Company Registration No. 14316420 (England and Wales)
Bad Wolf (TWB) Ltd
Financial statements
for the year ended 30 November 2025
Pages for filing with the registrar
Bad Wolf (TWB) Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Bad Wolf (TWB) Ltd
Statement of financial position
As at 30 November 2025
30 November 2025
1
2025
2024
Notes
£
£
£
£
Current assets
Debtors
5
4,075,882
8,926,879
Cash at bank and in hand
1,125,952
229,306
5,201,834
9,156,185
Creditors: amounts falling due within one year
6
(5,201,833)
(9,156,184)
Net current assets
1
1
Capital and reserves
Called up share capital
7
1
1

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

These financial statements have been prepared and delivered 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:
Mary Furlong
Director
Company Registration No. 14316420
Bad Wolf (TWB) Ltd
Notes to the financial statements
For the year ended 30 November 2025
2
1
Accounting policies
Company information

Bad Wolf (TWB) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wolf Studios Wales, Glass Avenue, Cardiff, CF24 5EN.

1.1
Reporting period

The reporting year commenced on 1 December 2024 and ends on 30 November 2025. The prior reporting period commenced on 1 April 2024 and its period end is 30 November 2024. The prior period therefore covers less than 1 year, and was shortened to align with the schedule of television programme production. The periods are not directly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Sony Group Corporation. These consolidated financial statements are available from its registered office, see note 10.

Bad Wolf (TWB) Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2025
1
Accounting policies (continued)
3
1.3
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done is respect of long-term contracts and contracts for ongoing services is determine by reference to the stage of completion.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are represented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Bad Wolf (TWB) Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2025
1
Accounting policies (continued)
4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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

1.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Bad Wolf (TWB) Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2025
5
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Audio Visual Expenditure Credit (AVEC)

The key accounting estimate within t he financial statements for this company is the valuation of the AVEC available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the expenditure credit.

In the directors' opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Employees

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

2025
2024
Number
Number
Total
23
70
4
Taxation
Year ended 30 November 2025
Period ended 30 November 2024
£
£
Current tax
UK corporation tax on profits for the current period
258,978
-
0
Adjustments in respect of prior periods
42,463
-
0
Total current tax
301,441
-
0
Bad Wolf (TWB) Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2025
4
Taxation (continued)
6

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

Year ended 30 November 2025
Period ended 30 November 2024
£
£
Profit before taxation
301,441
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
75,360
-
0
Adjustments in respect of prior years
42,462
-
0
Difference to profit arising per the accounts due to audio-visual expenditure credit claim
182,671
464,388
Expenses not deductible for tax purposes
948
-
0
Losses offset by group relief
-
0
(464,388)
Taxation charge for the year
301,441
-
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
50,000
457,556
Other debtors
4,025,882
8,469,323
4,075,882
8,926,879

Other debtors includes government grants receivable of £3,579,537 (2024: £5,063,097).

6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
992,412
-
0
Amounts owed to group undertakings
-
0
421,925
Other creditors
4,209,421
8,734,259
5,201,833
9,156,184
Bad Wolf (TWB) Ltd
Notes to the financial statements (continued)
For the year ended 30 November 2025
7
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
8
Audit report information

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

The auditor's report was unqualified.

Senior Statutory Auditor:
Isla MacGillivray
Statutory Auditors:
Saffery LLP
Date of audit report:
1 April 2026
9
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

10
Parent company

The company's immediate parent company is Bad Wolf Ltd. The parent company is registered in England and Wales. The company's ultimate parent company is Sony Group Corporation, a company registered in Japan.

The directors consider there to be no one ultimate controlling party.

The largest group in which the results of the company are consolidated is that headed by Sony Group Corporation. The financial statements for Sony Group Corporation are publicly available and can be obtained from Baker & McKenzie, 100 New Bridge Street, London, EC4V 6JA.

2025-11-30 2024-12-01 false false false 01 April 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mary Furlong N Hale Pauline Tranter 14316420 2024-12-01 2025-11-30 14316420 2025-11-30 14316420 2024-11-30 14316420 core:CurrentFinancialInstruments core:WithinOneYear 2025-11-30 14316420 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 14316420 core:CurrentFinancialInstruments 2025-11-30 14316420 core:CurrentFinancialInstruments 2024-11-30 14316420 core:ShareCapital 2025-11-30 14316420 core:ShareCapital 2024-11-30 14316420 core:ShareCapitalOrdinaryShareClass1 2025-11-30 14316420 core:ShareCapitalOrdinaryShareClass1 2024-11-30 14316420 bus:Director1 2024-12-01 2025-11-30 14316420 2024-04-01 2024-11-30 14316420 core:UKTax 2024-12-01 2025-11-30 14316420 core:UKTax 2024-04-01 2024-11-30 14316420 1 2024-12-01 2025-11-30 14316420 2 2024-12-01 2025-11-30 14316420 1 2024-04-01 2024-11-30 14316420 3 2024-12-01 2025-11-30 14316420 bus:OrdinaryShareClass1 2024-12-01 2025-11-30 14316420 bus:OrdinaryShareClass1 2025-11-30 14316420 bus:OrdinaryShareClass1 2024-11-30 14316420 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 14316420 bus:SmallCompaniesRegimeForAccounts 2024-12-01 2025-11-30 14316420 bus:FRS102 2024-12-01 2025-11-30 14316420 bus:Audited 2024-12-01 2025-11-30 14316420 bus:Director2 2024-12-01 2025-11-30 14316420 bus:Director3 2024-12-01 2025-11-30 14316420 bus:FullAccounts 2024-12-01 2025-11-30 xbrli:pure xbrli:shares iso4217:GBP