BSRF UK Limited
Unaudited Financial Statements
For the year ended 31 December 2025
Pages for Filing with Registrar
Company Registration No. 14177239 (England and Wales)
BSRF UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BSRF UK Limited
Balance Sheet
As at 31 December 2025
Page 1
2025
2024
Notes
£
£
£
£
Current assets
Investments
3
21,267,884
21,215,879
Cash at bank and in hand
21,666
123,621
21,289,550
21,339,500
Creditors: amounts falling due within one year
4
(25,028,485)
(25,148,321)
Net current liabilities
(3,738,935)
(3,808,821)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(3,738,936)
(3,808,822)
Total equity
(3,738,935)
(3,808,821)

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 August 2026 and are signed on its behalf by:
C Cronin
Director
Company Registration No. 14177239
BSRF UK Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
1
(4,815,710)
(4,815,709)
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,006,888
1,006,888
Balance at 31 December 2024
1
(3,808,822)
(3,808,821)
Year ended 31 December 2025:
Profit and total comprehensive income
-
69,886
69,886
Balance at 31 December 2025
1
(3,738,936)
(3,738,935)
BSRF UK Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 3
1
Accounting policies
Company information

BSRF UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
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 as applicable to companies subject to the small companies regime.

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.

1.2
Going concern

The company is dependent on a loan from true its i mmediate parent compan y for its working capital. Its parent company has confirmed that it will not require repayment of this sum, £25,018,594, within 12 months of the date of signature of these accounts unless BSRF UK Limited is able to make such repayment without preventing it from meeting its other liabilities as they fall due or preventing it from continuing in business throughout the duration of the same 12 month period. As such the director s consider it appropriate that the company adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received and represents the company's share of profits distributed by theatrical productions in which the company has an investment. Such profits are recognised on a cash receipts basis as the company has no control or visibility over the timing or amount of profit which is distributed by those productions, provided in the normal course of business.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.4
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.

1.5
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 balance sheet 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.

BSRF UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 4
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

The company invests in theatrical productions generally by way of loans. The loans are repayable out of the running profits of the productions with timing of such repayments at the reasonable discretion of the production. Subsequent to repayment the terms of the loans entitle the company to a share of post-recoupment profit. Provision is made were the directors consider it unlikely that the production will be able to repay the loan in full.

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.

1.6
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.

1.7
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.

BSRF UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 5
1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2025
2024
Number
Number
Total
0
0
3
Current asset investments
2025
2024
£
£
Other investments
21,267,884
21,215,879

Current asset investments represent non-recourse loans advanced to theatrical productions which are repayable out of the profits of those productions.

4
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
891
19,266
Amounts owed to group undertakings
25,018,594
25,129,055
Other creditors
9,000
-
0
25,028,485
25,148,321
5
Related party transactions

The company has taken advantage of the exemption available under Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from disclosing related party transactions with wholly owned group undertakings.

BSRF UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 6
6
Parent company

The company's immediate parent is Broadway Strategic Return Fund, LP. This Limited Partnership is registered in the state of New York, of the United States of America.

There is no single ultimate controlling party.

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