In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.I. 19 Productions Limited for the year ended 31 December 2024 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Directors of G.I. 19 Productions Limited, as a body, in accordance with the terms of our engagement letter dated 9 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of G.I. 19 Productions Limited and state those matters that we have agreed to state to the Board of Directors of G.I. 19 Productions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.I. 19 Productions Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that G.I. 19 Productions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G.I. 19 Productions Limited. You consider that G.I. 19 Productions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of G.I. 19 Productions 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.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

G.I. 19 Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

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 British pound 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 financial statements are prepared for the 12 month period to 31 December 2024. The previous financial statements were prepared for the 17 months to 31 December 2023 to align with the cycle of production, therefore the financial figures are not comparable between the period ended 31 December 2023 and the year ended 31 December 2024.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

Turnover represents income from the company's principal trading activities and is stated exclusive of VAT.

In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts for on-going services is determined by reference to the stage of completion.

The "percentage completion method" is used to determine the appropriate amount to recognise is 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 and other assets depending on their nature, and provided it is probable they will be recovered.

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 statement of financial position 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, 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.

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 credit represents the sum of the tax currently recoverable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than British pound 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 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.

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.

The key accounting estimate within the financial statements for this company is the valuation of the AVEC available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

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

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

On incorporation, 1 ordinary share was issued at par value of £1 each.

The company currently has two charges outstanding:

Rebellion Entertainment Limited holds a fixed and floating charge and a negative pledge over the company's property or undertaking of the company, and the company's present and future rights, title and interest in and to the film and its assets.

I Am Investing LLC holds a fixed and floating charge and a negative pledge over the company's property or undertaking of the company, and the company's present and future rights, title and interest in and to the film and its assets.

The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

During the period, fees totalling £299,417 (Dec 23: £205,000) were incurred payable to Stuart Fenegan, in respect of producer services, of which £257,417 (Dec 23: £247,283) were paid in the period, £142,417 (Dec 23: £42,283) is included in prepayments.

In addition, fees totalling £42,000 (Dec 23: £150,000) were also incurred payable to Stuart Fenegan, in respect of production services, of which £nil (Dec 23: £90,000) were paid in the period and £42,000 (Dec 23: £60,000) is included in accruals.

During the period, fees totalling £67,125 (Dec 23: £112,500) were incurred payable to Christopher Kingsley, in respect of producer services and productions services, of which £31,500 (Dec 23: £101,821) were paid in the period, £35,625 (Dec 23: £nil) is included in prepayments and £4,000 (Dec 23: £10,680) is included in accruals.

During the period, fees totalling £67,125 (Dec 23: £112,500) were incurred payable to Jonathon Kingsley, in respect of producer services and productions services, of which £31,500 (Dec 23: £101,821) were paid in the period, £35,625 (Dec 23: £nil) is included in prepayments and £4,000 (Dec 23: £10,680) is included in accruals.

During the period, fees totalling £116,860 (Dec 23: £175,000) were incurred payable to Duncan Jones, in respect of directing services, of which £36,256 (Dec 23: £172,133) were paid in the period and £80,604 (Dec 23: £2,867) is included in accruals.

The company's immediate parent is G.I. 19 Limited, a company incorporated in England and Wales.

The group has taken advantage of the small group exemption under Section 383 of the Companies Act 2006 from preparing consolidated financial statements for the current period.

The directors consider there to be no ultimate controlling party during the period.