Iris Distribution Limited
Financial Statements
For the year ended 31 December 2025
Pages for Filing with Registrar
Company Registration No. 14975409 (England and Wales)
Iris Distribution Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Iris Distribution Limited
Balance Sheet
As at 31 December 2025
Page 1
2025
2024
unaudited
Notes
£
£
£
£
Current assets
Debtors
4
2,321,728
1,224,308
Cash at bank and in hand
3,427,902
1,597,777
5,749,630
2,822,085
Creditors: amounts falling due within one year
5
(3,967,979)
(1,994,830)
Net current assets
1,781,651
827,255
Provisions for liabilities
-
(1,819,310)
Net assets/(liabilities)
1,781,651
(992,055)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
1,780,651
(993,055)
Total equity
1,781,651
(992,055)

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

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

The financial statements were approved by the board of directors and authorised for issue on 5 May 2026 and are signed on its behalf by:
I G Wallace
Director
Company Registration No. 14975409
Iris Distribution Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 2
1
Accounting policies
Company information

Iris Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 86 Jermyn Street, London, United Kingdom, SW1Y 6AW.

1.1
Reporting period

The comparative period was the first accounting period for the entity and was presented from incorporation on 03 July 2023 to 31 December 2024 and therefore are not fully comparable with the year to 31 December 2025.

1.2
Basis of preparation

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

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

1.3
Going concern

The company’s financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company has reported a profit after tax of £2,773,706 (2024: loss of £993,055) for the year and has net assets of £1,781,651 (2024: net liabilities of £992,055).true

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue comprises the fair value of the consideration received or receivable for goods and services provided in the ordinary course of the company's activities and is shown net of value added tax (VAT), rebates and discounts. Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable.

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

Distribution of live sports media rights

The company's primary income stream is derived from acquiring and distributing live sports media rights or representing rights owners in arranging sublicensing transactions.

Revenue is recognised as the events are delivered over the contract term, on a systematic basis that reflects delivery (for example, by reference to the number of events delivered in the period).

Amounts invoiced or received in advance of delivery are recognised as deferred income and released to revenue in line with delivery of the relevant events/coverage.

Iris Distribution Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 3
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

1.7
Equity instruments

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

1.8
Taxation

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

Iris Distribution Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 4
Current tax

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

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
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.

Iris Distribution Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 5
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

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

Principal versus agent consideration in revenue recognition

The company assesses for each arrangement whether it acts as principal (recognising revenue gross) or as agent (recognising revenue net). Where the company acts as agent, revenue is recognised only to the extent of the fee or commission earned. Amounts collected on behalf of a principal are not included in revenue.

In making this assessment, the company considers whether it has substantive responsibility for fulfilment of the promise to the customer, exposure to inventory/rights risk (including where the company has acquired rights), and discretion in establishing pricing and key terms. Where the company contracts for and takes on the risks of media rights (including inventory/rights and/or credit risk), it generally acts as principal and presents revenue gross.

3
Employees

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

2025
2024
Number
Number
Total
0
0
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
373,299
112,698
Amounts owed by group undertakings
905,191
-
0
Other debtors
430,824
161,419
Prepayments and accrued income
612,414
950,191
2,321,728
1,224,308
Iris Distribution Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 6
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
535,278
1,017,776
Amounts owed to group undertakings
6,500
6,500
Corporation tax
926,506
-
0
Other creditors
2,499,695
970,554
3,967,979
1,994,830
6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Audit report information

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

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

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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.

Senior Statutory Auditor:
Robert Kersse
Statutory Auditor:
Moore Kingston Smith LLP
Date of audit report:
6 May 2026
8
Related party transactions

At year-end, the company was owed £161,186 by Iris International Limited, a related party by virtue of common directorship.

The company has taken the exemption under s.33.1A of FRS 102 to not disclose related party transactions with wholly-owned members of the same group.

Iris Distribution Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 7
9
Ultimate controlling party

The immediate parent company is LIFCO Limited, a company registered in Guernsey.

The ultimate controlling party is Mr I Francini by way of his majority shareholding in LIFCO Limited.

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