Company Registration No. 16650168 (England and Wales)
Hilltop Screen (One) Limited
Annual report and unaudited financial statements
for the period ended 31 December 2025
Hilltop Screen (One) Limited
Company information
Directors
Hilary Bevan Jones
(Appointed 14 August 2025)
Medwyn Jones
(Appointed 14 August 2025)
Company number
16650168
Registered office
27 Mortimer Street
London
England
W1T 3BL
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Hilltop Screen (One) Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 9
Hilltop Screen (One) Limited
Directors' report
For the period ended 31 December 2025
1

The directors present their annual report and financial statements for the period ended 31 December 2025.

Principal activities

The company was incorporated on 14 August 2025 and began trading the same day. The principal activity of the company was that of film production.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Hilary Bevan Jones
(Appointed 14 August 2025)
Medwyn Jones
(Appointed 14 August 2025)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
..............................................
Medwyn Jones
Director
20 May 2026
Hilltop Screen (One) Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Hilltop Screen (One) Limited for the period ended 31 December 2025
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hilltop Screen (One) Limited for the period ended 31 December 2025 which comprise the income statement, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the B oard of D irectors of Hilltop Screen (One) Limited, as a body, in accordance with the terms of our engagement letter dated 10 September 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Hilltop Screen (One) Limited and state those matters that we have agreed to state to the B oard of D irectors of Hilltop Screen (One) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hilltop Screen (One) Limited and its B oard of D irectors as a body, for our work or for this report.

It is your duty to ensure that Hilltop Screen (One) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hilltop Screen (One) Limited. You consider that Hilltop Screen (One) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Hilltop Screen (One) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
20 May 2026
Hilltop Screen (One) Limited
Income statement
For the period ended 31 December 2025
3
Period
ended
31 December
2025
Notes
£
Turnover
1,350,000
Cost of sales
(6,808,955)
Gross loss
(5,458,955)
Administrative expenses
(14,000)
Other operating income
1,902,527
Loss before taxation
(3,570,428)
Tax on loss
4
-
0
Loss for the financial period
(3,570,428)

The income statement has been prepared on the basis that all operations are continuing operations.

Hilltop Screen (One) Limited
Statement of financial position
As at 31 December 2025
4
2025
Notes
£
£
Current assets
Debtors
5
2,988,360
Cash at bank and in hand
78,667
3,067,027
Creditors: amounts falling due within one year
6
(6,637,355)
Net current liabilities
(3,570,328)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(3,570,428)
Total equity
(3,570,328)

For the financial period ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared 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 20 May 2026 and are signed on its behalf by:
Medwyn Jones
Director
Company Registration No. 16650168
Hilltop Screen (One) Limited
Notes to the financial statements
For the period ended 31 December 2025
5
1
Accounting policies
Company information

Hilltop Screen (One) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Mortimer Street, London, England, W1T 3BL.

1.1
Reporting period

The financial statements are prepared for the period 14 August 2025 to 31 December 2025, a period of 5 months. The period was shortened to correspond with the production schedule of the film.

1.2
Basis of preparation

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.

1.3
Going concern

A true 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.

The Company incurred a loss in the period, reflecting the timing of production costs being recognised in advance of revenues. The directors have considered the expected future income from the Film, including forecast receipts from its planned theatrical release and subsequent exploitation.

The directors have also considered the nature of the Company’s financing structure and the continued support available from the group.

Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

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 in respect of long-term contracts and contracts for ongoing services is determined 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.

1.5
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.

Hilltop Screen (One) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
1
Accounting policies (continued)
6
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 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.

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.

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.

Hilltop Screen (One) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
1
Accounting policies (continued)
7
1.9
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.

1.10
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.

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.

EAVEC

The only key accounting estimate within the financial statements for this company is the valuation of the Enhanced Audio Visual Expenditure Credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC's legislation and guidance plus an assessment of the qualification of the underlying production as eligible for the credit.

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

Hilltop Screen (One) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
8
3
Employees

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

2025
Number
Production staff
34
4
Taxation

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

2025
£
Loss before taxation
(3,570,428)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(892,607)
Tax effect of expenses that are not deductible in determining taxable profit
929
Unutilised tax losses carried forward
809,555
Difference to profit arising per the accounts due to audio-visual expenditure credit claim
82,123
Taxation charge for the period
-
5
Debtors
2025
Amounts falling due within one year:
£
Other debtors
2,988,360

Included within other debtors is government grants receivable of £1,902,528 relating to the Enhanced Audio Visual Expenditure Credit (EAVEC).

6
Creditors: amounts falling due within one year
2025
£
Trade creditors
462,724
Amounts owed to group undertakings
5,316,355
Other creditors
858,276
6,637,355
Hilltop Screen (One) Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
6
Creditors: amounts falling due within one year (continued)
9

Included in amounts due to group undertakings are balances of £5,316,355, of which £4,513,274 relates to a Production Advance from John Gore Productions Limited. This balance represents recoupable investment funding recoverable from future exploitation receipts of the Film and is not repayable in priority to third‑party liabilities.

The remaining balance relates to amounts owed to group undertakings in the normal course of business. These transactions are conducted at arm’s length and are therefore exempt from disclosure under FRS 102 Section 33.1A. Balances are repayable in accordance with their underlying agreements.

7
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

Rights, preferences and restrictions

The c ompany's ordinary share gives the shareholder the rights to vote, receive dividends and to the repayment of capital.

8
Financial commitments, guarantees and contingent liabilities

John Gore Productions Limited holds a fixed and floating charge over the company which entitles it to the rights, title and interest in the Film and related collateral and revenues.

Coutts & Company holds a debenture creating fixed charges over property, IP, plant, goodwill, uncalled capital etc., plus a floating charge over all assets, with a negative pledge.

Coutts & Company also holds a Charge & Deed of Assignment over the film assets, accounts (including government grant collateral), and related agreements, with fixed and floating charges and a negative pledge.

9
Related party transactions

The company has taken advantage of the exemptions available under FRS 102 Section 33.1A whereby it is not required to disclose transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

10
Parent company

The immediate parent undertaking is Hilltop Screen Limited, a company registered in England and Wales.

As at the period end, John Gore is considered to be the ultimate controlling party, by virtue of his shareholding in the ultimate parent company, John Gore Studios Limited, a company registered in England and Wales.

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