Company Registration No. 14313297 (England and Wales)
Bad Wolf (IND3) Limited
Financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Bad Wolf (IND3) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Bad Wolf (IND3) Limited
Statement of financial position
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Current assets
Debtors
6
330,062
6,396,706
Cash at bank and in hand
11,510
498,726
341,572
6,895,432
Creditors: amounts falling due within one year
7
(184,533)
(6,885,659)
Net current assets
157,039
9,773
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
157,038
9,772
Total equity
157,039
9,773

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
Mary Furlong
Director
Company Registration No. 14313297
Bad Wolf (IND3) Limited
Notes to the financial statements
For the year ended 31 March 2025
2
1
Accounting policies
Company information

Bad Wolf (IND3) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wolf Studios Wales, Trident Industrial Park, Glass Avenue, Cardiff, CF24 5EN.

1.1
Reporting period

The current accounting period is the year from 1 April 2024 to 31 March 2025. The previous accounting period was extended from 31 January 2024 to 31 March 2024 and therefore covered 14 months. This was in order to align the end of the accounting period with the rest of the group. Therefore the periods are not entirely comparable.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’ Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Sony Group Corporation. These consolidated financial statements are available from its registered office, see Note 12.

Bad Wolf (IND3) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
3
1.3
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by the reference to the stage of completion.

The "percentage of completion" method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract cost. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are represented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

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 paymen ts 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. A m ounts 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.

Bad Wolf (IND3) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
4
1.5
Equity instruments

Equity instruments issued by the company 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 company.

1.6
Taxation

The tax credit represents the sum of the tax currently recoverable.

Current tax

The tax currently recoverable is based on relievable losses arising as the result of the high-end television 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 production expenditure and exclude items of income or expense that are deductible in other year, as well as items that are never taxable or deductible. The Company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
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.

1.8
Retirement benefits

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

1.9
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 company’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.

Bad Wolf (IND3) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
5
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 key accounting estimate within the financial statements for this Company is the valuation of the high-end TV tax credit 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 tax relief.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sale of television rights
699,067
23,820,940
Production service fee
228
9,772
699,295
23,830,712
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
699,295
23,830,712
4
Employees

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

2025
2024
Number
Number
Production
2
31

Directors received no remuneration for their services to the company and receive all related remuneration

from the parent company.

5
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(164,593)
(5,927,456)
Group tax relief
(147,038)
-
0
Total current tax
(311,631)
(5,927,456)
Bad Wolf (IND3) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
5
Taxation (continued)
6

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:

2025
2024
£
£
Loss before taxation
(164,365)
(5,917,684)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.17%)
(41,091)
(1,430,304)
Unutilised tax losses carried forward
40,591
1,422,230
Enhanced losses arising from the high-end television tax credit
(164,093)
(5,722,590)
Difference between the rate of corporation tax and the rate of relief under the high-end television tax credit
-
0
(196,792)
Group relief surrender
(147,038)
-
0
Taxation credit for the year
(311,631)
(5,927,456)
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
164,593
5,927,456
Amounts owed by group undertakings
147,038
169,000
Other debtors
18,431
300,250
330,062
6,396,706
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
9,000
62,407
Amounts owed to group undertakings
148,533
5,937,943
Other creditors
27,000
885,309
184,533
6,885,659
Bad Wolf (IND3) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
8
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,354
24,573

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Drake
Statutory Auditors:
Saffery LLP
Date of audit report:
20 June 2025
11
Related party transactions

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 a group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

12
Parent company

The company's immediate parent company is Bad Wolf Ltd. The parent company is registered in England and Wales. The company's ultimate parent company is Sony Group Corporation, a company registered in Japan.

The directors consider there to be no one ultimate controlling party.

The largest group in which the results of the company are consolidated is that headed by Sony Group Corporation. The financial statements for Sony Group Corporation are publicly available and can be obtained from Baker & McKenzie, 100 New Bridge Street, London, EC4V 6JA.

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