Altitude Film Entertainment Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07941329

Altitude Film Entertainment Limited

Filleted Financial Statements

31 March 2025

Altitude Film Entertainment Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	6	842,394	1,036,435
Tangible assets	7	1,547	3,067
Investments	8	399	399
		---------	------------
		844,340	1,039,901

Current assets

Debtors	9	2,754,975	2,297,040
Cash at bank and in hand		54,178	104,334
		------------	------------
		2,809,153	2,401,374

Creditors: amounts falling due within one year	10	( 4,495,493)	( 3,858,259)
		------------	------------
Net current liabilities		( 1,686,340)	( 1,456,885)
		------------	------------
Total assets less current liabilities		( 842,000)	( 416,984)

Creditors: amounts falling due after more than one year	11	( 1,697,557)	( 1,523,991)
		------------	------------
Net liabilities		( 2,539,557)	( 1,940,975)
		------------	------------

Capital and reserves

Called up share capital	111	111
Share premium account	1,999,989	1,999,989
Profit and loss account	( 4,539,657)	( 3,941,075)
	------------	------------
Shareholders deficit	( 2,539,557)	( 1,940,975)
	------------	------------

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Altitude Film Entertainment Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 19 June 2026 , and are signed on behalf of the board by:

A G Mayson

Director

Company registration number: 07941329

Altitude Film Entertainment 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 C/O Altitude Film Distribution Ltd, Somerset House, Strand, London, WC2R 1LA, England.

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.

Going concern

The directors have prepared the financial statements on a going concern basis. In making this assessment, the directors have considered forecasts and cash flow projections for a period of at least 12 months from the date of approval of these financial statements. Further details of the directors' assessment, including a material uncertainty relating to the ongoing renegotiation of the Company's loan financing, are set out in note 4.

Development investments

Development investment spend, and attributable third party costs, are recognised at cost. An impairment review is then carried out at the balance sheet date to assess whether any additional amounts should be provided for.

Preparation of consolidated financial statements

The financial statements contain information about Altitude Film Entertainment Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services and for the sale of film distribution rights, stated net of discounts and of Value Added Tax. Sales agency fees are recognised on the basis of the relevant sales fee proportion per signed sales agency agreement applied to the collected income per third party collection statements, and is recognised when quantifiable and known to be flowing to the company. Distribution income is recognised when a distribution licence has been signed by all parties and full delivery of a film to the respective company has occurred. Any licence fees received in advance which do not meet these criteria are included in deferred income until the criteria are met. Income on producer fees and similar fees is recognised when such becomes contractually due and is quantifiable and locked. Income on theatrical distribution rights is recognised in line with the exhibition of productions based on contractual fees due on collected gross receipts. Income on PVOD and home media sales is recognised when revenue entitlements are contractually certain based on sales made. Income on SVOD and television distribution is recognised in line with contractual terms thereof on an accruals basis, representing income due for the period presented.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Film investments	-	by reference to total projected turnover from exploitation of film rights

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.

Where the carrying value of an intangible asset is considered to be in excess of its future net contribution, the asset is amortised to reduce its carrying value to the level of the future net contribution.

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:

	Equipment	-	33% straight line

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. 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 (see hedge accounting policy). 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.

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. Material uncertainty related to going concern

The Company's existing shareholder loan facilities of £1,697,557 (2024: £1,523,991) are now overdue. The Company is in discussions with its lender to extend the facilities.

The directors have prepared forecasts and cash flow projections for over 12 months from the date of approval of these financial statements. These forecasts assume that the Company will continue to have access to continued loan finance.

At the date of approval of these financial statements, revised financing arrangements had not been legally completed. The directors consider it appropriate to prepare the financial statements on the going concern basis because it is expected that financing will continue to be available.

However, the successful completion of the financing arrangements is not wholly within the Company's control. If the revised facilities are not agreed, the Company may be unable to meet its liabilities as they fall due and may need to obtain alternative finance or take further mitigating actions. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.

The financial statements do not include any adjustments that would be required if the Company were unable to continue as a going concern.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2024: 21 ).

6. Intangible assets

	Film investments
	£
Cost
At 1 April 2024	2,917,823
Additions	149,826
	------------
At 31 March 2025	3,067,649
	------------
Amortisation
At 1 April 2024	1,881,388
Charge for the year	343,867
	------------
At 31 March 2025	2,225,255
	------------
Carrying amount
At 31 March 2025	842,394
	------------
At 31 March 2024	1,036,435
	------------

7. Tangible assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost
At 1 April 2024	1,200	50,843	52,043
Additions	–	695	695
	-------	--------	--------
At 31 March 2025	1,200	51,538	52,738
	-------	--------	--------
Depreciation
At 1 April 2024	–	48,976	48,976
Charge for the year	–	2,215	2,215
	-------	--------	--------
At 31 March 2025	–	51,191	51,191
	-------	--------	--------
Carrying amount
At 31 March 2025	1,200	347	1,547
	-------	--------	--------
At 31 March 2024	1,200	1,867	3,067
	-------	--------	--------

8. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	399
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	399
	----
At 31 March 2024	399
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Altitude Film Sales Limited	Ordinary	90
Altitude Film Distribution Limited	Ordinary	100
Altitude HF Limited	Ordinary	100
AFE - Big Game Finance Limited	Ordinary	100
AFE - Big Game Limited	Ordinary	100
Altitude Television Limited	Ordinary	100
HP Films Limited (Held by Altitude Television Limited)	Ordinary	100
Altitude Media Group Limited	Ordinary	100
Horrible Histories One Limited	Ordinary	100
NWUP Limited	Ordinary	100
RHS Films Limited	Ordinary	100
Majesty Films Limited	Ordinary	100
Davies Films Limited	Ordinary	100
Altitude TV Limited	Ordinary	75
Turb Limited	Ordinary	100

Other significant holdings
Altitude Wombles TV Limited	Ordinary	50
Horrible Histories One Limited	Ordinary	50

The registered address of all of the above is: C/O Altitude Film Distribution Ltd, Somerset House, Strand, London, England WC2R 1LA.

The nature of business of all of the above entities was the production and distribution of films other than AFE - Big Game Finance Limited, Altitude HF Limited and Altitude Media Group Limited which were dormant in the year.

9. Debtors

	2025	2024
	£	£
Trade debtors	70,577	22,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,167,609	474,566
Other debtors	1,516,789	1,800,474
	------------	------------
	2,754,975	2,297,040
	------------	------------

10. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	92,181	147,498
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,321,336	3,230,648
Social security and other taxes	230,333	202,092
Director loans	650,000	–
Other creditors	201,643	278,021
	------------	------------
	4,495,493	3,858,259
	------------	------------

Director loans reflect an interest-free loan of £650,000 offered to the company by a director (2024: £nil). This is repayable on demand.

11. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Shareholder loans	1,697,557	1,523,991
	------------	------------

Included within other creditors of the group is an interest-bearing shareholder loan of £1,697,557 (2024: £1,523,991), which falls due in 2026.

12. Contingencies

Charges have been made against the assets of Altitude Film Entertainment Limited in favour of the following parties to secure their interests in the Revolving Working Capital Facility: Ingenious Media Finance Limited

13. Summary audit opinion

The auditor's report, dated 19 June 2026 , was unqualified.

Material uncertainty related to going concern

We draw attention to note 4 in the financial statements, which describes the Company's support position from its parent entity. As stated in note 4, while the company has the support of its parent entity, the parent has not legally completed its revised financing arrangements at the date of approval of the financial statements, indicating that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern.

Our opinion is not modifie d in respect of this matter.

The senior statutory auditor was Terrence Bourne , for and on behalf of Moore Kingston Smith LLP .

14. Directors' advances, credits and guarantees

At 31 March 2025, an current amount of £7,585 was due back from director Andy Mayson (2024: £4,337), and a current amount of £33,510 was due back from director W Clarke (2024: £nil). Separate from this, formal working capital loans offered to the company by directors and due back to such are addressed in note 13 above.

15. Related party transactions

During the year the following related-party transactions took place. All transactions arose on an arm's-length basis through the normal course of business. During the year the company incurred costs of £415,571 on behalf of Altitude Film Sales Limited, which was recharged via a management charge (2024: £679,830). At the year-end an amount of £272,596 (2024: £413,162) was due from Altitude Film Sales Limited. During the year the company incurred costs of £241,545 on behalf of Altitude TV Limited, which was recharged via a management charge (2024: £nil). At the year-end an amount of £809,810 (2024: £nil) was due from Altitude TV Limited. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.

16. Controlling party

In the opinion of the directors the ultimate controlling party is W J Clarke .