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Registered number: 13640376 BOARDERS PRODUCTION LIMITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
BOARDERS PRODUCTION LIMITED COMPANY INFORMATION
Directors | T Harcourt
| S Lambert
| V J Turton
Company secretary | A McMullen (resigned 23 May 2025)
| A J McIntyre-Brown (appointed 23 May 2025)
Registered number | 13640376
Registered office | Berkshire House
| 168 - 173 High Holborn
| London
| WC1V 7AA
Independent auditors | Ecovis Wingrave Yeats LLP
| Chartered Accountants & Statutory Auditor
| 3rd Floor, Waverley House
| 7-12 Noel Street
| London
| W1F 8GQ
BOARDERS PRODUCTION LIMITED CONTENTS
| Page
Balance Sheet | 1
Statement of Changes in Equity | 2
Notes to the Financial Statements | 3 - 9
BOARDERS PRODUCTION LIMITED REGISTERED NUMBER: 13640376 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 30 September |  | 28 February
|  | 2025 |  | 2025
Note |  | £ |  | £
Current assets |  |  |  |  |
Work in progress | 6 | 7,690,770 |  | - |
Debtors: amounts falling due within one year | 7 | 2,133,723 |  | 1,399,783 |
Bank and cash balances |  | 2,047,144 |  | 1,416,076 |
|  | 11,871,637 |  | 2,815,859 |
Creditors: amounts falling due within one year | 8 | (10,859,914) |  | (819,573) |
Net current assets |  |  | 1,011,723 |  | 1,996,286
Total assets less current liabilities |  |  | 1,011,723 |  | 1,996,286
Net assets |  |  | 1,011,723 |  | 1,996,286
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 1 |  | 1
Profit and loss account |  |  | 1,011,722 |  | 1,996,285
|  |  | 1,011,723 |  | 1,996,286
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 statement of comprehensive income 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 on 5 January 2026.
S Lambert
Director
The notes on pages 3 to 9 form part of these financial statements. Page 1
BOARDERS PRODUCTION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2024 | 1 | 947,897 | 947,898
Comprehensive income for the period |  |  |
Profit for the period | - | 1,993,388 | 1,993,388
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (945,000) | (945,000)
At 1 March 2025 | 1 | 1,996,285 | 1,996,286
Comprehensive income for the period |  |  |
Profit for the period | - | 12,617 | 12,617
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (997,180) | (997,180)
At 30 September 2025 | 1 | 1,011,722 | 1,011,723
| The notes on pages 3 to 9 form part of these financial statements.
Page 2
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1. | General information
Boarders Production Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Berkshire House, 168-173 High Holborn, London, England, WC1V 7AA. The registered company number is 13640376. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company operates as a special purpose vehicle (SPV) for the BBC series, Boarders. Upon completion and delivery of the third series, if there is no further use for the SPV, then the directors will wind down the operations of the Company. The parent company, Studio Lambert Media Ltd, has provided confirmation that it will provide funding, where necessary, to enable the Company to continue operations and meet its liabilities as and when they fall due. On this basis these financial statements continue to adopt the going concern basis of accounting.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: For commissioned TV programmes, turnover and attributable profit are recognised on an episodic basis once the delivery of the production to the broadcaster occurs. Both under and overspends are accounted for once known and are recognised in accordance with the episodic delivery pattern. Provision is made for any loss making contracts as soon as identified (i.e. expected overspend is in excess of originally anticipated margin. In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the goods rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised. Revenues on programmes distributed by third parties and other ancillary revenues are recognised once the Company has been notified of sums due to it. Included within revenue is the gross amount of the Audit Visual Expenditure Claim and is recognised in line with the Company's revenue recognition outlined above.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.6 | 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. The Audio Visual Expenditure Credit (AVEC) is recognised on delivery of a production, in line with the revenue recognition accounting policy.
| 2.7 | Work in Progress
Work in progress (WIP) relates to direct production costs incurred on productions in progress and not delivered at the balance sheet date. The costs are recorded at the lower of cost and net realisable value, and are net of Value Added Tax.
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS Page 4
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued) 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instrument. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. I mpairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts Page 5
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued) discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 6
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Creative tax credit estimate The key accounting estimate within these financial statements relates to the value of the Audio Visual Expenditure Credit. The estimate is based on the assessment of the value of qualifying expenditure in accordance with HMRC legislation and guidance and those expenditures eligible for the tax relief. The figures included in these financial statements represent the tax credit estimate, and the tax recoverable has been recognised within debtors due within one year, being the net effect of the credit income and the tax charge arising on the tax credit. The tax credit is held on the balance sheet as deferred income within creditors due within one year when relevant, in accordance with the Company's revenue recognition policy as detailed in note 2.4 and 2.6.
4. | Employees
| The average monthly number of employees, including directors, during the period was 36 (period ended 28 February 2025 - 7). The directors are not paid through this entity as they are paid through another group company.
5. | Taxation
The principal activity of the Company is for the purpose of producing a single television series. In the current period, the Company identified that the production qualifies for the Audio-Visual Expenditure Credit (AVEC) tax credit scheme. At the period-end there is a net tax recoverable amount of £1,949,059 (28 February 2025 - £421,068) relating to the estimated value of the tax credit oustanding at the balance sheet date.
6. | Work in progress
|  |  |  |  | 30 September | 28 February
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Work in progress | 7,690,770 | -
|  | 7,690,770 | -
Page 7
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
7. | Debtors
|  |  |  |  | 30 September | 28 February
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 144,657 | 963,680
| Other debtors | 38,252 | 15,035
| VAT repayable | 1,755 | -
| Tax recoverable | 1,949,059 | 421,068
|  | 2,133,723 | 1,399,783
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand. The Company is responsible for the production and delivery of comedy drama television series, “Boarders”. The tax recoverable represents the interim for series 3 (28 February 2025 – final for series 2) tax credit recoverable in accordance with the available Audio Visual Expenditure Credit.
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 30 September | 28 February
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Bank loans | 4,553,000 | -
| Trade creditors | 1,024,121 | 314,618
| Amounts owed to group companies | 615 | -
| Other taxation and social security | - | 247,490
| Other creditors | 17 | -
| Accruals and deferred income | 5,282,161 | 257,465
|  | 10,859,914 | 819,573
| During the period the Company entered into a loan agreement with Coutts in order to fund the production. The loan was entered into in September 2025 for a total of £6,297,306 and during the period the Company drew down to the value of £4,500,000 (28 February 2025 - £Nil). Interest is charged on the loan at Base Rate plus 1.7% per annum. The loan is due for repayment on receipt of the Audio-Visual Expenditure Credit which is due to be within one year, and the loan includes a guarantee and indemnity from the Company's immediate parent company, Studio Lambert Limited. The amount outstanding at the year end is £4,500,000 (28 February 2025 – Nil). Post year end the Company has drawn down an additional £118,000 of the loan facility. Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Page 8
BOARDERS PRODUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,053 (period ended 28 February 2025 - £2,787). Contributions totaling £17 (28 February 2025 - £Nil) were payable to the fund at the balance sheet date and are included within other creditors.
10. | Share capital
|  |  |  |  | 30 September | 28 February
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and partly paid |  |
|  | 1 (2025 - 1) Ordinary share of £1.00 | 1 | 1
11. | Related party transactions
| The Company has taken advantage of the exemption contained within FRS 102 from disclosing transactions with wholly owned group companies.
12. | Auditors' information
The auditors' report on the financial statements for the period ended 30 September 2025 was unqualified. The audit report was signed on 5 January 2026 by Kate Barekati (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
Page 9