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Registered number: 16131353 TBE FILMS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 JULY 2025
TBE FILMS LIMITED REGISTERED NUMBER: 16131353 BALANCE SHEET AS AT 31 JULY 2025
|  | 2025
Note |  | £
Current assets |  |  |
Stocks | 5 | 11,082,998 |
Debtors | 6 | 3,721,448 |
Cash at bank and in hand | 7 | 390,520 |
|  | 15,194,966 |
Creditors: amounts falling due within one year | 8 | (11,799,062) |
Net current assets |  |  | 3,395,904
Total assets less current liabilities |  |  | 3,395,904
Net assets |  |  | 3,395,904
Capital and reserves |  |  |
Called up share capital |  |  | 1
Profit and loss account |  |  | 3,395,903
|  |  | 3,395,904
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Richard Allen Holmes
Director
Date: 3 October 2025
The notes on pages 3 to 8 form part of these financial statements. Page 1
TBE FILMS LIMITED REGISTERED NUMBER: 16131353 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 Page 2
TBE FILMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
1. | General information
TBE Films Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 on 11 December 2024 and is domiciled in England. The Company's registered office and principal place of business are located at 124 Finchley Road, London, NW3 5JS and 1a Rotherwood Mansions, 78 Madeira Road, London, SW16 2DE respectively. 2.Accounting policies
| 2.1 | Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
| 2.2 | Basis of preparation of financial statements
The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
| 2.3 | Functional and presentational currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency"). The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
| 2.4 | Foreign currency translation
Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account as part of total comprehensive income. Page 3
TBE FILMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.5 | Going concern
In preparing these financial statements the director is of the opinion that, based on current and expected operational performance of the Company, there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to deliver on its ongoing contractual obligations without material overspend against budget, ensure liabilities are appropriately discharged as they should fall due and continue in operational existence going forward. While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore consider it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
| 2.6 | Revenue
Turnover comprises revenues receivable exclusive of Value Added Tax, by the Company during the financial reporting period in respect of the supply of motion picture (i.e. film) development and production services. Revenues for such services are recognised on delivery of the completed development/production to the customer has been made in accordance with the terms of the underlying contractual arrangement. Provisions for expected overspends (i.e. contracts where total costs will exceed total contract revenues) are accounted for as soon as identified.
| 2.7 | Taxation
Current (i.e. corporation) taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable. The Company, by way of its operational activities, may be eligible for UK Creative Industry Credits. Said incentives provided by the UK Government to creative industries are designed to promote culturally relevant productions, incentivise investment into regions that would otherwise take place elsewhere and support the necessary critical mass of infrastructure and skills for both today and in the longer term. UK Creative Industry Credits are recognised by the Company on confirmation of amounts receivable and reported within taxation. Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the reporting date and are expected to apply when the related deferred tax asset/liability is realised/settled. Page 4
TBE FILMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.8 | Stocks
Stocks (i.e. work in progress) comprise of expenditure incurred up to the balance sheet date towards motion picture production and/or development services yet to be delivered to the customer. Stocks are valued at the lower of cost and net realisable value.
| 2.9 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form. Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired. The measurement of specific financial assets, financial liabilities, and equity held by the Company is as outlined in notes 2.10 to 2.13 below.
| 2.10 | Debtors
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
| 2.11 | Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.
| 2.12 | Creditors
Creditors, excluding commercial bank loans (see below), are initially measured and subsequently held at transaction price (i.e fair value). Commercial bank loans are initially measured at fair value and subsequently measured and held at amortised cost using the effective interest method.
| 2.13 | Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account. Page 5
TBE FILMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated. In the opinion of the directors, there were no judgments, estimates and/or assumptions that would be considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and/or liabilities within the next financial period.
4. | Employees
| The average monthly number of employees, including directors, during the period was 0. As is common with the film industry, the majority of crew involved in operations are freelance; either on secondment from fellow group undertakings, employed on short-term contracts for the duration of principal photography or registered as self-employed. In accordance with UK legislation, certain office holders (i.e. registered company directors or secretaries) of the Company are not employees of the Company on the grounds that they are not party to a contract with the Company that meets the criteria for status of an employee.
5. | Stocks
|  |  |  |  | 2025
|  |  |  |  | £
| Work in progress | 11,082,998
| No expense was recognised during the reporting period in respect of the impairment of work in progress to its net realisable value.
6. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Falling due within one year |
| Trade debtors | 1,494
| Other debtors | 3,719,954
|  | 3,721,448
Page 6
TBE FILMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 6.Debtors (continued)
| Debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value is not materially different from their carrying value. At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil.
7. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 390,520
|  | 390,520
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Bank loans | 1,650,000
| Other loans | 8,114,150
| Other creditors | 4,207
| Accruals and deferred income | 2,030,705
|  | 11,799,062
| Bank loans of £1,650,000 are secured by a fixed and floating charge over all present and future tangible, intangible and investment assets of the Company. Other loans of £8,114,150 are secured by fixed and floating charges over all tangible and intangible assets relating to; and all income, proceeds, product and property deriving from any or all of the aforementioned assets comprising work in progress as at the balance sheet date.
9. | Contingent liabilities
The Company has entered into a guarantee of completion and delivery agreement with a third party guarantor and its financiers whereby which the guarantor has been granted Power of Attorney and the right under certain circumstances to take over control of certain contractual agreements in respect of the supply of motion picture (i.e. film) development and production services entered into by the Company and ongoing as at the balance sheet date. Page 7
TBE FILMS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025
10. | Related party transactions
| Producers fees totalling £300,000 were payable by the Company to its directors during the reporting period. There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
11. | Controlling party
The Company was under the control of its directors during the reporting period and continues to be under said control as of the date these financial statements were approved for issue.
Page 8