The notes on pages 2 to 8 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Cuba Pictures Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1.08, 50 York Way, London, United Kingdom, N1 9AB.

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 Pound Sterling (GBP), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £, except where otherwise indicated.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Company has taken advantage of the exemption under section 399 & 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its Group.

The directors have considered the future planned activity of the Company based on current projects under the development along with their associated forecast and cashflow for the following twelve months. The directors consider it appropriate to prepare the financial statements on the going concern basis as the Company's immediate parent undertaking, Pulse Films Limited, will continue to provide additional financial support to the Company to meet its liabilities as and when they fall due, including that intercompany balances will not be recalled, for at least twelve months from the date the accounts were approved. true

Turnover is recognised to the extent that it is possible that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value if the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. All revenue arises in the United Kingdom, which is the only territory in which the Company operates an office.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage if completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents are basic financial instruments and include cash at bank and in hand.

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, which include other debtors and cash and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method.

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, including amounts owed to group undertakings, are initially recognised at transaction price and subsequently measured at amortised cost, being transaction price less amounts settled,

Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire.

The tax expense represents the sum of the current tax expense and the deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measure using tax rates that have been enacted or substantively enacted by the reporting date,

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of the deferred tax liabilities or other future taxable profits.

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.

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.

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of the exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All transaction differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

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.

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

As permitted by FRS102 Section 33 “Related Party Disclosures” the financial statements do not disclose transactions with the parent company and fellow subsidiaries where 100% of the voting rights are wholly controlled by the group. Cuba Pictures Limited is not wholly owned by one entity so this exemption applies to Cuba Pictures Limited and its subsidiaries

At the end of the period, a balance of £4,025 (December 2023: £4,025) was outstanding on a loan provided to Cuba Rights Ltd, a subsidiary of Cuba Pictures Limited.

During the period the staff costs of Cuba Pictures Limited were paid through Curtis Brown Group Limited, a company under common control, and recharged to Cuba Pictures Limited. During the period £297,947 (December 2023: £304,636) of costs were recharged and a balance of £434,920.32 (December 2023: £507,499) is outstanding at year end.

In the year, Original Talent Limited recharged professional fees of £25,448 (December 2023: £17,840) to Cuba Pictures Limited. At the period end £nil (December 2023: £20,000) is due from Original Talent Limited.

In the year, Original Talent Limited loaned Cuba Pictures £310,000 (December 2023: £nil) to Cuba Pictures Limited. At period end £310,000 (December 2023: £nil) is due to Original Talent Limited .

During the period, the Company invoiced a total of £61,900.08 (December 2023: £490,614) to CPL New 4 Limited for recharged development costs and residual payments and were invoiced £nil (February 2023: £3,198) by CLP New 4 Limited. CPL New 4 Limited was a wholly owned subsidiary of the Company until 28 October 2022 when Cuba Pictures Limited became a joint 50% shareholder. A balance of £nil (December 2023: £117,825) is outstanding at year end.

Original Talent Limited is the immediate parent of Cuba Pictures Limited, United Talent Agency UK Limited is the smallest group for which consolidated accounts including Cuba Pictures Limited are prepared. The consolidated accounts of United Talent Agency UK Limited are available from its registered office, 1 Newman Street, London, United Kingdom, W1T 1PB.

The directors consider the ultimate parent company to be United Talent Agency, LLC, a company incorporated in the USA.

Subsequent to the year-end, all equity shares held by the immediate parent company, Original Talent Limited, were sold to Pulse Films Limited.

As a result of this transaction, Pulse Films Limited has become the immediate parent undertaking. This represents a significant non-adjusting event occurring after the balance sheet date and does not reflect conditions existing at the reporting date; therefore, no adjustments have been made to the amounts recognized in these financial statements.

The directors of Pulse Films Limited consider the ultimate controlling party to be Fortress Investment Group LLC, 1345 Avenue of the Americas, 46th Floor, New York, NY 10105.