BLACKBOARD SERIES 1 LTD


Directors	CARDOSO, Chiara Elena
	CARDOSO, Daniele Alessandro
	PLACANICA, Roberto


Registered Address	32 Galena Road
	London
	W6 0LT


Registered Number	14586040 (England and Wales)

Statement of Financial Position
31 December 2025

	Notes	2025		2024
		£	£	£	£
Current assets
Debtors	3	1,886		265,455
Cash at bank and on hand		1,055		5,157
		2,941		270,612
Creditors amounts falling due within one year	4	(1,439)		(1,215,044)
Net current assets (liabilities)			1,502		(944,432)
Total assets less current liabilities			1,502		(944,432)
Net assets			1,502		(944,432)
Capital and reserves
Called up share capital			1,269,306		1
Profit and loss account			(1,267,804)		(944,433)
Shareholders' funds			1,502		(944,432)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 19 May 2026, and are signed on its behalf by:

PLACANICA, Roberto
Director
Registered Company No. 14586040

BLACKBOARD SERIES 1 LTD

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.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	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.

	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.

	Related parties
	The company is a wholly-owned subsidiary and has taken advantage of the exemption available under Section 33 of FRS 102 (as permitted for small entities under Section 1A) not to disclose transaction with other wholly owned group entities. All related party transactions during the financial year were conducted within the 100% owned subsidiary group.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	1,886	4,599
Prepayments and accrued income	-	260,856
Total	1,886	265,455

4.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	1,200	114,426
Bank borrowings and overdrafts	239	120
Amounts owed to related parties	-	1,100,498
Total	1,439	1,215,044

5.	Controlling party
	The immediate parent undertaking is Blackbox Multimedia Limited, a company incorporated and registered in England & Wales, which owns between 75% and 100% of the issued share capital and voting rights of the Company. The ultimate controlling party is Trois I S.A. Investissements Industriels Internationaux, a company incorporated in Luxembourg, which exercises ultimate control by virtue of its 86.67% ownership of the ordinary share capital and voting rights of Blackbox Multimedia Limited. 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 immediate parent undertaking is Blackbox Multimedia Limited, a company incorporated and registered in England & Wales, which owns between 75% and 100% of the issued share capital and voting rights of the Company. 

The ultimate controlling party is Trois I S.A. Investissements Industriels Internationaux, a company incorporated in Luxembourg, which exercises ultimate control by virtue of its 86.67% ownership of the ordinary share capital and voting rights of Blackbox Multimedia Limited. 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.

6.	Parent-subsidiary relationships
	Blackboard Series 1 Ltd is wholly owned by Blackbox Multimedia Ltd, a company incorporated in England and Wales.