Brave Hearted Productions Limited
Financial Statements
For the period ended 30 June 2025
Pages for Filing with Registrar
Company Registration No. 15797425 (England and Wales)
Brave Hearted Productions Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Brave Hearted Productions Limited
Balance Sheet
As at 30 June 2025
Page 1
2025
Notes
£
£
Current assets
Debtors
3
4,707,245
Cash at bank and in hand
49,624
4,756,869
Creditors: amounts falling due within one year
4
(3,849,266)
Net current assets
907,603
Capital and reserves
Called up share capital
100
Profit and loss reserves
907,503
Total equity
907,603

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 18 February 2026
N D'Souza
Director
Company Registration No. 15797425
Brave Hearted Productions Limited
Statement of Changes in Equity
For the period ended 30 June 2025
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 June 2025:
Profit and total comprehensive income
-
907,503
907,503
Issue of share capital
100
-
100
Balance at 30 June 2025
100
907,503
907,603
Brave Hearted Productions Limited
Notes to the Financial Statements
For the period ended 30 June 2025
Page 3
1
Accounting policies
Company information

Brave Hearted Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 39-41 Charing Cross Road, London, United Kingdom, WC2H 0AR.

1.1
Reporting period

The accounting period of the company and the financial statements have been presented for the period 23 June 2024 to 30 June 2025 on the basis that this is the first period since the company's incorporation on 23 June 2024.

1.2
Basis of preparation

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 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. The principal accounting policies adopted are set out below.

1.3
Going concern

During the period the company completed its scheduled initial run of the production of ‘Come Fall in Love’. true

The directors continue to investigate the availability of appropriate theatres for a potential future commercial run. The directors are also considering of other UK projects which could be produced by the company.

Whist there has been minimal activity in the company since the end of 2025 and there are no firm plans or targets as to when the level activity may increase, the directors consider that the company continues to act as a theatrical producer, a trade which is by its nature is often sporadic with peaks of activity during the development and production of new projects.

The directors acknowledge that in the event that they identify a new project it is likely that the company would need to seek additional investment in order to engage in any significant development activity and additional funding would be a requirement of producing 'Come Fall in Love' or any other project for commercial presentation. However, the company’s ongoing financial commitments are minimal and the company has sufficient funds to meet its liabilities as they fall due while the directors consider future projects and for a period of not less than 12 months from the date of signature of these accounts.

On that basis the directors consider is appropriate to continue to prepare the accounts on a going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for box office sales, and recharged expenses 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.

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

Brave Hearted Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2025
1
Accounting policies
(Continued)
Page 4

Box office sales from theatrical productions are recognised by reference to when the performance took place.

Income from recharges of production expenses is recognised by reference to when the expenditure is incurred.

1.5
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.

1.6
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.

Basic financial assets

Basic financial assets, which include debtors 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 creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Brave Hearted Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2025
1
Accounting policies
(Continued)
Page 5
1.7
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.

1.8
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.

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 profit and loss account, 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.

1.9
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.

1.10
Retirement benefits

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

1.11
Leases
As lessee

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.

Brave Hearted Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2025
Page 6
2
Employees

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

2025
Number
Total
12
3
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
177,785
Corporation tax recoverable
1,030,847
Amounts owed by group undertakings
248,543
Other debtors
1,747,897
Prepayments and accrued income
1,502,173
4,707,245
4
Creditors: amounts falling due within one year
2025
£
Trade creditors
113,153
Amounts owed to group undertakings
3,499,900
Taxation and social security
27,693
Other creditors
208,520
3,849,266
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Brave Hearted Productions Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2025
5
Audit report information
(Continued)
Page 7
Opinion

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 profit for the period 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.

Senior Statutory Auditor:
Mark Twum-Ampofo
Statutory Auditor:
Moore Kingston Smith LLP
Date of audit report:
23 February 2026
6
Related party transactions

During the period the company incurred expenditure of £214,986 from Yash Raj Films Private Limited, the company's ultimate parent. Additionally during the period, production royalties of £9,305 were made to Yash Raj Films Private Limited. During the period the company received reimbursement towards production expenses from Yash Raj Films Private Limited of £3,755,000. At the period end the company was owed £1,714,066 from Yash Raj Films Private Limited.

During the period the company incurred expenditure of £15,000 from Yash Raj International Films Limited, the company's immediate parent. During the period the company received a payment of £3,499,900 from Yash Raj International Films Limited being a £3,500,000 loan less £100 of share capital issued by the company to to Yash Raj International Films Limited. At the period end the company owed £3,499,900 to Yash Raj International Films Limited.

During the period the company incurred expenditure of £30,000 from Aditya Films Private Limited, a related party by virtue of common ultimate beneficial owners. At the period end the company owed £30,000 to Aditya Films Private Limited.

7
Parent company

The parent of the smallest group for which consolidated financial statements are drawn up of which Brave Hearted Productions Limited is a member is Yash Raj Films Private Limited. This parent is a company registered in India at 5, Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai 400053, India.

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