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Registration number: 07741419

Insurgent Films Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Insurgent Films Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Insurgent Films Limited

Company Information

Director

Louis Chalmers

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited 9 Hare & Billet Road
Blackheath
SE3 0RB

 

Insurgent Films Limited

(Registration number: 07741419)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

2,500

Tangible assets

6

533

711

 

533

3,211

Current assets

 

Debtors

7

8,459

56,179

Cash at bank and in hand

 

2,661

5,568

 

11,120

61,747

Creditors: Amounts falling due within one year

8

(43,317)

(70,754)

Net current liabilities

 

(32,197)

(9,007)

Net liabilities

 

(31,664)

(5,796)

Capital and reserves

 

Called up share capital

9

6

6

Retained earnings

(31,670)

(5,802)

Shareholders' deficit

 

(31,664)

(5,796)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Insurgent Films Limited

(Registration number: 07741419)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 16 January 2025
 

.........................................
Louis Chalmers
Director

 

Insurgent Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the director on 16 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company's financial statements have been prepared on a going concern basis, which assumes that the company will be able to meet its debts as they fall due. However, at the end of the financial year the company has net liabilities of £31,664 (2023: £5,796). The sole director believes it is appropriate to prepare the financial statements on a going concern basis, as they have agreed to continue to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and when the service is performed, if the service straddles more than one accounting period, income is recognised on a pro rata basis.

 

Insurgent Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Insurgent Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

(3,597)

3,043

 

Insurgent Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

12,500

12,500

At 31 August 2024

12,500

12,500

Amortisation

At 1 September 2023

10,000

10,000

Amortisation charge

2,500

2,500

At 31 August 2024

12,500

12,500

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

2,500

2,500

 

Insurgent Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

708

47

338

1,093

At 31 August 2024

708

47

338

1,093

Depreciation

At 1 September 2023

177

25

180

382

Charge for the year

133

5

40

178

At 31 August 2024

310

30

220

560

Carrying amount

At 31 August 2024

398

17

118

533

At 31 August 2023

531

22

158

711

7

Debtors

Current

2024
£

2023
£

Trade debtors

5,603

17,770

Other debtors

2,856

38,409

 

8,459

56,179

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

10

42,417

68,404

Social security and other taxes

 

-

1,850

Accruals

 

900

500

 

43,317

70,754

 

Insurgent Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

5

5

5

5

6

6

6

6

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,100

9,100

Summary of transactions with other related parties

Louis Chalmers (Director and shareholder) During the year the director made drawings of £4,400 (2023: £1,100) and introduced funds to the company totalling £10,620 (2023: £16,500). The director incurred business expenditure of £13,950 (2023: £nil) personally and at the year end the company owed Louis Chalmers £42,417 (2023: £68,404).