ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

As restated

Registered number: 15053634

EAGLET PP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

EAGLET PP LIMITED

CONTENTS

	Page
Balance sheet	1 - 2
Notes to the financial statements	3 - 6

EAGLET PP LIMITED

REGISTERED NUMBER: 15053634

BALANCE SHEET

AS AT 31 DECEMBER 2025

		As restated
	2025	2024
Note	£	£


Current assets
Stocks	4	-		1,456,310
Debtors: amounts falling due within one year	5	515,202		987,715
Cash at bank and in hand	6	125,034		208,518
		640,236		2,652,543
Creditors: amounts falling due within one year	7	(709,135)		(2,652,542)
Net current (liabilities)/assets			(68,899)		1
Total assets less current liabilities			(68,899)		1

Net (liabilities)/assets			(68,899)		1

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(68,900)	-
		(68,899)	1

EAGLET PP LIMITED

REGISTERED NUMBER: 15053634

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J J Thorp

Director

Date: 30 April 2026

The notes on pages 3 to 6 form part of these financial statements.

EAGLET PP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Eaglet PP Limited is a private company, limited by shares, registered in England and Wales, registration number 15053634. The registered office address is 14-16 Great Pulteney Street, London, W1F 9ND.

The principal activity of the company continued to be that of television programme production activities.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. The director has confirmed that he will continue to provide financial support to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the director considers it appropriate to prepare the financial statements on a going concern basis.

2.3

Turnover

Turnover from television programme production activities is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is recognised on an episodic delivery basis. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Government grants

Government grants are recognised at the point in which it is reasonably assured that the company has satisfied the conditions attached to the grants and that the grants will be received.

Government grants, including Audio-Visual Expenditure Credits ("AVEC") are recognised as other operating income. The recognition of AVEC grants are aligned over the period in which related costs attached to the grant are incurred.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

EAGLET PP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company is eligible to claim a tax credit on production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profit.

2.8

Stocks

Work in progress represents the cost of television programme production activities. Production costs are amortised to the profit and loss account over the period in which the rights to the television programme is being exploited by the company.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.10

Cash and cash equivalents

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

2.11

Creditors

Short-term creditors are measured at the transaction price.

2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to/from related parties.

Employees

The average monthly number of employees, including directors, during the year was 1 (2024 -1).

4.	Stocks
		2025	2024
		£	£

	Production cost	-	1,456,310

EAGLET PP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	2,500	-
Amounts owed by group undertakings	1,346	55,964
Other debtors	491,356	729,136
Accrued income	20,000	202,615
	515,202	987,715

6.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	125,034	208,518

Bank loans	88,193	-
Trade creditors	335	19,576
Amounts owed to group undertakings	8,512	47,168
Other creditors	1,356	-
Accruals and deferred income	610,739	2,585,798
	709,135	2,652,542

On 7 January 2025, the company entered into a draw down facility with Barclays Bank PLC, bearing interest and repayable upon receipt of tax credits. The loan is secured by a charge over the related tax credit receivable.

EAGLET PP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1.00	1	1

9.	Prior year adjustments

In the prior year, the company presented the Audio-Visual Expenditure Credit (“AVEC”) within cost of sales. Following a review of the applicable presentation and accounting requirements under FRS 102 1a, the company has reclassified £807,972 to disclose the gross expenditure credit within other operating income. A corresponding reclassification of £201,993 has been made within taxation on profit / (loss) to reflect the notional corporation tax liability payable to HMRC. This reclassification affects only the presentation of the prior year profit and loss account and has no impact on the prior year profit or loss, total comprehensive income, or retained earnings.

In addition, during the current year the company has reviewed its revenue recognition policy and concluded that revenue balances totalling £346,145 recognised in the prior year should have been recognised as deferred income. The comparative figures have therefore been restated to reflect this adjustment, with a corresponding reduction to prior year retained earnings. The corporation tax position of the company is not affect by this adjustment.

10.	Financial commitments, guarantees and contingent liabilities

The company has granted a charge over its future entitlement to the Audio-Visual Expenditure Credit ("AVEC") in favour of Barclays Bank plc as security for production financing entered into during the year.

At the balance sheet date, the AVEC remained receivable and subject to the charge.

11.	Related party transactions
	No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary.

12.	Controlling party

At 31 December 2025, the Company's immediate and ultimate parent company is Eaglet Films Ltd, which is incorporated in the UK.

The parent company does not prepare consolidated financial statements.