0 11 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,291,653 430,437 9,722,090 7,146,251 873,184 8,129,816 1,592,274 2,145,402 3,778 1,206 4,984 2,305 2,076 4,381 603 1,473 xbrli:pure xbrli:shares iso4217:GBP 08969472 2022-04-01 2023-03-31 08969472 2023-03-31 08969472 2022-03-31 08969472 2021-04-01 2022-03-31 08969472 2022-03-31 08969472 2021-03-31 08969472 bus:Director1 2022-04-01 2023-03-31 08969472 core:WithinOneYear 2023-03-31 08969472 core:WithinOneYear 2022-03-31 08969472 core:AfterOneYear 2023-03-31 08969472 core:AfterOneYear 2022-03-31 08969472 core:ShareCapital 2023-03-31 08969472 core:ShareCapital 2022-03-31 08969472 core:RetainedEarningsAccumulatedLosses 2023-03-31 08969472 core:RetainedEarningsAccumulatedLosses 2022-03-31 08969472 bus:SmallEntities 2022-04-01 2023-03-31 08969472 bus:Audited 2022-04-01 2023-03-31 08969472 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08969472 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08969472 bus:FullAccounts 2022-04-01 2023-03-31 08969472 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 08969472 core:ComputerEquipment 2022-04-01 2023-03-31 08969472 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 08969472 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 08969472 core:ComputerEquipment 2022-03-31 08969472 core:ComputerEquipment 2023-03-31 08969472 1 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 08969472
Altitude Film Distribution Limited
Filleted Financial Statements
31 March 2023
Altitude Film Distribution Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1,592,274
2,145,402
Tangible assets
6
603
1,473
------------
------------
1,592,877
2,146,875
Current assets
Debtors
7
6,106,289
6,259,775
Cash at bank and in hand
126,141
38,890
------------
------------
6,232,430
6,298,665
Creditors: amounts falling due within one year
8
( 6,768,665)
( 6,839,705)
------------
------------
Net current liabilities
( 536,235)
( 541,040)
------------
------------
Total assets less current liabilities
1,056,642
1,605,835
Creditors: amounts falling due after more than one year
9
( 202,943)
( 186,765)
------------
------------
Net assets
853,699
1,419,070
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
853,599
1,418,970
---------
------------
Shareholders funds
853,699
1,419,070
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
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: 08969472
Altitude Film Distribution 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 Somerset House, Strand, London, WC2R 1LA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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 company 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, and with the support of the parent company and long term external loan financing, directors consider it appropriate to prepare the accounts on a Going Concern basis.
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 Film assets have been amortised in line with the revenue recovery. 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 and for the sale and exploitation of film distribution rights, stated net of discounts and of Value Added Tax. 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 relate to the acquisition of film rights. Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Film investments
-
33.33% in year 1, 16.66% straight line in years 2 to 5.
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
-
50% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2022: nil).
Employees are contracted through the parent company Altitude Film Entertainment Limited and the associated costs recharged to the company. The average number of persons employed by Altitude Film Entertainment Limited amounted to 23 (2022: 26). The key management personnel remuneration for the parent company Altitude Film Entertainment Limited, which incorporates all group activity including the company, is £658,295 (2022: £544,354).
5. Intangible assets
Film investments
£
Cost
At 1 April 2022
9,291,653
Additions
430,437
------------
At 31 March 2023
9,722,090
------------
Amortisation
At 1 April 2022
7,146,251
Charge for the year
873,184
Impairment losses
110,381
------------
At 31 March 2023
8,129,816
------------
Carrying amount
At 31 March 2023
1,592,274
------------
At 31 March 2022
2,145,402
------------
6. Tangible assets
Computer equipment
£
Cost
At 1 April 2022
3,778
Additions
1,206
-------
At 31 March 2023
4,984
-------
Depreciation
At 1 April 2022
2,305
Charge for the year
2,076
-------
At 31 March 2023
4,381
-------
Carrying amount
At 31 March 2023
603
-------
At 31 March 2022
1,473
-------
7. Debtors
2023
2022
£
£
Trade debtors
370,513
1,006,440
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,737,585
3,018,561
Other debtors
1,998,191
2,234,774
------------
------------
6,106,289
6,259,775
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
845,597
879,071
Amounts owed to group undertakings and undertakings in which the company has a participating interest
65,625
289,241
Social security and other taxes
206,904
211,707
Other creditors
5,650,539
5,459,686
------------
------------
6,768,665
6,839,705
------------
------------
Included in other creditors is a loan balance of £3,119,365 (2022: £2,998,739) which is secured against the assets of the company in favour of Ingenious Media Finance Ltd.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Long term loans
202,943
186,765
---------
---------
Included within other creditors is an interest-bearing shareholder loan of £202,943 (2022: £186,765), and is repayable in 2026.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
101,220
---------
----
11. Contingencies
Charges have been made against the assets of Altitude Film Development Limited in favour of the following parties to secure their interests in the Revolving Working Capital Facility; - Ingenious Media Finance Limited - Wilshire Entertainment Limited A charge in respect of a loan previously provided to the company in favour of Head Gear Films Fn Ltd was satisfied in the year on 17 May 2022.
12. Summary audit opinion
The auditor's report dated 11 October 2024 was unqualified .
The senior statutory auditor was Terrence Bourne , for and on behalf of Shipleys LLP .
13. Related party transactions
The company was under the control of Altitude Film Entertainment, a company incorporated in England and Wales, throughout the current year. 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 Altitude Film Entertainment Limited , the immediate parent company, incurred costs of £879,271 (2022: £947,433) on behalf of Altitude Film Distribution Limited , which were recharged into the administrative expenses of the company. At the year-end an amount of £3,104,931 (2022: £3,007,612) was due from Altitude Film Entertainment Limited. During the year the company incurred costs of £22,189 (2022: £301,912) on behalf of Altitude Film Sales Limited, a company under the common control of the immediate parent company. At the year-end an amount of £65,625 (2022: £289,241) was due to Altitude Film Sales Limited. At the year-end an amount of £10,949 (2022: £10,949) was due from Horrible Histories One 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.
14. Controlling party
In the opinion of the directors the ultimate controlling party is W J Clarke .