Company registration number 13364683 (England and Wales)
CEG MEDIA MUSIC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CEG MEDIA MUSIC LIMITED
COMPANY INFORMATION
Directors
T R Hegarty
A J Smith
T Finegan
F N H Moross
Secretary
A J Smith
Company number
13364683
Registered office
Unit 9, First Floor
Westworks
195 Wood Lane
London
W12 7FQ
Auditor
BKL Audit LLP
5 Fleet Place
London
EC4M 7RD
CEG MEDIA MUSIC LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
CEG MEDIA MUSIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

The principal activity of the company is the acquisition of music catalogues and exploitation of music copyrights.

Review of the business

The results for the period are set out on page 8 of the financial statements.

CEG Media Music Limited primarily focuses on acquiring music rights, particularly in the film and television sectors. The company's key performance indicator (KPI) is annual income, which is regularly analysed and compared against both prior periods and internal forecasts.

Income for the 12 months to June 2025 exceeded expectations, coming in 10% higher than forecast.

In the year, the Group completed the acquisition of AMC Studios’ full portfolio of television music rights. The transaction included both the publishing and master rights to music from AMC’s original scripted programming over the past decade, as well as rights connected to selected forthcoming series within AMC’s key franchises, including The Walking Dead Universe and the Anne Rice Immortal Universe.

The acquisition aligns with the Group’s strategy to scale its media music assets and enhance the recurring and long-term royalty income base through the ownership of high-profile, globally recognised works.

Operating expenses were as budgeted for the period.

Future developments

The Company remains focused on acquiring music rights at favourable income multiples, utilising the new finance facility while closely monitoring compliance with financial covenants.

Principal risks and uncertainties

The Company is exposed to a number of business and financial risks from its operating activities. The board of directors is responsible for ensuring that the business risks are actively managed. The business does not trade financial instruments nor does it currently use financial derivatives. The key financial risks are identified below:

Currency risk - Due to the global nature of the business, with sales and operations in multiple countries, the business is exposed to fluctuations of sterling, against our other trading currencies, namely the Euro and the US Dollar. Currency exposure is managed by matching, as far as possible, income and expenditure in these currencies.

Credit risk - The board manages its credit risk by ensuring that it only engages with counterparties that have high credit ratings. The Company sets and actively monitors credit limits for its counterparties based on reference checks and payment history.

Liquidity (cash flow) risk - The business manages its cash flow to ensure it can meet its obligations and requirements.

Interest rate risk - One of the key financial risks facing the Company is exposure to fluctuations in interest rates on its loan facilities. The Company has a significant portion of its debt financed through variable-rate loans. Increases in interest rates could lead to higher borrowing costs, which may negatively impact cash flow, profitability, and the ability to invest in growth opportunities.

To mitigate this risk, the Company closely monitors movements in interest rates and engages in proactive financial management. In light of current economic conditions and ongoing central bank policies aimed at managing inflation, the Company continues to evaluate the structure of its loan portfolio to ensure it remains aligned with its long-term financial strategy while maintaining sufficient liquidity to meet its obligations.

CEG MEDIA MUSIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Key performance indicators

The directors consider that the key financial performance indicator is that which communicate s the financial performance and strength of the company as a whole, being revenue.

30 June
30 June
2025
2024
Revenue analysed by class of business
$000's
$000's
Media music rights income
19,008
10,032
19,008
10,032
30 June
30 June
2025
2024
Revenue analysed by geographical market
$000's
$000's
United States
18,596
9,945
United Kingdom
412
87
19,008
10,032

On behalf of the board

A J Smith
Director
27 October 2025
CEG MEDIA MUSIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T R Hegarty
A J Smith
T Finegan
F N H Moross
Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

Strategic report

The strategic report contains details of the principal activities of the Company and includes a business review which provides information on the development of the Company's business during the year, together with details of the risks and uncertainties that affect the Company's business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

CEG MEDIA MUSIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A J Smith
Director
27 October 2025
CEG MEDIA MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CEG MEDIA MUSIC LIMITED
- 5 -
Opinion

We have audited the financial statements of CEG Media Music Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 30 June 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

CEG MEDIA MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CEG MEDIA MUSIC LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, anti-bribery and anti-corruption laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraud manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:

- discussions with the director, including consideration of known or suspected instances of non compliance with laws and regulations and fraud.

- assessing management's significant judgements and estimates in particular those relating to the recognition and impairment of intangibles and recoverability of receivables.

- Identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale.

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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities 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.

CEG MEDIA MUSIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CEG MEDIA MUSIC LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Warren Baker FCA
28 October 2025
Senior Statutory Auditor
For and on behalf of BKL Audit LLP
Chartered Accountants and Statutory Auditor
5 Fleet Place
London
EC4M 7RD
CEG MEDIA MUSIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
Year
Period
ended
ended
30 June
30 June
2025
2024
Notes
$
$
Revenue
3
19,007,629
10,031,537
Administrative expenses
(15,417,860)
(8,856,335)
Operating profit
4
3,589,769
1,175,202
Investment income
6
10,366
86,636
Finance costs
7
(5,879,858)
(4,114,709)
Loss before taxation
(2,279,723)
(2,852,871)
Tax on loss
8
(87,165)
(7,327)
Loss for the financial year
(2,366,888)
(2,860,198)

The income statement has been prepared on the basis that all operations are continuing operations.

CEG MEDIA MUSIC LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2025
30 June 2025
- 9 -
30 June 2025
30 June 2024
Notes
$
$
$
$
Non-current assets
Intangible assets
9
135,520,245
127,940,244
Current assets
Trade and other receivables
10
3,310,377
4,093,022
Cash and cash equivalents
571,284
17,517
3,881,661
4,110,539
Current liabilities
11
(95,312,600)
(85,594,589)
Net current liabilities
(91,430,939)
(81,484,050)
Net assets
44,089,306
46,456,194
Equity
Called up share capital
12
17,135,846
17,135,846
Capital contribution reserve
38,344,865
38,344,865
Retained earnings
(11,391,405)
(9,024,517)
Total equity
44,089,306
46,456,194

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
A J Smith
Director
Company registration number 13364683 (England and Wales)
CEG MEDIA MUSIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Capital contribution reserve
Retained earnings
Total
$
$
$
$
Balance at 1 January 2024
17,135,846
38,344,865
(6,164,319)
49,316,392
Period ended 30 June 2024:
Loss and total comprehensive loss
-
-
(2,860,198)
(2,860,198)
Balance at 30 June 2024
17,135,846
38,344,865
(9,024,517)
46,456,194
Period ended 30 June 2025:
Loss and total comprehensive loss
-
-
(2,366,888)
(2,366,888)
Balance at 30 June 2025
17,135,846
38,344,865
(11,391,405)
44,089,306
CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Accounting policies
Company information

CEG Media Music Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, First Floor, Westworks, 195 Wood Lane, London, W12 7FQ.

1.1
Reporting period

The current period figures are presented for the twelve-month period ended 30 June 2025. The prior year figures are presented for the six-month period from 1 January 2024 to 30 June 2024 and therefore are not entirely comparable.

1.2
Accounting convention

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 US dollars, which is the functional currency of the company. Monetary a mounts 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of Cutting Edge Group Limited. These consolidated financial statements are available from its registered office, Unit 9, First Floor, Westworks, 195 Wood Lane, London, W12 7FQ.

1.3
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. The directors recognise that the company has access to funding to allow the acquisition of assets and that aside from the amortisation of those assets which affects the company's profit and loss, the company is profitable. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

1.4
Revenue

Revenue comprises royalties receivable from music copyrights held by the company. Revenue is recognised at the fair value of the consideration received or receivable for rights and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives on the following bases:

Music copyrights
Straight line over 10 or 15 years from the date that income is receivable
1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.8
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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including other payables, bank loans, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Foreign exchange

Transactions in currencies other than US dollars 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.

CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
2
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:-

Estimated useful lives of intangible assets

The music rights held by CEG Media Music Limited relate primarily to TV series, which are expected to earn long-term recurring royalty revenue from performance royalties due to TV broadcasts, mechanical royalties from physical and digital record releases and synchronisation fees from the use of other media. Using their knowledge and experience of the industry, the directors believe a useful life of between 10 and 15 years is an appropriate basis over which to amortise each catalogue, dependent on the profile and content of that catalogue. It is expected that the music rights will earn royalty income for a period in excess of 10-15 years, however given the inherent forecasting and discount rate uncertainty beyond a 10-15 year timescale, the amortisation period is deemed to be appropriate.

Recoverability of debtors and other receivables

When assessing provisions against trade and other receivables, management consider a number of factors including the ageing profile of the receivables and historical information.

Impairment of music copyrights

Management assesses whether there are indicators of impairment for music rights on an annual basis. Where there are indicators of impairment, management estimates the recoverable amount based on expected discounted future cashflows. Estimation uncertainty relates to assumptions about future operating results and determination of a suitable discount rate that represents a market risk-free rate and the inherent risks in music rights intangible assets.

3
Revenue
Year ended
Period ended
30 June
30 June
2025
2024
$
$
Revenue analysed by class of business
Media music rights income
19,007,629
10,031,537
CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Revenue
(Continued)
- 16 -
Year ended
Period ended
30 June
30 June
2025
2024
$
$
Revenue analysed by geographical market
United States
18,595,629
9,944,122
United Kingdom
412,000
87,415
19,007,629
10,031,537
Year ended
Period ended
30 June
30 June
2025
2024
$
$
Other revenue
Interest income
10,366
86,636
4
Operating profit
Year ended
Period ended
30 June
30 June
2025
2024
Operating profit for the period is stated after charging:
$
$
Exchange losses
16,839
947
Fees payable to the company's auditor for the audit of the company's financial statements
59,246
83,626
Amortisation of intangible assets
15,211,522
8,698,471
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

Year ended
Period ended
30 June
30 June
2025
2024
Number
Number
Total
0
0
CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
6
Investment income
Year ended
Period ended
30 June
30 June
2025
2024
$
$
Interest income
Interest on bank deposits
10,366
5,491
Interest receivable from group companies
-
0
81,145
Total income
10,366
86,636
7
Finance costs
Year ended
Period ended
30 June
30 June
2025
2024
$
$
Interest on bank overdrafts and loans
-
1,468,266
Interest payable to group undertakings
5,851,668
1,559,938
Loan arrangement fees
28,190
1,086,505
5,879,858
4,114,709
CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
8
Taxation
Year ended
Period ended
30 June
30 June
2025
2024
$
$
Current tax
Adjustments in respect of prior periods
87,165
-
0
Foreign current tax on profits for the current period
-
0
7,327
Total current tax
87,165
7,327

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Year ended
Period ended
30 June
30 June
2025
2024
$
$
Loss before taxation
(2,279,723)
(2,852,871)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(569,931)
(713,218)
Tax effect of expenses that are not deductible in determining taxable profit
625
158
Gains not taxable
-
0
(9,262)
Unutilised tax losses carried forward
569,306
722,322
Adjustments in respect of prior years
87,165
-
0
Foreign taxes paid
-
0
7,327
Taxation charge for the period
87,165
7,327
CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
9
Intangible fixed assets
Music copyrights
$
Cost
At 1 July 2024
155,670,316
Additions
22,791,523
At 30 June 2025
178,461,839
Amortisation and impairment
At 1 July 2024
27,730,072
Amortisation charged for the year
15,211,522
At 30 June 2025
42,941,594
Carrying amount
At 30 June 2025
135,520,245
At 30 June 2024
127,940,244
10
Trade and other receivables
30 June
30 June
2025
2024
Amounts falling due within one year:
$
$
Trade receivables
5,804
-
0
Corporation tax recoverable
-
0
87,165
Other receivables
127,200
333,817
Prepayments and accrued income
3,177,373
3,672,040
3,310,377
4,093,022
11
Current liabilities
30 June
30 June
2025
2024
$
$
Trade payables
95,641
210,567
Amounts owed to group undertakings
74,017,211
85,190,835
Taxation and social security
47,790
-
0
Other payables
20,502,500
2,250
Accruals and deferred income
649,458
190,937
95,312,600
85,594,589
CEG MEDIA MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
12
Share capital
30 June
30 June
30 June
30 June
2025
2024
2025
2024
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
14,065,361
14,065,361
17,135,846
17,135,846
13
Capital contribution reserve
2025
2024
$
$
At the beginning and end of the year
38,344,865
38,344,865

The capital contribution reserve represents the capitalisation of a loan received from the parent company which has been irrevocably gifted.

14
Financial commitments, guarantees and contingent liabilities

CEG Media Music Limited is one of several entities to have entered into a cross guarantee in respect of bank loans in Music Holdings Limited totalling $227.5m. The guarantee and any other liabilities due to the bank are secured against the company's assets by way of a fixed and floating charge.

15
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

16
Ultimate controlling party

The company's immediate parent company is Music Midco Limited, a company incorporated in England and Wales with registered office of Unit 9, First Floor, Westworks, 195 Wood Lane, London, England, W12 7FQ.

The company's ultimate parent company is Cutting Edge Group Limited, a company incorporated in England and Wales with registered office of Unit 9, First Floor, Westworks, 195 Wood Lane, London, England, W12 7FQ.

The smallest and largest group for which consolidated financial statements have been prepared is that headed by Cutting Edge Group Limited. Copies of the consolidated financial statements are available from Unit 9, First Floor, Westworks, 195 Wood Lane, London, England, W12 7FQ.

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