COMPANY REGISTRATION NUMBER:
13746824
|
Filleted Unaudited Accounts |
|
|
Statement of Financial Position |
|
31 March 2025
Current assets
|
Debtors |
5 |
43,224 |
771,855 |
|
Cash at bank and in hand |
2,298 |
2,266 |
|
-------- |
--------- |
|
45,522 |
774,121 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
1,270,035) |
(
2,016,402) |
|
------------ |
------------ |
|
Net current liabilities |
(
1,224,513) |
(
1,242,281) |
|
------------ |
------------ |
|
Total assets less current liabilities |
(
1,224,513) |
(
1,242,281) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
(
1,224,514) |
(
1,242,282) |
|
------------ |
------------ |
|
Shareholders deficit |
(
1,224,513) |
(
1,242,281) |
|
------------ |
------------ |
|
|
|
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 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.
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
.
These accounts were approved by the
board of directors
and authorised for issue on
19 June 2026
, and are signed on behalf of the board by:
Company registration number:
13746824
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 C/O Altitude Film Distribution Ltd, Somerset House, Strand, London, WC2R 1LA, 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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements have been prepared on a going concern basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 March 2025, the company had net liabilities £1,224,513 (2024: net liabilities £1,242,281). The directors consider that the company is a going concern due to the fact that the company has produced a film production asset that is being exploited by the ultimate parent undertaking, Altitude Film Entertainment Limited, and has the support of Altitude Film Entertainment Limited. On this basis the company is considered to be a going concern.
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. There are no areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial information.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue relates to film production. This is measured to the extent that it is probably that the economic benefits will flow to the company and the revenue can be reliably measured.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of employees of the company in the year was nil (2024: nil).
5.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
43,224 |
43,224 |
|
Other debtors |
– |
728,631 |
|
-------- |
--------- |
|
43,224 |
771,855 |
|
-------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
– |
144,275 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
673,811 |
759,960 |
|
Social security and other taxes |
2,338 |
– |
|
Other creditors |
593,886 |
1,112,167 |
|
------------ |
------------ |
|
1,270,035 |
2,016,402 |
|
------------ |
------------ |
|
|
|
7.
Controlling party
The immediate and ultimate parent undertaking is
Altitude Film Entertainment Limited
, a company registered in England and Wales. Accounts can be obtained from C/O Altitude Film Distribution Ltd Somerset House, Strand, London, England, WC2R 1LA. In the opinion of the directors the ultimate controlling party is W J Clarke.