ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Unaudited Financial Statements

Sixteen South Studios Limited

For the Year Ended 31 December 2024

Registered number: NI063274


Sixteen South Studios Limited

Company Information

Directors	Colin Williams
	Rachelle Williams


Registered number	NI063274


Registered office	9 Church View
	Holywood
	Down
	BT18 9DP


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Bank of Ireland
	1 Donegal Square South
	Belfast
	BT1 5LR


Sixteen South Studios Limited

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Statement of changes in equity	4
Notes to the financial statements	5 - 15

Independent Accountant's Report to the directors of the unaudited financial statements of Sixteen South Studios Limited for the Year Ended 31 December 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Sixteen South Studios Limited for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet and the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Sixteen South Studios Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Sixteen South Studios Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sixteen South Studios Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 December 2024 and you have acknowledged on the Balance sheet as at 31 December 2024 your duty to ensure that Sixteen South Studios Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Sixteen South Studios Limited is exempt from the statutory audit requirement for the year ended 31 December 2024.

We have not been instructed to carry out an audit or review the financial statements of Sixteen South Studios Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 17 September 2025

Page 1


Sixteen South Studios Limited Registered number:NI063274

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	6		1,803		-
Tangible assets	7		582,004		88,660
			583,807		88,660
Current assets
Debtors: amounts falling due within one year	8	3,597,462		4,001,576
Cash at bank and in hand	9	82,282		57,053
		3,679,744		4,058,629
Creditors: amounts falling due within one year	10	(1,080,374)		(1,643,770)
Net current assets			2,599,370		2,414,859
Total assets less current liabilities			3,183,177		2,503,519
Creditors: amounts falling due after more than one year	11		(342,584)		(7,820)

Net assets			2,840,593		2,495,699

Capital and reserves
Called up share capital	14	10	10
Profit and loss account	15	2,840,583	2,495,689
		2,840,593	2,495,699

Page 2


Sixteen South Studios Limited Registered number:NI063274

Balance sheet (continued)

As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2025.

Colin Williams

Director

The notes on pages 5 to 15 form part of these financial statements.

Page 3


Sixteen South Studios Limited

Statement of changes in equity

For the Year Ended 31 December 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	10	2,495,689	2,495,699

Profit for the year	-	552,769	552,769
Dividends: Equity capital	-	(207,875)	(207,875)
At 31 December 2024	10	2,840,583	2,840,593

The notes on pages 5 to 15 form part of these financial statements.

Statement of changes in equity

For the Year Ended 31 December 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	10	2,476,116	2,476,126

Profit for the year	-	375,782	375,782
Dividends: Equity capital	-	(356,209)	(356,209)
At 31 December 2023	10	2,495,689	2,495,699

The notes on pages 5 to 15 form part of these financial statements.

Page 4


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

1.	General information

Sixteen South Studios Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 9 Church View, Holywood, Down, BT18 9DP.
The principal activity of the company is that of television programme production activities.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Page 7


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Property improvements	-	20%	straight line
Fixtures and fittings	-	20%	straight line
Office equipment	-	25%	straight line
Computer equipment	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 9


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

5.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	40,000	40,000
Company contributions to defined contribution pension schemes	826	826
	40,826	40,826

6.	Intangible assets

		Intellectual property
		£
	Cost
	Additions	1,803
	At 31 December 2024	1,803

	Net book value
	At 31 December 2024	1,803
	At 31 December 2023	-

Page 10

		Sixteen South Studios Limited

Notes to the financial statements For the Year Ended 31 December 2024

	7.	Tangible fixed assets

	Freehold property	Property improvements	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	-	-	39,826	205,023	219,531	464,380
Additions	552,074	35,166	4,000	2,612	-	593,852
Disposals	-	-	-	(7,325)	(219,531)	(226,856)
At 31 December 2024	552,074	35,166	43,826	200,310	-	831,376
Depreciation
At 1 January 2024	-	-	39,826	199,530	136,364	375,720
Charge for the year	8,285	2,636	600	2,158	54,883	68,562
Disposals	-	-	-	(3,663)	(191,247)	(194,910)
At 31 December 2024	8,285	2,636	40,426	198,025	-	249,372
Net book value
At 31 December 2024	543,789	32,530	3,400	2,285	-	582,004
At 31 December 2023	-	-	-	5,493	83,167	88,660

Page 11


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

Debtors

					2024	2023
					£	£


Trade debtors	-	452,281
Amounts owed by group companies	3,087,321	2,139,084
Amounts owed by related parties	75,394	77,099
Other debtors	420,993	503,520
Prepayments and accrued income	7,433	823,665
Deferred tax asset	6,321	5,927
	3,597,462	4,001,576

9.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	82,282	57,053
	82,282	57,053

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	115,907	431,025
Bank loans	24,909	22,715
Other creditors	6,562	15,669
Amounts owed to group companies	621,374	612,337
Amounts owed to related parties	7,624	7,624
Other taxation and social security	12,935	11,048
Accruals and deferred income	291,063	543,352
	1,080,374	1,643,770

The bank loans are secured by a personal guarantee from one of the directors. The loans are repayable on a monthly basis over 2 years and 15 years. The interest rate attached to the loans are 4.75% and 5.25% above base rate.

Page 12


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

11.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	342,584	7,820
	342,584	7,820

Amounts falling due within one year
Bank loans	24,909	22,715
	24,909	22,715
Amounts falling due 1-2 years
Bank loans	14,275	7,820
	14,275	7,820
Amounts falling due 2-5 years
Bank loans	51,046	-
	51,046	-
Amounts falling due after more than 5 years
Bank loans	277,263	-
	277,263	-
	367,493	30,535

Page 13


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

13.	Deferred tax asset

	2024	2023
	£	£

At beginning of year	5,927	3,613
Charged to profit or loss	394	2,314
At end of year	6,321	5,927

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	6,163	5,237
Short term timing differences	158	690
	6,321	5,927

14.	Share capital
		2024	2023
		£	£

Authorised, allotted, called up and fully paid

10 (2023 - 10) Ordinary shares of £1.00 each	10	10

15.

Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

16.	Capital commitments

At 31st December 2024, the company had capital commitments of £Nil (2023: £543,697).

Page 14


Sixteen South Studios Limited

Notes to the financial statements

For the Year Ended 31 December 2024

Not later than 1 year	60,000	60,000
Later than 1 year and not later than 5 years	240,000	240,000
Later than 5 years	978,970	1,038,970
	1,278,970	1,338,970

18.

Related party transactions

The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.
During the year one of the Directors repaid net funds of £36,670. At the balance sheet date the amount owed from the Director was £256,247 (2023 - £292,917). The loan is unsecured, interest free and repayable upon demand.
During the year one of the Directors repaid net funds of £Nil. At the balance sheet date the amount owed from the Director was £7,520 (2023 - £7,520). The loan is unsecured, interest free and repayable upon demand.
During the year the company received net funds of £1,704 from companies related by virtue of common control. At the balance sheet date, the total net amount owed from these companies was £67,771 (2023: £69,475).

19.	Controlling party

The immediate parent company is Sixteen South Group Limited a Company incorporated in Northern Ireland.
The ultimate controlling party is Colin Williams due to his shareholding in the Company.

Page 15