Warp Films Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04129959

Warp Films Limited

Filleted Unaudited Accounts

31 December 2024

Warp Films Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5	7,704	9,630
Investments	6	590	590
		-------	--------
		8,294	10,220

Current assets

Debtors	7	1,331,431	116,046
Cash at bank and in hand		59,355	511,441
		------------	---------
		1,390,786	627,487

Creditors: amounts falling due within one year	8	( 940,956)		( 633,659)
		------------		---------
Net current assets/(liabilities)			449,830	( 6,172)
			---------	--------
Total assets less current liabilities			458,124	4,048

Provisions

Taxation including deferred tax	( 3,814)	( 3,814)
	---------	-------
Net assets	454,310	234
	---------	-------

Capital and reserves

Called up share capital	9	180	180
Capital redemption reserve		54	54
Profit and loss account		454,076	–
		---------	----
Shareholders funds		454,310	234
		---------	----

These Accounts 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 comprehensive income has not been delivered.

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

Directors' 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Accounts .

Warp Films Limited

Statement of Financial Position (continued)

31 December 2024

These Accounts were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

N Shamma

Director

Company registration number: 04129959

Warp Films Limited

Notes to the Accounts

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 37 Gilbert South Street, Park Hill, Sheffield, S2 5QY, England.

2. Statement of compliance

These Accounts 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 Accounts 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 Accounts are prepared in sterling, which is the functional currency of the entity.

Development costs

Production development expenditure is carried forward at cost within prepayments where considered recoverable against production budgets after the year end. Any amounts relating to projects not expected to progress into production or not considered recoverable are written off to the profit and loss account.

Going concern

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources and measures in place to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Operating leases

Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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:

	Fixtures & Fittings	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to reflect fair value using a quoted market price in an active market.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	62,043	62,043
	--------	--------
Depreciation
At 1 January 2024	52,413	52,413
Charge for the year	1,926	1,926
	--------	--------
At 31 December 2024	54,339	54,339
	--------	--------
Carrying amount
At 31 December 2024	7,704	7,704
	--------	--------
At 31 December 2023	9,630	9,630
	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	590
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	590
	----
At 31 December 2023	590
	----

7. Debtors

	2024	2023
	£	£
Trade debtors	37,274	59,473
Amounts owed by group undertakings	1,910	31,334
Prepayments and accrued income	991,531	22,347
Directors loan account	117	1,761
Other debtors	300,599	1,131
	------------	---------
	1,331,431	116,046
	------------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	13,531	33,187
Amounts owed to group undertakings	790,633	284,495
Accruals and deferred income	88,750	239,633
Social security and other taxes	48,005	76,202
Other creditors	37	142
	---------	---------
	940,956	633,659
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	180	180	180	180
	----	----	----	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	26,832	27,829
Later than 1 year and not later than 5 years	–	29,069
	--------	--------
	26,832	56,898
	--------	--------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
N Shamma	–	132	( 132)	–
P D H Balm	–	446	( 436)	10
E C Deabaitua	–	167	( 167)	–
R R Gutch	–	–	–	–
M J Herbert	–	154	( 154)	–
P J G Carlton	1,761	2,034	( 3,688)	107
	-------	-------	-------	----
	1,761	2,933	( 4,577)	117
	-------	-------	-------	----

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
N Shamma	–	–	–	–
P D H Balm	–	–	–	–
E C Deabaitua	–	–	–	–
R R Gutch	( 100)	100	–	–
M J Herbert	–	–	–	–
P J G Carlton	–	1,761	–	1,761
	----	-------	----	-------
	( 100)	1,861	–	1,761
	----	-------	----	-------

12. Related party transactions

Aside from those transactions detailed in note 12, all further related-party transactions that took place in the year were made on terms equivalent to those that prevail in arm's length transactions and therefore are not required to be disclosed under FRS 102 Section 1AC 35.

13. Controlling party

In the opinion of the directors the parent undertaking and controlling party is Park Hill Holdings Limited, a company incorporated in England and Wales.