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

COMPANY REGISTRATION NUMBER: 08969472

Altitude Film Distribution Limited

Filleted Financial Statements

31 March 2025

Altitude Film Distribution Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	6	1,857,335	1,786,918

Current assets

Debtors	8	4,597,746	5,641,699
Cash at bank and in hand		171,160	159,096
		------------	------------
		4,768,906	5,800,795

Creditors: amounts falling due within one year	9	( 4,493,628)	( 4,644,775)
		------------	------------
Net current assets		275,278	1,156,020
		------------	------------
Total assets less current liabilities		2,132,613	2,942,938

Creditors: amounts falling due after more than one year	10	( 251,770)	( 1,650,987)
		------------	------------
Net assets		1,880,843	1,291,951
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,880,743	1,291,851
	------------	------------
Shareholders funds	1,880,843	1,291,951
	------------	------------

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.

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: 08969472

Altitude Film Distribution 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 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 and its supportive parent entity's loan financing, are set out in note 4.

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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Amortisation of film assets held Film assets have been amortised in line with the revenue recovery. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Provisions for doubtful debts The recoverability and valuation of debtors involves an element of uncertainty. All debtors are considered fully recoverable to the value recognised as at 31 March 2025.

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 and exploitation of film distribution rights, stated net of discounts and of Value Added Tax. 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets relate to the acquisition of film rights. 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 economic life of that asset as follows:

	Film investments	-	33.33% in year 1, 16.66% straight line in years 2 to 5.

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.

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 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:

	Computer equipment	-	50% 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. 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.

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. 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. Material uncertainty related to going concern

The Company's existing shareholder loan facilities of £251,770 (2024: £226,024) are now overdue. The Company, alongside its supportive parent entity with additional existing shareholder loan facilities, 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, and will continue to have access to continued support from the parent entity.

At the date of approval of these financial statements, revised financing arrangements for the Company and its supportive parent entity 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 both to the Company and its supportive parent entity.

However, the successful completion of these 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 nil (2024: nil).

Employees are contracted through the parent company Altitude Film Entertainment Limited and the associated costs recharged to the company.

6. Intangible assets

	Film investments
	£
Cost
At 1 April 2024	10,811,256
Additions	1,054,635
	-------------
At 31 March 2025	11,865,891
	-------------
Amortisation
At 1 April 2024	9,024,338
Charge for the year	926,363
Impairment losses	57,855
	-------------
At 31 March 2025	10,008,556
	-------------
Carrying amount
At 31 March 2025	1,857,335
	-------------
At 31 March 2024	1,786,918
	-------------

7. Tangible assets

	Computer equipment
	£
Cost
At 1 April 2024 and 31 March 2025	4,984
	-------
Depreciation
At 1 April 2024 and 31 March 2025	4,984
	-------
Carrying amount
At 31 March 2025	–
	-------
At 31 March 2024	–
	-------

8. Debtors

	2025	2024
	£	£
Trade debtors	363,847	155,618
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,304,085	3,191,526
Other debtors	929,814	2,294,555
	------------	------------
	4,597,746	5,641,699
	------------	------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	660,253	670,274
Amounts owed to group undertakings and undertakings in which the company has a participating interest	120,202	315,494
Social security and other taxes	217,471	220,862
Other creditors	3,495,702	3,438,145
	------------	------------
	4,493,628	4,644,775
	------------	------------

Included in other creditors is a loan balance of £497,177 (2024: £838,930) which is secured against the assets of the company in favour of Ingenious Media Finance Ltd.

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

	2025	2024
	£	£
Long term loans	251,770	1,650,987
	---------	------------

Included within other creditors is an interest-bearing shareholder loan of £251,770 (2024: £226,024), and is repayable in 2026.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	82,531	101,220
	--------	---------

12. Contingencies

Charges have been made in favour of third parties to secure their interests over the assets of Altitude Film Development Limited. As below, along with amounts secured:

	2025	2024
	£	£
Ingenious Media Finance Limited	497,177	838,930

Prior to 31 March 2025, charges were registered over the assets of the company to secure the interest of the following parties: - Head Gear Films FN Ltd - TPC Asset Purchase LLC - Ingenious Media LLP - Wilshire Entertainment Limited Subsequent to year end, charges were registered over the assets of the company to secure the interest of the following parties: - Bondit LLC

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 modified in respect of this matter.

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

14. 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 Altitude Film Entertainment Limited, the immediate parent company, incurred costs of £627,384 (2024: £873,662) on behalf of the company, which were recharged into the administrative expenses of the company. The company incurred costs of £28,824 (2024: £nil) on behalf of Altitude Film Entertainment Limited. At the year-end an amount of £3,278,214 (2024: £3,187,525) was due from Altitude Film Entertainment Limited. During the year the company incurred costs of £29,947 (2024: £48,812) on behalf of Altitude Film Sales Limited, a company under the common control of the immediate parent company. At the year-end an amount of £120,212 (2024: £315,494) was due to Altitude Film Sales Limited. At the year-end an amount of £4,000 (2024: £4,000) was due from Horrible Histories One 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.

15. Controlling party

The company was under the control of Altitude Film Entertainment Limited , a company incorporated in England and Wales, throughout the current year. In the opinion of the directors the ultimate controlling party is W J Clarke.