (forming part of the consolidated financial statements for the year ended 31 March 2012) I Accounting policies (a) Basis of accounting The consolidated financial statements have been prepared in accordance with UK Accounting Standards under the historical cost convention. (b) Turnover Turnover is derived from grant-in-aid drawn from the Media Development Fund, held by The Treasury (and used by Isle of Man Film Limited to invest in individual films) and from any recoupment, profit or charges arising from the investments made by Isle of Man Film Ltd. (c) Provision note Full provision is made against all investments until such time as the investment is realised. (d) Foreign currencies Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account, (e) Cash flow statement The company is exempt under FRS1 Cash Flow Statements from the requirement to prepare a Cash flow statement on the grounds of its size. 2 Investment in film Investment in films 161,820, ,820,326 Accumulated provision (161,820,326) (161,820,326) Net investment Investment during the year Provision during the year Net investment during the year

11 Notes (continued) (forming part of the consolidated financial statements for the year ended 31 March 2012) 3 Taxation The company is not subject to Income tax as the share capital is wholly owned by the Isle of Man Government 4 Recoupment charge This represents the return of funds due to the Media Development Fund of the Isle of Man Government. 5 Company limited by guarantee Isle of Man Film Limited is a Company limited by guarantee and the liability of the member is limited to I The sole member is the Treasury, a depanment of the Isle of Man Government. 6 Related party transactions There were no related party transactions during the year. None of the Company's Directors have received Director's fees. 7 Controlling party The ultimate controlling party of Isle of Man Film Limited is the Treasury, a department of the Isle of Man Government. 8 Subsidiary On 6 July 2007, a wholly owned subsidiary company, Isle of Man Film (DOI) Limited, was incorporated in the Isle of Man. This company is limited by guarantee with the Company's liability limited to 1. At the year end the subsidiary was owed an amount of 14,011, (2011: 14,011) by Isle of Man Film Limited. 9 Company Profit The Company's net profit for the year was foil (2011: bid).