Company registration number 12038462 (England and Wales)
THE FARM UK HOLDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE FARM UK HOLDCO LIMITED
COMPANY INFORMATION
Directors
Mr W Romeo
(Resigned 24 October 2024 and reappointed 12 May 2025)
Mr C Phillips
(Appointed 12 February 2026)
Mr N Platt
(Appointed 12 February 2026)
Company number
12038462
Registered office
William Blake House
8 Marshall Street
London
W1F 6EJ
Auditors
Blinkhorns
27 Mortimer Street
London
W1T 3BL
United Kingdom
THE FARM UK HOLDCO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group income statement
10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
THE FARM UK HOLDCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

The Group delivered a mixed result in 2024.

In trading, revenue decreased to £54.8m (202 3: £70.3m), gross profit also decreased to £24.2m (202 3: £34.7m). The 2024 strategy was focused on cost mitigation in response to the new marketplace: scaling back on staff costs and reducing real estate. In addition, the organization worked to tighten controls over operating costs and reduce overspend to navigate this period.

The expectation is that the latter part of the year and beginning of 2026 operations will become increasing profitable.

The group’s (loss)/​profit before tax was £(15.9)m (202 3: £(13.9)m).

Principal risks and uncertainties

The group is exposed to a number of risks and uncertainties. Financial risk management policies are employed to address these, primarily relating to foreign exchange, interest rate, liquidity, and credit risks. The Directors understand the importance of these risks and use internal monitoring tools and external resources to manage these, for example the routine review of cash flow forecasts, overall margin analysis by customer and genre, new supplier performance checks and new client credit checks.

Key performance indicators

The directors employ key performance indicators to assess the company’s performance. The KPIs for the 2024 financial year include:

- Revenue - £54.8m (2023: £70.3m)

- Gross profit - £24.2m (2023: £34.7m)

- (Loss)/Profit before tax - £(15.9)m (2023: £(13.9)m)

- Shareholder’s funds - £(40.9)m (2023: £(24.4)m)

THE FARM UK HOLDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
UK Corporate Governance Code and s172 reporting

The Directors of the Group, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

A director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

Employees

Diversity and Inclusion

The Group has a diverse employee base which is mirrored in the content we produce. We strongly believe that diversity inspires creativity and innovation in the work we do and helps us attract and retain the best talent; to create images and stories that serve everyone, we believe in including everyone. As an example, we sponsor two apprenticeship places annually to encourage women into technical roles in television though a partnership with WFTV, (https://www.wftv.org.uk/).

Learning and Development

We are committed to supporting employees to develop themselves, providing access to a wide range of on-the-job learning and in-house training programme opportunities, as well as putting people through relevant external technical training and professional qualifications, dependent on the role. By providing these opportunities to gain new skills over time, we invest in the development of our staff, the business subsequently benefits from improved performance of staff in the long term as well as aiding motivation and retention.

Community

We take our social responsibility seriously. We work with platforms whose wide-ranging audiences include those from under-represented communities. We are signed up to the Kickstart scheme, (https://www.gov.uk/government/collections/kickstart-scheme), a scheme designed to employ young people at risk of long-term unemployment.

Environment

The Group is an affiliate of the BAFTA Albert sustainability program. We work with Albert, which measures our energy and advises where there is opportunity to lower our carbon footprint. We have made several commitments that extend to our suppliers in order to achieve becoming carbon neutral by 2030.

Business relationships

The Group is long established in the post production business and is well respected within the broader television and entertainment sector. We strive to maintain the highest standards in our relationships with all our external stakeholders and we believe we are known for doing so.

On behalf of the board

Mr C Phillips
Director
24 March 2026
THE FARM UK HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group was that of motion picture, video and television programme post-production.

Results and dividends

The results for the year are set out on page 10.

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

Directors

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

Ms C J Sheppard
(Resigned 24 October 2024)
Mr W P Romeo
(Resigned 24 October 2024 and reappointed 12 May 2025)
Mr N Fenwick
(Resigned 24 October 2024)
Mr G Lyon
(Appointed 23 October 2024 and resigned 31 December 2025)
Mr L Hirsh
(Appointed 23 October 2024 and resigned 12 May 2025)
Mr E F Glover
(Appointed 4 February 2025 and resigned 12 May 2025)
Mr D Stinnett
(Resigned 27 January 2025)
Mr C Phillips
(Appointed 12 February 2026)
Mr N Platt
(Appointed 12 February 2026)
Supplier payment policy

The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The group's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the group's contractual and other legal obligations.

Trade creditors of the group at the year end were equivalent to 30 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

Consultations are held with staff members when required

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

The auditor, Blinkhorns, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

THE FARM UK HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Energy and carbon report

The SECR disclosure presents the group's carbon footprint within the United Kingdom across Scope 1, 2 and to some extent scope 3 emissions, an appropriate intensity metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year.

The subsidiaries that have not consumed more than 40,000 kWh of energy in this reporting period qualify as low energy users under these regulations and are not required to report on their emissions, energy consumption or energy efficiency activities. Therefore there results have been excluded from the reported figures.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,233,891
4,115,499
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
456.17
840.92
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
1.75
2.80
Total gross emissions
457.92
843.72
Intensity ratio
Tonnes CO2e per full-time employee
0.79
1.37
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, which will best reflect changes in operation and energy consumption over time.

THE FARM UK HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Measures taken to improve energy efficiency

We have increased video conferencing technology for staff meetings to reduce the need for travel between sites.

We have increased the efficiency of our office lighting by utilising natural light where we have ceiling to floor glass windows. We also have motion sensors which automatically ensure lights are switched off in rooms that are not being used. We have dimmable lights which ensure lights are not at their brightest when not required. This helps reduce electricity cost.

We have temperature controls that ensure heating and air conditioning is timed correctly and according to outdoor air temperatures. This can minimise over heating or cooling. We also ensure that the temperature is minimal during the night to avoid wasting energy.

We are printing less by avoiding printing long contracts and having them signed digitally and when the need to print arises, it is done double sided etc.

We have recycling bins in every kitchen and we use Good Energy supplier for our electricity who support generating renewable electricity.

Statement of disclosure to auditor

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

On behalf of the board
Mr C Phillips
Director
24 March 2026
THE FARM UK HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE FARM UK HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE FARM UK HOLDCO LIMITED
- 7 -
Opinion

We have audited the financial statements of The Farm UK Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 1.3 in the financial statements, which indicates that the group incurred a net loss of £16,510,127 during the year ended 31 December 2024 and, as of that date, the group's liabilities exceeded its total assets by £40,907,959. As stated in Noted 1.3, these events or conditions, along with other matters as set forth in Note 1.3, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

THE FARM UK HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE FARM UK HOLDCO LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The key laws and regulations we have considered in this context included the Companies Act 2006, pensions and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Using our sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management’s own assessment of the risks that irregularities may occur either as a result of fraud or error.

- We examined the company’s regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations.

- We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks.

- The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.

- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

THE FARM UK HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE FARM UK HOLDCO LIMITED
- 9 -

- We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures.

- We reviewed minutes of meetings of those charged with Governance.

- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:

- Designing audit procedures to address, for example:

- The possibility of fraudulent or corrupt payments made through third parties.

- The risk of bribery and corruption.

- The opportunity to segregate duties within the entity.

- There is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company’s revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

We considered the extent to which the audit was considered capable of detecting irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Alexander ACA (Senior Statutory Auditor)
For and on behalf of Blinkhorns
24 March 2026
27 Mortimer Street
London
W1T 3BL
THE FARM UK HOLDCO LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Revenue
4
54,838,960
70,319,011
Cost of sales
(30,680,701)
(35,640,148)
Gross profit
24,158,259
34,678,863
Administrative expenses
(40,116,379)
(48,757,275)
Other operating (expenses)/income
(47)
3,267
Operating loss
5
(15,958,167)
(14,075,145)
Investment income
9
382,979
354,385
Finance costs
8
(330,419)
(217,782)
Loss before taxation
(15,905,607)
(13,938,542)
Tax on loss
10
(604,520)
(1,586,084)
Loss for the financial year
(16,510,127)
(15,524,626)
Loss for the financial year is all attributable to the owner of the parent company.
THE FARM UK HOLDCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Loss for the year
(16,510,127)
(15,524,626)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(16,510,127)
(15,524,626)
Total comprehensive income for the year is all attributable to the owner of the parent company.
THE FARM UK HOLDCO LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
11
20,727,637
26,944,910
Total intangible assets
20,727,637
26,944,910
Property, plant and equipment
12
10,762,172
13,829,498
Investments
13
91,492
91,492
31,581,301
40,865,900
Current assets
Inventories
15
463,809
252,485
Trade and other receivables
16
17,844,529
21,159,864
Cash and cash equivalents
4,425,999
2,331,585
22,734,337
23,743,934
Current liabilities
17
(94,424,710)
(88,405,725)
Net current liabilities
(71,690,373)
(64,661,791)
Total assets less current liabilities
(40,109,072)
(23,795,891)
Non-current liabilities
18
(280,442)
(601,941)
Provisions for liabilities
Deferred tax liability
23
518,445
-
0
(518,445)
-
Net liabilities
(40,907,959)
(24,397,832)
Equity
Called up share capital
24
17,544,182
17,544,182
Retained earnings
(58,452,141)
(41,942,014)
Total equity
(40,907,959)
(24,397,832)
The financial statements were approved by the board of directors and authorised for issue on 24 March 2026 and are signed on its behalf by:
24 March 2026
Mr C Phillips
Director
Company registration number 12038462 (England and Wales)
THE FARM UK HOLDCO LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
13
55,863,847
55,863,847
Current assets
Trade and other receivables
16
12,728,101
12,697,476
Current liabilities
17
(50,135,221)
(50,135,221)
Net current liabilities
(37,407,120)
(37,437,745)
Net assets
18,456,727
18,426,102
Equity
Called up share capital
24
17,544,182
17,544,182
Retained earnings
912,545
881,920
Total equity
18,456,727
18,426,102

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £30,625 (202 3 - £3,9 6 2,425).

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

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.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 24 March 2026 and are signed on its behalf by:
24 March 2026
Mr C Phillips
Director
Company registration number 12038462 (England and Wales)
THE FARM UK HOLDCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
17,544,182
(26,417,388)
(8,873,206)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(15,524,626)
(15,524,626)
Balance at 31 December 2023
17,544,182
(41,942,014)
(24,397,832)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(16,510,127)
(16,510,127)
Balance at 31 December 2024
17,544,182
(58,452,141)
(40,907,959)
THE FARM UK HOLDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
17,544,182
(3,080,505)
14,463,677
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
3,962,425
3,962,425
Balance at 31 December 2023
17,544,182
881,920
18,426,102
Year ended 31 December 2024:
Profit and total comprehensive income
-
30,625
30,625
Balance at 31 December 2024
17,544,182
912,545
18,456,727
THE FARM UK HOLDCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
7,390,314
3,951,769
Interest paid
(330,419)
(217,781)
Income taxes paid
(2,012,478)
(1,625,063)
Net cash inflow from operating activities
5,047,417
2,108,925
Investing activities
Proceeds on disposal of tangibles
-
217
Purchase of property, plant and equipment
(1,988,999)
(5,066,631)
Proceeds on disposal of property, plant and equipment
59,525
192,385
Repayment of loans
16,476
(62,235)
Other investments and loans made
-
(50,000)
Interest received
382,979
354,385
Net cash used in investing activities
(1,530,019)
(4,631,879)
Financing activities
Payment of finance leases obligations
(894,267)
(260,060)
Net cash used in financing activities
(894,267)
(260,060)
Net increase/(decrease) in cash and cash equivalents
2,623,131
(2,783,014)
Cash and cash equivalents at beginning of year
1,800,682
4,583,696
Cash and cash equivalents at end of year
4,423,813
1,800,682
Relating to:
Cash at bank and in hand
4,425,999
2,331,585
Bank overdrafts included in creditors payable within one year
(2,186)
(530,903)
THE FARM UK HOLDCO LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
-
0
(3,980,425)
Investing activities
Dividends received
-
0
3,980,425
Net cash generated from investing activities
-
3,980,425
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

The Farm UK Holdco Limited (“the company”) is a private limited company limited by shares and domiciled and incorporated in England and Wales on the 7 June 2019. The registered office is William Blake House, 8, Marshall Street, London, England, W1F 7EJ.

The group consists of The Farm UK Holdco Limited and all of its subsidiaries.

The Farm UK Holdco Limited is a 100% owned subsidiary of The Farm Limited (Cayman). The ultimate parent company is Streamland Media LLC, a company incorporated in Delaware, United States of America. The principal place of business of Streamland Media LLC is 1132 Vine Street, Hollywood, CA 90038.

Th e principal activities of the group are motion picture, video and television programme post-production.

1.1
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.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Under section 479 of the Companies Act 2006 by obtaining parent guarantees from The Farm UK Holdco Limited, subsidiaries Formosa Group Trident Limited and Formosa Interactive UK Limited will be audit exempt.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company, The Farm UK Holdco Limited, together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

Streamland Media UK Limited has been included in the group financial statements using the acquisition method of accounting. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Streamland Media UK Limited for th e p eriod from its acquisition on 19 June 2019. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Ghost Holding ApS has been included in the group financial statements using the acquisition method of accounting. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Ghost Holding ApS for th e p eriod from its acquisition on 1 January 2020. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Ghost Holding AS has been included in the group financial statements using the acquisition method of accounting. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Ghost Holding AS for th e p eriod from its acquisition on 1 January 2020. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Formosa Group Trident Limited has been included in the group financial statements using the acquisition method of accounting. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Formosa Group Trident Limited for th e p eriod from its acquisition on 29 July 2022. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Formosa Interactive UK Limited has been included in the group financial statements using the acquisition method of accounting. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Formosa Interactive UK Limited for th e p eriod from its acquisition on 7 March 2022. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Streamland Media India Limited has been included in the group financial statements. Accordingly, the group income statement and statement of cash flows include the results and cash flows of Streamland Media India Limited for th e p eriod from its incorporation on 1 July 2022.

1.3
Going concern

The financial statements have been prepared on a going concern basis after due consideration of the principal risks and uncertainties disclosed in the directors' report and strategic report.

The group incurred a net loss of £16,510,127 during the year ended 31 December 2024 and, as of that date, the group's liabilities exceeded its total assets by £40,907,959.

The company's board has given regard to the forecasts produced by management.

These forecasts have been sensitised to reflect plausible downside scenarios.

The forecasts demonstrate that the company is projected to continue to generate losses and although the company has sufficient liquidity to enable it to meet its obligations, presently there is an uncertainty as to whether this will continue.

The company is undergoing significant restructuring and are of the opinion that if this is successful the company will maintain its going concern status.

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from a contract to provide services is recognised by reference to the stage of completion of the

contract.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
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:

Leasehold land and buildings
Over the period of the lease
Leasehold improvements
3 years
Plant and equipment
Between 2 and 5 years
Fixtures and fittings
4 years
Computers
4 years

Assets in the course of construction are not depreciated.

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 recognised in the income statement.

1.8
Non-current investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.9
Impairment of non-current assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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.

1.12
Financial instruments
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 m ethod 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.

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

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

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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

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

1.15
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.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 d asset are consumed.

1.17
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.

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

There were no sources of estimation uncertainty or critical judgements that the directors have made in the process of applying the accounting policies and that the most significant effect on the amounts recognised in the financial statements.

3
Exceptional item
2024
2023
£
£
Expenditure
Exceptional items
-
5,531,415

Exceptional costs in 2023 related to redundancy costs and associated payroll fees as a result of the restructuring that took place during the year.

4
Revenue
2024
2023
£
£
Revenue analysed by class of business
Post production services
54,838,960
70,319,011
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
38,387,272
49,279,495
Rest of the world
16,451,688
21,039,516
54,838,960
70,319,011
2024
2023
£
£
Other revenue
Interest income
382,979
354,385
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(160,012)
275,947
Research and development costs
297
-
Depreciation of owned property, plant and equipment
4,996,799
4,878,397
Amortisation of intangible assets
4,217,457
4,269,749
Profit on disposal of intangible assets
-
(217)
Operating lease charges
3,965,193
5,184,018
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,500
17,500
Audit of the financial statements of the company's subsidiaries
139,211
156,635
156,711
174,135
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
80
369
-
4
454
555
-
-
Total
534
924
0
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
36,454,172
43,424,337
-
0
-
0
Social security costs
1,529,695
1,613,490
-
-
Pension costs
313,273
324,251
-
0
-
0
38,297,140
45,362,078
-
0
-
0
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
8
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
329,980
208,237
Interest payable to group undertakings
439
-
0
Other interest on financial liabilities
-
8,681
330,419
216,918
Other finance costs:
Other interest
-
864
Total finance costs
330,419
217,782
9
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
6,860
153,050
Interest receivable from group companies
376,119
201,335
Total income
382,979
354,385
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
382,979
354,385
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
121,138
105,665
Adjustments in respect of prior periods
-
0
(3,041)
Total UK current tax
121,138
105,665
Foreign current tax on profits for the current period
-
0
1,493,647
Total current tax
121,138
1,599,312
Deferred tax
Origination and reversal of timing differences
483,382
(35,037)
Total tax charge
604,520
1,564,275
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 27 -

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

2024
2023
£
£
Loss before taxation
(15,905,607)
(13,938,542)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(4,408,420)
(3,484,583)
Tax effect of expenses that are not deductible in determining taxable profit
-
(45,389)
Unutilised tax losses carried forward
4,529,558
5,116,056
Deferred tax adjustments in respect of prior years
483,382
-
0
Taxation charge
604,520
1,586,084

11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
44,174,370
Revaluation
(1,999,816)
At 31 December 2024
42,174,554
Amortisation and impairment
At 1 January 2024
17,229,460
Amortisation charged for the year
4,217,457
At 31 December 2024
21,446,917
Carrying amount
At 31 December 2024
20,727,637
At 31 December 2023
26,944,910
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
12
Property, plant and equipment
Group
Leasehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
20,638,263
-
0
46,398
32,078,293
4,452,088
1,092,558
58,307,600
Additions
1,121,628
168,379
-
0
486,939
44,346
167,707
1,988,999
Disposals
(61,346)
-
0
-
0
-
0
(175)
-
0
(61,521)
At 31 December 2024
21,698,545
168,379
46,398
32,565,232
4,496,259
1,260,265
60,235,078
Depreciation and impairment
At 1 January 2024
14,360,149
-
0
-
0
26,239,508
3,443,575
434,871
44,478,103
Depreciation charged in the year
1,304,180
94,072
-
0
2,967,767
391,821
238,959
4,996,799
Eliminated in respect of disposals
(552)
-
0
-
0
(12)
(1,432)
-
0
(1,996)
At 31 December 2024
15,663,777
94,072
-
0
29,207,263
3,833,964
673,830
49,472,906
Carrying amount
At 31 December 2024
6,034,768
74,307
46,398
3,357,969
662,295
586,435
10,762,172
At 31 December 2023
5,562,416
715,698
46,398
5,838,786
1,008,513
657,687
13,829,498
The company had no property, plant and equipment at 31 December 2024 or 31 December 2023.
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
91,492
91,492
55,863,847
55,863,847
Movements in non-current investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
91,492
Carrying amount
At 31 December 2024
91,492
At 31 December 2023
91,492
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
55,863,847
Carrying amount
At 31 December 2024
55,863,847
At 31 December 2023
55,863,847
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Streamland Media UK Limited
England & Wales
Post Production
Ordinary
100.00
-
The Farm LA Inc
USA
Post Production
Ordinary
0
100.00
Uncle Post Production Limited
England & Wales
Dormant
Ordinary
0
100.00
Ghost Holding ApS
England & Wales
Post Production
Ordinary
100.00
-
Formosa Group Trident Limited
England & Wales
Post Production
Ordinary
0
100.00
Formosa Interactive UK Limited
England & Wales
Post Production
Ordinary
0
100.00
Streamland Media India Limited
India
Post Production
Ordinary
0
100.00
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
15
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
37,613
24,704
-
-
Work in progress
426,196
227,781
-
-
463,809
252,485
-
-
16
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
5,434,071
8,423,105
-
0
-
0
Corporation tax recoverable
521,554
-
0
-
0
-
0
Amounts owed by group undertakings
6,110,047
6,808,320
12,677,976
12,697,476
Amounts owed by undertakings in which the company has a participating interest
244,216
113,447
-
-
Other receivables
3,295,389
3,646,071
50,125
-
0
Prepayments and accrued income
2,189,609
2,168,921
-
0
-
0
17,794,886
21,159,864
12,728,101
12,697,476
Amounts falling due after more than one year:
Deferred tax asset (note 23)
49,643
-
0
-
0
-
0
Total debtors
17,844,529
21,159,864
12,728,101
12,697,476
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
17
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
2,185
530,903
-
0
-
0
Obligations under finance leases
20
356,317
929,085
-
0
-
0
Trade payables
1,543,795
2,195,658
-
0
-
0
Amounts owed to group undertakings
50,346,857
50,111,541
50,135,221
50,135,221
Amounts owed to undertakings in which the group has a participating interest
19,924,228
7,271,827
-
0
-
0
Corporation tax payable
-
0
1,347,283
-
0
-
0
Other taxation and social security
3,461,780
2,355,957
-
-
Deferred income
21
729,784
1,322,292
-
0
-
0
Other payables
11,924,832
11,859,408
-
0
-
0
Accruals and deferred income
6,134,932
10,481,771
-
0
-
0
94,424,710
88,405,725
50,135,221
50,135,221
18
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
280,442
601,941
-
0
-
0
19
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
2,185
530,903
-
0
-
0
Payable within one year
2,185
530,903
-
0
-
0
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
356,317
929,085
-
0
-
0
In two to five years
280,442
601,941
-
0
-
0
636,759
1,531,026
-
-
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Finance lease obligations
(Continued)
- 32 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
729,784
1,322,292
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
313,273
324,251

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
237,557
260,261
-
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
-
-
-
-
The company has no deferred tax assets or liabilities.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
17,544,182
17,544,182
17,544,182
17,544,182
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
4,975,426
4,757,896
-
-
Between two and five years
10,347,294
13,584,705
-
-
In over five years
3,011,347
3,297,311
-
-
18,334,067
21,639,912
-
-
26
Events after the reporting date

On 1 February 2025, Streamland Media UK Limited completed the sale of its Scripted & Unscripted business operations.

On 30 September 2025, Streamland Media UK Limited agreed to sell its business operations in Manchester.

On 27 February 2026, Streamland Media UK Limited agreed to sell its business operations in Bristol.

The financial effect of these disposals cannot yet be reliably estimated.

27
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
13,976,597
421,823
Parent
50,135,221
50,135,221
Other related parties
4,530,217
4,228,539
Company
Parent
50,135,221
50,135,221

On the 19 June 2019 The Farm UK Holdco Limited entered into a loan arrangement with The Farm Ltd. (Cayman), parent company of the The Farm UK Holdco Limited.

The loan balance due to The Farm Ltd. (Cayman) at 31 December 2024 is £50,135,221.

THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
(Continued)
- 34 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
1,544,265
1,194,528
Company
Subsidiaries
12,728,101
12,697,476
Other information

The nature of the transactions between the related parties are the lending and repayment of loans and inter-company sales and purchases.

28
Controlling party

At the balance sheet date the parent company was The Farm Ltd. (Cayman). The ultimate controlling party was Streamland Media LLC, a company incorporated in Delaware, United States of America.

The principal place of business of Streamland Media LLC is 1132 Vine Street, Hollywood, CA 90038. The results of the group are available at this address.

29
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(16,510,127)
(15,524,626)
Adjustments for:
Taxation charged
612,443
1,586,084
Finance costs
330,419
217,782
Investment income
(382,979)
(354,385)
Gain on disposal of intangible assets
-
(217)
Amortisation and impairment of intangible assets
4,217,457
4,269,749
Depreciation and impairment of property, plant and equipment
4,996,799
4,878,397
Amounts written off to goodwill
1,999,816
Movements in working capital:
(Increase)/decrease in inventories
(211,324)
251,689
Decrease/(increase) in trade and other receivables
2,587,207
(4,532,842)
Increase in trade and other payables
10,343,111
12,009,419
(Decrease)/increase in deferred income
(592,508)
1,150,719
Cash generated from operations
7,390,314
3,951,769
THE FARM UK HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
30
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
30,625
3,962,425
Adjustments for:
Investment income
-
0
(3,980,425)
Movements in working capital:
Increase in trade and other receivables
(30,625)
(3,962,425)
Cash absorbed by operations
-
(3,980,425)
31
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,331,585
2,094,414
4,425,999
Bank overdrafts
(530,903)
528,718
(2,185)
1,800,682
2,623,132
4,423,814
Obligations under finance leases
(1,531,026)
894,267
(636,759)
269,656
3,517,399
3,787,055
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