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COMPANY REGISTRATION NUMBER: 15302325

The Thing With Feathers Limited

Filleted Unaudited Financial Statements

30 June 2025

The Thing With Feathers Limited

Statement of Financial Position

30 June 2025

| 30 Jun 25 | 31 Mar 24
Note | £ | £

Fixed assets

Intangible assets | 5 | 2,770,694 | –

Current assets

Stocks | – | 3,847,338
Debtors | 6 | 271,375 | 1,378,083
Cash at bank and in hand | 52,427 | 15,398
| --------- | ------------
| 323,802 | 5,240,819

Creditors: amounts falling due within one year | 7 | 4,404,150 | 5,240,817
| ------------ | ------------
Net current (liabilities)/assets | ( 4,080,348) | 2
| ------------ | ----
Total assets less current liabilities | ( 1,309,654) | 2
| ------------ | ----

Capital and reserves

Called up share capital | 2 | 2
Profit and loss account | ( 1,309,656) | –
| ------------ | ----
Shareholders (deficit)/funds | ( 1,309,654) | 2
| ------------ | ----

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 comprehensive income has not been delivered.
For the period ending 30 June 2025 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 financial statements for the period 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 financial statements .

The Thing With Feathers Limited

Statement of Financial Position (continued)

30 June 2025
These financial statements were approved by the board of directors and authorised for issue on 16 January 2026 , and are signed on behalf of the board by:

Ms Andrea Susanne Cornwell
Director

Company registration number: 15302325

The Thing With Feathers Limited

Notes to the Financial Statements

Period from 1 April 2024 to 30 June 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 30 Bloomsbury Street, London, WC1B 3QJ.
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. These financial statements are for an 15-month period ending 30 June 2025; thus the comparatives will not be comparable. The company changed its year-end so as to include the completion of the film in this period.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable to the Company for the exploitation of the film, net of discounts and of Value Added Tax. 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 outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Intangible assets
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 life of that asset as follows:

| Intangible assets | - | 100% straight line over the 12 months following film release.

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.
Impairment of fixed assets
The asset is carried forward on the basis there is further exploitation of the film planned. At each reporting date a review for indicators of impairment is carried out, including an evaluation on the future generation of income, and if need be, 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
Stocks consist of work in progress and represent film production costs. The costs are recorded at the lower of cost and net realisable value, and are net of Value Added Tax.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to nil (2024: 1)
5. Intangible assets

| Intangible asset
| £
Cost |
Additions | –
Additions from internal developments | 4,749,761
| ------------
At 30 June 2025 | 4,749,761
| ------------
Amortisation |
Charge for the period | 1,979,067
| ------------
At 30 June 2025 | 1,979,067
| ------------
Carrying amount |
At 30 June 2025 | 2,770,694
| ------------
At 31 March 2024 | –
| ------------

Intangible assets represent residual value from the title and rights in the film. Amounts capitalised are costs of production net of tax credits received against production costs.
6. Debtors

| 30 Jun 25 | 31 Mar 24
| £ | £
Trade debtors | – | 160,000
Other debtors | 271,375 | 1,218,083
| --------- | ------------
| 271,375 | 1,378,083
| --------- | ------------

7. Creditors: amounts falling due within one year

| 30 Jun 25 | 31 Mar 24
| £ | £
Trade creditors | 135,451 | 39,211
Social security and other taxes | – | 9,928
Other creditors | 4,268,699 | 5,191,678
| ------------ | ------------
| 4,404,150 | 5,240,817
| ------------ | ------------

Other creditors totalling £4,264,568 is in respect of production advances and loans received to produce the film.
8. Contingencies
Charges have been made against the company's assets including its rights, title and interest in and to the film, in favour of the following who have advanced funds to finance film production costs: Film Finances Inc. Uncle Ventures Three Limited Take One Fund S.C.A., Sicav-Raif FILM4 The British Film Institute