Company Registration No. 15776037 (England and Wales)
WD Film Productions Limited
Annual report and financial statements
for the period ended 30 November 2025
WD Film Productions Limited
Company information
Director
John Friedberg
Company number
15776037
Registered office
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
WD Film Productions Limited
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
WD Film Productions Limited
Strategic report
For the period ended 30 November 2025
1

The director presents the strategic report for the period ended 30 November 2025.

Review of the business

During the period the company was involved in the productions of a feature film.

Principal risks and uncertainties

The directors have reviewed the risks and resultant uncertainties facing the company and consider the principal risks to be legislative changes and the national economy.

The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

Key performance indicators

The director considers the company's key performance indicator to be whether costs are incurred in line with the budget of the film. Deviation from this will not however result in the withdrawal of support for the production from its financiers.

The director considers the company's key non-financial performance indicator to be whether the company creates and delivers the feature film it has been contracted to produce for the general release in national and international cinema. As of the date of signature, the company has received the interim British Film Certificate and expects to receive the final British Film Certificate imminently.

On behalf of the board

John Friedberg
Director
17 July 2026
WD Film Productions Limited
Director's report
For the period ended 30 November 2025
2

The director presents his annual report and financial statements for the period ended 30 November 2025.

Principal activities

The principal activity of the company was that of film production.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

John Friedberg
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
John Friedberg
Director
17 July 2026
WD Film Productions Limited
Director's responsibilities statement
For the period ended 30 November 2025
3

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

WD Film Productions Limited
Independent auditor's report
To the members of WD Film Productions Limited
4
Opinion

We have audited the financial statements of WD Film Productions Limited (the 'company') for the period ended 30 November 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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 30 November 2025 and of its loss for the period 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 Auditor's 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 UK, including the FRC’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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

WD Film Productions Limited
Independent auditor's report (continued)
To the members of WD Film Productions Limited
5
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 identifie d material misstatements in the strategic report or the director's r eport.

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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry tax credits.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management's assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.

WD Film Productions Limited
Independent auditor's report (continued)
To the members of WD Film Productions Limited
6

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

Nigel Walde
Senior Statutory Auditor
For and on behalf of Saffery LLP
21 July 2026
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
WD Film Productions Limited
Statement of comprehensive income
For the period ended 30 November 2025
7
Period
Period
ended
ended
30 November
11 April
2025
2025
Notes
£
£
Turnover
3
6,759,107
28,133,745
Cost of sales
(8,255,565)
(34,829,856)
Gross loss
(1,496,458)
(6,696,111)
Administrative expenses
(70,901)
(8,162)
Other operating income
2,070,640
7,344,067
Profit before taxation
503,281
639,794
Tax on profit
6
(510,353)
(612,722)
(Loss)/profit for the financial period
(7,072)
27,072

The income statement has been prepared on the basis that all operations are continuing operations.

WD Film Productions Limited
Statement of financial position
As at 30 November 2025
30 November 2025
8
30 November 2025
11 April 2025
Notes
£
£
£
£
Current assets
Debtors
7
8,989,984
10,486,578
Cash at bank and in hand
224,518
815,591
9,214,502
11,302,169
Creditors: amounts falling due within one year
8
(9,194,501)
(11,275,096)
Net current assets
20,001
27,073
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
20,000
27,072
Total equity
20,001
27,073
The financial statements were approved and signed by the director and authorised for issue on 17 July 2026.
John Friedberg
Director
Company Registration No. 15776037
WD Film Productions Limited
Statement of changes in equity
For the period ended 30 November 2025
9
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 June 2024
-
0
-
0
-
Period ended 11 April 2025:
Profit and total comprehensive income
-
27,072
27,072
Issue of share capital
10
1
-
1
Balance at 11 April 2025
1
27,072
27,073
Period ended 30 November 2025:
Loss and total comprehensive income
-
(7,072)
(7,072)
Balance at 30 November 2025
1
20,000
20,001
WD Film Productions Limited
Notes to the financial statements
For the period ended 30 November 2025
10
1
Accounting policies
Company information

WD Film Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Reporting period

These financial statements are presented for the period from 12 April 2025 to 30 November 2025, a period of 8 months. This is to align with key production milestones. The comparative figures are therefore not entirely comparable.

1.2
Basis of preparation

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.3
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

The "percentage of completion" method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WD Film Productions Limited
Notes to the financial statements (continued)
For the period ended 30 November 2025
1
Accounting policies (continued)
11
1.6
Financial instruments

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

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

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

WD Film Productions Limited
Notes to the financial statements (continued)
For the period ended 30 November 2025
1
Accounting policies (continued)
12
1.9
Employee benefits

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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions, where practicable, else at the average rate over the period in which the transactions were incurred. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Key sources of estimation uncertainty
Audio visual expenditure credit (AVEC) estimate

The key accounting estimate within the financial statements for this company is the valuation of the Audio Visual Expenditure Credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying production as eligible for the credit.

WD Film Productions Limited
Notes to the financial statements (continued)
For the period ended 30 November 2025
13
3
Turnover and other revenue
Period ended
Period ended
30 November
11 April
2025
2025
£
£
Turnover analysed by class of business
Sale of rights
6,750,107
28,122,745
Production service fee
9,000
11,000
6,759,107
28,133,745
Period ended
Period ended
30 November
11 April
2025
2025
£
£
Turnover analysed by geographical market
UK
6,759,107
28,133,745
Period ended
Period ended
30 November
11 April
2025
2025
£
£
Other revenue
Grants receivable
2,041,412
7,327,995
4
Operating profit
Period ended
Period ended
30 November
11 April
2025
2025
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses
35,401
-
0
Government grants
(2,041,412)
(7,327,995)
Fees payable to the company's auditor for the audit of the company's financial statements
27,750
17,750
WD Film Productions Limited
Notes to the financial statements (continued)
For the period ended 30 November 2025
14
5
Employees

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

Period ended
Period ended
30 November
11 April
2025
2025
Number
Number
19
88

Their aggregate remuneration comprised:

Period ended
Period ended
30 November
11 April
2025
2025
£
£
Wages and salaries
399,751
11,686,666
Social security costs
55,193
490,334
Pension costs
4,404
17,809
459,348
12,194,809
6
Taxation
Period ended
Period ended
30 November
11 April
2025
2025
£
£
Current tax
UK corporation tax on profits for the current period
510,353
612,722
WD Film Productions Limited
Notes to the financial statements (continued)
For the period ended 30 November 2025
6
Taxation (continued)
15

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Period ended
Period ended
30 November
11 April
2025
2025
£
£
Profit before taxation
503,281
639,794
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
125,820
159,949
Tax effect of expenses that are not deductible in determining taxable profit
-
0
44,509
Difference to profit arising per the accounts due to audio-visual expenditure credit claim
384,533
408,264
Taxation charge for the period
510,353
612,722
7
Debtors
30 November
11 April
2025
2025
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
82,121
Other debtors
8,731,132
10,203,446
Prepayments and accrued income
258,852
201,011
8,989,984
10,486,578
8
Creditors: amounts falling due within one year
30 November
11 April
2025
2025
£
£
Trade creditors
98,522
-
0
Amounts owed to group undertakings
6,510,912
8,656,894
Other creditors
7,884
640,922
Accruals and deferred income
2,577,183
1,977,280
9,194,501
11,275,096
WD Film Productions Limited
Notes to the financial statements (continued)
For the period ended 30 November 2025
16
9
Retirement benefit schemes
Period ended
Period ended
30 November
11 April
2025
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,404
17,809

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

10
Share capital
30 November
11 April
30 November
11 April
2025
2025
2025
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
11
Financial commitments, guarantees and contingent liabilities

A fixed and floating charge over the intellectual property relating to the film production being produced by WD Film Productions Ltd was created on 31 January 2025, and is held by Comercia Bank.

12
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

13
Ultimate controlling party

The company's immediate parent undertaking is Highland Castle Productions Limited, a company registered in England and Wales.

The ultimate controlling party is E. Schwarzman by virtue of his shareholding in Black Bear Holdings, Inc., a company incorporated in the United States of America, which is the ultimate parent of WD Film Productions Limited.

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