BrightAccountsProduction v1.0.0 v1.0.0 2024-08-31 The company was not dormant during the period The company was trading for the entire period The principal activity of the company in the year under review was that of film production. 15 August 2026 0 0 04859237 2025-08-30 04859237 2024-08-30 04859237 2023-08-30 04859237 2024-08-31 2025-08-30 04859237 2023-08-31 2024-08-30 04859237 uk-bus:PrivateLimitedCompanyLtd 2024-08-31 2025-08-30 04859237 uk-curr:PoundSterling 2024-08-31 2025-08-30 04859237 uk-bus:SmallCompaniesRegimeForAccounts 2024-08-31 2025-08-30 04859237 uk-bus:FullAccounts 2024-08-31 2025-08-30 04859237 uk-bus:Director1 2024-08-31 2025-08-30 04859237 uk-bus:Director2 2024-08-31 2025-08-30 04859237 uk-bus:CompanySecretaryDirector1 2024-08-31 2025-08-30 04859237 uk-bus:RegisteredOffice 2024-08-31 2025-08-30 04859237 uk-bus:Agent1 2024-08-31 2025-08-30 04859237 uk-core:ShareCapital 2025-08-30 04859237 uk-core:ShareCapital 2024-08-30 04859237 uk-core:RetainedEarningsAccumulatedLosses 2025-08-30 04859237 uk-core:RetainedEarningsAccumulatedLosses 2024-08-30 04859237 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2025-08-30 04859237 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-08-30 04859237 uk-bus:FRS102 2024-08-31 2025-08-30 04859237 uk-core:PlantMachinery 2024-08-31 2025-08-30 04859237 uk-core:OtherPropertyPlantEquipment 2024-08-31 2025-08-30 04859237 uk-bus:Audited 2024-08-31 2025-08-30 04859237 uk-core:CostValuation 2025-08-30 04859237 uk-core:CurrentFinancialInstruments 2025-08-30 04859237 uk-core:CurrentFinancialInstruments 2024-08-30 04859237 uk-core:CurrentFinancialInstruments 2025-08-30 04859237 uk-core:CurrentFinancialInstruments 2024-08-30 04859237 uk-core:WithinOneYear 2025-08-30 04859237 uk-core:WithinOneYear 2024-08-30 04859237 uk-core:WithinOneYear 2025-08-30 04859237 uk-core:WithinOneYear 2024-08-30 04859237 uk-core:ParentEntities 2024-08-31 2025-08-30 04859237 2024-08-31 2025-08-30 xbrli:pure iso4217:GBP xbrli:shares

Cipher Films Limited

FINANCIAL STATEMENTS

for the financial year ended 30 August 2025

CIPHER FILMS LIMITED

DIRECTORS AND OTHER INFORMATION

Directors | Pierre Patrick Mascolo
| Ms Lilia Ivanova Mascolo (Appointed 14 July 2026)
| George Isaac (Resigned 14 July 2026)
Company Registration Number | 04859237
Registered Office | Berkeley House
| Amery Street
| Alton
| Hampshire
| GU34 1HN
Independent Auditors | JWR Audit Limited
| 24 Picton House
| Hussar Court
| Waterlooville
| Hampshire
| PO7 7SQ
| United Kingdom

CIPHER FILMS LIMITED

Company Registration Number: 04859237

BALANCE SHEET

as at 30 August 2025

|  |  | Aug 25 |  | Aug 24
|  | Notes | £ |  | £
Fixed Assets

Tangible assets |  | 8 | - |  | 251
Investments |  | 9 | 1 |  | 1
|  |  | ───────── |  | ─────────
Fixed Assets |  |  | 1 |  | 252
|  |  | ───────── |  | ─────────
Current Assets

Debtors |  | 10 | 178,840 |  | 194,518
Creditors: amounts falling due within one year |  | 11 | (390,578) |  | (390,457)
|  |  | ───────── |  | ─────────
Net Current Liabilities |  |  | (211,738) |  | (195,939)
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | (211,737) |  | (195,687)
Creditors:

amounts falling due after more than one year |  | 12 | (233) |  | (233)
|  |  | ───────── |  | ─────────
Net Liabilities |  |  | (211,970) |  | (195,920)
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 13,333 |  | 13,333
Retained earnings |  |  | (225,303) |  | (209,253)
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | (211,970) |  | (195,920)
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 13 August 2026 and signed on its behalf by

________________________________ |  |  |  |  |
Pierre Patrick Mascolo |  |  |  |  |
Director |  |  |  |  |

CIPHER FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 AUGUST 2025

1. | GENERAL INFORMATION
| Cipher Films Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£). Accounts are rounded to the nearest pound. The accounts represent the company as an individual entity.

2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the financial year ended 30 August 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Turnover
| Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
| Intangible assets
| Film Production Costs
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life Film Production Costs - 20% on cost
| Tangible assets and depreciation
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
|  | Plant and machinery | - | 20% on cost
|  | Office Equipment | - | 25% on reducing balance
| Investments
| Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial year in which it is receivable.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Borrowing costs
| Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
| In preparing the financial statements in accordance with FRS 102, management is required to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

4. | GOING CONCERN
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and parent company support will be given if needed. Hence the directors consider it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

5. | INFORMATION RELATING TO THE AUDITOR'S REPORT
| The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
| The financial statements were audited by JWR Audit Limited.
| The Auditor's Report was signed by Katie Wood FCA FCCA (Senior Statutory Auditor) for and on behalf of JWR Audit Limited on 15th August 2026.

6. | EMPLOYEES
| The average monthly number of employees, including directors, during the financial year was 0, (Aug 24 - 0).

7. | INTANGIBLE ASSETS
|  | Film |
|  | Production Costs | Total
|  | £ | £
| Cost
| At 31 August 2024 | 391,979 | 391,979
|  | ───────── | ─────────
| At 30 August 2025 | 391,979 | 391,979
|  | ───────── | ─────────
| Amortisation
| At 30 August 2025 | 391,979 | 391,979
|  | ───────── | ─────────
| Net book value
| At 30 August 2025 | - | -
|  | ═════════ | ═════════

8. | TANGIBLE ASSETS
|  | Plant and | Office | Total
|  | machinery | Equipment |
|  | £ | £ | £
| Cost
| At 31 August 2024 | 2,129 | 1,500 | 3,629
| Disposals | (2,129) | (1,500) | (3,629)
|  | ───────── | ───────── | ─────────
| At 30 August 2025 | - | - | -
|  | ───────── | ───────── | ─────────
| Depreciation
| At 31 August 2024 | 2,129 | 1,249 | 3,378
| On disposals | (2,129) | (1,249) | (3,378)
|  | ───────── | ───────── | ─────────
| At 30 August 2025 | - | - | -
|  | ───────── | ───────── | ─────────
| Net book value
| At 30 August 2025 | - | - | -
|  | ═════════ | ═════════ | ═════════
| At 30 August 2024 | - | 251 | 251
|  | ═════════ | ═════════ | ═════════

9. | INVESTMENTS
|  | Group and | Total
|  | participating |
|  | interests/ |
|  | joint ventures |
| Investments | £ | £
| Cost
| At 30 August 2025 | 1 | 1
|  | ───────── | ─────────
| Net book value
| At 30 August 2025 | 1 | 1
|  | ═════════ | ═════════
| At 30 August 2024 | 1 | 1
|  | ═════════ | ═════════

10. | DEBTORS | Aug 25 | Aug 24
|  | £ | £
| Amounts owed by group undertakings | 65,381 | 73,257
| Directors' current accounts | 96,832 | 90,808
| Taxation | 16,627 | 30,453
|  | ───────── | ─────────
|  | 178,840 | 194,518
|  | ═════════ | ═════════

11. | CREDITORS | Aug 25 | Aug 24
| Amounts falling due within one year | £ | £
| Bank overdrafts | - | 54
| Trade creditors | 24 | 24
| Amounts owed to group undertakings | 384,775 | 384,775
| Accruals | 5,779 | 5,604
|  | ───────── | ─────────
|  | 390,578 | 390,457
|  | ═════════ | ═════════

12. | CREDITORS | Aug 25 | Aug 24
| Amounts falling due after more than one year | £ | £
| Other loans | 233 | 233
|  | ═════════ | ═════════

13. | DETAILS OF CREDITORS
| Security given in respect of creditors
| The company had the following outstanding charges registered with Companies House: A charge dated 4 April 2006 in favour of The Governor and Company of the Bank of Ireland, relating to a fixed charge over deposits and a floating charge over debts. A charge dated 4 April 2006 in favour of Abn Amro Bank N.V., relating to a charge over deposits held in connection with certain loans. Both charges remain outstanding.

14. | PARENT COMPANY
| The company regards Mascolo (UK) Holdings Limited as its parent company.

15. | CONTROLLING INTEREST
| The controlling party is Mascolo (UK) Holdings Limited.

16. | SHARE CAPITAL
| Allotted, issued and fully paid
|  | Aug 25 | Aug 24
|  | £ | £
| 13,333 Ordinary Shares | 13,333 | 13,333
|  | ═════════ | ═════════

17. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
| The following advances and credits to a director subsisted during the years ended 30 August 2025 and 30 August 2024: P Mascolo
|  | Aug 25 | Aug 24
|  | £ | £
| Balance outstanding at start of year | 90,808 | 89,058
| Amounts advanced | 2,644 | 2,020
| Amounts repaid | (120) | (270)
|  | ───────── | ─────────
|  | 93,332 | 90,808
|  | ═════════ | ═════════

18. | G Isaac
|  | Aug 25 | Aug 24
|  | £ | £
| Balance outstanding at start of year | 230,280 | 230,280
| Amounts advanced | 3,500 | -
| Provision for Write Off | (230,280) | (230,280)
|  | ───────── | ─────────
|  | 3,500 | -
|  | ═════════ | ═════════
| Interest of £2,644 was charged on the loan during the current financial year and repayments of £120 were received during the year. At the year end, the company was owed £93,332 (2024: £90,808). A loan to the director, G Isaac, remains outstanding at the year end. A provision of £230,280 has been recognised in respect of the loan.