BLACKBOX MULTIMEDIA LTD


Directors	AVSHALOM, Guy
	CARDOSO, Chiara Elena
	CARDOSO, Daniele Alessandro
	MAZZIOTTI DI CELSO, Andrea
	PLACANICA, Roberto


Registered Address	32 Galena Road
	2 Floor
	London
	W6 0LT


Registered Number	10578876 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Amortisation
	Amortisation is charged to the profit and loss account on a systematic basis over the estimated useful life of the asset, reflecting the pattern in which the economic benefits of the asset are consumed. Where such a pattern cannot be reliably determined, a straight-line basis is applied.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Fixtures and fittings	25
	Office Equipment	25

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	6		7

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 25	1,196,593	1,196,593
Additions	79,800	79,800
Disposals	(102,600)	(102,600)
At 31 December 25	1,173,793	1,173,793
Amortisation and impairment
At 01 January 25	268,336	268,336
Charge for year	14,311	14,311
At 31 December 25	282,647	282,647
Net book value
At 31 December 25	891,146	891,146
At 31 December 24	928,257	928,257

4.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 25	24,199	25,168	49,367
Additions	294	-	294
At 31 December 25	24,493	25,168	49,661
Depreciation and impairment
At 01 January 25	20,345	14,393	34,738
Charge for year	3,590	5,074	8,664
At 31 December 25	23,935	19,467	43,402
Net book value
At 31 December 25	558	5,701	6,259
At 31 December 24	3,854	10,775	14,629

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 25	4	4
Additions	3,494,247	3,494,247
At 31 December 25	3,494,251	3,494,251
Net book value
At 31 December 25	3,494,251	3,494,251
At 31 December 24	4	4

	Notes
	¹Investments in group undertakings and participating interests

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	92,746	494,626
Amounts owed by group undertakings	4,567	111,726
Other debtors	68,135	269,532
Prepayments and accrued income	17,634	26,049
Total	183,082	901,933

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	130,069	380,333
Bank borrowings and overdrafts	2,996	1,298
Amounts owed to related parties	61,487	269,856
Taxation and social security	8,064	5,137
Other creditors	79,868	7,218
Accrued liabilities and deferred income	160,739	21,521
Total	443,223	685,363

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Amounts owed to related parties	4,107,655	4,489,830
Total	4,107,655	4,489,830

9.	Controlling party
	The company’s immediate and ultimate controlling party is Trois I S.A. Investissements Industriels Internationaux, incorporated in Luxembourg, which holds between 50% and 75% of the issued share capital and voting rights and accordingly exercises control. The company is controlled by the directors, who together are considered to be the ultimate controlling parties by virtue of their ownership and management of the company.

Controlling party

The company’s immediate and ultimate controlling party is Trois I S.A. Investissements Industriels Internationaux, incorporated in Luxembourg, which holds between 50% and 75% of the issued share capital and voting rights and accordingly exercises control. 

The company is controlled by the directors, who together are considered to be the ultimate controlling parties by virtue of their ownership and management of the company.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		891,146		928,257
Tangible assets	4		6,259		14,629
Investments	5		3,494,251		4
			4,391,656		942,890
Current assets
Debtors	6	378,890		3,617,705
Cash at bank and on hand		46,904		57,603
		425,794		3,675,308
Creditors amounts falling due within one year	7	(443,223)		(685,363)
Net current assets (liabilities)			(17,429)		2,989,945
Total assets less current liabilities			4,374,227		3,932,835
Creditors amounts falling due after one year	8		(4,107,655)		(4,489,830)
Net assets			266,572		(556,995)
Capital and reserves
Called up share capital			16		6
Share premium			3,860,034		2,360,044
Profit and loss account			(3,593,478)		(2,917,045)
Shareholders' funds			266,572		(556,995)