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Registered number: 08697077 CAVIAR LONDON LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CAVIAR LONDON LIMITED COMPANY INFORMATION
Directors | B Hamelinck
| N Linclau (resigned 2 April 2024)
| S Shepherd
Registered number | 08697077
Registered office | 72-74 Dean Street
| London
| W1D 3SG
Independent auditors | Nyman Libson Paul LLP
| Chartered Accountants & Statutory Auditors
| 124 Finchley Road
| London
| NW3 5JS
CAVIAR LONDON LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of income and retained earnings | 7
Statement of financial position | 8
Notes to the financial statements | 9 - 17
CAVIAR LONDON 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.
Directors
The directors who served during the year were:
B Hamelinck
N Linclau (resigned 2 April 2024)
S Shepherd
Directors' responsibilities statement
The directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period. 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; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 1
CAVIAR LONDON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
B Hamelinck Director
Date: 23 October 2025
Page 2
CAVIAR LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVIAR LONDON LIMITED
Opinion
We have audited the financial statements of Caviar London Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of income and retained earnings, the statement of financial position 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙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 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.
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 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. Page 3
CAVIAR LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVIAR LONDON LIMITED (CONTINUED)
Other information
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.
Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the directors' report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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; or ∙the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 1, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 4
CAVIAR LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVIAR LONDON LIMITED (CONTINUED)
Auditors' 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 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 focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. 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. Page 5
CAVIAR LONDON LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAVIAR LONDON LIMITED (CONTINUED)
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 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. Anthony Pins (senior statutory auditor) for and on behalf of Nyman Libson Paul LLP Chartered Accountants & Statutory Auditors 124 Finchley Road London NW3 5JS 4 November 2025 Page 6
CAVIAR LONDON LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 5,033,007 | 5,669,153
Cost of sales |  | (3,813,314) | (4,355,870)
Gross profit |  | 1,219,693 | 1,313,283
Administrative expenses |  | (1,506,060) | (1,352,885)
Operating loss | 5 | (286,367) | (39,602)
Amounts written off investments |  | (212,676) | -
Interest receivable and similar income | 9 | 12,919 | 15,582
Loss before tax |  | (486,124) | (24,020)
Loss after tax |  | (486,124) | (24,020)
Retained earnings at the beginning of the year |  | 1,222,915 | 1,246,935
|  | 1,222,915 | 1,246,935
Loss for the year |  | (486,124) | (24,020)
Retained earnings at the end of the year |  | 736,791 | 1,222,915
The notes on pages 9 to 17 form part of these financial statements.
Page 7
CAVIAR LONDON LIMITED REGISTERED NUMBER: 08697077 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets |  |  | 36,368 |  | 13,618
Investments | 11 |  | 50 |  | 50
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 601,916 |  | 475,971 |
Current asset investments | 13 | 37,324 |  | 250,000 |
Cash at bank and in hand | 14 | 574,431 |  | 725,828 |
|  | 1,213,671 |  | 1,451,799 |
Creditors: amounts falling due within one year | 15 | (503,298) |  | (232,552) |
Net current assets |  |  | 710,373 |  | 1,219,247
Total assets less current liabilities |  |  | 746,791 |  | 1,232,915
Net assets |  |  | 746,791 |  | 1,232,915
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 10,000 |  | 10,000
Profit and loss account |  |  | 736,791 |  | 1,222,915
|  |  | 746,791 |  | 1,232,915
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 October 2025.
B Hamelinck
Director
The notes on pages 9 to 17 form part of these financial statements. Page 8
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Caviar London Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 72-74 Dean Street, London, United Kingdom, W1D 3SG. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Liberty Global Limited as at 31 December 2024 and these financial statements may be obtained from https://www.libertyglobal .com/wp-content /uploads/2025/03/LG -2024-10-K-ANNUAL-REPORT .pdf.
| 2.3 | Going concern
The company meets its day to day working capital requirements through the utilisation of its own funds. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the financial statements.
| 2.4 | Revenue
Turnover comprises fees receivable for the production of television commercials and content advertising is recognised based on the stage of completion of the project. The stage of completion is determined by reviewing the production schedule and the expenditure incurred at the reporting date. Page 9
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold property | - | over 5 years
|  |  |  | Office equipment | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.7 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.10 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and bank loans.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Page 10
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Foreign currency translation
Functional and presentation currency The presentational and functional currency of these financial statemnets is GBP. Values are rounded to the nearest pound. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.14 | Pensions
Defined contribution pension plan 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.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 11
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilites as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Project stage of completion The company makes an estimate of the project's stage of completion when assessing the income and expendture to recognise in the statement of income and retained earnings. The stage of completion is estimated by reference to the work performed in comparison to the production schedule and the cost incurred in comparison to the budget. Accruals The company makes an estimate of accruals at the year end based on invoices received after the year end which relate to the year and which have not been invoiced. Tangible assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the current credit rating of the debtor, the ageing profile and historical experience. Impairment of current asset investments The company makes an estimate of the recoverable amount equity investments in film productions classified as current asset investments. When assessing impairment, management considers factors including the forecasted income from exploiting the film rights. Page 12
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Television commercial production | 5,033,007 | 5,669,153
|  | 5,033,007 | 5,669,153
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 5,033,007 | 5,669,153
|  | 5,033,007 | 5,669,153
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 11,852 | 10,647
| Other operating lease rentals | 77,083 | 62,120
| Defined contribution pension cost | 11,496 | 12,424
| Fees for the audit of the company | 9,250 | 9,250
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 9,250 | 9,250
| Fees payable to the Company's auditors in respect of: |  |
| Preparation of the financial statements | 2,375 | 2,375
| Preparation of the corporation tax return | 1,875 | 1,875
Page 13
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 862,475 | 824,387
| Social security costs | 112,162 | 102,103
| Cost of defined contribution scheme | 11,496 | 12,424
|  | 986,133 | 938,914
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 12 | 12
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 197,723 | 189,000
| Company contributions to defined contribution pension schemes | 1,321 | 1,321
|  | 199,044 | 190,321
| During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank and other interest receivable | 12,919 | 15,582
|  | 12,919 | 15,582
Page 14
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Tangible fixed assets
|  | Leasehold property | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 11,588 | 84,433 | 96,021
| Additions | - | 34,602 | 34,602
| At 31 December 2024 | 11,588 | 119,035 | 130,623
| Depreciation |  |  |
| At 1 January 2024 | 11,588 | 70,815 | 82,403
| Charge for the year on owned assets | - | 11,852 | 11,852
| At 31 December 2024 | 11,588 | 82,667 | 94,255
| Net book value |  |  |
| At 31 December 2024 | - | 36,368 | 36,368
| At 31 December 2023 | - | 13,618 | 13,618
11. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 January 2024 | 50
| At 31 December 2024 | 50
Page 15
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 368,826 | 284,233
| Other debtors | - | 117,796
| Prepayments and accrued income | 233,090 | 73,942
|  | 601,916 | 475,971
13. | Current asset investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Investment | 37,324 | 250,000
|  | 37,324 | 250,000
14. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 574,431 | 725,828
| Less: bank overdrafts | (245) | (242)
|  | 574,186 | 725,586
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 245 | 242
| Trade creditors | 61,265 | 112,869
| Other taxation and social security | 173,018 | 50,073
| Other creditors | 50 | -
| Accruals and deferred income | 268,720 | 69,368
|  | 503,298 | 232,552
Page 16
CAVIAR LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,000 (2023 - 10,000) Ordinary shares of £1.00 each | 10,000 | 10,000
17. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independantly administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,496 (2023: £12,424). Contributions totalling £1,750 (2023: £2,625) were payable to the fund at the reporting date and are included in creditors.
18. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 70,544 | 30,406
| Later than 1 year and not later than 5 years | 246,904 | -
|  | 317,448 | 30,406
19. | Related party transactions
| The Company has taken advantage of the exemption available in Section 33.7 of FRS 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group. During the year an impairment provision of £212,676 (2023: £nil) was made against recoupable production fundingprovided to a company with common directors. Also during the year production finance titaling £102,593 (2023: £nil) was repaid from a company with common directors. At the reporting date recoupable production funding of £37,324 (2023: £250,000) and production finance of £nil (2023: £102,593) was due to Caviar London Limited.
20. | Controlling party
The Company's immediate parent undertaking is Caviar Antwerp BV and the ultimate parent undertaking is Liberty Global Ltd, a company registered in Bermuda. In the Director's opinion there is no natural person that qualifies as the ultimate controlling party.
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