Arrow International Media Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 07702079 (England and Wales)
Arrow International Media Limited
Company Information
Directors
T Brisley
P De Chavagnac
M Reynolds
(Appointed 21 March 2024)
T Antill
(Appointed 30 June 2024)
P De Lavallaz
(Appointed 8 July 2024)
Company number
07702079
Registered office
17-18 Margaret Street
London
W1W 8RP
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Arrow International Media Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
Arrow International Media Limited
Strategic Report
For the year ended 31 December 2024
Page 1
The directors present the strategic report for the year ended 31 December 2024.
The principal activity of the group is the production of audio-visual content for television broadcasters,
online platforms and theatric release.
Review of the Business
Arrow International Media, "Arrow" is one of the UK's leading independent producers and is an important supplier to US, UK and global media companies.
The principal activity of the group during the period continued to be the development, production and
distribution of high quality factual television, SVOD, podcasts and film programming.
The directors do not anticipate any changes in those activities over the coming financial reporting period.
The group has continued to produce and deliver all its contracted programmes. Turnover and
operating profit has continued to remain stable due to return orders and new business.
The group is consistently cash generative and expects to meet its liabilities as they fall due in the near
future.
On 21 March 2024 Fremantle Media Group Acquired the Asacha Media Group , the majority shareholder of Arrow with a 64.51% share of the business.
Principal Risks and Uncertainties
The key business risks and uncertainties affecting the group relate to the general economic environment, competition from other distributors of creative content and the success of the group’s media content available globally.
These risks are regularly reviewed with the appropriate processes put in place to monitor and mitigate them.
Management operates strong financial discipline on costs and have procedures and insurances in place to cover unforeseen events that may impact production schedules and costs.
Management regularly review key performance indicators such as revenue, gross profit, cash-flow and
contracted sales versus budgeted sales.
The group manages its exposure to foreign exchange risk by monitoring and securing favourable
exchange rates which allow the group to cope with any adverse movement that affects the cash flow of
the group.
Future Outlook
The company is confident for the future of the business. This is based on its excellent relationships with
customers, its strong pipeline of ideas and the loyalty and talents of its workers.
Arrow International Media Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Key Performance Indicators
Arrow generated 89.4% (2023 - 95.8%) from customers based outside of the home territory, UK.
To ensure focus is maintained on the key priorities of the group, the directors use a range of financial and non-financial performance indicators to monitor and manage the group's overall performance against operating plans, financial budgets and forecasts.
In the opinion of the directors, the financial KPls relevant to the understanding of the development, performance and position of the group are as follows:
KPIs
2024
2023
£
£
Production revenue
22,312,747
33,423,750
Distribution/other revenues
1,389,700
577,782
EBITDA
2,345,086
1,071,282
Cash balances
6,843,627
8,689,636
Current ratio
3.34
1.75
*EBITDA is operating profit from continuing operations before interest, taxation, depreciation, amortisation and exchange gains or losses on the revaluation of derivatives.
T Antill
Director
20 May 2025
Arrow International Media Limited
Directors' Report
For the year ended 31 December 2024
Page 3
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of television & film production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
T Brisley
I Pelling
(Resigned 30 June 2024)
M Williams
(Resigned 8 July 2024)
P De Chavagnac
M D'Halluin
(Resigned 21 March 2024)
M Reynolds
(Appointed 21 March 2024)
T Antill
(Appointed 30 June 2024)
P De Lavallaz
(Appointed 8 July 2024)
Results and dividends
Ordinary dividends paid in the year were £nil (2023: £3,000,000). The directors do not recommend payment of a further dividend.
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Arrow International Media Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 4
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
T Antill
Director
20 May 2025
Arrow International Media Limited
Independent Auditor's Report
To the Members of Arrow International Media Limited
Page 5
Opinion
We have audited the financial statements of Arrow International Media Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
Arrow International Media Limited
Independent Auditor's Report (Continued)
To the Members of Arrow International Media Limited
Page 6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.
Arrow International Media Limited
Independent Auditor's Report (Continued)
To the Members of Arrow International Media Limited
Page 7
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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Arrow International Media Limited
Independent Auditor's Report (Continued)
To the Members of Arrow International Media Limited
Page 8
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
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 extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.
This report is made solely to the 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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Callum Gritt (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
22 May 2025
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Arrow International Media Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 9
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
23,905,661
34,159,532
Cost of sales
(17,911,763)
(28,246,355)
Gross profit
5,993,898
5,913,177
Administrative expenses
(3,843,063)
(5,062,264)
Operating profit
5
2,150,835
850,913
Interest receivable and similar income
9
58,439
121,593
Interest payable and similar expenses
8
(43,252)
Fair value gains and losses on foreign exchange contracts
24,165
802,189
Profit before taxation
2,190,187
1,774,695
Tax on profit
10
(498,914)
(705,615)
Profit for the financial year
1,691,273
1,069,080
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
12,975
(96,318)
Total comprehensive income for the year
1,704,248
972,762
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Arrow International Media Limited
Group Balance Sheet
As at 31 December 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
311,039
332,800
Current assets
Debtors
16
2,936,206
3,276,257
Cash at bank and in hand
6,843,627
8,689,636
9,779,833
11,965,893
Creditors: amounts falling due within one year
17
(2,960,178)
(6,844,573)
Net current assets
6,819,655
5,121,320
Total assets less current liabilities
7,130,694
5,454,120
Provisions for liabilities
Provisions
18
(134,705)
(134,705)
Deferred tax liability
19
(22,887)
(157,592)
(134,705)
Net assets
6,973,102
5,319,415
Capital and reserves
Called up share capital
21
369
369
Share premium account
2,700
2,700
Capital redemption reserve
22
22
Profit and loss reserves
6,970,011
5,316,324
Total equity
6,973,102
5,319,415
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
20 May 2025
T Antill
Director
Arrow International Media Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
311,039
332,800
Investments
13
-
311,039
332,800
Current assets
Debtors
16
1,991,709
2,976,166
Cash at bank and in hand
6,830,695
8,589,998
8,822,404
11,566,164
Creditors: amounts falling due within one year
17
(4,279,910)
(7,739,509)
Net current assets
4,542,494
3,826,655
Total assets less current liabilities
4,853,533
4,159,455
Provisions for liabilities
18
Provisions
18
(134,705)
(134,705)
Deferred tax liability
19
(22,887)
-
(157,592)
(134,705)
Net assets
4,695,941
4,024,750
Capital and reserves
Called up share capital
21
369
369
Share premium account
2,700
2,700
Capital redemption reserve
22
22
Profit and loss reserves
4,692,850
4,021,659
Total equity
4,695,941
4,024,750
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 £721,752 (2023 - £566,190 profit).
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
20 May 2025
T Antill
Director
Company Registration No. 07702079
Arrow International Media Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 12
Share capital
Share premium account
Capital redemption reserve
Treasury shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
400
2,700
22
-
7,343,562
7,346,684
Period ended 31 December 2023:
Profit for the period
-
-
-
-
1,069,080
1,069,080
Other comprehensive income:
Currency translation differences
-
-
-
-
(96,318)
(96,318)
Total comprehensive income for the period
-
-
-
-
972,762
972,762
Issue of share capital
21
4
-
-
-
4
Dividends
11
-
-
-
-
(3,000,000)
(3,000,000)
Reduction of shares
21
(35)
-
-
-
-
(35)
Balance at 31 December 2023
369
2,700
22
-
5,316,324
5,319,415
Year ended 31 December 2024:
Profit for the year
-
-
-
-
1,691,273
1,691,273
Other comprehensive income:
Currency translation differences
-
-
-
-
12,975
12,975
Total comprehensive income for the year
-
-
-
-
1,704,248
1,704,248
Own shares acquired
22
-
-
-
-
(50,561)
(50,561)
Balance at 31 December 2024
369
2,700
22
-
6,970,011
6,973,102
Arrow International Media Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 13
Share capital
Share premium account
Capital redemption reserve
Treasury shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
400
2,700
22
-
6,455,469
6,458,591
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
-
-
566,190
566,190
Issue of share capital
21
4
-
-
-
4
Dividends
11
-
-
-
-
(3,000,000)
(3,000,000)
Reduction of shares
21
(35)
-
-
-
-
(35)
Balance at 31 December 2023
369
2,700
22
-
4,021,659
4,024,750
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
-
721,752
721,752
Own shares acquired
22
-
-
-
-
(50,561)
(50,561)
Balance at 31 December 2024
369
2,700
22
-
4,692,850
4,695,941
Arrow International Media Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(279,534)
4,802,828
Interest paid
(43,252)
Income taxes paid
(1,371,586)
(264,518)
Net cash (outflow)/inflow from operating activities
(1,694,372)
4,538,310
Investing activities
Purchase of tangible fixed assets
(172,490)
(280,830)
Interest received
58,439
121,593
Net cash used in investing activities
(114,051)
(159,237)
Financing activities
Proceeds from issue of shares
-
4
Reduction of shares
(35)
Purchase of treasury shares
(50,561)
Dividends paid to equity shareholders
(3,000,000)
Net cash used in financing activities
(50,561)
(3,000,031)
Net (decrease)/increase in cash and cash equivalents
(1,858,984)
1,379,042
Cash and cash equivalents at beginning of year
8,689,636
7,310,594
Effect of foreign exchange rates
12,975
-
Cash and cash equivalents at end of year
6,843,627
8,689,636
Arrow International Media Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 15
1
Accounting policies
Company information
Arrow International Media Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 17-18 Margaret Street, London, United Kingdom, W1T 1QL.
The group consists of Arrow International Media 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 company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account.
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
Basis of consolidation
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.
The consolidated group financial statements consist of the financial statements of the parent company Arrow International Media Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 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.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 16
1.3
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reason.
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds to meet its liabilities as they fall due for that period.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual daily staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.5
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 improvements
Over the life of the lease
Plant and equipment
3 Years Straight Line
Fixtures and fittings
3 Years Straight Line
Computers
3 Years 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 profit and loss account.
1.6
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
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.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
1.8
Cash at bank and in hand
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.
1.9
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 balance sheet 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.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
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 profit and loss account 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.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.
1.12
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
1.16
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
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the cost spent to date compared to the total cost expected to be required to undertake the contract.
Online broadcast income
When royalty income from broadcasters is received, the amounts are held under accruals and deferred income on the balance sheet until it can be reliably determined whether the royalty belongs to the group or a third party.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 22
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.
Depreciation
The annual depreciation charge for tangible fixed assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Provisions
Provisions are estimates and the actual costs and timing of future cash flows are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.
Closed production and development accruals
Once a production is complete, the remaining costs expected to be received are accrued based on best estimate from the production budgets and cost books. These are regularly reviewed to see whether any costs need to be written off accordingly.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Production
22,312,747
33,423,750
Distribution
1,389,700
577,782
Development
203,214
158,000
23,905,661
34,159,532
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
2,054,614
1,265,532
United States
21,375,382
32,894,000
Rest of World
475,665
-
23,905,661
34,159,532
2024
2023
£
£
Other revenue
Interest income
58,439
121,593
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 23
4
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
38,225
56,500
Fees for one off work completed
7,650
-
45,875
56,500
For other services
All other non-audit services
18,615
21,750
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(14,118)
(1,043,392)
Depreciation of owned tangible fixed assets
194,251
220,369
Operating lease charges
345,327
410,079
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
534,813
2,829,633
Company pension contributions to defined contribution schemes
2,576
4,403
537,389
2,834,036
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
286,634
2,339,151
Company pension contributions to defined contribution schemes
880
2,839
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 1).
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 24
7
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
98
112
98
112
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,497,384
4,927,528
2,497,384
4,927,528
Social security costs
71,140
107,130
71,140
107,130
Pension costs
10,347
48,715
10,347
48,715
2,578,871
5,083,373
2,578,871
5,083,373
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
43,252
-
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest received
58,439
121,593
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
433,192
640,454
Foreign current tax on profits for the current period
42,835
65,161
Total current tax
476,027
705,615
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
10
Taxation
2024
2023
£
£
(Continued)
Page 25
Deferred tax
Origination and reversal of timing differences
(11,538)
Adjustment in respect of prior periods
34,425
Total deferred tax
22,887
Total tax charge
498,914
705,615
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,190,187
1,774,695
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.70%)
547,547
402,856
Tax effect of expenses that are not deductible in determining taxable profit
328
495,241
Other permanent differences
(80,660)
(83,123)
Effect of overseas tax rates
(2,726)
2,601
Deferred tax adjustments in respect of prior years
34,425
41,453
Deferred tax not recognised
42,945
Remeasurement of deferred tax for changes in tax rates
(9,097)
British film tax credit
(191,977)
Fixed asset differences
-
1,743
Tax credits
-
2,973
Taxation charge
498,914
705,615
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
3,000,000
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 26
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
522,631
525,414
119,523
386,674
1,554,242
Additions
60,441
89,955
22,094
172,490
At 31 December 2024
583,072
615,369
119,523
408,768
1,726,732
Depreciation and impairment
At 1 January 2024
345,306
409,044
118,320
348,772
1,221,442
Depreciation charged in the year
69,887
96,563
515
27,286
194,251
At 31 December 2024
415,193
505,607
118,835
376,058
1,415,693
Carrying amount
At 31 December 2024
167,879
109,762
688
32,710
311,039
At 31 December 2023
177,325
116,370
1,203
37,902
332,800
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
522,631
525,414
119,523
386,674
1,554,242
Additions
60,441
89,955
22,094
172,490
At 31 December 2024
583,072
615,369
119,523
408,768
1,726,732
Depreciation and impairment
At 1 January 2024
345,306
409,044
118,320
348,772
1,221,442
Depreciation charged in the year
69,887
96,563
515
27,286
194,251
At 31 December 2024
415,193
505,607
118,835
376,058
1,415,693
Carrying amount
At 31 December 2024
167,879
109,762
688
32,710
311,039
At 31 December 2023
177,325
116,370
1,203
37,902
332,800
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 27
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
14
Arrow International Media Limited held investments in its subsidiaries, at zero value, during the year.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
-
Additions
167,544
At 31 December 2024
167,544
Impairment
At 1 January 2024
-
Impairment losses
167,544
At 31 December 2024
167,544
Carrying amount
At 31 December 2024
-
At 31 December 2023
-
This investment represents an irrecoverable amount owed by Arrow Films 1 Limited. The debtor balance has been capitalised as an investment and subsequently impaired in the current year.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 28
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Country
Nature of business
Class of
% Held
shares held
Direct
Indirect
Arrow International Distribution Limited
England & Wales
TV production company
Ordinary
100.00
0
Arrow International Production
England & Wales
TV production company
Ordinary
100.00
0
Arrow Media Limited
England & Wales
TV production company
Ordinary
100.00
0
Arrow International Media Inc
United States
TV production company
Ordinary
0
100.00
Arrow Films 1 Limited
England & Wales
TV production company
Ordinary
0
100.00
All Limited Company subsidiaries are registered at 17-18 Margaret Street, London, United Kingdom, W1W 8RP. Arrow International Media Inc is registered at North Broad Street, Suite 205, Middletown, DE 19709, New Castle County, Delaware, USA.
Arrow Films 1 Limited and Arrow International Distribution Limited are exempt from audit by virtue of s479A of Companies Act 2006.
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
68,512
92,677
68,512
92,677
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,636,895
1,803,185
430,001
1,502,889
Corporation tax recoverable
346,921
191,977
532,886
Amounts owed by group undertakings
-
-
78,651
337,757
Other debtors
322,683
572,682
320,464
565,936
Prepayments and accrued income
629,707
708,413
629,707
569,584
2,936,206
3,276,257
1,991,709
2,976,166
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
68,870
358,107
68,416
355,050
Amounts owed to group undertakings
80,296
2,061,662
1,172,666
Corporation tax payable
93,675
834,290
765,064
Other taxation and social security
307,701
239,837
112,915
209,749
Derivative financial instruments
68,512
92,677
68,512
92,677
Other creditors
21,822
62,858
7,368
6,291
Accruals and deferred income
2,319,302
5,256,804
1,961,037
5,138,012
2,960,178
6,844,573
4,279,910
7,739,509
18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations
134,705
134,705
134,705
134,705
Movements on provisions:
Group
£
At 1 January 2024 and 31 December 2024
134,705
Company
£
At 1 January 2024 and 31 December 2024
134,705
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
22,887
-
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
19
Deferred taxation
(Continued)
Page 30
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
22,887
-
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
-
-
Charge to profit or loss
22,887
22,887
Liability at 31 December 2024
22,887
22,887
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,576
4,403
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.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 0.001p each
10,593,254
10,593,254
106
106
Deferred shares of 0.001p each
19,980,000
19,980,000
200
200
B ordinary shares of 0.001p each
5,913,890
5,913,890
59
59
C ordinary shares of 0.001p each
354,349
399,823
4
4
Treasury shares of 0.001p each
45,474
-
-
-
36,886,967
36,886,967
369
369
During the year an employee who held shares left the company. On 12th September 2024 Arrow International Media Limited bought back the 45,474 shares for £50,561. These shares are valued at £0.00000999444 each therefore the nominal value is £0.45449.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
21
Share capital
(Continued)
Page 31
The deferred shares have no voting rights and no rights to dividends. Each holder of deferred shares has the right to £0.01 in aggregate for all deferred shares held on return of capital or liquidation. The deferred shares are not redeemable.
All the other classes of shares are ranked pari passu.
22
Operating lease commitments
Lessee
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
327,996
361,636
327,996
361,636
Between two and five years
487,174
829,292
487,174
829,292
815,170
1,190,928
815,170
1,190,928
23
Related party transactions
During the year, dividends totalling £nil (2023: £3,000,000) were paid to the directors.
During the year, Arrow International Media Limited made sales of £6,944 (2023: £nil) and purchases of £256,892 (2023: £nil) with Asacha Media Group Limited, the direct parent of Arrow International Media Limited. There were no balances outstanding at the year end.
During the period, Arrow International Media Limited made sales of £101,788 (2023: £nil) to FremantleMedia Ltd and sales of £126,691 (2023: £nil) to EDI TV (W9). FremantleMedia Group Limited owns a majority shareholding in Asacha Media Group Limited, and EDI TV (W9) is a subsidiary of FremantleMedia Group Limited. There were no balances outstanding at the year end.
At the year end, £80,296 is due to Bertelsmann UK Ltd in respect of corporate tax group relief. Bertelsmann UK Ltd is a parent company of FremantleMedia Group Limited.
24
Controlling party
The immediate parent company is Asacha Media Group Limited, a company incorporated in France.
During the year, a majority shareholding in Asacha Media Group Limited was acquired by FremantleMedia Group Limited, a company incorporated in England and Wales. As a result, the ultimate parent is headed by FremantleMedia Group Limited, whose consolidated financial statements are available from its registered office 1 Stephen Street, London, United Kingdom W1T 1AL.
Arrow International Media Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 32
25
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
1,691,273
1,069,080
Adjustments for:
Taxation charged
498,914
705,615
Finance costs
43,252
Investment income
(58,439)
(121,593)
Fair value gain on foreign exchange contracts
(24,165)
(802,189)
Depreciation and impairment of tangible fixed assets
194,251
220,369
Increase in provisions
-
134,705
Movements in working capital:
Decrease in debtors
494,995
1,655,032
(Decrease)/increase in creditors
(3,119,615)
1,941,809
Cash (absorbed by)/generated from operations
(279,534)
4,802,828
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