Company Registration No. 08043409 (England and Wales)
See-Saw Films Limited
Annual report and
group financial statements
for the year ended 30 June 2024
See-Saw Films Limited
Company information
Directors
Iain Canning
Emile Sherman
Elisabeth De Vigouroux D'Arvieu
(Appointed 5 March 2025)
Pierre-Antoine Capton
(Appointed 5 March 2025)
Guillaume Izabel
(Appointed 5 March 2025)
Company number
08043409
Registered office
3rd Floor
45 Folgate Street
London
E1 6GL
`
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
See-Saw Films Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Income statement
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 40
See-Saw Films Limited
Strategic report
For the year ended 30 June 2024
1

The directors present the strategic report for the year ended 30 June 2024.

Principal Activities

The directors consider the company's key non-financial performance indicator to be whether the programmes in development and production will qualify as British in order to attract the High End Television and Film tax credits and the Audio Visual Expenditure Credit.

Fair review of the business

During the period the Company continued to develop and produce high-end television programming and feature films in keeping with its stated aims.

 

The Group is continuing to invest in actively developing both high-end television programmes and feature films. In 2024, the Company was in production on “Slow Horses” (Season 2), “Slow Horses” (Season 3) for Apple TV+, “Heartstopper”(Season 3) for Netflix and “Sweetpea”(Season 1) for Sky. With multiple returning seasons of “Heartstopper” and “Slow Horses”, the Company has grown into a significant player in returning TV, further building on its reputation as one of the world’s most dynamic independent film and TV production houses.

 

On 5th March 2025, 51% of the total issued share capital in See-Saw Films Limited was acquired by M&A Holdco Breteuil, a company incorporated in France and a subsidiary of Mediawan Holding SAS. On and from 5th March 2025 the Company’s ultimate controlling parent company is Mediawan Holding SAS, a company incorporated in France who is a leading independent content production, distribution and licensing company.

Principal risks and uncertainties

In 2024, the UK production sector continues to face challenges stemming from tighter budgets and reduced investment from U.S. studios, streamers, and other commissioners. Oversaturation and consolidation among global platforms may further limit opportunities for UK production deals. Heightened competition from countries offering more attractive tax incentives—such as Canada, Australia, and Eastern European nations—risks diverting projects abroad. Lingering disruptions from the 2023 Writers Guild of America (WGA) strikes have compounded financial strain, delaying transatlantic collaborations and reshuffling production timelines. Brexit’s enduring complexities persist, affecting access to EU funding, talent mobility, and seamless market integration.

 

Meanwhile, declining linear TV viewership, contrasted with the dominance of streaming and on-demand platforms, necessitates agile, audience-tailored content strategies. Evolving audience expectations for inclusive storytelling further pressure creators to adapt swiftly. The accelerating integration of AI poses additional risks, including potential job displacement and ethical concerns surrounding deepfake technology and intellectual property ownership.

 

Collectively, these factors create a volatile environment for producers navigating project planning and execution. To mitigate ongoing uncertainty, the Company prioritizes collaboration with world-class creative talent to develop a diverse slate of compelling projects. This strategy is bolstered by the Company’s established relationships with commissioners, distributors, and financiers, as well as the Group’s proven track record of delivering high-quality content.

Key performance indicators

As reported on the Profit and Loss account on Page 10, the Group turnover for the year ended 30 June 2024 was £94,214,426 compared with £122,267,587 for year ended 30 June 2023. Cost of sales for the year was £106,723,494 compared with £142,327,704 for 2023. Loss before taxation was £1,581,113 from £20,440,505 in 2023.

 

The group continues to operate as a going concern. Driven by the delivery and release of TV productions including “Slow Horses”-Season 2 and 3, “Heartstopper”-Season 2 and 3, the overall group profit after taxation for the year ended 30 June 2024 increased by 173% from £4,530,110 in 2023 to £7,854,454. As a result, net assets of the group on the Group statement of financial position on Page 11, has increased by 174% from £10,225,603 to £17,767,683.

 

See-Saw Films Limited
Strategic report (continued)
For the year ended 30 June 2024
2
Other performance indicators

The directors consider the company's key non-financial performance indicator to be whether the programmes in development and production will qualify as British in order to attract the High End Television and Film tax credits and the Audio Visual Expenditure Credit.

Section 172 statement

The directors of See-Saw Films Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the period ended 30 June 2024.

 

The Company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, suppliers, customers, communities and societies as a whole.

 

Our strategy focusses on working with the best talent in front of and behind the camera, to create high quality, distinctive and ambitious scripted TV drama and feature films for the UK and global markets. To do this, we need to develop and maintain strong client relations. We value all of our suppliers and contractors and are committed to developing talent.

 

On behalf of the board

Emile Sherman
Director
3 April 2025
See-Saw Films Limited
Directors' report
For the year ended 30 June 2024
3

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of the development and production of feature film and television programmes.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends of £342,270 were paid in the year (2023: £nil). The directors do not recommend payment of an interim dividend (2023: £114,770).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Iain Canning
Emile Sherman
Elisabeth De Vigouroux D'Arvieu
(Appointed 5 March 2025)
Pierre-Antoine Capton
(Appointed 5 March 2025)
Guillaume Izabel
(Appointed 5 March 2025)
Financial instruments

The company makes little use of financial instruments other than operational bank accounts and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Business relationships

Our strategy focusses on creating ambitious, imaginative and relevant films for the global markets. To do this, we need to develop and maintain strong client relations. We value all of our suppliers and contractors and are committed to developing production talent.

Future developments

The directors expect to continue the principal activity for the foreseeable future.

Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

See-Saw Films Limited
Directors' report (continued)
For the year ended 30 June 2024
4
Energy and carbon report

UK greenhouse gas emissions and energy use data for the year ended 30 June 2024.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
3,385,782
5,355,572
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
294.27
58.91
- Fuel consumed for owned transport
312.89
1,070.09
607.16
1,129.00
Scope 2 - indirect emissions
- Electricity purchased
62.59
82.20
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
44.96
44.74
Total gross emissions
714.71
1,255.94
Intensity ratio
Tonnes CO2e per revenue (£'000)
0.01
0.01
Quantification and reporting methodology

The group has followed the Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £'000 revenue, being the most appropriate measure for the group's principal activity of film and television production.

Measures taken to improve energy efficiency

The Company is committed to making effort to ensure that the production reduce its impact on our environment and increase awareness of sustainable behaviours. Following key steps are taken by the Company:

 

See-Saw Films Limited
Directors' report (continued)
For the year ended 30 June 2024
5
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Emile Sherman
Director
3 April 2025
See-Saw Films Limited
Independent auditor's report
To the Members of See-Saw Films Limited
6
Opinion

We have audited the financial statements of See-Saw Films Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group income statement, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

See-Saw Films Limited
Independent auditor's report (continued)
To the Members of See-Saw Films Limited
7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

 

See-Saw Films Limited
Independent auditor's report (continued)
To the Members of See-Saw Films Limited
8

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006, and UK Tax legislation, specifically legislation relating to creative industry tax credits.

 

In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation, employment law and health and safety regulations.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management's assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

See-Saw Films Limited
Independent auditor's report (continued)
To the Members of See-Saw Films Limited
9

Use of our report

This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Moses Nyachae (Senior Statutory Auditor)
For and on behalf of Saffery LLP
3 April 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
See-Saw Films Limited
Group income statement
For the year ended 30 June 2024
10
2024
2023
Notes
£
£
Turnover
3
94,214,426
122,267,587
Cost of sales
(106,723,494)
(142,327,704)
Gross loss
(12,509,068)
(20,060,117)
Administrative expenses
(654,039)
(271,356)
Other operating income
3
11,671,321
14,573
Operating loss
4
(1,491,786)
(20,316,900)
Interest receivable and similar income
7
(89,327)
(123,605)
Loss before taxation
(1,581,113)
(20,440,505)
Tax on loss
8
9,435,567
24,970,615
Profit for the financial year
7,854,454
4,530,110
Profit for the financial year is attributable to:
- Owners of the parent company
7,862,990
4,524,583
- Non-controlling interests
(8,536)
5,527
7,854,454
4,530,110
See-Saw Films Limited
Group statement of financial position
As at 30 June 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
32,325
43,133
Tangible assets
11
118,510
152,819
Investments
12
87,322
176,649
238,157
372,601
Current assets
Debtors
15
57,811,551
45,649,182
Cash at bank and in hand
6,255,474
19,012,002
64,067,025
64,661,184
Creditors: amounts falling due within one year
16
(46,537,499)
(54,808,182)
Net current assets
17,529,526
9,853,002
Net assets
17,767,683
10,225,603
Capital and reserves
Called up share capital
21
111
107
Share premium account
41,702
27,133
Profit and loss reserves
17,729,269
10,193,226
Equity attributable to owners of the parent company
17,771,082
10,220,466
Non-controlling interests
(3,399)
5,137
17,767,683
10,225,603
The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
03 April 2025
Emile Sherman
Director
Company registration number 08043409 (England and Wales)
See-Saw Films Limited
Company statement of financial position
As at 30 June 2024
30 June 2024
12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
118,510
152,819
Investments
12
356,271
356,271
474,781
509,090
Current assets
Debtors
15
10,617,204
5,032,397
Cash at bank and in hand
107,961
173,267
10,725,165
5,205,664
Creditors: amounts falling due within one year
16
(5,659,754)
(3,625,863)
Net current assets
5,065,411
1,579,801
Net assets
5,540,192
2,088,891
Capital and reserves
Called up share capital
21
111
107
Share premium account
41,702
27,133
Profit and loss reserves
5,498,379
2,061,651
Total equity
5,540,192
2,088,891

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,763,673 (2023 - £372,699 profit).

The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
03 April 2025
Emile Sherman
Director
Company Registration No. 08043409 (England and Wales)
See-Saw Films Limited
Group statement of changes in equity
For the year ended 30 June 2024
13
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
100
-
0
5,660,341
5,660,441
(390)
5,660,051
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
4,524,583
4,524,583
5,527
4,530,110
Issue of share capital
21
7
27,133
-
27,140
-
27,140
Credit to equity for equity settled share-based payments
20
-
-
8,304
8,304
-
8,304
Balance at 30 June 2023
107
27,133
10,193,226
10,220,466
5,137
10,225,603
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
7,862,990
7,862,990
(8,536)
7,854,454
Issue of share capital
21
4
14,569
-
14,573
-
14,573
Dividends
9
-
-
(342,270)
(342,270)
-
(342,270)
Credit to equity for equity settled share-based payments
20
-
-
15,325
15,325
-
15,325
Balance at 30 June 2024
111
41,702
17,729,269
17,771,082
(3,399)
17,767,683
See-Saw Films Limited
Company statement of changes in equity
For the year ended 30 June 2024
14
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
100
-
0
1,680,648
1,680,748
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
372,699
372,699
Issue of share capital
21
7
27,133
-
27,140
Credit to equity for equity settled share-based payments
20
-
-
8,304
8,304
Balance at 30 June 2023
107
27,133
2,061,651
2,088,891
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
3,763,673
3,763,673
Issue of share capital
21
4
14,569
-
14,573
Dividends
9
-
-
(342,270)
(342,270)
Credit to equity for equity settled share-based payments
20
-
-
15,325
15,325
Balance at 30 June 2024
111
41,702
5,498,379
5,540,192
See-Saw Films Limited
Group statement of cash flows
For the year ended 30 June 2024
15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(17,761,938)
(7,298,827)
Interest paid
-
0
(4,636)
Income taxes refunded
9,783,370
6,323,824
Net cash outflow from operating activities
(7,978,568)
(979,639)
Investing activities
Purchase of intangible assets
(39,776)
(7,614,919)
Purchase of tangible fixed assets
(15,400)
(92,119)
Proceeds from disposal of tangible fixed assets
-
983
Purchase of associates
-
(300,254)
Net cash used in investing activities
(55,176)
(8,006,309)
Financing activities
Proceeds from issue of shares
14,573
27,140
Proceeds from new bank loans
2,837,837
11,856,600
Repayment of bank loans
(7,232,734)
(5,674,395)
Dividends paid to equity shareholders
(342,270)
-
0
Net cash (used in)/generated from financing activities
(4,722,594)
6,209,345
Net decrease in cash and cash equivalents
(12,756,337)
(2,776,603)
Cash and cash equivalents at beginning of year
19,011,689
21,788,292
Cash and cash equivalents at end of year
6,255,352
19,011,689
Relating to:
Cash at bank and in hand
6,255,474
19,012,002
Bank overdrafts included in creditors payable within one year
(122)
(313)
See-Saw Films Limited
Company statement of cash flows
For the year ended 30 June 2024
16
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
277,791
557,232
Investing activities
Purchase of tangible fixed assets
(15,400)
(92,119)
Proceeds from disposal of tangible fixed assets
-
983
Purchase of subsidiaries
-
0
(55,400)
Purchase of associates
-
0
(300,254)
Net cash used in investing activities
(15,400)
(446,790)
Financing activities
Proceeds from issue of shares
14,573
27,140
Dividends paid to equity shareholders
(342,270)
-
Net cash (used in)/generated from financing activities
(327,697)
27,140
Net (decrease)/increase in cash and cash equivalents
(65,306)
137,581
Cash and cash equivalents at beginning of year
173,267
35,686
Cash and cash equivalents at end of year
107,961
173,267
See-Saw Films Limited
Notes to the group financial statements
For the year ended 30 June 2024
17
1
Accounting policies
Company information

See-Saw Films Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 45 Folgate Street, London, E1 6GL.

 

The group consists of See-Saw Films Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company See-Saw Films Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
18

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The company is supported by its immediate parent undertakings, the directors of which have indicated that they will continue to support the company for the twelve months from the date of signing of these financial statements if required. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
19
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
20% Straight line
Film Distribution rights
Amortisation is calculated by reference to the proportion to cumulative actual revenue as a percentage of total revenue recognised in cost of sales.
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% Straight line
Fixtures and fittings
25% Straight line
Computers
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
20

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
21
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
22
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

The tax currently recoverable is based on relievable losses arising in the period as the result of high end TV and film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other years as well as items that are never taxable or deductible. The group’s asset for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

High end TV and film tax credits have only been recognised where management believe that the tax credit will be recoverable based on their experience of obtaining the relevant certification and the success of similar historical claims in the wider group.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
23
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
24
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The directors believe the key accounting estimate within the financial statements for the company is the valuation of the film and high-end television tax credits available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

Audio visual expenditure credit (AVEC) estimate

A key accounting estimate within the financial statements for this company is the valuation of the AVEC available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the expenditure credit.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
25
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of film rights
90,807,473
107,461,031
Development and commission
3,014,310
3,799,325
Distribution
392,643
11,007,231
94,214,426
122,267,587
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,701,000
10,402,682
United States of America
77,230,805
104,577,443
Australia
543,135
186,463
Europe
211,354
3,897,098
Rest of World
528,132
3,203,901
94,214,426
122,267,587
2024
2023
£
£
Other revenue
Grants received
11,670,046
-
Foreign exchange gains
-
18,004
Bank interest income
1,275
-

Government grants

Government grants received during the year relate entirely to the Audio-Visual Expenditure Credit claimed in respect of a high-end television production.

4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
353,054
(18,004)
Government grants
(11,670,046)
-
Depreciation of owned tangible fixed assets
48,145
38,300
Amortisation of intangible assets
50,584
9,989,320
Share-based payments
15,325
8,303
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
26
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
35,500
34,000
Audit of the financial statements of the company's subsidiaries
127,150
105,500
162,650
139,500
For other services
Taxation compliance services
29,750
29,750
All other non-audit services
24,770
48,799
54,520
78,549
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and Administration
28
29
28
29
Production
316
331
-
-
Total
344
360
28
29

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,334,396
14,035,024
3,139,090
3,666,802
Social security costs
1,637,869
1,744,462
396,483
520,248
Pension costs
238,741
155,869
60,823
55,396
16,211,006
15,935,355
3,596,396
4,242,446
7
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income/(expense) from participating interests - associates
(89,327)
(123,605)
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
27
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(9,435,567)
(24,970,615)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,581,113)
(20,440,505)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(395,278)
(4,190,304)
Tax effect of expenses that are not deductible in determining taxable profit
25,582
65,042
Tax effect of income not taxable in determining taxable profit
-
0
(21)
Group relief
(2,754,596)
(955,428)
Permanent capital allowances in excess of depreciation
8,186
317
Enhanced losses arising from the Film/ HETV  tax credit
(8,573,280)
2,738,737
Difference between the rate of corporation tax and the rate of relief under the Film/HETV  tax credit
-
0
535,129
Losses carried forward
2,253,780
(23,164,087)
39
-
Taxation credit
(9,435,567)
(24,970,615)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
342,270
-
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
28
10
Intangible fixed assets
Group
Goodwill
Development costs
Film Distribution rights
Total
£
£
£
£
Cost
At 1 July 2023
53,941
40,431
9,976,114
10,070,486
Additions
-
0
-
0
39,776
39,776
At 30 June 2024
53,941
40,431
10,015,890
10,110,262
Amortisation and impairment
At 1 July 2023
10,808
40,431
9,976,114
10,027,353
Amortisation charged for the year
10,808
-
0
39,776
50,584
At 30 June 2024
21,616
40,431
10,015,890
10,077,937
Carrying amount
At 30 June 2024
32,325
-
0
-
0
32,325
At 30 June 2023
43,133
-
0
-
0
43,133
Company
Development costs
£
Cost
At 1 July 2023 and 30 June 2024
40,431
Amortisation and impairment
At 1 July 2023 and 30 June 2024
40,431
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
29
11
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
517,176
265,689
782,865
Additions
-
0
15,400
15,400
Disposals
-
0
(3,328)
(3,328)
At 30 June 2024
517,176
277,761
794,937
Depreciation and impairment
At 1 July 2023
411,487
218,559
630,046
Depreciation charged in the year
27,924
20,221
48,145
Eliminated in respect of disposals
-
0
(1,764)
(1,764)
At 30 June 2024
439,411
237,016
676,427
Carrying amount
At 30 June 2024
77,765
40,745
118,510
At 30 June 2023
105,689
47,130
152,819
Company
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
517,176
266,131
783,307
Additions
-
0
15,400
15,400
Disposals
-
0
(3,328)
(3,328)
At 30 June 2024
517,176
278,203
795,379
Depreciation and impairment
At 1 July 2023
411,487
219,001
630,488
Depreciation charged in the year
27,924
20,221
48,145
Eliminated in respect of disposals
-
0
(1,764)
(1,764)
At 30 June 2024
439,411
237,458
676,869
Carrying amount
At 30 June 2024
77,765
40,745
118,510
At 30 June 2023
105,689
47,130
152,819
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
30
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
56,017
56,017
Investments in associates
14
87,322
176,649
300,254
300,254
87,322
176,649
356,271
356,271
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 July 2023
176,649
Share of loss in associate
(89,327)
At 30 June 2024
87,322
Carrying amount
At 30 June 2024
87,322
At 30 June 2023
176,649
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 July 2023 and 30 June 2024
356,271
Carrying amount
At 30 June 2024
356,271
At 30 June 2023
356,271
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
31
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
See-Saw Films (TV) Limited
*
Ordinary
100.00
-
See-Saw Productions Limited
*
Ordinary
100.00
-
Cross City TV Limited
*
Ordinary
-
100.00
Cross City Music Limited
*
Ordinary
100.00
-
Cross City Films Limited
*
Ordinary
100.00
-
Fossil Films Limited
*
Ordinary
100.00
-
Water Productions Limited
*
Ordinary
100.00
-
LNSTV Limited
*
Ordinary
-
100.00
Jackson River Films Limited
*
Ordinary
-
100.00
Volunteer Films Limited
*
Ordinary
-
100.00
Harpooner Films Limited
*
Ordinary
-
100.00
Truham Boys Limited
*
Ordinary
-
100.00
Willow Road Films
*
Ordinary
100.00
-
Blackwater Beach Films Limited
*
Ordinary
-
100.00
The Son Films Limited
*
Ordinary
80.00
-
Friendship Films Limited
*
Ordinary
100.00
-
Belladonna Films Limited
*
Ordinary
-
100.00
Trapeze Entertainment Ltd
*
Ordinary
100.00
-
Rivers of London Productions Limited
*
Ordinary
51.00
6.40

Registered office addresses (all UK unless otherwise indicated):

*
3rd Floor Folgate Street, London, E1 6GL
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
13
Subsidiaries (continued)
32
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
See-Saw Films (TV) Limited
10,956,906
10,925,516
See-Saw Productions Limited
(963,805)
(240,710)
Cross City TV Limited
122,754
(6,208)
Cross City Music Limited
54,722
67,414
Cross City Films Limited
937,627
732,753
Fossil Films Limited
19,491
(259)
Water Productions Limited
(30,913)
(7,342)
LNSTV Limited
(19,468)
(2,895)
Jackson River Films Limited
1
-
0
Volunteer Films Limited
(7,292)
(2,284)
Harpooner Films Limited
562,104
(2,774)
Truham Boys Limited
23,703
24,570
Willow Road Films
854,396
43,341
Blackwater Beach Films Limited
1
-
0
The Son Films Limited
(3,220)
(16,254)
Friendship Films Limited
(14,142)
(4,334)
Belladonna Films Limited
1
-
0
Trapeze Entertainment Ltd
(14,530)
(9,832)
Rivers of London Productions Limited
(10,686)
(10,786)
14
Associates

A loss of £89,327 (2023: £123,605) has been recognised in the profit and loss statement relating to the group's share of the losses of associates held during the year.

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pure Fiction TV Limited
39 Long Acre, London, England, WC2E 9LG
Ordinary
28
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
33
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
647,182
147,806
9,378
-
0
Corporation tax recoverable
36,255,637
25,206,254
11,383
11,383
Amounts owed by group undertakings
-
-
1,811,490
1,271,064
Other debtors
20,289,912
11,014,691
8,740,242
3,685,604
Prepayments and accrued income
618,820
9,280,431
44,711
64,346
57,811,551
45,649,182
10,617,204
5,032,397

Amounts owed by group undertakings due within one year are unsecured, interest free and repayable on demand.

 

Within other debtors is an amount of £11,670,046 relating to Government grants. This balance relates entirely to the Audio Visual Expenditure Credit claimed in respect of a high-end television production.

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
3,067,130
7,094,983
-
0
-
0
Trade creditors
2,264,033
2,892,056
46,333
35,514
Amounts owed to group undertakings
-
0
-
0
4,274,405
1,876,207
Other taxation and social security
311,164
1,324,865
311,007
224,732
Deferred income
18
601,884
86,142
-
0
-
0
Other creditors
32,546,853
36,440,183
874,207
879,610
Accruals
7,746,435
6,969,953
153,802
609,800
46,537,499
54,808,182
5,659,754
3,625,863

Amounts owed to group undertakings due within one year are unsecured, interest free and repayable on demand.

17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,067,008
7,094,670
-
0
-
0
Bank overdrafts
122
313
-
0
-
0
3,067,130
7,094,983
-
-
Payable within one year
3,067,130
7,094,983
-
0
-
0
See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
17
Loans and overdrafts (continued)
34

The outstanding loans at the period end have interest rates between 1.5% and 3% and are due for repayment within 12 months of the period end.

The long-term loans are secured by the following charges over:

 

Warner Bros. Entertainment UK Limited holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets.

 

During the year Film Finances, Inc. held a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets. This was satisfied after the period end on 25 October 2024.

 

MBK Productions Limited holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets.

 

Cross City Films Limited holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets.

 

LIP Sync Productions LLP holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets.

 

Natixis Coficine S.A. holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets. This was satisfied after the period end on 26 September 2024.

 

British Broadcasting Corporation holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'One Life' and its assets.

 

Apple Video Programming LLC holds a fixed and floating charge over the company which entitles it to the rights, title and interest in the entire copyright and all other rights in relation to the production 'Slow Horses'.

 

Apple Video Programming LLC holds a fixed and floating charge over the company which entitles it to the rights, title and interest in the entire copyright and all other rights in relation to the production 'The Essex Serpent'.

 

During the year Fulcrum Media Finance 4 NZ held two fixed and floating charges over all the right, title and interest in 'The Legend of Monkey' and 'The New Legends of Monkey'. These charges were satisfied in full on 10 July 2023.

 

Netflix Inc. hold a fixed and floating charge over all right, title and interest in 'The Legend of Monkey'.

 

Bank of Montreal holds a charge over all sums due or to become due to the company which entitles it to the right, title, interest and benefits in and to the television programme "The North Water".

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
17
Loans and overdrafts (continued)
35

British Film Institute holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'Ammonite' and its assets.

 

During the year Coutts & Company held a floating charge over the company's present and future rights, title and interest in and to the film 'Ammonite' and its assets. This was satisfied on 25 October 2024.

 

During the year Film Finances Inc. held a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'Ammonite' and its assets. This was satisfied on 25 October 2024.

 

The British Broadcasting Corporation holds a fixed and floating charge over the company's present and future rights, title and interest in and to the film 'Ammonite' and its assets.

 

Film Finances Inc holds a charge over all sums due or to become due to the company which entitles it to the right, title, interest and benefits in and to the television programme "The North Water".

 

Fulcrum Media Finance 4 Pty LTD holds a fixed charge, floating charge and negative pledge over all the rights, title and interest in and to the film 'The Royal Hotel' and its assets.

 

Natixis Coficine S.A. holds a fixed charge over all the rights, title and interest in and to the television series "Sweetpea'" and its assets.

 

Neddy Dean Productions holds a fixed charge, floating charge and negative pledge over all the rights, title and interest in and to the film "'The Son" and its assets.

 

FILM4, a Division of Channel Four Television Corporation holds a fixed charge, floating charge and negative pledge over all the rights, title and interest in and to the film "'The Son" and its assets.

 

Bank of America N.A. holds a fixed charge, floating charge and negative pledge over all the rights, title and interest in and to the film "Mary Magdalene'" and its assets.

 

18
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
601,884
86,142
-
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
238,741
155,869

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

See-Saw Films Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
36
20
Share-based payment transactions

The company granted various share options to employees in the prior year. Some of the share options vest based on the employees continuing in employment through to 4 October 2026. Other share options vest in equal annual tranches, or if there has been a group sale or partial sale. Additionally, there are share options which vest on an annual basis from 30 April 2027, dependent on the company achieving certain EBIT levels for the 2027 financial year and onwards. Finally, the employees granted share options in the prior year have also been granted an anti-dilution option, which prevents their potential shareholding being reduced if future share transactions are made.

 

All share option schemes are equity-settled.

Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023 (restated)
29,315
36,267
3.18
3.08
Exercised
(3,733)
(6,952)
3.90
3.90
Outstanding at 30 June 2024
25,582
29,315
2.88
2.85
Exercisable at 30 June 2024
-
-
-
-

The weighted average fair value of options was determined by reference to the performance and net asset position of the company at the date of grant and was found to 3.709 (2023: £3.709).

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

 

During the year ended 30 June 2024, the maximum amount of share options granted were nil (2023: nil) Ordinary C shares, nil (2023: nil) Ordinary D shares, nil (restated 2023: nil) Ordinary E shares and nil (2023: nil) Ordinary F shares.

As at 30 June 2024, 10,685 (2023: 6,952) share options had been exercised and 7,693 (2023: nil) were deemed to be exercisable.

During the year, the group recognised total share-based payment expenses of £15,325 (2023 - £8,304) which related to equity settled share based transactions.

The weighted average fair value of options was determined by reference to the performance and net asset position of the company at the date of grant and was found to be £3.709 (2023: £3.709).

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

 

37
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £0.001 each
50,000
50,000
50
50
Ordinary B shares of £0.001 each
50,000
50,000
50
50
Ordinary C shares of £0.001 each
4,657
3,743
5
4
Ordinary D shares of £0.001 each
4,932
3,209
5
3
Ordinary E shares of £0.001 each
1,096
-
1
-
110,685
106,952
111
107
22
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
61,792
173,694
61,792
173,694
Between two and five years
185,375
-
185,375
-
In over five years
173,694
-
173,694
-
420,861
173,694
420,861
173,694
An expense of £156,772 (2023: £164,778) has been recognised in the group income statement in respect of non-cancellable operating leases.
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,477,776
1,030,598

Remuneration of £21,937 (2023: £19,714) was paid to directors in the year.

23
Related party transactions (continued)
38
Transactions with related parties
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of the group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

During the year the group entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Group
See-Saw Films (TV) Pty
336,686
6,098
427,737
-
The Son Films Limited
-
-
-
6,489
Haversack Films Limited
19,418
2,663,258
-
-
Confession TV Limited
90,708
289,324
94,394
74,918
Company
See-Saw Films (TV) Pty
14,040
-
100,256
-
The Son Films Limited
-
-
-
6,489
Haversack Films Limited
19,418
2,663,258
-
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
See-Saw Films (TV) Pty
-
4,838
Old See-Saw Films Limited
702,764
698,924
Haversack Films Limited
159,687
163,331
Other related parties
-
-
Company
Old See-Saw Films Limited
702,764
698,924
Haversack Films Limited
159,687
164,059
Other related parties
-
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
£
£
Group
The Son Films Limited
-
43,391
Slow West Films Limited
-
10,055
Colony Films Limited
24,531
23,271
Vague Films Limited
15,915
18,100
Confession TV Limited
23,989
20,017
Other related parties
49
-
23
Related party transactions (continued)
39
Company
The Son Films Limited
190
43,391
Slow West Films Limited
-
10,055
Colony Films Limited
24,531
23,271
Vague Films Limited
15,915
18,100
24
Subsidiaries exempt from audit
Listed below are subsidiaries controlled and consolidated by the group, where the directors have taken the exemption from having an audit of its financial statements. This exemption is taken in accordance with the Companies Act 2006 s479A
Company name
Company number
Fossil Films Limited
11730219
LNSTV Limited
09390891
Friendship Films Limited
13904144
Volunteer Pictures Limited
11023726
Harpooner Films Limited
11023719
25
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
7,854,454
4,530,110
Adjustments for:
Taxation credited
(21,105,613)
(24,970,615)
Finance costs
367,232
444,396
Investment income
89,327
123,605
Loss/(gain) on disposal of tangible fixed assets
1,564
(103)
Amortisation and impairment of intangible assets
50,584
9,989,319
Depreciation and impairment of tangible fixed assets
48,145
38,300
Equity settled share based payment expense
15,325
8,304
Movements in working capital:
Increase in debtors
(1,112,986)
(1,421,308)
(Decrease)/increase in creditors
(4,485,712)
6,497,517
Increase/(decrease) in deferred income
515,742
(2,538,352)
Cash absorbed by operations
(17,761,938)
(7,298,827)
40
26
Analysis of changes in net funds - group
1 July 2023
Cash flows
Market value movements
30 June 2024
£
£
£
£
Cash at bank and in hand
19,012,002
(12,756,528)
-
6,255,474
Bank overdrafts
(313)
191
-
(122)
19,011,689
(12,756,337)
-
6,255,352
Borrowings excluding overdrafts
(7,094,670)
10,893,161
(6,865,499)
(3,067,008)
11,917,019
(1,863,176)
(6,865,499)
3,188,344
27
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
3,763,673
372,700
Adjustments for:
Investment income
(7,300,000)
(2,700,000)
Loss/(gain) on disposal of tangible fixed assets
1,564
(103)
Amortisation and impairment of intangible assets
-
2,398
Depreciation and impairment of tangible fixed assets
48,145
38,300
Equity settled share based payment expense
15,325
8,304
Movements in working capital:
Decrease in debtors
1,715,193
1,111,083
Increase in creditors
2,033,891
1,724,550
Cash generated from operations
277,791
557,232
28
Analysis of changes in net funds - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
173,267
(65,306)
107,961
29
Controlling party
On 30 June 2024, the immediate undertaking were SSHCO PTY Limited and Iain Canning as well as a small proportion owned by key management personnel. SSHCO PTY Limited is a company incorporated in Australia.

On 5th March 2025, 51% of the total issued share capital in See-Saw Films Limited was acquired by M&A Holdco Breteuil, a company incorporated in France and a subsidiary of Mediawan Holding SAS. On and from 5th March 2025 the Company's ultimate controlling parent company is Mediawan Holding SAS, a company incorporated in France who is a leading independent content production, distribution and licensing company.
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