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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
COMPANY INFORMATION
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WINDFALL FILMS LIMITED
CONTENTS
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WINDFALL FILMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
Windfall Films is a production company of international reputation, producing innovative, award-winning television. Turnover in the year increased to £12,359,564 (2023 - decrease to £11,609,154), however, gross profit decreased to £4,066,388 (2023 - increased to £4,171,950), and operating loss increased to £1,181,708 (2023 - £39,247).
Sales risk
Television production is an inherently volatile industry with ideas and intellectual property as its currency. Investing sufficiently in the development of those ideas and having the talent to sell them to broadcasters is a key challenge. The Company has mitigated against this risk through the recruitment of a strong creative team with relationships at appropriate levels across the industry. Execution risk Once sold and won, the production of television programmes is risky in so far as budgets are fixed and overspends are at the risk of the production company. The Company has mitigated against this risk through ensuring appropriately qualified staff are setting and negotiating budgets and managing the delivery of programmes. Cashflow risk The funding models for television programmes vary depending on the client broadcaster and some rely on the producer sourcing funds. To the extent there is a shortfall against a given production cashflow, the Company is exposed. The Company mitigates against this risk by avoiding going into production without adequate funding, by ensuring every production has cashflow forecast.
The Company measures and monitors the performance of the Company based on the following key performance indicators:
∙Contracted revenue
∙Contracted gross profit
∙EBITDA.
On 7 August 2025 Windfall Films Limited entered into a new joint production loan agreement with Windfall Films (Treasures) Limited, another group company, and Head Gear Films FN Ltd. The total facility is $1,140,000 and interest accrues at 2.00% per month.
On 16 September 2025 Windfall Films Limited entered into a new joint production loan agreement with Windfall Films (Treasures) Limited, another group company, and Head Gear Films FN Ltd. The total facility is $1,200,000 and interest accrues at 1.10% per month. On 24 June 2025 Windfall Films Limited entered into a new joint production loan agreement with Windfall Films Adventures Limited, its subsidiary, and Three Point Capital Holdings, LLC. The total facility is $700,000 and interest accrues at 1.625% per month.
The directors expect no significant changes to the future activities of the business.
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WINDFALL FILMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 26 September 2025 and signed on its behalf.
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WINDFALL FILMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,181,388 (2023 - loss £62,068).
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WINDFALL FILMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on
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WINDFALL FILMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDFALL FILMS LIMITED
We have audited the financial statements of Windfall Films Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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WINDFALL FILMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDFALL FILMS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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WINDFALL FILMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDFALL FILMS LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We considered our general commercial and sector experience and held a discussion with the Directors and other management personnel to identify laws and regulations that could reasonably be expected to have a material effect on the financial statements.
∙We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework (Section 1A of Financial Reporting Standard 102 and the Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions in which the Company operates.
∙We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙In addition, there are other significant laws and regulations which may have an affect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to environmental, occupational health and safety, General Data Protection Regulation (GDPR), fraud, bribery and corruption. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit risk.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:
°Review of Board minutes;
°Reviewed correspondence received from regulatory bodies;
°Reviewed large and unusual bank transactions;
°Challenging assumptions and judgements made by management in its significant accounting estimates, and identifying and testing journal entries.
°Review of legal and professional fee expenditure.
°Review of manual journal entires posted in the period including specific key word searches, related party transactions and large and unusual items.
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WINDFALL FILMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDFALL FILMS LIMITED (CONTINUED)
There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non-compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
3rd Floor, Waverley House
7-12 Noel Street
W1F 8GQ
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WINDFALL FILMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
REGISTERED NUMBER: 02205891
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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WINDFALL FILMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Windfall Films Limited is a private company limited by shares, incorporated in England and Wales. The principal activity of the Company is the production, distribution and exploitation of television programmes. The Company's registered office is 1-3 St Peter's Street, London, N1 8JD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 Company has not prepared consolidated accounts as the results of the Group have been included in the consolidated financial statements of Argonon Ltd as at 31 December 2024. These financial statements may be obtained from 1-3 St Peter's Street, London, N1 8JD
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis as the ultimate parent company, Argonon Ltd, has confirmed that it will provide such financial support as necessary to the Company to enable it to continue to meet its liabilities as they fall due.
The directors have considered the future funding requirements of the business and, based on management forecasts, have concluded that the Company will have sufficient funds to ensure that it can meet its financial liabilities as and when they fall due, for a period of at least 12 months from the date of signing these financial statements.
Production
Turnover recognised in the Statement of comprehensive income represents amounts receivable for the work carried out in producing television programmes and is recognised over the period of the production. In respect of long term production contracts, revenue is included based on the proportion of costs incurred to date over total costs. Provision is made for any losses as soon as they are foreseen. Distribution The Company also receives revenues earned during the period through the distribution of film and television programmes. This turnover is recognised in line with contractual obligations and net of VAT.
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.
Depreciation is provided on the following basis:
Fixtures and fittings - 25% straight line
Computer Equipment - 33 1/3 % straight line
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 reporting date in the countries where the Company operates and generates income.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate on the date of the transaction. Exchange gains and losses are recognised in the Statement of comprehensive income.
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revenue from production services for third parties are recognised on a percentage-of-completion basis. Percentage-of-completion is based upon the proportion of costs incurred in the current period to total expected costs. The total expected costs on each production are reviewed by management on a regular basis. Depreciation of tangible fixed assets Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Impairment of investments The Company holds an investment of £3 in its subsidiaries. The directors do not consider this investment to be impaired. The directors believe that the subsidiaries will generate profits in the future. Recoverability of intercompany debtors The director reviews amounts owed by group companies with a view to providing for these where there is uncertainty regarding the recoverability of these balances. Given that the ultimate parent company has provided confirmation that they will guarantee all amounts owed by group companies, and that it is the intention of the ultimate controlling party to continue to provide funding as necessary to the ultimate parent company, the director does not believe any further provision is required in respect of amounts owed by group companies. Onerous lease provision The Company has recognised an onerous lease provision in respect of expected future commitments under an operating lease for a premises the Company exited in September 2024. In calculating the value of the provision the directors have used a discount rate of 10.00% to recognise the present value of the contracted future payments under the lease.
Analysis of turnover by country of destination:
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021 Income taxes in the income statement are measured at 23.52% (blended average) and deferred taxes at the balance sheet data are measured at 25%.
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
A cross guarantee is in place between Argonon Ltd and its subsidiary undertakings with Barclays Bank Plc.
A second-ranking charge is held over all assets by Head Gear Films FN Ltd.
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WINDFALL FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is
The ultimate parent company is
On 7 August 2025 Windfall Films Limited entered into a new joint production loan agreement with Windfall Films (Treasures) Limited, another group company, and Head Gear Films FN Ltd. The total facility is $1,140,000 and interest accrues at 2.00% per month.
On 16 September 2025 Windfall Films Limited entered into a new joint production loan agreement with Windfall Films (Treasures) Limited, another group company, and Head Gear Films FN Ltd. The total facility is $1,200,000 and interest accrues at 1.10% per month. On 24 June 2025 Windfall Films Limited entered into a new joint production loan agreement with Windfall Films Adventures Limited, its subsidiary, and Three Point Capital Holdings, LLC. The total facility is $700,000 and interest accrues at 1.625% per month.
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WINDFALL FILMS LIMITED
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