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REGISTERED NUMBER: 11557872 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

South Shore Productions Limited

South Shore Productions Limited (Registered number: 11557872)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Consolidated Income Statement | 10 |

Consolidated Other Comprehensive Income | 11 |

Consolidated Balance Sheet | 12 |

Company Balance Sheet | 13 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 20 |

South Shore Productions Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | A Hughes

| M G Leach

| A Mackenzie-Betty

| J C Bellamy

| J E Smith

| D Lamb

| REGISTERED OFFICE: | 210 High Holborn

| London

| WC1V 7HD

| REGISTERED NUMBER: | 11557872 (England and Wales)

| AUDITORS: | RPG Crouch Chapman LLP

| Chartered Accountants

| 40 Gracechurch Street

| London

| EC3V 0BT

South Shore Productions Limited (Registered number: 11557872)

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of South Shore Production Limited ("the Group") continues to be the development and production of television programmes for the UK and broadcasters and other platforms. The group entered this financial year with an increased order book and delivered a number of new and returning television formats during the year. As well as delivering completed series, the priority during the year was also to focus on the development work and the production of tasters and pilots which would generate significant future business.

The Group has also sought to broaden its customer base by generating revenues directly from Advertisers to fund television production compared to the traditional funding from broadcasters.

By the end of the year, South Shore Productions Limited had several significant new television production commissions on its order book, for a range of UK and international broadcasters and streaming services and entered the following financial year with a strong slate of future business. The Directors continue to see future prospects for South Shore Productions as very positive.

The results for the Group show an Operating Profit of £13,292 (2023: £795,453 Loss) on Revenue of £16,126,858 (2023: £16,077,151).

South Shore Productions Limited (Registered number: 11557872)

Group Strategic Report

for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The Group has reviewed the potential risks to the group. A summary of the main risks in the business and how they are mitigated is as follows:

Market risk

The Group benefitted from a strong order book at the beginning of 2024 of new and returning titles. As well as producing television series funded directly by Broadcasters, the Group generated revenue from Advertisers to fund a number of productions and is now recognised as a leader in the production of primetime Advertiser Funded Content. The Group generates its revenue from a number of titles across a number of broadcasters and, as a result, is not over reliant on any one title or over exposed to any one customer. More details can be found on the Group's website www.southshore.uk. The Directors continue to ensure that each production is approached with suitable precautions to protect the Group and believe the Group is very well-resourced in terms of both funding facilities and business experience to comfortably navigate any ongoing issues.

Operational/Compliance risk

There is always an operational and compliance risk whereby a failure to follow the correct procedure could result in a breach of the Group's regulatory requirements. The Group has a strong management team briefed to monitor and review all its key procedures to ensure that the risk of any such breach is reduced as far as possible.

Liquidity risk

The Group has a sophisticated forecasting model to monitor forecast liquidity and ensure that it has adequate headroom to satisfy its obligations.

ON BEHALF OF THE BOARD:

A Hughes - Director

17 March 2026

South Shore Productions Limited (Registered number: 11557872)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of television programme and video production.

FUTURE DEVELOPMENTS

The directors do not consider there to be any future developments which require specific disclosure aside from items disclosed in post balance sheet events.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Hughes

M G Leach

A Mackenzie-Betty

J C Bellamy

J E Smith

D Lamb

RESULTS AND DIVIDENDS

The Directors proposed no dividend for the year (2023: £Nil).

The profit for the period, after taxation, amounted to £352,664 (2023 loss - £1,320,883).

ENGAGEMENT WITH EMPLOYEES

The Group operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employee Regulations 2004. Regular meetings are help between local management and employees to allow a free flow of information and ideas.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

South Shore Productions Limited (Registered number: 11557872)

Report of the Directors

for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, RPG Crouch Chapman LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A Hughes - Director

17 March 2026

Report of the Independent Auditors to the Members of

South Shore Productions Limited

Opinion

We have audited the financial statements of South Shore Productions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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.

Report of the Independent Auditors to the Members of

South Shore Productions Limited

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 director is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

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 director's remuneration specified by law are not made; or

-we have not received all the information and explanations we require for our audit;

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

South Shore Productions Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We have gained an understanding of the legal and regulatory framework applicable to the Company and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These include but were not limited to compliance with the Companies Act 2006 and UK GAAP.

- We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management abut their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

South Shore Productions Limited

Use of our report

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

Steven Johnson BENG (FCCA) (Senior Statutory Auditor)

for and on behalf of RPG Crouch Chapman LLP

Chartered Accountants

40 Gracechurch Street

London

EC3V 0BT

19 March 2026

South Shore Productions Limited (Registered number: 11557872)

Consolidated Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 4 | 16,126,958 |  | 16,077,151 |  |

Cost of sales | 13,704,157 |  | 14,407,873 |  |

GROSS PROFIT | 2,422,801 |  | 1,669,278 |  |

Administrative expenses | 2,413,881 |  | 2,475,219 |  |

8,920 |  | (805,941 | ) |

Other operating income | 4,372 |  | 10,488 |  |

OPERATING PROFIT/(LOSS) | 6 | 13,292 |  | (795,453 | ) |

Interest receivable and similar income | 7,151 |  | 7,595 |  |

20,443 |  | (787,858 | ) |

Interest payable and similar expenses | 7 | 418,779 |  | 533,025 |  |

LOSS BEFORE TAXATION | (398,336 | ) | (1,320,883 | ) |

Tax on loss | 8 | (750,000 | ) | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 351,664 |  | (1,320,883 | ) |

Profit/(loss) attributable to:

Owners of the parent | 351,664 |  | (1,320,883 | ) |

South Shore Productions Limited (Registered number: 11557872)

Consolidated Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 351,664 |  | (1,320,883 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 351,664 |  | (1,320,883 | ) |

Total comprehensive income attributable to:

Owners of the parent | 351,664 |  | (1,320,883 | ) |

South Shore Productions Limited (Registered number: 11557872)

Consolidated Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 64,554 |  | 75,513 |  |

Investments | 11 | - |  | - |  |

64,554 |  | 75,513 |  |

CURRENT ASSETS

Stocks | 12 | 3,022,975 |  | 3,570,255 |  |

Debtors | 13 | 2,118,293 |  | 7,363,481 |  |

Cash at bank | 419,510 |  | 458,516 |  |

5,560,778 |  | 11,392,252 |  |

CREDITORS

Amounts falling due within one year | 14 | 6,046,475 |  | 11,714,626 |  |

NET CURRENT LIABILITIES | (485,697 | ) | (322,374 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (421,143 | ) | (246,861 | ) |

CREDITORS

Amounts falling due after more than one year | 15 | 3,793,842 |  | 4,319,788 |  |

NET LIABILITIES | (4,214,985 | ) | (4,566,649 | ) |

CAPITAL AND RESERVES

Called up share capital | 19 | 4 |  | 4 |  |

Share premium | 20 | 1,249,999 |  | 1,249,999 |  |

Retained earnings | 20 | (5,464,988 | ) | (5,816,652 | ) |

SHAREHOLDERS' FUNDS | (4,214,985 | ) | (4,566,649 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2026 and were signed on its behalf by:

A Hughes - Director

South Shore Productions Limited (Registered number: 11557872)

Company Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 64,554 |  | 75,513 |  |

Investments | 11 | 1 |  | - |  |

64,555 |  | 75,513 |  |

CURRENT ASSETS

Stocks | 12 | 2,964,654 |  | 3,570,255 |  |

Debtors | 13 | 2,144,752 |  | 7,363,481 |  |

Cash at bank | 282,706 |  | 458,516 |  |

5,392,112 |  | 11,392,252 |  |

CREDITORS

Amounts falling due within one year | 14 | 5,877,810 |  | 11,714,626 |  |

NET CURRENT LIABILITIES | (485,698 | ) | (322,374 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (421,143 | ) | (246,861 | ) |

CREDITORS

Amounts falling due after more than one year | 15 | 3,793,842 |  | 4,319,788 |  |

NET LIABILITIES | (4,214,985 | ) | (4,566,649 | ) |

South Shore Productions Limited (Registered number: 11557872)

Company Balance Sheet - continued

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 19 | 4 |  | 4 |  |

Share premium | 20 | 1,249,999 |  | 1,249,999 |  |

Retained earnings | 20 | (5,464,988 | ) | (5,816,652 | ) |

SHAREHOLDERS' FUNDS | (4,214,985 | ) | (4,566,649 | ) |

Company's profit/(loss) for the financial year | 351,664 |  | (1,320,883 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2026 and were signed on its behalf by:

A Hughes - Director

South Shore Productions Limited (Registered number: 11557872)

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 4 |  | (4,495,769 | ) | 1,249,999 |  | (3,245,766 | ) |

Changes in equity

Total comprehensive income | - |  | (1,320,883 | ) | - |  | (1,320,883 | ) |

Balance at 31 December 2023 | 4 |  | (5,816,652 | ) | 1,249,999 |  | (4,566,649 | ) |

Changes in equity

Total comprehensive income | - |  | 351,664 |  | - |  | 351,664 |  |

Balance at 31 December 2024 | 4 |  | (5,464,988 | ) | 1,249,999 |  | (4,214,985 | ) |

South Shore Productions Limited (Registered number: 11557872)

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 4 |  | (4,495,769 | ) | 1,249,999 |  | (3,245,766 | ) |

Changes in equity

Total comprehensive income | - |  | (1,320,883 | ) | - |  | (1,320,883 | ) |

Balance at 31 December 2023 | 4 |  | (5,816,652 | ) | 1,249,999 |  | (4,566,649 | ) |

Changes in equity

Total comprehensive income | - |  | 351,664 |  | - |  | 351,664 |  |

Balance at 31 December 2024 | 4 |  | (5,464,988 | ) | 1,249,999 |  | (4,214,985 | ) |

South Shore Productions Limited (Registered number: 11557872)

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,605,289 |  | (6,032,053 | ) |

Interest paid | (418,779 | ) | (427,992 | ) |

Net cash from operating activities | 5,186,510 |  | (6,460,045 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (47,312 | ) | (35,679 | ) |

Interest received | 7,151 |  | 7,595 |  |

Net cash from investing activities | (40,161 | ) | (28,084 | ) |

Cash flows from financing activities

New loans in year | 400,000 |  | 2,273,000 |  |

Loan repayments in year | (5,696,564 | ) | (400,000 | ) |

Interest on loans | 114,053 |  | 105,033 |  |

- |  | 4,770,620 |  |

Net cash from financing activities | (5,182,511 | ) | 6,748,653 |  |

(Decrease)/increase in cash and cash equivalents | (36,162 | ) | 260,524 |  |

Cash and cash equivalents at beginning of year | 2 | 449,220 |  | 188,696 |  |

Cash and cash equivalents at end of year | 2 | 413,058 |  | 449,220 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Loss before taxation | (398,336 | ) | (1,320,883 | ) |

| Depreciation charges | 58,269 |  | 73,887 |  |

| Interest on loans | (114,053 | ) | (105,033 | ) |

| Finance costs | 418,779 |  | 533,025 |  |

| Finance income | (7,151 | ) | (7,595 | ) |

(42,492 | ) | (826,599 | ) |

| Decrease/(increase) in stocks | 547,280 |  | (2,759,566 | ) |

| Decrease/(increase) in trade and other debtors | 5,995,188 |  | (5,863,019 | ) |

| (Decrease)/increase in trade and other creditors | (894,687 | ) | 3,417,131 |  |

| Cash generated from operations | 5,605,289 |  | (6,032,053 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 419,510 |  | 458,516 |  |

| Bank overdrafts | (6,452 | ) | (9,296 | ) |

413,058 |  | 449,220 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 458,516 |  | 192,773 |  |

| Bank overdrafts | (9,296 | ) | (4,077 | ) |

449,220 |  | 188,696 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 458,516 |  | (39,006 | ) | 419,510 |  |

| Bank overdrafts | (9,296 | ) | 2,844 |  | (6,452 | ) |

449,220 |  | (36,162 | ) | 413,058 |  |

| Debt

| Debts falling due within 1 year | (4,770,620 | ) | 4,770,620 |  | - |  |

| Debts falling due after 1 year | (4,319,788 | ) | 525,946 |  | (3,793,842 | ) |

(9,090,408 | ) | 5,296,566 |  | (3,793,842 | ) |

| Total | (8,641,188 | ) | 5,260,404 |  | (3,380,784 | ) |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| South Shore Productions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The financial statements are presented in Pound Sterling and are rounded to the nearest £1.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The consolidated financial statements present the results of the Company and its own subsidiary ("The Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| The Group derives revenue from the transfer of goods and services. Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer.

| Customer contracts can have a wide variety of performance obligations, from production contracts to format licences and distribution activities. For these contracts, each performance obligation is identified and evaluated. The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group's performance may result in additional revenues based on the achievement of agreed targets such as audience targets. Variable consideration is not recognised until the performance obligations are met.

| Revenue is stated exclusive of VAT and equivalent sales taxes.

| Programme production

| Revenue generated from the programmes produced for broadcasters in the UK and internationally and is recognised at the point of delivery of an episode and acceptance by the customer.

| Programme distribution rights

| A licence is granted for the transmission of a programme in a stated territory, media and period and revenue is recognised at the point when the contract is signed, the content is available for download and the licence period has started.

| Format and licences

| A licence is granted for the exploitation of a format in a stated territory, media and period. These are recognised when the licence is granted to the customer (point in time).

| Tangible fixed assets

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

| Plant and machinery | - | 33% on cost

| Fixtures and fittings | - | 33% on cost

| Computer equipment | - | 33% on cost

| Work in progress

| Work in progress is valued at the lower of cost and net realisable value, and generally represents pre-production costs incurred on productions and is considered fully recoverable.

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the Profit and Loss Account.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Going concern

| The financial statements have been prepared on the going concern basis, the directors will continue to provide sufficient working capital to ensure that the company is able to meet its financial obligations when they fall due for a period of at least 12 months from the date of approving these financial statements.

| Valuation of investments

| Investments in subsidiaries are measured at cost less accumulated impairment.

| Debtors and creditors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Cash at bank and in hand

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAI

| Preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

4. | TURNOVER

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

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Production | 14,969,005 |  | 15,280,453 |  |

| Development | 313,293 |  | 390,694 |  |

| Royalty Income | 844,660 |  | 406,004 |  |

16,126,958 |  | 16,077,151 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 997,743 |  | 909,112 |  |

| Social security costs | 209,633 |  | 246,469 |  |

| Other pension costs | 17,325 |  | 17,709 |  |

1,224,701 |  | 1,173,290 |  |

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

| 31.12.24 |  | 31.12.23

| Directors | 3 |  | 3 |  |

| Employees | 56 |  | 71 |  |

59 |  | 74 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 59 (2023 - NIL ) .

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 649,000 |  | 747,500 |  |

| Directors' pension contributions to money purchase schemes | 3,302 |  | 3,963 |  |

| Information regarding the highest paid director is as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Emoluments etc | 240,500 |  | 276,250 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

6. | OPERATING PROFIT/(LOSS)

| The operating profit (2023 - operating loss) is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Other operating leases | 211,811 |  | 237,830 |  |

| Depreciation - owned assets | 58,271 |  | 73,887 |  |

| Auditors' remuneration | 16,000 |  | 16,000 |  |

| Foreign exchange differences | (3,612 | ) | 12,905 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank interest | 418,779 |  | 533,025 |  |

8. | TAXATION

| Analysis of the tax credit

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

|  | 31.12.24 |  | 31.12.23 |  |

|  | £ |  | £ |  |

| Deferred tax |  | 750,000 |  | - |  |

| Tax on loss |  | 750,000 |  | - |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 95,631 |  | 19,796 |  | 162,105 |  | 277,532 |  |

| Additions | 22,614 |  | 767 |  | 23,931 |  | 47,312 |  |

| At 31 December 2024 | 118,245 |  | 20,563 |  | 186,036 |  | 324,844 |  |

| DEPRECIATION

| At 1 January 2024 | 73,752 |  | 13,902 |  | 114,365 |  | 202,019 |  |

| Charge for year | 22,241 |  | 4,187 |  | 31,843 |  | 58,271 |  |

| At 31 December 2024 | 95,993 |  | 18,089 |  | 146,208 |  | 260,290 |  |

| NET BOOK VALUE

| At 31 December 2024 | 22,252 |  | 2,474 |  | 39,828 |  | 64,554 |  |

| At 31 December 2023 | 21,879 |  | 5,894 |  | 47,740 |  | 75,513 |  |

| Company

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 95,631 |  | 19,796 |  | 162,105 |  | 277,532 |  |

| Additions | 22,614 |  | 767 |  | 23,931 |  | 47,312 |  |

| At 31 December 2024 | 118,245 |  | 20,563 |  | 186,036 |  | 324,844 |  |

| DEPRECIATION

| At 1 January 2024 | 73,752 |  | 13,902 |  | 114,365 |  | 202,019 |  |

| Charge for year | 22,241 |  | 4,187 |  | 31,843 |  | 58,271 |  |

| At 31 December 2024 | 95,993 |  | 18,089 |  | 146,208 |  | 260,290 |  |

| NET BOOK VALUE

| At 31 December 2024 | 22,252 |  | 2,474 |  | 39,828 |  | 64,554 |  |

| At 31 December 2023 | 21,879 |  | 5,894 |  | 47,740 |  | 75,513 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakin

£ |

| COST

| Additions | 1 |  |

| At 31 December 2024 | 1 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1 |  |

| SSP 2024 Limited has taken advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 30 April 2025.

12. | STOCKS

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Work-in-progress | 3,022,975 |  | 3,570,255 |  | 2,964,654 |  | 3,570,255 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade debtors | 344,091 |  | 905,685 |  | 371,384 |  | 905,685 |  |

| Other debtors | 22,373 |  | 5,510 |  | 21,539 |  | 5,510 |  |

| Deferred tax asset | 750,000 |  | - |  | 750,000 |  | - |  |

| Prepayments and accrued income | 1,001,829 |  | 6,452,286 |  | 1,001,829 |  | 6,452,286 |  |

2,118,293 |  | 7,363,481 |  | 2,144,752 |  | 7,363,481 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 16) | 6,452 |  | 4,779,916 |  | 6,452 |  | 4,779,916 |  |

| Trade creditors | 1,075,590 |  | 1,038,986 |  | 861,268 |  | 1,038,986 |  |

| Social security and other taxes | 357,636 |  | 202,391 |  | 357,636 |  | 202,391 |  |

| VAT | 260,260 |  | 2,563 |  | 305,918 |  | 2,563 |  |

| Other creditors | 9,843 |  | 6,679 |  | 9,843 |  | 6,679 |  |

| Accruals and deferred income | 4,336,694 |  | 5,684,091 |  | 4,336,693 |  | 5,684,091 |  |

6,046,475 |  | 11,714,626 |  | 5,877,810 |  | 11,714,626 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Other loans (see note 16) | 3,793,842 |  | 4,319,788 |  | 3,793,842 |  | 4,319,788 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Amounts falling due within one year or | on demand: |

| Bank overdrafts | 6,452 |  | 9,296 |  | 6,452 |  | 9,296 |  |

| Bank loans | - |  | 4,770,620 |  | - |  | 4,770,620 |  |

6,452 |  | 4,779,916 |  | 6,452 |  | 4,779,916 |  |

| Amounts falling due between two and | five years: |

| Other loans - 2-5 years | 3,793,842 |  | 4,319,788 |  | 3,793,842 |  | 4,319,788 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

17. | LEASING AGREEMENTS - continued

| Company

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 114,015 |  | 166,599 |  |

| Between one and five years | 369,648 |  | 469,722 |  |

483,663 |  | 636,321 |  |

18. | FINANCIAL INSTRUMENTS

| Financial Assets

| Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

| Financial Liabilities

| Creditors are not interest bearing and are stated at their nominal value.

|  | 31.12.2024 |  | 31.12.2023 |  |

|  | £ |  | £ |  |

| Financial Assets |  | 3,834,876 |  | 7,647,780 |  |

| Financial Liabilities |  | 9,913,268 |  | 11,063,881 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 3,000 | Ordinary | 0.001 | 3 |  | 3 |  |

| 1,000 | A Ordinary | 0.001 | 1 |  | 1 |  |

4 |  | 4 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

20. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | (5,816,652 | ) | 1,249,999 |  | (4,566,653 | ) |

| Profit for the year | 351,664 |  | 351,664 |  |

| At 31 December 2024 | (5,464,988 | ) | 1,249,999 |  | (4,214,989 | ) |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | (5,816,652 | ) | 1,249,999 |  | (4,566,653 | ) |

| Profit for the year | 351,664 |  | 351,664 |  |

| At 31 December 2024 | (5,464,988 | ) | 1,249,999 |  | (4,214,989 | ) |

21. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £83,691 (2023: £88,400). Contributions totalling £9,843 (2023: £6,679) were payable to the fund at the balance sheet date and are included in other creditors.

22. | RELATED PARTY DISCLOSURES

| The related party transactions occured on an arm length basis. During the period, the company

| made sales of £676,176 (2023: £1,672,277) to a shareholder's group companies and purchases of £804,841 (2023: £201,517).

| The aged receivable and aged payable balances are included in trade debtors and trade creditors.

|  | 31.12.2024 |  | 31.12.2023 |  |

|  | £ |  | £ |  |

| Trade Debtors |  | 115,689 |  | 309,071 |  |

| Trade Creditors |  | 182,550 |  | 11,478 |  |

South Shore Productions Limited (Registered number: 11557872)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

23. | ULTIMATE CONTROLLING PARTY

| The company is owned by a few investors with a spread of voting rights and no individual investor owning a controlling stake in the company. Therefore, the directors consider there to be no ultimate controlling party.