COMPANY REGISTRATION NUMBER:
15301073
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
6 February 2026
|
6 Feb 26 |
30 Nov 24 |
|
Note |
£ |
£ |
|
|
|
Current assets
|
Debtors |
5 |
5,351,086 |
1 |
|
Cash at bank and in hand |
188,571 |
– |
|
------------ |
---- |
|
5,539,657 |
1 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
5,539,656) |
– |
|
------------ |
---- |
|
Net current assets |
1 |
1 |
|
---- |
---- |
|
Total assets less current liabilities |
1 |
1 |
|
---- |
---- |
|
Net assets |
1 |
1 |
|
---- |
---- |
|
|
|
|
Capital and reserves
|
Called up share capital |
7 |
1 |
1 |
|
---- |
---- |
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Shareholders funds |
1 |
1 |
|
---- |
---- |
|
|
|
|
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 comprehensive income 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
13 August 2026
, and are signed on behalf of the board by:
Company registration number:
15301073
|
Notes to the Financial Statements |
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Period from 1 December 2024 to 6 February 2026
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Ludgate Hill, London, EC4M 7JW, 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.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below.
Comparatives
The accounts cover the period from 1 December 2024 through to 6 February 2026. The comparatives cover the period from incorporation through to 30 November 2024, hence balances are not entirely comparable.
The accounting period has been extended to ensure that the accounting period and the independent film tax credit claim are conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, is recognised in income in the period in which it becomes receivable.
Revenue recognition
Turnover relates to the production of the film entitled "Spider Island". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employees
The company has been incorporated to produce a theatrical feature film called Spider Island. In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the directors received any form of remuneration
5.
Debtors
|
6 Feb 26 |
30 Nov 24 |
|
£ |
£ |
|
VAT recoverable |
267,948 |
– |
|
Government grant receivable |
1,095,626
|
– |
|
Other debtors |
3,987,512 |
1 |
|
------------ |
---- |
|
5,351,086 |
1 |
|
------------ |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
6 Feb 26 |
30 Nov 24 |
|
£ |
£ |
|
Trade creditors |
54,269 |
– |
|
Amounts owed to group undertakings |
694,483 |
– |
|
Accruals and deferred income |
90,403 |
– |
|
Production loan |
4,700,501
|
– |
|
------------ |
---- |
|
5,539,656 |
– |
|
------------ |
---- |
|
|
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The loan has been secured against the anticipated future independent film tax credit.
7.
Called up share capital
Issued, called up and fully paid
|
6 Feb 26 |
30 Nov 24 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
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8.
Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Paterson James Limited Natixis Coficine S.A.
9.
Summary audit opinion
The auditor's report dated
14 August 2026
was
unqualified
.
The senior statutory auditor was
Stephen Joberns
, for and on behalf of
Moore Kingston Smith LLP
.
10.
Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the film and arose on an arm's length basis through the normal course of business. 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 transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
11.
Controlling party
The company is a wholly owned subsidiary of its immediate parent undertaking Vertigo Films Limited, a company incorporated in England and Wales. The ultimate holding company and controlling party is Vertigo Holdings Limited, a company incorporated in England and Wales. Vertigo Holdings Limited is the smallest and largest group for which group financial statements are drawn up. Copies of the group financial statements can be obtained from 2nd Floor, 55 Ludgate Hill, London, United Kingdom, EC4M 7JW.