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REGISTERED NUMBER: 04358686 (England and Wales)

DIRECTORS' REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

PUNCH RECORDS LIMITED

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page |

Directors' Report | 1 |

Balance Sheet | 4 |

Notes to the Financial Statements | 6 |

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31ST MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company continues to be that of the provision of community engagement, touring, events, music and arts training, education and commissioning new work. The company's income arises from both commercial activities and project-based grant funding. Some of the grants received constitute restricted funds.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2024 to the date of this report.

Mrs P Dixon

Mr K J Power

Mr D Prichard-Jones

Mr A Talwar

Mr C R Taylor

Miss G Chima

Mr H S Jandu

Other changes in directors holding office are as follows:

Mr C Maher - resigned 22nd October 2024

Mr D A Finch - appointed 1st April 2024

Ms B Mistry - appointed 1st April 2024

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31ST MARCH 2025

ABOUT PUNCH - TRANSFORMING LIVES THROUGH MUSIC

PUNCH is a national music and arts development agency founded in the heart of Birmingham. Since 2002, our mission has been to TRANSFORM LIVES THROUGH MUSIC. PUNCH commissions artists, produces new work and engages with emerging audiences and artforms. Across the year ending 31 March 2025 we have focused on deepening impact in the region while extending our reach nationally and internationally through touring, publishing and streaming. We continue to balance artist development, live performance and creative programmes that foreground diverse voices and community-centred practice.

1. SUPPORTING EMERGING ARTISTS

PUNCH continually invests in young artists through our robust commissioning process and our annual music and arts touring programmes. We have almost two decades of experience building bold, creative, productive and fulfilling work with artists, venues, communities and investors.

PUNCH's commitment to new talent continued with the delivery of our annual on-site residency for young artists. Our week-long programme delivered training in five disciplines - visual arts, music tech, vocal performance, creative production and film - to 65 artists. It was followed by a programme of targeted masterclasses covering budgeting, project management, marketing and industry practice. Our commissioning round resulted in a direct artist investment of c.£30k.

Our PARLAY A&R Academy programme has continued to develop the talent pipeline for young female professionals in the region; combining a unique industry skills training offer with networking and masterclasses from leading professionals. This programme is directly linked to our in-house label Parlay Records.

2. PRODUCING NEW WORK

PUNCH both produces and partners with leading and emerging culturally diverse artists to create accessible, contemporary new works for under-served audiences. We have a strong track record in music touring, and now our portfolio of programming features film, dance, visual arts, book publishing and more.

PUNCH maintained a strong production slate; commissioning and presenting new music, visual arts, films and print media. Our outputs included a groundbreaking concert with the City of Birmingham Symphony Orchestra called Legacy 0121, a calendar of EP releases via Parlay Records, an international residency & showcase in Jamaica, a sitcom pilot and a poetry collection available on Kindle.

LEGACY - our headline collaboration with the CBSO - paired a full 75 piece orchestra with grime and hip hop artists, culminating in large-scale live co-performances at Symphony Hall Birmingham and the Southbank Centre, London. Our UK tours included working across 30 venues in the UK touring diverse artists like D'Yani and celebrating Hip Hop 50 building new audiences in four regional capitals and demonstrated the capability of our strengthened touring delivery model.

3. ENGAGING LOCAL COMMUNITIES

PUNCH is a recognised national leader in developing and delivering programmes which creatively engage culturally diverse young people and marginalised communities. Our award-winning programmes emphasise hands-on learning, on-line interactivity, real-world outcomes and transferable skills.

PUNCH continued to deliver community-facing programmes and town?hall level convening. We produced a summit conference for the Birmingham Race Impact Group (BRIG) which brought together 140 policymakers, activists and influencers to examine racial inequality in the region, featuring prominent speakers and significant media coverage.

Our participation programmes continue to emphasise both transferable skills and employability. In partnership with the West Midlands Combined Authority (WMCA), we delivered an extended mentoring programme blending business mentoring with creative practice. This supported 55 mentees across the region with 15 experienced industry mentors.

4. DEVELOPING OUR BUSINESS

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

DIRECTORS' REPORT

FOR THE YEAR ENDED 31ST MARCH 2025

PUNCH prioritises company-wide improvement through a "whole-business" strand which drives our corporate development. This year PUNCH's work was supported by a range of stakeholders and partners including GOOGLE ARTS AND CULTURE, ACE, PRSF, YOUTH MUSIC, YOUTH FUTURES FOUNDATION and others.

PUNCH has pursued income diversification, stronger storytelling and improved digital capability. PARLAY releases by artists such as Big Zeeks performed strongly; our LEGACY video series reached significant online audiences and we saw over 20% cumulative growth across our key social platforms. Highlights include enhanced reach for LinkUpTV video content and media campaigns for our events (e.g., Belly Deep, Dancehall Karaoke) that delivered higher online engagement.

We strengthened research and higher education partnerships, notably continuing collaboration with Aston University and initiating discussions with Durham University and the Black Music Research Unit (University of Westminster).

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr A Talwar - Director

6th November 2025

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

BALANCE SHEET

31ST MARCH 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 7,516 |  | 10,179 |  |

CURRENT ASSETS

Debtors | 5 | 31,120 |  | 10,211 |  |

Cash at bank and in hand | 118,004 |  | 112,820 |  |

149,124 |  | 123,031 |  |

CREDITORS

Amounts falling due within one year | 6 | 14,355 |  | 20,360 |  |

NET CURRENT ASSETS | 134,769 |  | 102,671 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 142,285 |  | 112,850 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 76,437 |  | 76,500 |  |

NET ASSETS | 65,848 |  | 36,350 |  |

RESERVES

Income and expenditure account | 65,848 |  | 36,350 |  |

65,848 |  | 36,350 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

BALANCE SHEET - continued

31ST MARCH 2025

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th November 2025 and were signed on its behalf by:

Mr A Talwar - Director

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

1. | STATUTORY INFORMATION

| Punch Records Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 04358686

| Registered office: | 104 The Zellig Building

| Custard Factory Gibb Street

| Birmingham

| B9 4AT

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration and grant funding received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 25% on cost and 15% on reducing balance

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PUNCH RECORDS LIMITED (REGISTERED NUMBER: 04358686)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 10 (2024 - 11 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1st April 2024 | 66,888 |  |

| Additions | 673 |  |

| At 31st March 2025 | 67,561 |  |

| DEPRECIATION

| At 1st April 2024 | 56,709 |  |

| Charge for year | 3,336 |  |

| At 31st March 2025 | 60,045 |  |

| NET BOOK VALUE

| At 31st March 2025 | 7,516 |  |

| At 31st March 2024 | 10,179 |  |

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 19,441 |  | 1,016 |  |

| Other debtors | 11,679 |  | 9,195 |  |

31,120 |  | 10,211 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 1,429 |  | 959 |  |

| Taxation and social security | 9,001 |  | 14,499 |  |

| Other creditors | 3,925 |  | 4,902 |  |

14,355 |  | 20,360 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Other creditors | 76,437 |  | 76,500 |  |

8. | LIMITED BY GUARANTEE

| The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5.