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COMPANY REGISTRATION NUMBER: 15901956

ELPW Project Limited

Filleted Financial Statements

31 December 2025

ELPW Project Limited

Statement of Financial Position

31 December 2025

| 31 Dec 25
Note | £

Current assets

Debtors | 6 | 1,588,484
Cash at bank and in hand | 415,194
| ------------
| 2,003,678

Creditors: amounts falling due within one year | 7 | ( 1,979,999)
| ------------
Net current assets | 23,679
| --------
Total assets less current liabilities | 23,679
| --------
Net assets | 23,679
| --------

Capital and reserves

Called up share capital | 8 | 1
Profit and loss account | 23,678
| --------
Shareholders funds | 23,679
| --------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 July 2026 , and are signed on behalf of the board by:

T L Josephs
Director

Company registration number: 15901956

ELPW Project Limited

Notes to the Financial Statements

Period from 16 August 2024 to 31 December 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71 Queen Victoria Street, London, EC4V 4BE, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below.
Comparatives
The accounts cover the period from incorporation on 16 August 2024 through to 31 December 2025, hence there are no comparative figures.
The accounting period has been extended to ensure that the accounting period and tax credit claim are conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the television series entitled "It Gets Worse". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employees
The company has been incorporated to produce a high-end television series called "It Gets Worse". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5. Tax on profit
Major components of tax expense

| Period from
| 16 Aug 24 to
| 31 Dec 25
| £

Current tax:

UK current tax expense | 272,533
| ---------
Tax on profit | 272,533
| ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is higher than the standard rate of corporation tax in the UK of 19 %.

| Period from
| 16 Aug 24 to
| 31 Dec 25
| £
Profit on ordinary activities before taxation | 296,211
| ---------
Audio-visual expenditure credit | 272,533
| ---------

6. Debtors

| 31 Dec 25
| £
Trade debtors | 7,075
VAT Recoverable | 450,016
Corporation Tax Recoverable | 1,090,132
Other debtors | 41,261
| ------------
| 1,588,484
| ------------

7. Creditors: amounts falling due within one year

| 31 Dec 25
| £
Accruals and deferred income | 877,337
Corporation tax | 272,533
Production advance | 817,599
Other creditors | 12,530
| ------------
| 1,979,999
| ------------

The loan has been secured against the anticipated future audio-visual expenditure credit.
8. Called up share capital
Issued, called up and fully paid

| 31 Dec 25
| No. | £
Ordinary shares of £ 1 each | 1 | 1
| ---- | ----

9. Contingent liabilities
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Comerica Bank
10. Summary audit opinion
The auditor's report dated 28 July 2026 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Moore Kingston Smith LLP .
11. Related party transactions
During the year no related-party transactions requiring disclosure took place. All transactions related to the production of the television series "It Gets Worse" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
12. Controlling party
The smallest and largest group for which accounts are prepared and in which the results of the company are consolidated is A24 Films LLC. Copies of the group accounts for A24 Films LLC can be obtained from 1245 Broadway, FL 10, New York, New York, United States