Art Partner Productions Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 05865702

ART PARTNER PRODUCTIONS LIMITED

FINANCIAL STATEMENTS

31 December 2024

ART PARTNER PRODUCTIONS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

ART PARTNER PRODUCTIONS LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

Principal activity The principal activity of the group is photographic activities not elsewhere classified. Fair review of the business The group made a pre-tax loss of £112,655 (2023: £2,315,190) for the year on a turnover of £7,636,737 (2023: £6,114,229). At 31 December 2024 the group had net liabilities of £9,180,554 (2023:£9,068,238). Both the level of business and the year-end financial position were as expected in light of the current trading conditions and the directors are satisfied with the results. Financial key performance indicators The group utilises a range of financial and non-financial measures to assess its operational performance and effectiveness across all departments. The group monitors revenue across its product categories and sets targets for key product groups as part of its annual budgeting cycle; these are then continually monitored through the financial year.

		2024	2023
		£	£

Turnover	7,636,737	6,114,229
Cost of sales	3,319,373	5,457,010
Gross profit	4,317,364	657,219

	Average number employees	34	36

Principal risks and uncertainties The principal risks and uncertainties facing the company are as follows; Credit Risk - The group's principal credit risk arises from the group's trade debtors being one of the primary financial asset. In order to manage credit risk a strong credit control department is in place, who regularly monitor credit terms. Liquidity Risk - The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The group's policy throughout the year has been to ensure continuity of support from the groups's ultimate US parent. Key performance indicators In the opinion of the directors the Key Performance Indicators whose disclosure is necessary for an understanding of the development, performance or position of the business are described above in the review of the business. Position of the group at the year end The results for the year and the financial portion at the year end were considered satisfactory by the directors. Future developments The group will continue to try and grow sales and the client base.

This report was approved by the board of directors on 3 October 2025 and signed on behalf of the board by:

M Sofia Perez Diaz

Director

Registered office:

119-121 Freston Road

London

W11 4BD

ART PARTNER PRODUCTIONS LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

G Testino
M Sofia Perez Diaz

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 3 October 2025 and signed on behalf of the board by:

M Sofia Perez Diaz

Director

Registered office:

119-121 Freston Road

London

W11 4BD

ART PARTNER PRODUCTIONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ART PARTNER PRODUCTIONS LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Art Partner Productions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

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 statement is appropriate. However, emphasis must be drawn that this relies heavily on continued parent and group financial support.

The parent and group company have confirmed continued support for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities if the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure note 3 to the financial statements regarding the company's reliance on its group company financing. This circumstance indicates the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent 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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor’s 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: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as as the Companies Act 2006. 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 inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management and in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 auditor’s report. Use of our 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 auditor's 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.

Mr David A Guest FCA

(Senior Statutory Auditor)

For and on behalf of

UHY Hacker Young (S.E.) Limited

Chartered Accountants & Statutory Auditors

168 Church Road

Hove

East Sussex

BN3 2DL

3 October 2025

ART PARTNER PRODUCTIONS LIMITED

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
Turnover	4	7,636,737	6,114,229

Cost of sales	3,319,373	5,457,010
	-------------	-------------
Gross profit	4,317,364	657,219

Administrative expenses		4,441,757	2,991,780
		-------------	-------------
Operating loss	5	( 124,393)	( 2,334,561)

Other interest receivable and similar income	9	11,738	19,371
		-------------	-------------
Loss before taxation		( 112,655)	( 2,315,190)

Tax on loss	10	( 339)	( 1,775)
		----------	-------------
Loss for the financial year and total comprehensive income		( 112,316)	( 2,313,415)
		----------	-------------

Retained losses at the start of the year	( 9,068,239)	( 6,754,824)
	-------------	-------------
Retained losses at the end of the year	( 9,180,555)	( 9,068,239)
	-------------	-------------

All the activities of the group are from continuing operations.

ART PARTNER PRODUCTIONS LIMITED

COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£
Loss for the financial year and total comprehensive income	10,756	( 2,194,309)
Retained losses at the start of the year	( 14,497,366)	( 12,303,057)
	---------------	---------------
Retained losses at the end of the year	( 14,486,610)	( 14,497,366)
	---------------	---------------

ART PARTNER PRODUCTIONS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	11		629	2,110

Current assets

Debtors	13	5,917,591	6,165,375
Cash at bank and in hand		216,257	769,239
		-------------	-------------
		6,133,848	6,934,614

Creditors: amounts falling due within one year	14	15,314,874		16,004,466
		---------------		---------------
Net current liabilities			9,181,026	9,069,852
			-------------	-------------
Total assets less current liabilities			( 9,180,397)	( 9,067,742)

Provisions

Taxation including deferred tax	15	157	496
		-------------	-------------
Net liabilities		( 9,180,554)	( 9,068,238)
		-------------	-------------

Capital and reserves

Called up share capital	18	1	1
Profit and loss account		( 9,180,555)	( 9,068,239)
		-------------	-------------
Shareholders deficit		( 9,180,554)	( 9,068,238)
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 3 October 2025 , and are signed on behalf of the board by:

M Sofia Perez Diaz

Director

Company registration number: 05865702

ART PARTNER PRODUCTIONS LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	11	629	2,110
Investments	12	1	1
		----	-------
		630	2,111

Current assets

Debtors	13	519,147	875,787
Cash at bank and in hand		216,257	526,538
		----------	-------------
		735,404	1,402,325

Creditors: amounts falling due within one year	14	15,222,486		15,901,305
		---------------		---------------
Net current liabilities			14,487,082	14,498,980
			---------------	---------------
Total assets less current liabilities			( 14,486,452)	( 14,496,869)

Provisions

Taxation including deferred tax	15	157	496
		---------------	---------------
Net liabilities		( 14,486,609)	( 14,497,365)
		---------------	---------------

Capital and reserves

Called up share capital	18	1	1
Profit and loss account		( 14,486,610)	( 14,497,366)
		---------------	---------------
Shareholders deficit		( 14,486,609)	( 14,497,365)
		---------------	---------------

The profit for the financial year of the parent company was £ 10,756 (2023: £ 2,194,309 loss).

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

These financial statements were approved by the board of directors and authorised for issue on 3 October 2025 , and are signed on behalf of the board by:

M Sofia Perez Diaz

Director

Company registration number: 05865702

ART PARTNER PRODUCTIONS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£

Cash flows from operating activities

Loss for the financial year	( 112,316)	( 2,313,415)

Adjustments for:
Depreciation of tangible assets	1,481	754
Other interest receivable and similar income	( 11,738)	( 19,371)
Tax on profit/(loss)	( 339)	( 1,775)
Accrued expenses/(income)	256,639	( 680,083)

Changes in:
Trade and other debtors	68,734	( 1,312,573)
Trade and other creditors	( 303,980)	( 988,316)
	----------	-------------
Cash generated from operations	( 101,519)	( 5,314,779)

Interest received	11,738	19,371
Tax paid	–	( 1,196)
	----------	-------------
Net cash used in operating activities	( 89,781)	( 5,296,604)
	----------	-------------

Cash flows from financing activities

Proceeds from loans from group undertakings	( 464,199)	2,938,502
Proceeds from loans from participating interests	998	115,461
	----------	-------------
Net cash (used in)/from financing activities	( 463,201)	3,053,963
	----------	-------------

Net decrease in cash and cash equivalents	( 552,982)	( 2,242,641)
Cash and cash equivalents at beginning of year	769,239	3,011,880
	----------	-------------
Cash and cash equivalents at end of year	216,257	769,239
	----------	-------------

ART PARTNER PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 119-121 Freston Road, London, W11 4BD.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the basis that the fundamental concept of going concern has been applied. The principal factor in this consideration is the continued support of group company funding. The directors consider that the continued support of the group companies will be forthcoming, consequently they consider that the going concern concept continues to be appropriate and this has therefore been applied. If the going concern basis proves not to be appropriate, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amount, to reclassify fixed assets as current assets and to provide for any further liabilities that might arise.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Art Partner Productions Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may defer from these estimates. In respect of the judgements, estimates and assumptions made by management in preparing these financial statements, none are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Rendering of services	7,636,737	6,114,229
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating profit/(loss)

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	1,481	754
Impairment of trade debtors	117,288	–
Foreign exchange differences	( 47,858)	111,867
	----------	----------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	23,000	19,425
	---------	---------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	34	36
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,982,037	1,414,354
Social security costs	342,319	314,755
Other pension costs	68,001	59,619
	-------------	-------------
	3,392,357	1,788,728
	-------------	-------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	251,450	201,499
Company contributions to defined contribution pension plans	7,305	49,475
	----------	----------
	258,755	250,974
	----------	----------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	151,450	101,499
Company contributions to defined contribution pension plans	4,305	2,198
	----------	----------
	155,755	103,697
	----------	----------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	11,738	19,371
	---------	---------

10. Tax on profit/(loss)

Major components of tax income

	2024	2023
	£	£

Deferred tax:

Origination and reversal of timing differences	( 339)	( 1,775)
	----	-------
Tax on profit/(loss)	( 339)	( 1,775)
	----	-------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Loss on ordinary activities before taxation	( 112,655)	( 2,315,190)
	----------	-------------
Loss on ordinary activities by rate of tax	12,438	( 544,070)
Utilisation of tax losses	( 12,438)	–
Unused tax losses	–	544,070
Deferred tax movement	( 339)	( 1,775)
	----------	-------------
Tax on profit/(loss)	( 339)	( 1,775)
	----------	-------------

11. Tangible assets

Group and company	Equipment	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	29,508	29,508
	---------	---------
Depreciation
At 1 January 2024	27,398	27,398
Charge for the year	1,481	1,481
	---------	---------
At 31 December 2024	28,879	28,879
	---------	---------
Carrying amount
At 31 December 2024	629	629
	---------	---------
At 31 December 2023	2,110	2,110
	---------	---------

12. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	1
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 1 January 2024 and 31 December 2024	1
	----
At 31 December 2023	1
	----

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Partner Flims LTD, 1 Evesham Street, London, United Kingdom, W11 4AJ	Ordinary	100

13. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	314,497	621,722	314,497	502,580
Amounts owed by group undertakings	5,397,067	5,166,017	–	–
Prepayments and accrued income	132,285	229,033	132,285	229,033
Other debtors	73,742	148,603	72,365	144,174
	-------------	-------------	----------	----------
	5,917,591	6,165,375	519,147	875,787
	-------------	-------------	----------	----------

14. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	486,247	637,591	486,248	633,981
Amounts owed to group undertakings	14,447,597	14,911,796	14,475,667	14,932,506
Amounts owed to undertakings in which the company has a participating interest	116,459	115,461	–	–
Accruals and deferred income	260,571	334,326	260,571	334,326
Other creditors	4,000	5,292	–	492
	---------------	---------------	---------------	---------------
	15,314,874	16,004,466	15,222,486	15,901,305
	---------------	---------------	---------------	---------------

15. Provisions

Group and company	Deferred tax (note 16)
	£
At 1 January 2024	496
Charge against provision	( 339)
	----
At 31 December 2024	157
	----

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 15)	157	496	157	496
	----	----	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	157	496	157	496
	----	----	----	----

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 7,305 (2023: £ 5,683 ).

18. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

19. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	769,239	(552,982)	216,257
Debt due within one year	(15,027,257)	463,201	(14,564,056)
	---------------	----------	---------------
	( 14,258,018)	( 89,781)	( 14,347,799)
	---------------	----------	---------------

ART PARTNER PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2024

20. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	100,000	100,000	100,000	100,000
Later than 1 year and not later than 5 years	75,000	175,000	75,000	175,000
	----------	----------	----------	----------
	175,000	275,000	175,000	275,000
	----------	----------	----------	----------

21. Contingencies

Partner Films Ltd (12241922) has taken advantage of the exemption from audit available under S479A of the Companies Act 2006. In order for the subsidiary to be entitled to the exemption the parent must guarantee all outstanding liabilities that the subsidiary is subject to at the year-end under S479C. Accordingly, Art Partner Productions Limited guarantee all outstanding liabilities that the aforementioned subsidiary were subject to at 31 December 2024. At the date of signing these finance statements the known potential amount outstanding under this guarantee amounted to£120,459 (2023: £123,871).

22. Related party transactions

Company

The company has taken advantage of the exemption, under the terms of the Financial Reporting standard FRS102 section 33, paragraph 33.1A, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions with wholly owned subsidiaries within the group.

23. Controlling party

The groups's immediate and ultimate parent undertaking is Art Patner Inc, registered in USA. The smallest group of which the company is a member and which prepares consolidated accounts is Art Partner Productions Limited. The largest group of which the company is a member and which prepares consolidated accounts is Art Partner Inc, whose registered office address is 1 Dekalb Avenue, 4th Floor Brooklyn, NY 11201 USA where copies of the consolidated financial statements can be obtained.