Company Registration No. 14658412 (England and Wales)
Saga Productions Limited
Annual report and financial statements
for the period ended 31 October 2024
Saga Productions Limited
Company information
Directors
Jose Arturo Barquet
David Hodgson
Matthew Sica
Company number
14658412
Registered office
1 Central St. Giles
St. Giles High Street
London
WC2H 8NU
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Saga Productions Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Income statement
7
Statement of financial position
8
Notes to the financial statements
9 - 15
Saga Productions Limited
Directors' report
For the period ended 31 October 2024
1

The directors present their annual report and financial statements for the period ended 31 October 2024.

Principal activities

The principal activity of the company was that of film production.

Directors

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

Jose Arturo Barquet
David Hodgson
Matthew Sica
Auditor

Saffery LLP has indicated their willingness to be appointed as auditor to the company and appropriate arrangement have been put in place for them to be appointed as auditor in the absence of an Annual General Meeting. This information is given and should be interpreted in accordance with section 485 of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Jose Arturo Barquet
Director
8 August 2025
Saga Productions Limited
Directors' responsibilities statement
For the period ended 31 October 2024
2

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Saga Productions Limited
Independent auditor's report
To the member of Saga Productions Limited
3
Opinion

We have audited the financial statements of Saga Productions Limited (the 'company') for the period ended 31 October 2024 which comprise the income statement, the statement of financial position 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 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 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 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.

Saga Productions Limited
Independent auditor's report (continued)
To the member of Saga Productions Limited
4

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 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 company or to cease operations, or have no realistic alternative but to do so.

Saga Productions Limited
Independent auditor's report (continued)
To the member of Saga Productions Limited
5
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 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 company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry expenditure 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 avoid a material penalty. These include anti-bribery legislation and employment law.

 

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 financial statement disclosures. We reviewed the 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 company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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.

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.

Saga Productions Limited
Independent auditor's report (continued)
To the member of Saga Productions Limited
6

Use of our report

This report is made solely to the company's member 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 company's member those matters we are required to state to the member in an auditor's 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 company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Nigel Walde
Senior Statutory Auditor
For and on behalf of Saffery LLP
10 August 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Saga Productions Limited
Income statement
For the period ended 31 October 2024
7
Period
Period
ended
ended
31 October
31 January
2024
2024
Notes
£
£
Turnover
3
128,104,112
-
Cost of sales
(147,525,602)
-
0
Gross (loss)/profit
(19,421,490)
-
Administrative expenses
(30,000)
-
0
Other operating income
19,475,640
-
0
Profit before taxation
24,150
-
0
Tax on profit
5
-
0
-
0
Profit for the financial period
24,150
-
0

The income statement has been prepared on the basis that all operations are continuing operations.

Saga Productions Limited
Statement of financial position
As at 31 October 2024
8
31 October 2024
31 January 2024
Notes
£
£
£
£
Current assets
Debtors
6
31,638,851
1
Cash at bank and in hand
1,778,507
-
0
33,417,358
1
Creditors: amounts falling due within one year
7
(33,393,207)
-
0
Net current assets
24,151
1
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
24,150
-
0
Total equity
24,151
1

These financial statements have been prepared 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 8 August 2025 and are signed on its behalf by:
Jose Arturo Barquet
Director
Company Registration No. 14658412
Saga Productions Limited
Notes to the financial statements
For the period ended 31 October 2024
9
1
Accounting policies
Company information

Saga Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Central St. Giles, St. Giles High Street, London, WC2H 8NU.

1.1
Reporting period

These accounts are prepared for a 9 month period, in order to align with the production of the film being produced. The prior accounting period is presented for a period of 11 months to 31 January 2024, and the periods are therefore not directly 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 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.

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. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Comcast Corporation. These consolidated financial statements are available to the public and may be obtained from One Comcast Center, 1701 John F Kennedy Blvd, 47th Floor, Philadelphia, Pennsylvania 19103-2838, USA or at www.comcast.com.

 

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

Saga Productions Limited
Notes to the financial statements (continued)
For the period ended 31 October 2024
1
Accounting policies (continued)
10
1.4
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 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 costs. 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 presented as stocks, prepayments or other assets depending on their nature and provided it is probable that they will be recovered.

1.5
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.

1.6
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.

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.

 

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.

Saga Productions Limited
Notes to the financial statements (continued)
For the period ended 31 October 2024
1
Accounting policies (continued)
11
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.

1.7
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.

1.8
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.

1.9
Retirement benefits

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

1.10
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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rate of exchange prevailing at the dates of the transactions where practicable or at an average rate for the year. 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.

Saga Productions Limited
Notes to the financial statements (continued)
For the period ended 31 October 2024
12
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.

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.

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 AVEC incentive.

3
Turnover and other revenue
Period ended 31 October
Period ended 31 January
2024
2024
£
£
Turnover analysed by class of business
Sale of Film Rights
128,104,112
-
Period ended 31 October
Period ended 31 January
2024
2024
£
£
Turnover analysed by geographical market
United States of America
128,104,112
-
Period ended 31 October
Period ended 31 January
2024
2024
£
£
Other revenue
Grants received
19,475,640
-
Government grants

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

Saga Productions Limited
Notes to the financial statements (continued)
For the period ended 31 October 2024
13
4
Employees

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

Period ended 31 October
Period ended 31 January
2024
2024
Number
Number
133
-
0

Their aggregate remuneration comprised:

Period ended 31 October
Period ended 31 January
2024
2024
£
£
Wages and salaries
6,460,990
-
0
Social security costs
789,024
-
Pension costs
38,030
-
0
7,288,044
-
0
5
Taxation

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
2024
£
£
Profit before taxation
24,150
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 0%)
6,038
-
0
Tax effect of expenses that are not deductible in determining taxable profit
136
-
0
Difference to profit arising per the accounts due to film tax credit and audio-visual expenditure credit claims
1,599,045
-
0
Group relief claim
(1,605,219)
-
0
Taxation charge for the period
-
-
Saga Productions Limited
Notes to the financial statements (continued)
For the period ended 31 October 2024
14
6
Debtors
31 October
31 January
2024
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
1
Government grants recoverable
19,475,641
-
Other debtors
4,931,781
-
0
Prepayments and accrued income
7,231,429
-
0
31,638,851
1

Amounts owed from group undertakings are unsecured, interest free and payable on demand.

7
Creditors: amounts falling due within one year
31 October
31 January
2024
2024
£
£
Amounts owed to fellow subsidiary undertakings
31,412,894
-
0
Taxation and social security
247,187
-
0
Accruals and deferred income
1,733,126
-
0
33,393,207
-

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8
Called up share capital
31 October 2024
31 January 2024
31 October 2024
31 January 2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Related party transactions

The company has taken advantage of the exemptions available under FRS 102 Section 33.1A whereby it is not required to disclose transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Saga Productions Limited
Notes to the financial statements (continued)
For the period ended 31 October 2024
15
10
Ultimate controlling party

The company's immediate parent undertaking is Universal Pictures Limited, a company registered in England and Wales. Universal Pictures is a subsidiary in the NBCUniversal Media LLC group.

 

The smallest and largest group in which the results of the company will be consolidated is that headed by its ultimate parent undertaking, Comcast Corporation, a company incorporated in the United States of America. The consolidated financial statements for this company are available to the public and may be obtained from One Comcast Center, 1701 John F Kennedy Blvd, 47th Floor, Philadelphia, Pennsylvania 19103-2838, USA or at www.comcast.com respectively.

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