Veranding Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Veranding Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07157928 . The registered office is Hammingden Place, Hammingden Lane, Ardingly, Haywards Heath, West Sussex, RH17 6SR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

At the balance sheet date the company's liabilities exceeded its assets by £2,706,573.

The directors have considered the forecasted activities for the company in the coming year and expect that the company should continue to return to profitability over the next two years. In addition, the directors have considered the company's funding requirements for the foreseeable future.

The continued financial support of the shareholders/directors having been confirmed, they are satisfied that the company will have sufficient working capital funding to meet its requirements and that, consequently, it is appropriate to prepare the accounts on a going concern basis.

2.3. Financial Instruments

Share Capital of the Company

Ordinary Share Capital

The ordinary share capital ofthe company is presented as equity.

Cash and cash equivalents

Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.

Other financial assets

Other financial assets including trade debtors for goods or services sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price, and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.

Loans and borrowings

All loans and borrowings, both assets and liabilities are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.

Other financial liabilities

Trade creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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Veranding Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 March 2025

2.4. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.5. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.6. Investments in subsidiaries and participating interests

Investments in subsidiary undertakings and participating interests are recognised at cost less provision for impairments.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Investments

	Subsidiaries	Other	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	251	1,430,583	1,430,834
Additions	-	8,000	8,000
Disposals	-	(718,552 )	(718,552 )
Other	-	7,120	7,120

As at 30 March 2025	251	727,151	727,402

Provision
As at 1 April 2024	-	433,022	433,022

As at 30 March 2025	-	433,022	433,022

Net Book Value
As at 30 March 2025	251	294,129	294,380

As at 1 April 2024	251	997,561	997,812

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Veranding Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 March 2025

Participating interests represents subscriptions to capital accounts in several trading limited liability partnerships in which the company has interests and receives a share of profits.

5. Debtors

	2025	2024
	£	£
Due within one year
Corporation tax recoverable assets	4	4
Amounts owed by group undertakings	5,301,204	3,424,620

	5,301,208	3,424,624

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Other taxes and social security	4,909	-
Net wages	10,290	5,820
Other creditors	200	200
Directors' loan accounts	8,335,383	7,322,187

	8,350,782	7,328,207

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
10,000 Ordinary Shares of £ 0.01 each	100	100

8. Reserves

	Profit and Loss Account
	£
As at 1 April 2024	(2,851,969 )
Profit for the year and total comprehensive income	145,296

As at 30 March 2025	(2,706,673 )

9. Related Party Transactions

At the beginning of the year, the amount owed by the company's subsidiary, Vertigo Releasing Limited, amounted to £3,107,895. During the year the company received repayments amounting to £1,889,899 and made advances of £3,008,928. The company also charged interest amounting to £240,955 during the period to Vertigo Releasing Limited. The amount owed to the company at the balance sheet date was £4,467,879. This amount was secured, interest bearing and repayable on demand.

At the beginning of the year, N Williams was owed the amount of £3,644,732 by the company. During the year N Williams received net repayments amounting to £506,598. The total amount, which remained owed to N Williams at the balance sheet date was £4,151,330 and was unsecured, interest-free and repayable on demand.

At the beginning of the year, V Williams was owed the amount of £3,677,455 by the company. During the year V Williams received netrepayments amounting to £506,598. The total amount, which remained owed to V Williams at the balance sheet date was £4,184,053 and was unsecured, interest-free and repayable on demand.

...CONTINUED

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Veranding Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 March 2025

9. Related Party Transactions - continued

At the beginning of the year, the amount owed by the company's subsidiary, Sunrise Films Limited amounted £316,724. During the period, the company made further advances of £600,000 and received repayments of £120,000. The company also charged interest amounting to £36,601 during the period to Sunrise Films Limited. The balance owed by Sunrise Films Limited at the end of the year was £833,325. This amount was unsecured, interest bearing and repayable on demand.

10. Ultimate Controlling Party

The company's ultimate controlling parties are n and V Williams by virtue of their ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		294,380		997,812

			294,380		997,812
CURRENT ASSETS
Debtors	5	5,301,208		3,424,624
Cash at bank and in hand		48,621		53,902

		5,349,829		3,478,526
Creditors: Amounts Falling Due Within One Year	6	(8,350,782 )		(7,328,207 )

NET CURRENT ASSETS (LIABILITIES)			(3,000,953 )		(3,849,681 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(2,706,573 )		(2,851,869 )

NET LIABILITIES			(2,706,573 )		(2,851,869 )

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			(2,706,673 )		(2,851,969 )

SHAREHOLDERS' FUNDS			(2,706,573)		(2,851,869)