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Registered number: 12924546









BOSSANOVA LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

 
BOSSANOVA LTD
 
 
COMPANY INFORMATION


Directors
P F Heaney 
H L Kloiber (resigned 4 March 2026)
C S Auer (appointed 4 March 2026)




Registered number
12924546



Registered office
Royalty House
72-74 Dean Street

London

W1D 3SG




Independent auditors
Nyman Libson Paul LLP

124 Finchley Road

London

NW3 5JS





 
BOSSANOVA LTD
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Statement of Income and Retained Earnings
10
Statement of Financial Position
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 24


 
BOSSANOVA LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction
 
The principal activity of Bossanova Limited is the acquisition and distribution of visual media broadcast rights. We specialise in the genres of factual, factual entertainment and documentary.
The directors present the strategic report for the year ended 31 December 2025.

Business review
 
Bossanova is now in its fifth financial year. As part of our growth strategy, the Company has continued to focus on diversifying its portfolio of content and customers and has stepped into digital distribution of content for the first time by partnering with YouTube aggregators who are distributing our library in this space on our behalf. We are only able to do this with partners who can “Geo-Block” content so that we honour the linear sales in each territory.
Unfortunately, year on year revenue decreased by 7% due to due to a delay in delivery on a key show, triggered by government departmental approval on content. This income was delayed into 2026 and will be recognised in that fiscal year. 
Gross margin also decreased slightly from 21.9% to 20.2%. The challenges in the market are hitting all business, and key business partners are now negotiating more assertively on new acquisition deals. This has meant a drop in the share of income retained by the Company, which, combined with the increase in write offs in investments in 2025 has impacted gross margin. The Company does not expect this trend to continue and expects margin to stabilise in the next fiscal year.
EBITDA fell from £770k in 2024 to £370k in 2025, and this is directly linked to the gross profit reduction. The Company closely managed costs and ensured that these did not increase year on year, in fact costs decreased by £24k to £1.996m in 2025. 
Bossanova continues to invest in new content and projects, with lifetime investments totalling over £22m. The market now has moved where most projects require deficit financing. This means we have to continue to forge new relationships with producers and broadcasters, enabling mainly UK based creative companies to get projects made and broadcast on a global scale. 
The success of the Company is dependant on the library achieving sales performance levels detailed in our investment proposals on a case-by-case basis, as well as the business leadership managing and monitoring the profit margins for each project. Continued development of new ideas and intellectual property is key to the sustainability of the organisation. 
 
The Company feels a key strength is its team. We are proud of the low levels of staff turnover, and our commitment to developing our talent and promoting from within. In the start of 2026, we created three new roles across Sales and Acquisitions teams which we believe will allow us to access sales in a number of unexploited regions. 

Page 1

 
BOSSANOVA LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks and uncertainties
 
The Company faces the same risks as the wider entertainment sector – reduced advertising spend, increased digital consumer consumption and merging of organisations resulting in shrinking contact base and the closure of channels. Sadly, this risk continues to increase. A lack of commissioning opportunities in the UK, an evolving media industry and ever decreasing budgets due to the global financial slowdown hitting advertising investment are the key risks in the industry.
A key principle of our business model is financing multiple new productions at the same time, often cash flowing the funds to a producer ahead of receiving sales income from a broadcaster. Delivery schedule changes (both delays and early delivery) can have a significant impact on cash availability, and accessibility. We feel confident that the group support structure in place with our Parent Company provides added protection and security for our commercial endeavours and job security for our team.
The Company has managed good staff retention and continues to work hard to look after our team by creating a positive working culture and providing financial incentivisation for successful performance. Our focus on purely unscripted means we have carved ourselves a niche in the market.
Consolidation continues in our client base with many mergers and staff changes creating a challenge in maintaining good relationships, but our broad base of global clients and ever-increasing catalogue helps mitigate this risk.
Future developments
We have focused our team on growing the share of business done in the digital space whilst maintaining strong linear sales, and maximising revenue from the rights available. We are proactively thinking about the rights sold, whether a client needs them or is warehousing to protect exclusivity, and are asking the sales team to tactically negotiate with their customers to allow us maximum exploitation of all rights. We are also exploring different financing models, including working with third parties to mitigate our cashflow risk and reflect the evolving nature of the market. 
We are actively trialling development of digital first content, whilst collaborating with other group companies. Whilst we don’t expect this to deliver huge profits in the short term, we have to acknowledge the importance of this space and adapt our business model to remain relevant and keep up to date with changes in the consumer space. 
The board of directors believe the company is well placed for significant growth in the coming years.


This report was approved by the board on 13 July 2026 and signed on its behalf.



P F Heaney
Director

Page 2

 
BOSSANOVA LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors

The directors who served during the year were:

P F Heaney 
H L Kloiber (resigned 4 March 2026)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £118,611 (2024 - £458,526).



Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
BOSSANOVA LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025

Post balance sheet events

Restructuring at the group level took place in March 2026. Serafin 20. Verwaltungs GmbH purchased the 51% stake from Night Train Media GmbH & Co. KG. The new immediate parent and ultimate controlling party is now Serafin 20. Verwaltungs GmbH, a company incorporated in Germany.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 July 2026 and signed on its behalf.
 





P F Heaney
Director

Page 4

 
BOSSANOVA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOSSANOVA LTD
 

Opinion


We have audited the financial statements of Bossanova Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2025 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
BOSSANOVA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOSSANOVA LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BOSSANOVA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOSSANOVA LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance;
• results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
• any matters we identified having obtained and reviewed the Group and Company’s documentation of their
policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to timing of revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group and Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
In addition, we considered other laws and regulations that could have an effect on the Group and Company and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
All matters in relation to non-compliance with laws and regulations and potential fraud risks were communicated to all members of the engagement team and we remained alert to any indications of non-compliance throughout the audit.

 
Page 7

 
BOSSANOVA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOSSANOVA LTD (CONTINUED)


Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management concerning actual and potential litigation and claims;
• assessing the appropriateness and where appropriate with third parties concerning actual and potential
litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and correspondence with HMRC;
• in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are
unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
BOSSANOVA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOSSANOVA LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Anthony Pins (Senior Statutory Auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
124 Finchley Road
London
NW3 5JS

13 July 2026
Page 9

 
BOSSANOVA LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
Note
£
£

  

Turnover
  
10,652,162
11,459,545

Cost of sales
  
(8,505,686)
(8,948,928)

Gross profit
  
2,146,476
2,510,617

Administrative expenses
  
(1,784,089)
(1,750,012)

Operating profit
  
362,387
760,605

Interest receivable and similar income
  
262
3,937

Interest payable and similar expenses
  
(211,661)
(269,699)

Profit before tax
  
150,988
494,843

Tax on profit
 11 
(32,377)
(36,317)

Profit after tax
  
118,611
458,526

  

  

Retained earnings at the beginning of the year
  
(290,303)
(748,829)

Profit for the year
  
118,611
458,526

Retained earnings at the end of the year
  
(171,692)
(290,303)
The notes on pages 14 to 24 form part of these financial statements.

Page 10

 
BOSSANOVA LTD
REGISTERED NUMBER: 12924546

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible fixed assets
 12 
6,066,636
3,823,243

Tangible fixed assets
 13 
2,635
5,787

  
6,069,271
3,829,030

Current assets
  

Debtors: amounts falling due within one year
 14 
4,717,518
3,814,763

Cash at bank and in hand
  
762,723
1,601,511

  
5,480,241
5,416,274

Creditors: amounts falling due within one year
 15 
(11,721,200)
(9,535,603)

Net current liabilities
  
 
 
(6,240,959)
 
 
(4,119,329)

Total assets less current liabilities
  
(171,688)
(290,299)

  

Net liabilities
  
(171,688)
(290,299)


Capital and reserves
  

Called up share capital 
 16 
4
4

Profit and loss account
  
(171,692)
(290,303)

  
(171,688)
(290,299)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 July 2026.




P F Heaney
Director

The notes on pages 14 to 24 form part of these financial statements.

Page 11

 
BOSSANOVA LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
118,611
458,526

Adjustments for:

Amortisation of intangible assets
5,002,430
5,960,504

Depreciation of tangible assets
6,266
9,490

Impairments of fixed assets
182,723
58,753

Loss on disposal of tangible assets
(202)
1,303

Interest paid
211,661
269,699

Interest received
262
3,937

Taxation charge
32,377
36,317

Withholding tax
(28,419)
(36,317)

Increase in debtors
(903,369)
(568,625)

Increase in creditors
2,859,319
1,981,036

Increase in amounts owed to groups
(677,680)
(300,000)

Net cash generated from operating activities

6,803,979
7,874,623


Cash flows from investing activities

Purchase of intangible fixed assets
(7,428,456)
(6,622,245)

Purchase of tangible fixed assets
(3,522)
(8,787)

Sale of tangible fixed assets
610
426

Interest received
262
3,937

Net cash from investing activities

(7,431,106)
(6,626,669)

Cash flows from financing activities

Interest paid
(211,661)
(269,699)

Net cash used in financing activities
(211,661)
(269,699)

Net (decrease)/increase in cash and cash equivalents
(838,788)
978,255

Cash and cash equivalents at beginning of year
1,601,511
623,256

Cash and cash equivalents at the end of year
762,723
1,601,511


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
762,723
1,601,511

762,723
1,601,511


Page 12

 
BOSSANOVA LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025




At 1 January 2025
Cash flows
At 31 December 2025
£

£

£

Cash at bank and in hand

1,601,511

(838,788)

762,723

Debt due within 1 year

-

-

-


1,601,511
(838,788)
762,723

The notes on pages 14 to 24 form part of these financial statements.

Page 13

 
BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.


General information

Bossanova Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Royalty House, 72-74 Dean Street, London, United Kingdom, W1D 3SG.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

At the reporting date the company had net liabilities of £171,688 (2024: £290,299). In order to continue trading it is dependent on the continued financial support of its shareholders, who have confirmed their intention to continue to support the company for the foreseeable future.
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of the aforementioned support.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £..

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.

 
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 Company's revenue comes principally from the distribution of television programmes and this is recognised at the licence period start date once the programme materials have been delivered. Where contracts have been entered into but the licence start date has not yet been reached, or the programme material has not been delivered, the income is deferred. Income is accrued when the licence period start date of a contract has been reached but an invoice has not been issued. The full contract value for the relevant title is recognised when the obligations are satisfied.
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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 reporting date in the countries where the Company operates and generates income.


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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years

TV Library Rights
The investment in television library rights relating to productions in progress and completed television rights are amortised to net income based on the estimate of the economic benefit relating to the individual production titles as each production has its own estimated cash outflows and inflows. For completed television rights, the rate of amortisation will depend on a variety of factors including the timing of its delivery, the type of entertainment right and the expected longevity of the future benefits but is typically within a range of 50 - 75% in the first year. For future years, the amortisation rate may range depending on the estimated future benefits of the particular television right. The determination of the rates is based on the expected economic useful life of the rights, including factors such as the ability to licence rights to broadcast, rights to programs in development, and availability of rights to renew licences for episodic television programs in subsequent seasons, as well as the availability of secondary market revenue.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
2 years
Computer equipment
-
3 years





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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the
amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the reporting date and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Amortisation and impairment of intangible assets
The company amortises its intangilbe assets over the estimated useful life of the asset. The determination of estimated useful life of the asset is based upon managements and directors judgement. All titles are also reviewed for impairment on an annual basis. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Revenue
10,652,162
11,459,545


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
2,388,183
4,028,749

Europe
979,830
1,464,025

Rest of the world
7,284,149
5,966,771

10,652,162
11,459,545



5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
102,988
57,830

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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
12,750


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
908,356
920,339

Social security costs
143,609
131,025

Cost of defined contribution scheme
23,977
22,088

1,075,942
1,073,452


The average monthly number of employees, including the directors, during the year was 9 (2024 - 9).
Key Management Personnel
Key management are the senior members of the team and the company's directors. The compensation paid or payable to key management for employees services in the year was £594,806 (2024: £610,872).


8.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
380,431
343,192


The highest paid director received remuneration of £380,431 (2024 - £343,192).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,982 (2024 - £10,296).


9.


Interest receivable

2025
2024
£
£


Other interest receivable
262
3,937

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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

10.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
211,661
269,699


11.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
32,377
36,317


Factors affecting tax charge for the year

The company has utilised losses brought forward against some of its taxable trading profit in the year in order to reduce its corporation tax charge.


Factors that may affect future tax charges

The company has taxable trading losses of circa £nil (2024: £94,000) available to offset against future taxable trading profits.

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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

12.


Intangible assets




TV Library
Rights
Computer software
Total

£
£
£



Cost


At 1 January 2025
14,999,537
23,665
15,023,202


Additions
7,427,106
1,440
7,428,546



At 31 December 2025

22,426,643
25,105
22,451,748



Amortisation


At 1 January 2025
11,184,936
15,023
11,199,959


Charge for the year on owned assets
5,000,814
1,616
5,002,430


Impairment charge
182,723
-
182,723



At 31 December 2025

16,368,473
16,639
16,385,112



Net book value



At 31 December 2025
6,058,170
8,466
6,066,636



At 31 December 2024
3,814,601
8,642
3,823,243



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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

13.


Tangible fixed assets


Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2025
1,791
15,204
16,995


Additions
531
2,991
3,522


Disposals
-
(1,989)
(1,989)



At 31 December 2025

2,322
16,206
18,528



Depreciation


At 1 January 2025
368
10,840
11,208


Charge for the year on owned assets
1,117
5,149
6,266


Disposals
-
(1,581)
(1,581)



At 31 December 2025

1,485
14,408
15,893



Net book value



At 31 December 2025
837
1,798
2,635



At 31 December 2024
1,423
4,364
5,787


14.


Debtors

2025
2024
£
£


Trade debtors
3,096,488
1,608,504

Other debtors
497,098
343,422

Prepayments and accrued income
1,123,932
1,862,837

4,717,518
3,814,763


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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

15.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
1,226,845
724,856

Amounts owed to group undertakings
3,517,818
4,195,498

Other creditors
1,812,285
2,661,991

Accruals and deferred income
5,164,252
1,953,258

11,721,200
9,535,603


Included in amounts owed to group undertakings is a credit facility totalling £2,517,820 (2024: £3,195,500) which is secured by fixed and floating charges over the assets of the company.


16.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



100 (2024 - 100) A Ordinary shares of £0.02 each
2
2
105 (2024 - 105) B Ordinary shares of £0.02 each
2
2

4

4



17.


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 £23,977 (2024: £22,088). Contributions totalling £3,375 (2024: £nil) were payable to the fund at the reporting date and are included in other creditors.


18.


Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
197,250
165,000

Later than 1 year and not later than 5 years
16,438
418,655

213,688
583,655

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BOSSANOVA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

19.


Related party transactions

At the reporting date, the company owed £400,000 (2024: £400,000) to Mr P Heaney, a shareholder and director of the company, the loan is interest free and repayable on demand.
At the reporting date, the company owed £999,998 (2024: £999,998) to Night Train Media Gmbh & Co. Kg, a German company with a majority shareholding in the company. The loan is interest free and repayable in line with the investment agreement. As there are no set repayment terms, the loan has been classed as due within one year.
At the reporting date, the company also owed Night Train Media Gmbh & Co. Kg amounts totalling £2,517,820 (2024: £3,195,500) by way of revolving credit facility. In line with the loan agreement, interest has been accrued at 8% per annum on the principal amount, which amounted to £211,661 (2024: £269,699). The loan is secured by fixed and floating charges over assets of the company. As there are no set repayment terms, the loan has been classed as due within one year.
At the reporting date, the company owed £nil (2024: £112,008) to Curve Media Ltd, a fellow group company. During the year the company paid advances and producer royalties totalling £19,890 (2024: £649,258) to Curve Media Ltd.
There are no further transactions with related parties that are material and have not been conducted under normal market conditions.


20.


Controlling party

During the reporting period the company was under the control of Night Train Media Gmbh & Co. Kg, a company incorporated in Germany. The trading address of Night Train Media Gmbh & Co. Kg is Residenzstrasse 9, 80333 Munich, Germany.

 
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