Company registration number 11897647 (England and Wales)
GFM ANIMATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GFM ANIMATION LIMITED
CONTENTS
Page
Accountants' report
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
GFM ANIMATION LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G S Collins
Mr F Hedman
Mrs A Kerridge
Mr S S Feeney
Ms S Mobeen
(Appointed 2 April 2024)
Company number
11897647
Registered office
Suite 7 The Sanctuary
23 Oak Hill Grove
Surbiton
Surrey
UK
KT6 6DU
Accountants
King & King
Chartered Accountants & Statutory Auditors
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
GFM ANIMATION LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GFM ANIMATION LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFM Animation Limited for the period ended 31 December 2024 which comprise, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of GFM Animation Limited, as a body, in accordance with the terms of our engagement letter dated 11 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of GFM Animation Limited and state those matters that we have agreed to state to the b oard of d irectors of GFM Animation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GFM Animation Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that GFM Animation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of GFM Animation Limited. You consider that GFM Animation Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of GFM Animation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

The conditions set out in the business review in the directors report indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its bankers and shareholders and will generate sufficient cash flows to meet its liabilities as they fall due.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its bankers and shareholders and will generate sufficient cash flows to meet its liabilities as they fall due.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
13 February 2026
GFM ANIMATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
31 December 2024
27 December 2023
Notes
£
£
£
£
Non-current assets
Intangible assets
5
34,492
68,984
Current assets
Trade and other receivables
6
4,220,929
8,237,813
Cash and cash equivalents
87,109
44,395
4,308,038
8,282,208
Current liabilities
7
(4,278,881)
(8,250,905)
Net current assets
29,157
31,303
Total assets less current liabilities
63,649
100,287
Non-current liabilities
8
(26,030)
(25,907)
Net assets
37,619
74,380
Equity
Called up share capital
3,000
3,000
Share premium account
98,000
98,000
Retained earnings
(63,381)
(26,620)
Total equity
37,619
74,380

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
Mr G S Collins
Director
Company registration number 11897647 (England and Wales)
GFM ANIMATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 28 December 2022
3,000
98,000
(39,164)
61,836
Year ended 27 December 2023:
Profit and total comprehensive income
-
-
12,544
12,544
Balance at 27 December 2023
3,000
98,000
(26,620)
74,380
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
(36,761)
(36,761)
Balance at 31 December 2024
3,000
98,000
(63,381)
37,619
GFM ANIMATION LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
1
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.

2
Accounting policies
Company information

GFM Animation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 7 Ther Sanctuary, 23 Oak Hill Grove, Surbiton, Surrey, UK, KT6 6DU.

2.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

GFM ANIMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 6 -
2.2
Going concern

We draw attention to the business review in the directors report o page 2 to the financial statements. The company is dependent on the continued support of its shareholders and the generation of future profitable trading.

These conditions set out in the business review in the directors report indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.

We draw attention to the business review in the directors report o page 2 to the financial statements. The company is dependent on the continued support of its shareholders and the generation of future profitable trading.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its shareholders and will generate sufficient cash flows to meet its liabilities as they fall due.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its shareholders and will generate sufficient cash flows to meet its liabilities as they fall due.

The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

2.3
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

2.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT where applicable.

2.5
Intangible fixed assets other than goodwill

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 useful lives on the following bases:

Film rights
amortised on a straight line basisi over 5 years

The company is looking to evaluate a value of current intellectual property rights in feature films and long term licence with a view to recognising these in 2024.

GFM ANIMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 7 -
2.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Computers
Written off over 3 years on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.7
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.

2.8
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.

2.9
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.

GFM ANIMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 8 -
Basic financial assets

Basic financial assets, which include trade and 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.

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.10
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.

2.11
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.

GFM ANIMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 9 -
2.12
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 non-current 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.

2.13
Retirement benefits

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

2.14
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 lease s asset are consumed.

2.15
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.

3
Employees

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

2024
2023
Number
Number
Total
8
8
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 28 December 2023 and 31 December 2024
3,339
Depreciation and impairment
At 28 December 2023 and 31 December 2024
3,339
Carrying amount
At 31 December 2024
-
0
At 27 December 2023
-
0
GFM ANIMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
5
Intangible fixed assets
Film Rights
£
Cost
At 28 December 2023 and 31 December 2024
172,460
Amortisation and impairment
At 28 December 2023
103,476
Amortisation charged for the period
34,492
At 31 December 2024
137,968
Carrying amount
At 31 December 2024
34,492
At 27 December 2023
68,984
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,839,473
5,718,651
Corporation tax recoverable
9,242
-
0
Other receivables
2,372,214
2,519,162
4,220,929
8,237,813
7
Current liabilities
2024
2023
£
£
Bank loans
5,294
10,556
Trade payables
140,686
102,074
Corporation tax
11,925
38,973
Other taxation and social security
362,688
442,075
Other payables
3,758,288
7,657,227
4,278,881
8,250,905
8
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
26,030
25,907
GFM ANIMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
9
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Evolution Pictures Limited
118,872
185,739
GFM Film Sales Limited
278,086
285,254
GFM Productions LLP
7,509
4,846
Other related parties
722
233
10
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the period in respect of shares held by the company's directors.

Director's received fees in the sum of £47,221 (2023 - £46,901). A connected partnership received consultancy fees in the sum of £120,000 (2023- £120,000).

Advances
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
39,673
5,693
45,366
39,673
5,693
45,366
11
Parent company

The ultimate controlling party is Mr G S Collins by virtue of his control of the management of the company.

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