REGISTERED NUMBER: 02696049 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DCD RIGHTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

S P Ayton

N B Davies-Williams

T A J Back

G A Pugh

REGISTERED OFFICE:

6th Floor

2 Kingdom Street

London

W2 6JP

REGISTERED NUMBER:

02696049 (England and Wales)

AUDITORS:

MGR Weston Kay LLP

55 Loudoun Road

St John's Wood

London

NW8 0DL

The directors present their strategic report for the year ended 31 March 2025.

FAIR REVIEW OF BUSINESS

The ramifications of our previous owner's insolvency were still impacted in the FY to March 2025. The lack of investment meant DCD was unable to acquire any significant new product in the year; however, despite that headwind, DCD was able to turnover £9.96m (2024 £6.24m adjusted), which was a fantastic performance from the whole team.

Looking forward, with the support of our new owner, Back Catalogue Distribution Ltd, DCD Rights Ltd is well placed to deliver further growth and revenues, underpinned by its highly regarded, experienced and talented team together with its robust distribution infrastructure. DCD Rights continue to actively engage with a wide range of investors and stakeholders to provide an enhanced content fund to finance and distribute an increased pipeline of projects which will drive further growth for the business.

Revenues were generated from a diverse spread of major deals in the US across PBS and Acorn TV, and in the pan European, Australasian and Latin American markets. Key deals were struck with Foxtel SBS, Channel 4 UK, and Viasat in Scandinavia.

The DCD catalogue performed well again during the year with best-selling franchises including Aussie Gold Hunters now up to season 11, Canal Boat Diaries up to season 5, Happiness season one, and Prue Leith's Cotswold Kitchen to up season two, leading the way.

PRINCIPAL RISKS AND UNCERTAINTIES

General commercial risks

The company's management aims to minimise risk of over-reliance on individual business segments, members of staff, productions or customers by developing a broad, balanced stable of production and distribution activities and intellectual property. Clear risk assessment and strong financial and operational management is essential to control and manage the company's existing business, retain key staff and balance current development with future growth plans. As the company operates in overseas markets, it is also subject to exposures on transactions undertaken in foreign currencies.

Production and distribution revenue

Production revenue will remain at current levels given the company has ceased to pursue productions in development and will focus on its two current franchises. Distribution revenue is forecast to continue rising as this division is the prime focus of the company going forward.

Funding and liquidity risk

Securing funding from external parties to grow the catalogue through acquisition is key to the rights and licensing business. As mentioned above, we are discussing new funding opportunities with various parties that we are confident will come to fruition in the New Year.

Exchange rate risk

Management review expected cash inflows and outflows in source currency on a regular basis. The company applies foreign currency matching principles to reduce foreign currency exposure and protect against any short-term fluctuations where possible.

KEY PERFORMANCE INDICATORS

The company uses a number of performance indicators to monitor and manage the business effectively. The key performance indicators (KPI's) below are for the year ended 31 March 2025, with comparatives for the year ended 31 March 2024. With regards to the KPI's for the year to 31 March 2024, these have been re-stated to account for the change in distribution revenue recognition policy. Distribution revenue is now recognised in the consolidated statement of comprehensive income when the related programmes are available for delivery to the customer and following signature of the licence agreement with the customer and represents amounts receivable from such contracts.

31.3.25

31.3.24

Restated

£

£

Turnover

9,958,250

6,239,137

Gross profit

1,590,870

1,283,351

Total operating loss

(304,413

)

(2,145,879

)

Net liabilities

(1,078,626

)

(735,489

)

ON BEHALF OF THE BOARD:

S P Ayton - Director

12 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company continued to be that of worldwide distribution of intellectual property, specialising in music, drama, factual and general entertainment.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The directors are confident that by pursuing the management policies, the company will achieve continued successes in the years ahead.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

A Rastogi - resigned 20 August 2024

E G Sullivan - resigned 20 August 2024

S P Ayton - appointed 20 August 2024

N B Davies-Williams - appointed 20 August 2024

N J Pike - appointed 20 August 2024

T A J Back and G A Pugh were appointed as directors after 31 March 2025 but prior to the date of this report.

N J Pike ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 and then apply them consistently;

-	make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

In accordance with the company's articles, a resolution proposing that MGR Weston Kay LLP be reappointed as auditor of the group will be put at a General Meeting.

ON BEHALF OF THE BOARD:

S P Ayton - Director

12 December 2025

Opinion

We have audited the financial statements of DCD Rights Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 March 2025 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 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

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 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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:

As part of our planning of the audit work required, we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company's management, carrying out analytical procedures, holding discussions amongst the engagement team and using our knowledge of the sector.

We determined that the most significant laws and regulations were relating to:

· Health and safety regulations;

· Employment law; and

· UK Tax legislation.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify instances of non-compliance with the laws and regulations and the fraud risks identified. This included enquiries of management to understand their policies and procedures for compliance with those regulations and we completed the following tests:

· Obtained an understanding of relevant controls;

· Reviewed the company's risks assessments, procedures, health and safety policies and communications with

employees;

· Checked a sample of documentation;

· Reviewed records for evidence of complaints or litigation; and

· Reviewed correspondence with HMRC.

We also assessed the risk of material misstatement in relation to fraud in respect of the following:

· Revenue fraud;

· Unauthorised expenditure and/or payments;

· Management override of controls; and

· Related party fraud.

Based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate accounting entries.

No significant issues were identified during our testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities, including fraud, rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusions, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 a Report of the Auditors 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.

Sarah Yardley BSc ACA (Senior Statutory Auditor)

for and on behalf of MGR Weston Kay LLP

55 Loudoun Road

St John's Wood

London

NW8 0DL

12 December 2025

TURNOVER

4

9,958,250

6,239,137

Cost of sales

(8,367,380

)

(4,955,786

)

GROSS PROFIT

1,590,870

1,283,351

Administrative expenses

(1,895,283

)

(1,724,027

)

(304,413

)

(440,676

)

Provision against amount owed

from parent undertaking

-

(1,705,203

)

OPERATING LOSS

7

(304,413

)

(2,145,879

)

Interest receivable and similar income

8

5,154

8,216

(299,259

)

(2,137,663

)

Interest payable and similar expenses

9

(43,878

)

(15,711

)

LOSS BEFORE TAXATION

(343,137

)

(2,153,374

)

Tax on loss

10

-

32,698

LOSS FOR THE FINANCIAL YEAR

(343,137

)

(2,120,676

)

LOSS FOR THE YEAR

(343,137

)

(2,120,676

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(343,137

)

(2,120,676

)

Note

Prior year adjustment

12

(563,260

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(906,397

)

FIXED ASSETS

Tangible assets

13

-

-

CURRENT ASSETS

Debtors

14

7,555,440

8,747,850

Cash at bank

3,006,276

2,536,916

10,561,716

11,284,766

CREDITORS

Amounts falling due within one year

15

(11,640,342

)

(12,020,255

)

NET CURRENT LIABILITIES

(1,078,626

)

(735,489

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,078,626

)

(735,489

)

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

(1,078,726

)

(735,589

)

SHAREHOLDERS' FUNDS

(1,078,626

)

(735,489

)

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

S P Ayton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

1,885,087

1,885,187

Changes in equity

Total comprehensive income

-

(1,557,416

)

(1,557,416

)

Dividends

-

(500,000

)

(500,000

)

Balance at 31 March 2024

100

(172,329

)

(172,229

)

Prior year adjustment

-

(563,260

)

(563,260

)

As restated

100

(735,589

)

(735,489

)

Changes in equity

Total comprehensive income

-

(343,137

)

(343,137

)

Balance at 31 March 2025

100

(1,078,726

)

(1,078,626

)

1.	STATUTORY INFORMATION

DCD Rights Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 2 Kingdom Street, London, United Kingdom, W2 6BD.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and

disclosures;

· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

DCD Rights Limited is a wholly owned subsidiary of N.B.D. Holdings Limited and the results of DCD Rights Limited are included in the consolidated financial statements of N.B.D. Holdings Limited which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Changes in accounting policies

The directors have reviewed the accounting policy for revenue recognition with distribution revenue now being recognised when the related programmes are available for delivery to the customer and following signature of the licence agreement with the customer. Previously distribution revenue was recognised on signature of the licence agreement.

As a result of the change in accounting policy, the relevant comparatives have been amended to reflect the current treatment. See the Prior Year Adjustment note for full details.

Turnover

Distribution revenue arises from the licensing of programme rights which have been obtained under distribution agreements with either external parties or group companies. Distribution revenue is recognised in the income statement when the related programmes are available for delivery to customers and following the signature of the license agreement, and represents amounts receivable from such contracts. Royalty income is recognised in the profit and loss account when amounts are received.

All revenue excludes value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for bad and doubtful debts

Calculating the provision involves an estimation in determining the recoverable amount of costs incurred, from hosting festivals, which are rechargeable to clients.

Provision for loan balances

A provision was made in the prior year against the the balance due from 108 Media Ltd, the previous parent of the N.B.D group, of £1,075,651 along with additional provisions totalling £629,552 in relation to expenses and advances paid on behalf of 108 Media Limited. This provision has remained in place in the current year.

4.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.25

31.3.24

£

£

Distribution revenue

9,958,250

6,239,137

9,958,250

6,239,137

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

2,529,737

1,230,135

Europe

1,109,855

1,335,772

Rest of World

6,318,658

3,673,230

9,958,250

6,239,137

The 2024 figures have been restated, please see note 12 for further details.

5.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

1,003,090

915,116

Social security costs

119,998

114,355

Other pension costs

26,035

25,218

1,149,123

1,054,689

The average number of employees during the year was as follows:

31.3.25

31.3.24

Directors

1

3

Administrative staff

15

14

16

17

6.	DIRECTORS' REMUNERATION

31.3.25

31.3.24

£

£

Remuneration for qualifying services

164,372

244,433

Company pension contributions to defined contribution schemes

4,749

6,368

Remuneration disclosed above includes the following amounts paid to the highest paid director:

31.3.25

31.3.24

£

£

Remuneration for qualifying services

109,653

164,260

Company pension contributions to defined contribution schemes

3,189

4,276

7.	OPERATING LOSS

The operating loss is stated after charging:

31.3.25

31.3.24

£

£

Hire of plant and machinery

12,576

8,017

Other operating leases

135,960

133,532

Depreciation - owned assets

-

6,527

Auditors' remuneration

89,500

89,548

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.3.25

31.3.24

£

£

Bank account interest

5,154

5,469

HMRC interest receivable

-

2,747

5,154

8,216

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Bank interest

-

7

Bank loan interest

43,878

15,704

43,878

15,711

10.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

Corporation tax - prior year adjustment

-

(32,698

)

Tax on loss

-

(32,698

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£

£

Loss before tax

(343,137

)

(2,153,374

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(85,784

)

(538,344

)

Effects of:

Expenses not deductible for tax purposes

2,704

429,530

Adjustments to tax charge in respect of previous periods

-

(32,698

)

former shareholder

Tax losses not previously recognised

(49,098

)

-

Group relief

103,671

59,716

Tax losses carried forward

28,507

49,098

Total tax credit

-

(32,698

)

The 2024 figures have been restated, please see note 12 for further details.

11.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Interim

-

500,000

12.	PRIOR YEAR ADJUSTMENT

The directors have reviewed the accounting policy for revenue recognition with distribution revenue now being recognised when the related programmes are available for delivery to the customer and following signature of the licence agreement with the customer. Previously distribution revenue was recognised on signature of the licence agreement.

As a result of the change in accounting policy, the relevant comparatives have been amended to reflect the current treatment.

The effect of the prior period adjustment on the financial statements is as follows:

Reconciliation of changes in equity

1.4.24

1.4.23

£

£

Adjustments to prior period

Prepayments and accrued income

(588,500

)

-

Accruals and deferred income

25,240

(368,397

)

Total adjustments

(563,260

)

(368,397

)

Equity as previously reported

(172,229

)

2,253,484

Equity as adjusted

(735,489

)

1,885,087

Analysis of the effect upon equity

Profit and loss reserves

(563,260

)

(368,397

)

Reconciliation of changes in loss for the previous financial year

2024

£

Adjustments to prior year

Turnover

(2,479,752

)

Cost of sales

(2,284,889

)

Total adjustments

(194,863

)

Loss as previously reported

(1,925,813

)

Loss as adjusted

(2,120,676

)