Company registration number 09490796 (England and Wales)
FREE BIRD FILM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FREE BIRD FILM LIMITED
COMPANY INFORMATION
Directors
L J Sullivan
J Pickford
J A Hatt
Secretary
K Goulding
Company number
09490796
Registered office
Klatch Studio
29 Park Royal Road
London
NW10 7LQ
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
FREE BIRD FILM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FREE BIRD FILM LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF FREE BIRD FILM LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Free Bird Film Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Free Bird Film Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Free Bird Film Limited and state those matters that we have agreed to state to the board of directors of Free Bird Film Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Free Bird Film Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Free Bird Film Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Free Bird Film Limited. You consider that Free Bird Film Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Free Bird Film Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
30 September 2024
FREE BIRD FILM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
195,311
12,835
Current assets
Debtors
4
210,150
136,938
Cash at bank and in hand
48,139
264,658
258,289
401,596
Creditors: amounts falling due within one year
5
(170,457)
(91,121)
Net current assets
87,832
310,475
Total assets less current liabilities
283,143
323,310
Creditors: amounts falling due after more than one year
6
(34,990)
-
0
Provisions for liabilities
-
0
(1,867)
Net assets
248,153
321,443
Capital and reserves
Called up share capital
8
119
112
Share premium account
8,323
5,086
Distributable profit and loss reserves
239,711
316,245
Total equity
248,153
321,443

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FREE BIRD FILM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
J A Hatt
Director
Company registration number 09490796 (England and Wales)
FREE BIRD FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Free Bird Film Limited is a private company limited by shares incorporated in England and Wales. The registered office is Klatch Studio, 29 Park Royal Road, London, NW10 7LQ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
20% and 33% straight line
Camera and equipement
20%, 33% and 66% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 balance sheet 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.

FREE BIRD FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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 payments 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. Amounts 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.

FREE BIRD FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
5
FREE BIRD FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Tangible fixed assets
Property improvements
Camera and equipement
Total
£
£
£
Cost
At 1 April 2023
2,599
44,276
46,875
Additions
90,759
138,957
229,716
At 31 March 2024
93,358
183,233
276,591
Depreciation and impairment
At 1 April 2023
1,732
32,308
34,040
Depreciation charged in the year
21,643
25,597
47,240
At 31 March 2024
23,375
57,905
81,280
Carrying amount
At 31 March 2024
69,983
125,328
195,311
At 31 March 2023
867
11,968
12,835
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
107,157
98,724
Other debtors
101,458
38,214
208,615
136,938
Deferred tax asset
1,535
-
0
210,150
136,938
5
Creditors: amounts falling due within one year
2024
2023
£
£
Loans and borrowings
7
13,010
-
Trade creditors
78,352
4,919
Taxation and social security
43,840
54,533
Other creditors
35,255
31,669
170,457
91,121
FREE BIRD FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans and borrowings
7
34,990
-
34,990
-
0
7
Loans and borrowings
2024
2023
£
£
Other loans
48,000
-
0
48,000
-
Payable within one year
13,010
-
Payable after one year
34,990
-

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
68
61
68
61
119
112
119
112

During the year 7 Ordinary B shares of £1.00 each were allotted for an aggregate consideration of £3,244 to a director of the company

9
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

 

The total amount of financial commitments not included in the balance sheet is £299,070 (2023 - £135,000)

 

2024-03-312023-04-01false30 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityL J SullivanJ PickfordJ A HattK Gouldingfalsefalse094907962023-04-012024-03-3109490796bus:Director12023-04-012024-03-3109490796bus:Director22023-04-012024-03-3109490796bus:Director32023-04-012024-03-3109490796bus:CompanySecretary12023-04-012024-03-3109490796bus:RegisteredOffice2023-04-012024-03-31094907962024-03-31094907962023-03-3109490796core:LeaseholdImprovements2024-03-3109490796core:ComputerEquipment2024-03-3109490796core:LeaseholdImprovements2023-03-3109490796core:ComputerEquipment2023-03-3109490796core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3109490796core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109490796core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3109490796core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3109490796core:CurrentFinancialInstruments2024-03-3109490796core:CurrentFinancialInstruments2023-03-3109490796core:Non-currentFinancialInstruments2024-03-3109490796core:Non-currentFinancialInstruments2023-03-3109490796core:ShareCapital2024-03-3109490796core:ShareCapital2023-03-3109490796core:SharePremium2024-03-3109490796core:SharePremium2023-03-3109490796core:RetainedEarningsAccumulatedLosses2024-03-3109490796core:RetainedEarningsAccumulatedLosses2023-03-3109490796core:ShareCapitalOrdinaryShares2024-03-3109490796core:ShareCapitalOrdinaryShares2023-03-3109490796core:LeaseholdImprovements2023-04-012024-03-3109490796core:ComputerEquipment2023-04-012024-03-31094907962022-04-012023-03-3109490796core:LeaseholdImprovements2023-03-3109490796core:ComputerEquipment2023-03-31094907962023-03-3109490796core:WithinOneYear2024-03-3109490796core:WithinOneYear2023-03-3109490796bus:PrivateLimitedCompanyLtd2023-04-012024-03-3109490796bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109490796bus:FRS1022023-04-012024-03-3109490796bus:AuditExemptWithAccountantsReport2023-04-012024-03-3109490796bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP