Company Registration No. 13470307 (England and Wales)
Moon Stories Limited
Annual report and
group financial statements
for the year ended 22 December 2024
Moon Stories Limited
Company information
Directors
Xavier Marchand
Anand Tucker
All3Media Directors Limited
(Appointed 28 August 2025)
Company number
13470307
Registered office
Berkshire House
168-173 High Holborn
London
WC1V 7AA
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Moon Stories Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 24
Moon Stories Limited
Strategic report
For the year ended 22 December 2024
1

The directors present the strategic report for the year ended 22 December 2024.

Review of the business

The group made a profit of £nil during the period.

The group's net assets as at the balance sheet date were £1.

The company made a profit of £nil during the period.

The company's net assets as at the balance sheet date were £1.

Principal risks and uncertainties

The directors have reviewed the risks and resultant uncertainties facing the group and consider that none are material to an understanding of the financial statements.

Key performance indicators

The directors consider the group's key performance indicator to be whether the programme produced by the group is produced in line with the agreed budgets. At the reporting date, the estimated costs were in excess of the original budget but within acceptable variance and did not impact the completion of the program.

The directors consider the group's key non-financial performance indicator to be whether the television programme produced is certified as British. The production has been awarded a final British television programme certificate.

Promoting the success of the company

The directors of Moon Stories Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company and group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 22 December 202 4.

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

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

On behalf of the board

Xavier Marchand
Director
16 September 2025
Moon Stories Limited
Directors' report
For the year ended 22 December 2024
2

The directors present their annual report and financial statements for the year ended 22 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the production of a television programme.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Xavier Marchand
Stephen Lambert
(Resigned 28 August 2025)
Anand Tucker
All3Media Directors Limited
(Appointed 28 August 2025)
Disabled persons

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

Employee involvement

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

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

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Business relationships

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

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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.

Moon Stories Limited
Directors' report (continued)
For the year ended 22 December 2024
3
On behalf of the board
Xavier Marchand
Director
16 September 2025
Moon Stories Limited
Directors' responsibilities statement
For the year ended 22 December 2024
4

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 ;

- prepare the 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.

Moon Stories Limited
Independent auditor's report
To the members of Moon Stories Limited
5
Opinion

We have audited the financial statements of Moon Stories Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 22 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 and of the parent company's affairs as at 22 December 2024 and of the group's 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.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

Moon Stories Limited
Independent auditor's report (continued)
To the members of Moon Stories Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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 identifie d material misstatements in the strategic report or the directors' r eport.

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

Auditor's responsibilities for the audit of the financial statements

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

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

Identifying and assessing risks related to irregularities:

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

Moon Stories Limited
Independent auditor's report (continued)
To the members of Moon Stories Limited
7

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

Audit response to risks identified

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

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

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

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

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

Use of our report

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

Nigel Walde (Senior Statutory Auditor)
For and on behalf of Saffery LLP
17 September 2025
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Moon Stories Limited
Group statement of comprehensive income
For the year ended 22 December 2024
8
2024
2023
Notes
£
£
Turnover
3
(216,242)
36,240,958
Cost of sales
(244,638)
(41,680,412)
Gross loss
(460,880)
(5,439,454)
Administrative expenses
360,903
26,090
Tax on loss
7
99,977
5,413,364
Profit for the financial year
-
0
-
0
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.
Moon Stories Limited
Group statement of financial position
As at 22 December 2024
9
2024
2023
Notes
£
£
£
£
Current assets
Debtors
10
27,269,270
32,479,952
Cash at bank and in hand
466,995
586,901
27,736,265
33,066,853
Creditors: amounts falling due within one year
11
(27,736,264)
(33,066,852)
Net current assets
1
1
Capital and reserves
Called up share capital
13
1
1
The financial statements were approved by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by:
16 September 2025
Xavier Marchand
Director
Company registration number 13470307 (England and Wales)
Moon Stories Limited
Company statement of financial position
As at 22 December 2024
22 December 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
5
5
Current assets
Debtors
10
27,569,767
32,441,725
Cash at bank and in hand
157,567
239,034
27,727,334
32,680,759
Creditors: amounts falling due within one year
11
(27,727,338)
(32,680,763)
Net current liabilities
(4)
(4)
Net assets
1
1
Capital and reserves
Called up share capital
13
1
1

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by:
16 September 2025
Xavier Marchand
Director
Company registration number 13470307 (England and Wales)
Moon Stories Limited
Group statement of changes in equity
For the year ended 22 December 2024
11
Share capital
£
Balance at 23 December 2022
1
Year ended 22 December 2023:
Profit and total comprehensive income
-
Balance at 22 December 2023
1
Year ended 22 December 2024:
Profit and total comprehensive income
-
Balance at 22 December 2024
1
Moon Stories Limited
Company statement of changes in equity
For the year ended 22 December 2024
12
Share capital
£
Balance at 23 December 2022
1
Year ended 22 December 2023:
Profit and total comprehensive income for the year
-
Balance at 22 December 2023
1
Year ended 22 December 2024:
Profit and total comprehensive income
-
Balance at 22 December 2024
1
Moon Stories Limited
Group statement of cash flows
For the year ended 22 December 2024
13
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
17
(5,533,270)
(9,070,795)
Income taxes refunded
5,413,364
1,341,745
Net cash outflow from operating activities
(119,906)
(7,729,050)
Net decrease in cash and cash equivalents
(119,906)
(7,729,050)
Cash and cash equivalents at beginning of year
586,901
8,315,951
Cash and cash equivalents at end of year
466,995
586,901
Moon Stories Limited
Notes to the group financial statements
For the year ended 22 December 2024
14
1
Accounting policies
Company information

Moon Stories Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Berkshire House 168-173 High Holborn, London, WC1V 7AA.

The group consists of Moon Stories Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The company is a qualifying entity for the purposes of FRS 102, being included within the financial statements of its own group, 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 for parent company information presented within the consolidated financial statements:

- 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he 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. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

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

Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
1
Accounting policies (continued)
15
1.3
Basis of consolidation

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

All financial statements are made up to 22 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 g roup.

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.

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

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

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

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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 probably that they will be recovered.

Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
1
Accounting policies (continued)
16
1.6
Fixed asset investments

Equity in vest ments 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.

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

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

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

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

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

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

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

1.7
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.

1.8
Financial instruments

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

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

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

Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
1
Accounting policies (continued)
17
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.

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.

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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
1
Accounting policies (continued)
18
1.9
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.

1.10
Taxation

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

Current tax

The tax currently recoverable is based on relievable losses arising in the period as a result of high-end television tax relief legislation. Relievable losses differ from net losses as reported in the income statement because they include an additional deduction relating to qualifying high-end television production expenditure excludes items of income or expense that are taxable or deductible in other years a s well as 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.

1.11
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.

1.12
Retirement benefits

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

1.13
Foreign exchange

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

2
Critical accounting judgements and key sources of estimation uncertainty

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

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

Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
19
Key sources of estimation uncertainty

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

Tax credit estimate

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

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of television rights
(216,242)
5,898,604
Government production incentives
-
30,342,354
(216,242)
36,240,958
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
(216,242)
5,898,604
Australia
-
30,342,354
(216,242)
36,240,958
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after (crediting):
Exchange gains
(384,153)
(49,340)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,500
19,500
For other services
Taxation compliance services
3,750
3,750
Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
20
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
3
59
-
0
12

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
142,845
2,222,511
-
0
597,743
Social security costs
12,373
149,352
-
69,853
Pension costs
5,751
114,807
-
0
12,870
160,969
2,486,670
-
0
680,466
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(99,977)
(5,413,364)
Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
7
Taxation (continued)
21

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

2024
2023
£
£
Loss before taxation
(99,977)
(5,413,364)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.37%)
(24,994)
(1,265,103)
Tax effect of expenses that are not deductible in determining taxable profit
1,114
-
0
Enhanced losses arising from the film tax credit
(100,542)
(4,019,701)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
-
0
(352,951)
Losses carried forward
-
0
224,391
Difference to loss arising per the accounts due to film tax credit
61,284
-
Brought forward losses surrendered for tax credit
(36,839)
-
Taxation credit
(99,977)
(5,413,364)
8
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
9
-
0
-
0
5
5
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 23 December 2023 and 22 December 2024
5
Carrying amount
At 22 December 2024
5
At 22 December 2023
5
Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
22
9
Subsidiaries

Details of the company's subsidiaries at 22 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Moon Stories (Australia) Pty Ltd
1
Television production services
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Suite 275, 10 Albert Avenue, Broadbeach Qld 4218, Australia
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Corporation tax recoverable
99,977
5,413,364
99,977
5,413,364
Amounts owed by group undertakings
-
-
27,270,649
26,883,707
Other debtors
27,169,293
27,066,588
199,141
144,654
27,269,270
32,479,952
27,569,767
32,441,725
11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
8,926
179,938
-
0
179,847
Other creditors
27,697,088
32,279,789
27,697,088
32,279,789
Accruals and deferred income
30,250
607,125
30,250
221,127
27,736,264
33,066,852
27,727,338
32,680,763
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,751
114,807

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.

Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
23
13
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
14
Related party transactions

During the period the company and group incurred costs of £92,198 (2023: £1,690,252) in respect of Moonriver TV Limited and £92,198 (2023: £1,959,207 ) in respect of Seven Stories Limited. These costs were in relation to costs and fees. Each of these entities holds a participating interest in Moon Stories Limited.

At the reporting date, the company and group recognised accruals of £21,839 (2023: £263,996) due to Moonriver TV Limited and £21,839 (2023: £58,655 ) due to Seven Stories Limited.

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 a party to the transaction is wholly owned by a member of that group.

15
Controlling party

In the opinion of the directors there is no single ultimate controlling party.

16
Charges

During the period the company granted a fixed and floating charge over the rights to the television programme being produced by the group to Walt Disney EMEA Productions Limited.

17
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
-
-
Adjustments for:
Taxation credited
(99,977)
(5,413,364)
Movements in working capital:
Increase in debtors
(102,705)
(22,708,583)
(Decrease)/increase in creditors
(5,330,588)
19,051,152
Cash absorbed by operations
(5,533,270)
(9,070,795)
Moon Stories Limited
Notes to the group financial statements (continued)
For the year ended 22 December 2024
24
18
Analysis of changes in net funds - group
23 December 2023
Cash flows
22 December 2024
£
£
£
Cash at bank and in hand
586,901
(119,906)
466,995
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