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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Pink Floyd (1987) Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 2 Canal Reach, London, United Kingdom, N1C 4DB.

These financial statements cover the 15-month period from 1 July 2023 to 29 September 2024. The comparative figures presented are for the 12-month period ended 30 June 2023. As a result, the current period's figures are not entirely comparable with those of the prior year.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents royalties and amounts receivable for administration services net of VAT.

The company recognises revenue from the following major sources:

• Royalties and licensing income

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Royalty income is recognised on an accruals basis in accordance with the substance of the relevant agreements and to the extent that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

Royalties earned from the licensing of intellectual property rights - including music, film, and related media - are recognised in the period in which the underlying usage or performance occurs. This includes performance royalties, mechanical royalties, digital streaming income, synchronisation fees, and income from broadcasting or public exhibition.

Where statements from licensees or collection agents are subject to reporting delays, royalty income is estimated based on historical data, contractual terms, and reasonable expectations of usage. Adjustments are made in subsequent periods when actual results become known.

Non-refundable advances received from licensees are initially recognised as deferred income and released to profit or loss over the period in which they are earned.

Revenue from royalties and administration fees is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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 balance sheet 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, which include debtors and cash and bank balances, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, 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.

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.

The tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

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

In the application of the company’s accounting policies, the director is 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.

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

There were no employees in the current or preceding year other than the directors.

The following unlisted subsidiary undertakings are incorporated in England and Wales and are included in the financial statements of the company at cost less impairment:

Pink Floyd Records 1987 Limited (Company no: 09696596), a company established with the intention to engage in music publishing. The company holds 100% of the issued ordinary share capital. The investment is held at £2.

Pink Floyd Limited (Company no: 09132622), a company established with the intention to engage in brand and intellectual property management. The company holds 100% of the issued ordinary share capital. The investment is held at £1.

PF (1987) Exhibitions Limited (Company no: 09510236a company established with the intention to engage in event and exhibition management. The company holds 100% of the issued ordinary share capital. The investment is held at £1.

The registered office for all three subsidiaries is 2 Canal Reach, London, England, N1C 4DB.

All three subsidiaries have been dormant since incorporation. As a result, the directors consider the recoverable amount of these investments to be £nil. The total investment of £4 has therefore been fully impaired.

An impairment loss of £4 has been recognised in the profit and loss account.

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

The auditor's report is unqualified and includes the following:

On 30 September 2024, the Company was sold to SME Two Limited as part of a wider group sale.

The transaction, which included termination of service agreements and IP protections, was agreed after the reporting date. It is considered a non-adjusting event under FRS 102 Section 32. No adjustments have been made to these financial statements for the year ended 29 September 2024.

On 23rd June 2025, the directors declared and paid a dividend of £3,336,052 per ordinary share, totaling £6,672,103. This dividend relates to the year ended 29 September 2024 but was declared after the reporting date and therefore has not been recognised as a liability at the balance sheet date. While retained earnings at the year end were insufficient to cover the dividend, post-year-end profits provided adequate distributable reserves to lawfully support the payment.

The company owns certain Pink Floyd masters, which it exploits through the sale of physical and digital recorded music, as well as merchandise, via its distributors and licensees. Payments are made to companies controlled by the directors, as well as certain third-party producers, for services supplied.

The directors' companies are charged an administration fee on an annual basis for these services; the fees due in respect of the period were:

The directors consider that there was no ultimate controlling party during the year ended 29 September 2024, as no individual or entity held a controlling interest in the company.

On 30 September 2024, SME Two Limited, a company incorporated in the United Kingdom, acquired 100% of the company’s issued share capital and became its immediate parent undertaking.

SME Two Limited is wholly owned by SME Two LLC, a company incorporated in the United States, with its registered office at:

251 Little Falls Drive, Wilmington, Delaware, United States, 19808.