&,1) lo 14- /ooh 1. Isle of Man Film (DOI) Limited. Directors' report and financial statements. For the year ended 31 March 2014

Transcription

1 &,1) lo 14- /ooh 1 Isle of Man Film (DOI) Limited Directors' report and financial statements For the year ended 31 March 2014

2 Contents Page Directors' Report 1 Statement of Directors' Responsibilities 2 Report of the Independent Auditors 3 and 4 Profit and Loss Account 5 Balance Sheet 6 Notes 7

3 Directors' Report The Directors present their annual report and the audited financial statements for the year ended 31 March Principal activities The principal activity of the Company is collecting receipts generated from the sale of the film Death's of Ian Results The results of the Company are set out on page 5. The profit on ordinary activities after taxation was nil, (2013: Erin). Dividend The Directors do not propose to pay a dividend. Directors The Directors of the Company during the year were: C N Kniveton J S Shimmin C McGreal Auditors KPMG Audit 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 deti (-- 1/ I 0114 Secretary St George's Court Upper Church Street Douglas IM1 1EX

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 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; and 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Isle of Man Companies Acts 1931 to They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. 2

5 Report of the Independent Auditors, KPMG Audit LLC, to the members of Isle of Man Film (DOI) Limited We have audited the financial statements of Isle of Man Film (DOI) Limited for the year ended 31 March 2014 which comprise the Profit and Loss Account, the Balance Sheet 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. Basis of qualified opinion With respect to the completeness of income from film sales, the audit evidence available to us was limited because there is no formal process in place to monitor the completeness of income due from agents. Given this lack of financial process, together with the nature of such income, we were unable to obtain sufficient audit evidence over completeness of income. Qualified opinion on the financial statements In our opinion, except for the possible effects of the matter described in the basis for qualified opinion on the financial statements, the financial statements: give a true and fair view of the state of the Company's affairs as at 31 March 2014 and of the company's result 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 2004.

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 In respect solely of the limitation on our work relating to the completeness of income, described above: we have not obtained all the information and explanations that we consider necessary for the purpose of our audit. 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 A,A L C KPMG Audit LLC Chartered Accountants Heritage Court 41 Athol Street Douglas Isle of Man IM99 1HN 4

7 Profit and Loss Account for the year ended 31 March 2014 Notes Turnover Exchange Gain Recoupment Bank interest Expenses Provision against investments Exchange loss Recoupment Recharge Bank charges 2 Profit on ordinary activities before taxation Taxation 3 Result for the year Retained profit brought forward Retained profit carried forward The notes on page 7 form part of these financial statements. In the current financial period, 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. 5

8 Balance sheet as at 31 March 2014 Notes Fixed Assets Investment in films 2 Current assets Amount due from Isle of Man 14,011 14,011 Film Limited Cash at bank 3,159 3,162 17, Creditors: amounts falling due within one year Amount due to Media 17,170 17,173 Development Fund Net current assets Net assets 17,170 17,173 The notes on pages 7 form part of these financial statements These financial statements were approved by the Board of Directors I /10 (14 and signed on their behalf by: k. el/4:h Director Director 6

9 Notes (forming part of the financial statements for the year ended 31 March 2014) 1 Accounting policies (a) Basis of accounting The financial statements have been prepared in accordance with UK Accounting Standards under the historical cost convention. (b) Turnover Turnover is derived from any recoupment, profit or charges arising from the investments made by Isle of Man Film (DOI) Ltd. (c) 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. (d) Provision note Full provision is made against all investments until such time as the investment is realised. 2 Investment in film Investment in film 4,900,400 4,900,400 Provision (4,900,400) (4,900,400) Net investment 3 Taxation The company is not subject to Income tax as the share capital is wholly owned by the Isle of Man Government. 4 Company limited by guarantee Isle of Man Film (DOI) Limited is a Company limited by guarantee and the liability of the member is limited to 1. The sole member is Isle of Man Film Limited, a company owned by the Isle of Man Government. 5 Related party transactions The amount at 31 March 2014 due from Isle of Man Film was 14,011, (2013: 14,011). 6 Controlling Party The ultimate controlling party of Isle of Man Film (DOI) Limited is The Treasury, a department of the Isle of Man Government. 7