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

COMPANY REGISTRATION NUMBER: 07859934

Underdog Films Limited

Filleted Unaudited Financial Statements

31 March 2025

Underdog Films Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		17,242	16,437

Current assets

Debtors	6	35,095	55,829
Cash at bank and in hand		360,296	420,421
		---------	---------
		395,391	476,250

Creditors: amounts falling due within one year	7	235,253		294,910
		---------		---------
Net current assets			160,138	181,340
			---------	---------
Total assets less current liabilities			177,380	197,777
			---------	---------
Net assets			177,380	197,777
			---------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	177,370	197,767
	---------	---------
Shareholders funds	177,380	197,777
	---------	---------

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.

For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Underdog Films Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 3 December 2025 , and are signed on behalf of the board by:

Mr J B D Reed
Director

Company registration number: 07859934

Underdog Films Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 85 Whiteladies Road, Bristol, BS8 2NT, UK.

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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. For productions, revenue is recognised based on the stage of completion in accordance with the underlying contract. Where productions are in progress at the year end, and where the amounts invoiced is greater than the value of work carried out the excess is shown as deferred income, where costs incurred exceed amounts invoiced the associated revenue is recognised as accrued income. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the income can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Office equipment	-	33% 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.

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.

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 3 (2024: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024	9,796	7,450	25,901	43,147
Additions	10,847	–	–	10,847
	--------	-------	--------	--------
At 31 March 2025	20,643	7,450	25,901	53,994
	--------	-------	--------	--------
Depreciation
At 1 April 2024	8,684	3,145	14,881	26,710
Charge for the year	3,042	1,490	5,510	10,042
	--------	-------	--------	--------
At 31 March 2025	11,726	4,635	20,391	36,752
	--------	-------	--------	--------
Carrying amount
At 31 March 2025	8,917	2,815	5,510	17,242
	--------	-------	--------	--------
At 31 March 2024	1,112	4,305	11,020	16,437
	--------	-------	--------	--------

6. Debtors

	2025	2024
	£	£
Trade debtors	–	9,540
Other debtors	35,095	46,289
	--------	--------
	35,095	55,829
	--------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	187,558	121,078
Social security and other taxes	–	3,616
Other creditors	47,695	170,216
	---------	---------
	235,253	294,910
	---------	---------