Company registration number 15427209 (England and Wales)
FUZE MOVIE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
FUZE MOVIE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
FUZE MOVIE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2025
30 September 2025
- 1 -
Unaudited
30 September 2025
31 August 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
14,698,815
Investments
5
58
-
0
58
14,698,815
Current assets
Debtors
7
16,935,285
5,565,937
Cash at bank and in hand
51,085
3,555,058
16,986,370
9,120,995
Creditors: amounts falling due within one year
8
(16,986,427)
(23,819,809)
Net current liabilities
(57)
(14,698,814)
Net assets
1
1
Capital and reserves
Called up share capital
1
1

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 6 March 2026 and are signed on its behalf by:
Mr J Borchardt
Director
Company registration number 15427209 (England and Wales)
FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 2 -
1
Accounting policies
Company information

Fuze Movie Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21a Brownlow Mews, London, England, WC1N 2LA.

1.1
Reporting period

The current reporting period covers 1 September 2024 to 30 September 2025, a period of 13 months. The period end was lengthened in order to align with the stage of completion of the film being produced. Comparative amounts presented in the final statements (including the notes) relate to the 7 month period ended 31 August 2024 so are not entirely comparable.

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 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. The principal accounting policies adopted are set out below.

1.3
Going concern

As disclosed in the Directors' report, the Directors are committed to a plan to liquidate the company within 12 months of the signing of the financial statements. Therefore, the financial statements have been prepared on a break-up basis.true

1.4
Revenue

Revenue is measured based on the consideration specified in contracts with customers. Revenue is recognised when (or as) the Company satisfies a performance obligation in accordance with the terms of the underlying contract. For production income, contracts are typically entered into with distributors prior to the commencement of photography. Where the contractual terms provide for an upfront payment upon signing of the contract, the portion of revenue relating to the performance obligation satisfied at that point is recognised at contract inception. The remaining revenue is recognised at a point in time upon issuance of the notice of delivery of the initial produced material, as stipulated in the relevant contract. Accordingly, revenue is recognised at the relevant contractual milestones, notwithstanding that the full production may not yet be completed or delivered.

Revenue is recognised net of Value Added Tax (VAT) and other similar sales taxes.

1.5
Intangible fixed assets other than goodwill

Net production costs are capitalised as intangible assets. Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Net production costs
Amortised on a straight-line basis over the licence period starting from completion of the project
FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed 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.

1.8
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.

FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.9
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.

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.

1.10
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.

1.11
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.

FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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.

1.12
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 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.

1.13
Retirement benefits

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

1.14

Government grants

The company is entitled to claim the Audio Visual Expenditure Credit ("AVEC") due to its qualifying activities. The company recognises the rights to the benefits of such grants when there is reasonable expectation that the grant conditions will be met and the grant will be receivable.

The AVEC is recognised as a credit to cost of sales in the statement of comprehensive income, reflecting its nature as an expenditure credit. The credit is recognised in the same accounting period as the qualifying expenditure to which it relates, on a systematic basis that matches the grant income with the associated costs.

Where the AVEC relates to expenditure initially capitalised within intangible assets, the credit is recognised in the profit and loss account as the related costs are expensed.

FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 6 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue Recognition

Judgement is required in determining both the timing and amount of revenue to be recognised for each production. Project income is assessed with reference to total production costs incurred to date, adjusted for any contractual advances or enhancements where applicable. Total production costs are measured as total production expenditure incurred, net of expected UK Film Tax Credit proceeds.

In accordance with the accounting policy set out in Note 1, production income may be recognised in stages in line with the terms of the relevant contract. Where applicable, a portion of revenue is recognised upon signing of the contract, with the remaining revenue recognised upon issuance of the notice of delivery of the initial produced material, as specified in the contract.

3
Employees

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

Unaudited
2025
2024
Number
Number
8
0
FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 7 -
4
Intangible fixed assets
Net production costs
£
Cost
At 1 September 2024
14,698,815
Additions
6,833,917
Disposals
(21,532,732)
At 30 September 2025
-
0
Amortisation and impairment
At 1 September 2024 and 30 September 2025
-
0
Carrying amount
At 30 September 2025
-
0
At 31 August 2024
14,698,815
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
58
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024
-
Additions
58
At 30 September 2025
58
Carrying amount
At 30 September 2025
58
At 31 August 2024
-
6
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
6
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fuze Post BC Inc.
1337 West 10th Avenue Suite 101 Vancouver, BC, Canada
Film production
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Fuze Post BC Inc.
58
-
0
7
Debtors
Unaudited
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,562,198
3,298,044
Amounts owed by group undertakings
14,637,441
-
0
Other debtors
735,646
2,267,893
16,935,285
5,565,937
8
Creditors: amounts falling due within one year
Unaudited
2025
2024
£
£
Other borrowings
16,771,410
17,300,656
Trade creditors
102,233
109,512
Amounts owed to group undertakings
-
0
2,806,456
Other creditors
2,050
2,847,936
Accruals and deferred income
110,734
755,249
16,986,427
23,819,809
FUZE MOVIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 9 -
9
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:

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.3 of the financial statements which explains that the directors intend to wind down the company following completion of the company's production services, and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.3. Our opinion is not modified in respect of this matter.

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 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:
Daniel Wesolowski
Statutory Auditor:
FLB Audit LLP
Date of audit report:
6 March 2026
10
Financial commitments, guarantees and contingent liabilities

On 4 July 2024, in connection with the Loan Agreement, the Company granted a first-priority security interest in favour of Comerica Bank over substantially all of its present and after-acquired assets, subject to permitted liens.

The collateral includes, but is not limited to, accounts receivable, inventory, equipment, contract rights, general intangibles (including intellectual property to the extent assignable), deposit accounts, investment property, and all proceeds thereof. The security also includes, where applicable, pledged equity interests in specified subsidiaries and assignments of certain material contracts and rights to payment.

A fixed and floating charge over al the rights, title, and interest relating to the film being produced by the company was created on 3 July 2024 and is held by Film Finances Inc.

A fixed and floating charge over al the rights, title, and interest relating to the film being produced by the company was created on 9 July 2024 and is held by Fuze Film S.C.S.

11
Related party transactions

The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with 100% related parties within the group of which the company is a member of.

12
Ultimate controlling party

During the period the company was under the control of Mr S F Raybaud.

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