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COMPANY REGISTRATION NUMBER: 07941329
Altitude Film Entertainment Limited
Financial Statements
31 March 2023
Altitude Film Entertainment Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Altitude Film Entertainment Limited
Officers and Professional Advisers
The board of directors
W J Clarke
A G Mayson
E F Williamson III
Registered office
c/o Altitude Film Distribution Ltd
Somerset House
Strand
London
England
WC2R 1LA
Auditor
Shipleys LLP
Chartered accountants & statutory auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
Altitude Film Entertainment Limited
Strategic Report
Year ended 31 March 2023
Review of the business and future developments
The company has continued to position itself for continued growth through its core business areas of UK Distribution, International sales and Film and Television production . UK Distribution - released several successful titles during the year, including award winning title All The Beauty and the Bloodshed. International sales - we had a strong presence at all major film festivals, presenting titles including Burial, Transfusion and No Way Up. Film and Television Production - we commenced production during the year on Lionesses and continue to develop several projects with two going into production in year end 2024. As a result, the Company was profitable during the year. Going forward, we continue to grow our UK Distribution and International Sales operations, and we are ramping up content creation across Film and Television.
Key performance indicators
Operating profit (excluding unrealised exchange losses and SPV subsidiaries) for the year ended March 2023 was £320,697 (2022: £1,018,919). This reflects the trade as analysed above.
Principal risks
The company's operations may expose it to a variety of financial risks, principally; credit risk and liquidity risk. The responsibility for monitoring financial risk management is shared by the directors.
Credit risk
The company is exposed to credit risk from its sales of products to the international market. Credit risk is mitigated where possible by receiving payments in advance of delivery of materials, and sales are made to many different markets around the world.
Liquidity risk
Liquidity risk is managed by ensuring that the company maintains sufficient funds to meet trading obligations as they fall due.
Social values of the business
There is an ongoing full staff appraisal, training and development programme to develop staff within the business.
This report was approved by the board of directors on 10 October 2024 and signed on behalf of the board by:
A G Mayson
Director
Altitude Film Entertainment Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the Financial Statements of the group for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
W J Clarke
A G Mayson
E F Williamson III
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
Information relating to the principal activities, the future developments, staffing and risk management of the company has been disclosed in the Strategic Report on page 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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. Under that law the directors have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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 adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 10 October 2024 and signed on behalf of the board by:
A G Mayson
Director
Altitude Film Entertainment Limited
Independent Auditor's Report to the Members of Altitude Film Entertainment Limited
Year ended 31 March 2023
Opinion
We have audited the Financial Statements of Altitude Film Entertainment Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Financial Statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Financial Statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the Financial Statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Financial Statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the Financial Statements are prepared is consistent with the Financial Statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Financial Statements are not in agreement with the accounting records 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the Company's business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the Company's financial statements to material misstatement from irregularities, including fraud, are instances of non-compliance with laws and regulations. - Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. 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.
Terrence Bourne
(Senior Statutory Auditor)
For and on behalf of
Shipleys LLP
Chartered accountants & statutory auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
11 October 2024
Altitude Film Entertainment Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
4
16,470,601
26,245,554
Cost of sales
( 13,933,974)
( 24,881,270)
-------------
-------------
Gross profit
2,536,627
1,364,284
Administrative expenses
( 2,308,267)
( 2,119,566)
Other operating income
5
4,533
14,336
------------
------------
Operating profit/(loss)
6
232,893
( 740,946)
Interest payable and similar expenses
10
( 448,112)
( 326,156)
------------
------------
Loss before taxation
( 215,219)
( 1,067,102)
Tax on loss
11
262,866
1,569,017
---------
------------
Profit for the financial year and total comprehensive income
47,647
501,915
---------
------------
Profit for the financial year attributable to:
The owners of the parent company
4,732
501,170
Non-controlling interests
42,915
745
--------
---------
47,647
501,915
--------
---------
All the activities of the group are from continuing operations.
Altitude Film Entertainment Limited
Consolidated Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
2,354,599
2,275,556
Tangible assets
13
1,692
3,353
Investments
14
1
1
------------
------------
2,356,292
2,278,910
Current assets
Stock and work in progress
15
7,284,390
Debtors
16
8,056,585
9,186,650
Cash at bank and in hand
574,821
1,779,938
-------------
-------------
15,915,796
10,966,588
Creditors: amounts falling due within one year
17
( 16,580,024)
( 11,725,759)
-------------
-------------
Net current liabilities
( 664,228)
( 759,171)
------------
------------
Total assets less current liabilities
1,692,064
1,519,739
Creditors: amounts falling due after more than one year
18
( 1,571,335)
( 1,446,657)
------------
------------
Net assets
120,729
73,082
------------
------------
Capital and reserves
Called up share capital
21
111
111
Share premium account
22
1,999,989
1,999,989
Profit and loss account
22
( 1,988,447)
( 1,993,179)
------------
------------
Equity attributable to the owners of the parent company
11,653
6,921
Non-controlling interests
109,076
66,161
---------
--------
120,729
73,082
---------
--------
These Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Financial Statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
A G Mayson
Director
Company registration number: 07941329
Altitude Film Entertainment Limited
Company Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
1,767,166
2,067,392
Tangible assets
13
1,090
1,412
Investments
14
398
397
------------
------------
1,768,654
2,069,201
Current assets
Debtors
16
2,558,335
1,464,061
Cash at bank and in hand
316,013
248,161
------------
------------
2,874,348
1,712,222
Creditors: amounts falling due within one year
17
( 4,481,314)
( 3,697,409)
------------
------------
Net current liabilities
( 1,606,966)
( 1,985,187)
------------
------------
Total assets less current liabilities
161,688
84,014
Creditors: amounts falling due after more than one year
18
( 1,368,392)
( 1,259,892)
------------
------------
Net liabilities
( 1,206,704)
( 1,175,878)
------------
------------
Capital and reserves
Called up share capital
21
111
111
Share premium account
22
1,999,989
1,999,989
Profit and loss account
22
( 3,206,804)
( 3,175,978)
------------
------------
Shareholders deficit
( 1,206,704)
( 1,175,878)
------------
------------
The loss for the financial year of the parent company was £ 30,826 (2022: £ 469,962 profit).
These Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Financial Statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
A G Mayson
Director
Company registration number: 07941329
Altitude Film Entertainment Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Share premium account
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
At 1 April 2021
100
( 2,494,349)
( 2,494,249)
65,416
( 2,428,833)
Profit for the year
501,170
501,170
745
501,915
----
----
------------
------------
--------
------------
Total comprehensive income for the year
501,170
501,170
745
501,915
Issue of shares
11
1,999,989
2,000,000
2,000,000
----
------------
------------
------------
--------
------------
Total investments by and distributions to owners
11
1,999,989
2,000,000
2,000,000
At 31 March 2022
111
1,999,989
( 1,993,179)
6,921
66,161
73,082
Profit for the year
4,732
4,732
42,915
47,647
----
------------
------------
------------
--------
------------
Total comprehensive income for the year
4,732
4,732
42,915
47,647
----
------------
------------
------------
---------
------------
At 31 March 2023
111
1,999,989
( 1,988,447)
11,653
109,076
120,729
----
------------
------------
------------
---------
------------
Altitude Film Entertainment Limited
Company Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 April 2021
100
( 3,645,940)
( 3,645,840)
Profit for the year
469,962
469,962
----
----
------------
------------
Total comprehensive income for the year
469,962
469,962
Issue of shares
11
1,999,989
2,000,000
----
------------
------------
------------
Total investments by and distributions to owners
11
1,999,989
2,000,000
At 31 March 2022
111
1,999,989
( 3,175,978)
( 1,175,878)
Loss for the year
( 30,826)
( 30,826)
----
------------
------------
------------
Total comprehensive income for the year
( 30,826)
( 30,826)
----
------------
------------
------------
At 31 March 2023
111
1,999,989
( 3,206,804)
( 1,206,704)
----
------------
------------
------------
Altitude Film Entertainment Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
47,647
501,915
Adjustments for:
Depreciation of tangible assets
5,047
5,450
Amortisation of intangible assets
1,038,468
1,290,527
Impairment of intangible assets
965,931
218,358
Interest payable and similar expenses
448,112
326,156
Tax on (loss)/profit
( 262,866)
( 1,569,017)
Accrued expenses/(income)
507,917
( 5,007,976)
Changes in:
Stock and work in progress
( 7,284,390)
Trade and other debtors
1,892,068
3,716,108
Trade and other creditors
4,460,822
( 165,173)
------------
------------
Cash generated from operations
1,818,756
( 683,652)
Interest paid
( 448,112)
( 326,156)
Tax received
262,866
1,569,017
------------
------------
Net cash from operating activities
1,633,510
559,209
------------
------------
Cash flows from investing activities
Net payments for tangible assets
( 3,386)
( 6,705)
Net payments for intangible assets
( 2,083,442)
( 800,146)
------------
------------
Net cash used in investing activities
( 2,086,828)
( 806,851)
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
2,000,000
Proceeds from borrowings
189,393
( 1,366,139)
Repayments of borrowings
( 941,192)
------------
------------
Net cash (used in)/from financing activities
( 751,799)
633,861
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,205,117)
386,219
Cash and cash equivalents at beginning of year
1,779,938
1,393,719
------------
------------
Cash and cash equivalents at end of year
574,821
1,779,938
------------
------------
Altitude Film Entertainment Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Altitude Film Distribution Ltd, Somerset House, Strand, London, WC2R 1LA, England.
2. Statement of compliance
These Financial Statements have been prepared in compliance with 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 undertaken a rigorous assessment of whether the Group was a going concern when the accounts were prepared, considering all available information about the future, covering a period of more than 12 months from the date of approval of the accounts. The directors have reviewed future forecasts based on film distribution expectations. The film industry remains a volatile one, and the returns on individual film projects always with an element of unpredictability, however the directors are confident in the recovery of the underlying film assets. The directors believe that support will continue to be available from the shareholders and therefore they consider it appropriate to prepare the accounts on a Going Concern basis.
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. Government grants in the year, pertaining to the Job Retention Scheme launched as part of HM Government's response to the COVID-19 pandemic, are £nil (2022: £14,336). These are presented within Other Operating Income.
Development investments
Development investment spent, and attributable third part costs, are recognised at cost. An impairment review is then carried out at the balance sheet date to assess whether any additional amounts should be provided for.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The Financial Statements consolidate the Financial Statements of Altitude Film Entertainment Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Amortisation of film assets held - Depreciation of tangible fixed assets held Key sources of estimation uncertainty 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 are as follows: - Provisions for doubtful debts The recoverability and valuation of debtors involves an element of uncertainty. All debtors are considered fully recoverable to the value recognised as at 31 March 2023.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered in the production and distribution of film productions, stated net of discounts and of Value Added Tax. Distribution income is recognised when a distribution licence has been signed by all parties and full delivery of a film to the respective company has occurred. Any licence fees received in advance which do not meet these criteria are included in deferred income until the criteria are met. Income on theatrical distribution rights is recognised in line with the exhibition of productions based on contractual fees due on collected gross receipts. Income on PVOD and home media sales is recognised when revenue entitlements are contractually certain based on sales made. Income on SVOD and television distribution is recognised in line with contractual terms thereof on an accruals basis, representing income due for the period presented.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Film investments
-
by reference to total projected turnover from exploitation of film rights
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Computer Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks and wip
Stocks represent film assets under development, and which are unreleased at the reporting date. These are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, development and any other costs incurred in completion of the film to a deliverable condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
16,470,601
26,245,554
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Other operating income
4,533
14,336
-------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
5,047
5,450
Impairment of trade debtors
16,835
21,089
Foreign exchange differences
38,221
12,189
Amortisation of intangible assets
1,038,468
1,214,615
Impairment of intangible assets
965,931
218,358
------------
------------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
19,250
18,750
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Management staff
3
3
Sales and distribution staff
20
23
----
----
23
26
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,538,173
1,512,769
Social security costs
191,888
177,799
Other pension costs
19,491
20,856
------------
------------
1,749,552
1,711,424
------------
------------
The average number of persons employed by the company are 23 (2022: 26).
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
503,428
400,000
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
2
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
275,080
200,000
Company contributions to defined contribution pension plans
1,321
1,320
---------
---------
276,401
201,320
---------
---------
The aggregate of key management personnel remuneration, including the director remuneration shown above, is £658,295 (2022: £544,354).
10. Interest payable and similar expenses
2023
2022
£
£
Interest on bank loans and overdrafts
448,112
326,156
---------
---------
11. Tax on (loss)/profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 262,866)
( 1,569,017)
Tax on (loss)/profit
( 262,866)
( 1,569,017)
---------
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 215,219)
( 1,067,102)
---------
------------
Loss on ordinary activities by rate of tax
( 95,964)
( 202,749)
Effect of expenses not deductible for tax purposes
5,622
12,957
Effect of capital allowances and depreciation
191
( 621)
Utilisation of tax losses
( 141,645)
Unused tax losses
90,151
332,058
High-end television tax relief
( 262,866)
( 1,569,017)
---------
------------
Tax on (loss)/profit
( 262,866)
( 1,569,017)
---------
------------
There is a potential deferred tax asset on group losses carried forwards, not recognised in the financial statements, being £317,237 at a 25% rate of taxation (2022: £382,424).
12. Intangible assets
Group
Film Investments
£
Cost
At 1 April 2022
10,044,632
Additions
2,093,556
Disposals
( 10,114)
-------------
At 31 March 2023
12,128,074
-------------
Amortisation
At 1 April 2022
7,769,076
Charge for the year
1,038,468
Impairment losses
965,931
-------------
At 31 March 2023
9,773,475
-------------
Carrying amount
At 31 March 2023
2,354,599
-------------
At 31 March 2022
2,275,556
-------------
Company
Film Investments
£
Cost
At 1 April 2022
2,334,253
Additions
1,271,072
Disposals
( 382,787)
------------
At 31 March 2023
3,222,538
------------
Amortisation
At 1 April 2022
266,861
Charge for the year
332,961
Impairment losses
855,550
------------
At 31 March 2023
1,455,372
------------
Carrying amount
At 31 March 2023
1,767,166
------------
At 31 March 2022
2,067,392
------------
13. Tangible assets
Group
Computer Equipment
£
Cost
At 1 April 2022
59,519
Additions
3,386
--------
At 31 March 2023
62,905
--------
Depreciation
At 1 April 2022
56,166
Charge for the year
5,047
--------
At 31 March 2023
61,213
--------
Carrying amount
At 31 March 2023
1,692
--------
At 31 March 2022
3,353
--------
Company
Computer Equipment
£
Cost
At 1 April 2022
44,928
Additions
2,180
--------
At 31 March 2023
47,108
--------
Depreciation
At 1 April 2022
43,516
Charge for the year
2,502
--------
At 31 March 2023
46,018
--------
Carrying amount
At 31 March 2023
1,090
--------
At 31 March 2022
1,412
--------
14. Investments
Group
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
1
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 1 April 2022 and 31 March 2023
1
----
At 31 March 2022
1
----
Company
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
398
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 1 April 2022 and 31 March 2023
398
----
At 31 March 2022
398
----
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Altitude Film Sales Limited
Ordinary
90
Altitude Film Distribution Limited
Ordinary
100
Altitude Television Limited
Ordinary
100
AFE - Big Game Limited
Ordinary
100
AFE - Big Game Finance Limited *
Ordinary
100
Altitude HF Limited *
Ordinary
100
HP Films Limited (held indirectly via Altitude Television Limited) #
Ordinary
100
Altitude Media Group Limited *
Ordinary
100
NWUP Limited #
Ordinary
100
RHS Films Limited
Ordinary
100
Majesty Films Limited #
Ordinary
100
Horrible Histories One Limited (Joint Venture)
Ordinary
50
Altitude Wombles TV Limited (Joint Venture)
Ordinary
50
The registered address of all of the above is: (C/O Altitude Film Distribution Ltd) Somerset House, Strand, London, England WC2R 1LA.
Entities marked with a hash symbol have taken advantage of the exemption from audit under the provisions of section 479A of the Companies Act 2006 ("the Act") and the members of those companies have not required the companies to obtain an audit for the years in question in accordance with section 476 of the Act.
Entities marked with an asterisk are dormant and are exempt from audit under the provisions of section 480 of the Act and the members of those companies have not required the company to obtain and audit in accordance with section 476 of the Act.
The nature of business of all of the above entities was the production and distribution of films other than AFE - Big Game Finance Limited, Altitude HF Limited and Altitude Media Group Limited which were dormant in the year.
15. Stock and work in progress
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
7,284,390
------------
----
----
----
The work in progress balance shown reflects the costs associated with the film production No Way Up, delivered subsequent to year end.
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
402,313
1,038,266
31,800
31,800
Amounts owed by group undertakings
538,100
616,434
Prepayments and accrued income
4,900,737
4,138,734
832,315
128,800
Corporation tax recoverable
266,627
1,569,017
Other debtors
2,486,908
2,440,633
1,156,120
687,027
------------
------------
------------
------------
8,056,585
9,186,650
2,558,335
1,464,061
------------
------------
------------
------------
17. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,327,129
1,120,752
122,394
88,637
Amounts owed to group undertakings
3,769,860
3,050,834
Accruals and deferred income
3,990,160
2,720,240
104,899
14,000
Social security and other taxes
457,373
2,201,046
263,404
532,957
Other creditors
10,805,362
5,683,721
220,757
10,981
-------------
-------------
------------
------------
16,580,024
11,725,759
4,481,314
3,697,409
-------------
-------------
------------
------------
18. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
1,571,335
1,446,657
1,368,392
1,259,892
------------
------------
------------
------------
Included within other creditors of the group is an interest-bearing shareholder loan of £1,571,335 (2022: £1,446,657), which falls due in 2026. The corresponding balance in the company is £1,368,392 (2022: £1,259,852).
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 19,491 (2022: £ 20,856 ).
20. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial liabilities measured at amortised cost
Group
2023
2022
£
£
Financial liabilities measured at amortised cost
5,059,585
5,340,676
------------
------------
21. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 0.001 each
58,182
58
58,182
58
Ordinary B shares of £ 0.001 each
10,267
10
10,267
10
Ordinary C shares of £ 0.001 each
42,780
43
42,780
43
---------
----
---------
----
111,229
111
111,229
111
---------
----
---------
----
Ordinary shares have attached to them full voting, dividend and capital distribution rights and do not confer any rights of redemption.
22. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
23. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
1,779,938
(1,205,117)
574,821
------------
------------
---------
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
101,220
101,220
---------
----
---------
----
Altitude Film Entertainment Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2023
25. Directors' advances, credits and guarantees
Group and company In the year, there were no director loan facilities provided.
26. Related party transactions
Group
No transactions with related parties were undertaken as such that are required to be disclosed under FRS 102.
Company
During the year the following related-party transactions took place. All transactions arose on an arm's-length basis through the normal course of business. During the year the company incurred costs of £673,313 (2022: £586,467) on behalf of Altitude Film Sales Limited. At the year-end an amount of £643,636 (2022: £25,814) remained due to Altitude Film Sales Limited. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
27. Controlling party
In the opinion of the directors the ultimate controlling party is W J Clarke .