Company Registration No. 04853713 (England and Wales)
INITIALIZE FILMS LTD
Unaudited accounts
for the year ended 31 May 2026
INITIALIZE FILMS LTD
Unaudited accounts
Contents
INITIALIZE FILMS LTD
Statement of financial position
as at 31 May 2026
Cash at bank and in hand
5,241
473
Creditors: amounts falling due within one year
(55,416)
(46,155)
Net current liabilities
(2,226)
(24,388)
Total assets less current liabilities
(2,226)
(24,388)
Creditors: amounts falling due after more than one year
-
(2,940)
Net liabilities
(2,226)
(27,328)
Called up share capital
1
1
Profit and loss account
(2,227)
(27,329)
Shareholders' funds
(2,226)
(27,328)
For the year ending 31 May 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 director acknowledges his 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 and authorised for issue on 6 July 2026 and were signed on its behalf by
Ian Davies
Director
Company Registration No. 04853713
INITIALIZE FILMS LTD
Notes to the Accounts
for the year ended 31 May 2026
INITIALIZE FILMS LTD is a private company, limited by shares, registered in England and Wales, registration number 04853713. The registered office is 3 CHARTWELL DRIVE, CHARLBURY, CHIPPING NORTON, OXFORDSHIRE, OX7 3RH.
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 remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company recognises Audio-Visual Expenditure Credits (including the Independent Film Tax Credit) on a gross basis as other operating income in the profit and loss account in the period to which the qualifying expenditure relates. The associated notional corporation tax charge at the standard rate of 25% is recognised within the tax charge for the same period. The net receivable amount is presented as a debtor until received from HMRC.
INITIALIZE FILMS LTD
Notes to the Accounts
for the year ended 31 May 2026
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing or completion.
The financial statements have been prepared on a going concern basis, which the directors consider appropriate having regard
to the continuing financial support of the directors, which have confirmed its intention to provide adequate funds to enable the
company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial
statements.
4
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Other debtors
43,678
18,539
Included within other debtors is a net amount receivable in respect of the UK Independent Film Tax Credit (IFTC) of £22,113 after deducting notional tax of £7,371.
The company recognises the IFTC as a debtor within current assets where:
• the film meets the definition of a qualifying film and the company meets the definition of a qualifying film production company under the applicable legislation;
• a valid Film Tax Relief (FTR) interim or final certificate has been obtained from the British Film Institute (BFI);
• qualifying UK core expenditure has been incurred and paid in the period, or is committed and reliably measurable; and
• it is probable that the IFTC will be received from HMRC and the amount can be reliably estimated.
INITIALIZE FILMS LTD
Notes to the Accounts
for the year ended 31 May 2026
7
Creditors: amounts falling due within one year
2026
2025
Bank loans and overdrafts
7,265
10,448
Trade creditors
25,201
8,857
Other creditors
20,000
19,451
Loans from directors
-
2,860
8
Creditors: amounts falling due after more than one year
2026
2025
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
As at the balance sheet date, the director owes a sum of £3,516 (2025: £2,860 credit ) to the company. The amount in interest free, unsecured, and repayable on demand.
11
Average number of employees
During the year the average number of employees was 1 (2025: 1).