Company Registration No. NI730400 (Northern Ireland)
Lost City Film Ltd
Unaudited accounts
for the period from 12 June 2025 to 31 March 2026
Lost City Film Ltd
Unaudited accounts
Contents
Lost City Film Ltd
Company Information
for the period from 12 June 2025 to 31 March 2026
Directors
Sean Anthony Murray
Janine Cobain
Company Number
NI730400 (Northern Ireland)
Registered Office
Conway Mill 5-7 Conway Street
Belfast
BT13 2DE
United Kingdom
Accountants
DJB Accounting Ltd
34 Knockmoyle Drive
Greystone Road
Antrim
BT41 1HE
Lost City Film Ltd
Accountants' report
Accountants' report to the board of directors of Lost City Film Ltd on the preparation of the unaudited statutory accounts for the period from 12 June 2025 to 31 March 2026
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Lost City Film Ltd for the period from
12 June 2025 to
31 March 2026 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Lost City Film Ltd, as a body, in accordance with the terms of our engagement letter dated 1 October 2025. Our work has been undertaken solely to prepare for your approval the accounts of Lost City Film Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lost City Film Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Lost City Film Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lost City Film Ltd. You consider that Lost City Film Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Lost City Film Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
DJB Accounting Ltd
34 Knockmoyle Drive
Greystone Road
Antrim
BT41 1HE
26 May 2026
Lost City Film Ltd
Statement of financial position
as at 31 March 2026
Cash at bank and in hand
59,537
Creditors: amounts falling due within one year
(916,150)
Net current liabilities
(568,489)
Profit and loss account
240,948
Shareholders' funds
240,950
For the period ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2026 and were signed on its behalf by
Sean Anthony Murray
Director
Company Registration No. NI730400
Lost City Film Ltd
Notes to the Accounts
for the period from 12 June 2025 to 31 March 2026
Lost City Film Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI730400. The registered office is Conway Mill 5-7 Conway Street, Belfast, BT13 2DE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements have been prepared under the historical cost convention, except where otherwise stated in the accounting policies below. The financial statements are presented in sterling, which is the functional currency of the company.
The directors have considered the company’s ability to continue as a going concern and, having reviewed the company’s forecasts, funding arrangements and expected future income from the film production, consider it appropriate to prepare the financial statements on a going concern basis.
The accounts are presented in £ sterling.
Turnover represents amounts receivable by the company in respect of the exploitation, licensing, distribution or sale of film rights, net of value added tax and trade discounts.
Revenue is recognised when the company has transferred the significant risks and rewards of ownership or control of the relevant rights or services to the customer, the amount of revenue can be measured reliably, and it is probable that economic benefits will flow to the company.
Where income is received in advance of the company satisfying its performance obligations, it is deferred and recognised as income in the period in which the related rights or services are delivered.
Lost City Film Ltd
Notes to the Accounts
for the period from 12 June 2025 to 31 March 2026
Film production expenditure and intangible work in progress
Expenditure incurred in the development and production of film projects is capitalised as an intangible asset where it is directly attributable to the creation of identifiable film rights, the project is technically and commercially feasible, and it is probable that the completed film will generate future economic benefits for the company.
Capitalised film production costs include direct production costs, cast and crew costs, production services, location costs, post-production costs, music and clearance costs, directly attributable professional fees, and other costs directly attributable to bringing the film to the condition necessary for its intended use or exploitation.
Film production expenditure incurred before the film is complete and available for its intended use is classified as intangible work in progress. No amortisation is charged on intangible work in progress.
Once the film is completed and available for exploitation, the balance is transferred from intangible work in progress to completed film rights and amortised over its estimated useful economic life. Amortisation is charged on a basis that reflects the expected pattern of economic benefits arising from the film rights. Where that pattern cannot be reliably determined, amortisation is charged on a straight-line basis over the directors’ estimate of the useful economic life.
FRS 102 requires intangible assets to be amortised on a systematic basis over their useful life, with the amortisation method reflecting the expected pattern of consumption of economic benefits where this can be determined.
Impairment of film production intangible assets
At each reporting date, the directors review the carrying value of film production costs and intangible work in progress for indicators of impairment. Where indicators of impairment exist, the recoverable amount of the asset is estimated.
An impairment loss is recognised in the profit and loss account where the carrying value of the asset exceeds its recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use.
In assessing recoverable amount, the directors consider factors including the stage of production, financing arrangements, distribution agreements, sales estimates, expected tax credits, the commercial prospects of the film, and any events after the reporting date that may affect the recoverability of the asset.
Development expenditure is capitalised only where the company can demonstrate that the project is technically feasible, that there is an intention and ability to complete and exploit the film, that future economic benefits are probable, that adequate resources are available to complete the project, and that the expenditure can be measured reliably.
Development expenditure that does not meet these criteria is written off to the profit and loss account as incurred.
Under FRS 102, development expenditure may be capitalised as an intangible asset where the relevant recognition criteria are met and the accounting policy is applied consistently.
Other intangible assets acquired separately are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is provided so as to write off the cost of intangible assets over their estimated useful economic lives. The directors review useful economic lives and residual values at each reporting date and adjust them where appropriate.
Short-term debtors are measured at transaction price, less any impairment. A provision for impairment is recognised where there is objective evidence that amounts due will not be recovered in full.
Lost City Film Ltd
Notes to the Accounts
for the period from 12 June 2025 to 31 March 2026
Short-term creditors are measured at transaction price. Other financial liabilities are initially measured at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method where material.
Taxation expense represents the sum of current tax and deferred tax.
Current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because it excludes items of income or expenditure that are taxable or deductible in other periods and items that are never taxable or deductible.
The company may be eligible for film tax relief or audio-visual expenditure credit where the relevant qualifying conditions are met. Any tax credit receivable is recognised when there is reasonable assurance that the company is entitled to the credit and the amount can be measured reliably.
HMRC guidance confirms that Film Tax Relief applies to qualifying film production companies and allows qualifying companies to claim additional relief, including a payable tax credit where the relevant conditions are met.
Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date, except where otherwise required by FRS 102.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Exchange gains and losses are recognised in the profit and loss account.
The directors have prepared the financial statements on a going concern basis.
In assessing whether the company is a going concern, the directors have considered the company’s current financial position, forecast cash flows, expected production and post-production expenditure, committed and anticipated sources of finance, and the expected future exploitation of the film production.
The directors have also considered the recoverability of amounts capitalised as intangible work in progress, including the stage of production, available funding, distribution or sales prospects, expected tax credits and any other future income expected to arise from the completed film.
Based on this assessment, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Lost City Film Ltd
Notes to the Accounts
for the period from 12 June 2025 to 31 March 2026
4
Intangible fixed assets
Other
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2026
7
Average number of employees
During the period the average number of employees was 0.