Storyfirst Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

Registered number: 10665951

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		2
Tangible Assets	5		405		810

			405		812
CURRENT ASSETS
Stocks	6	551,707		159,214
Debtors	7	5,895,400		5,511,101
Investments	8	18		18
Cash at bank and in hand		-		13,175

		6,447,125		5,683,508
Creditors: Amounts Falling Due Within One Year	9	(2,854,400 )		(2,094,343 )

NET CURRENT ASSETS (LIABILITIES)			3,592,725		3,589,165

TOTAL ASSETS LESS CURRENT LIABILITIES			3,593,130		3,589,977

Creditors: Amounts Falling Due After More Than One Year	10		(6,963,560 )		(6,773,186 )

NET LIABILITIES			(3,370,430 )		(3,183,209 )

CAPITAL AND RESERVES
Called up share capital	11		214,001		214,001
Share premium account			4,383,879		4,383,879
Other reserves			11		11
Income Statement			(7,968,321 )		(7,781,100 )

SHAREHOLDERS' FUNDS			(3,370,430)		(3,183,209)

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Storyfirst Limited

Statement of Financial Position (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

Mr Peter Gerwe

Director

12 September 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Storyfirst Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10665951 . The registered office is Suite 2a, 7th Floor, City Reach, 5 Greenwich View Place, London, E14 9NN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Consolidation

In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

2.2. Going Concern Disclosure

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from its shareholders that they will continue to give financial support to the company for the forseeable future.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustment would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are website development. It is amortised to income statement over its estimated economic life of 5 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25.00% Straight line
Computer Equipment	33.33% Straight line

2.6. Stocks and Work in Progress

Stocks and work in progress represents project development costs. Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs and those overheads that have been incurred in bringing the work in progress to their present condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.7. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Storyfirst Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	1,380

As at 31 December 2024	1,380

Amortisation
As at 1 January 2024	1,378
Provided during the period	2

As at 31 December 2024	1,380

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	2

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	28,647	4,268	32,915

As at 31 December 2024	28,647	4,268	32,915

Depreciation
As at 1 January 2024	28,647	3,458	32,105
Provided during the period	-	405	405

As at 31 December 2024	28,647	3,863	32,510

Net Book Value
As at 31 December 2024	-	405	405

As at 1 January 2024	-	810	810

6. Stocks

	2024	2023
	£	£
Work in progress	551,707	159,214

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Storyfirst Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	598,957	636,151
Prepayments and accrued income	368,155	-
Other debtors	54,377	34,077
VAT	886	-
Amounts owed by group undertakings	4,873,025	4,840,873

	5,895,400	5,511,101

8. Current Asset Investments

	2024	2023
	£	£
Unlisted investments	18	18

On 24 June 2021 the company purchased 15% of the 118 £1 ordinary share capital of Rainmaker Pictures Limited, a company incorporated in England and Wales.

9. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,653,351	1,661,340
Other taxes and social security	4,716	4,415
VAT	-	8,265
Other creditors	1,242	1,367
Accruals and deferred income	305,700	2,100
Directors' loan accounts	889,391	416,856

	2,854,400	2,094,343

10. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other creditors long term	6,038,649	5,848,275
Amounts owed to related parties	924,911	924,911

	6,963,560	6,773,186

11. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
8,098,550 Ordinary A shares of £ 0.000011 each	89	89

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Storyfirst Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Preference Shares

	2024	2023
Allotted, called up and fully paid	£	£
5,101,449 Preference A shares of £ 0.000011 each	56	56
2,138,557 Preference B shares of £ 0.100000 each	213,856	213,856

	213,912	213,912

12. Related Party Transactions

Twelve Town Limited

Twelve Town Limited is owned by Storyfirst Limited

At year end Twelve Town Limited owed Storyfirst Limited £4,035,100 (2023:£4,007,700)

13. Ultimate Controlling Party

The company have an ultimate controlling party with majority of the issued voting share capital in the company U.S. International Development Finance Corporation.

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