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Registered number: 10759435
CORESTAR MEDIA PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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CORESTAR MEDIA PLC
COMPANY INFORMATION
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CORESTAR MEDIA PLC
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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CORESTAR MEDIA PLC
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
The Company’s principal activity during this period was the further acquisition and development of TV drama, comedy and feature film projects, with a view to selling them into Broadcasters and Subscription Video on Demand Services to generate revenues from profit on production fees and international sales.
Business review
The Company has recently secured an editorial greenlight from ITV for a 4-part true-life drama on assisted suicide; “Mavis Eccleston”. This project was previously in development with Sky Cinema as a feature film, titled “Goodnight Darling” with Judi Dench attached in the lead. However, the project was dropped by Sky as Judi Dench stepped away on health grounds. The company repositioned the project for television and pitched it to ITV, against the backdrop of the assisted dying bill being debated in parliament and featuring heavily in the news.
Indefinite Films have been engaged as a production services company – supplying producing and directing services. It was agreed that Production Company fees and overhead fees would be split 70/30 in Corestar’s favour.
This became the fastest development the Company has known, with the writer delivering a pilot script to ITV by August, and on the back of this, ITV agreed a full editorial greenlight for the series, committing £1m per episode of the production budget. At this point, the series was planned as 3 episodes; it subsequently changed to 4, which gives a greater opportunity for international sales and a potential increase in revenue for the Company.
The rest of the production budget is made up of HMRC tax credit, gap funding and a regional grant from Bristol Screen (to be confirmed by August / September).
The Company is projecting £435,000 in revenues derived from its share of the production company fee and overhead fees. This will be payable on delivery in Feb 2027. (Please see a note in the going concern report relating to if the Bristol Screen money does not land).
Whilst this was very good news, the Directors recognised that existing cash reserves would have run out by Q1 of 2026, leaving a significant hole in cash flow, resulting in the Company being wound up before being able to produce the show and realise the revenues from ITV.
After a number of discussions with senior investors, the Board decided that raising only enough to keep the lights on until revenues from ITV flow in would risk missing the much larger opportunity.
The Board agreed that this was the time to be bold, capitalising on the potential buzz around “Mavis Eccleston” to drive real growth. Raising over and above the bare minimum to enable the Company to produce “Mavis Eccleston” will also allow for further acquisition and development of new “Hero” IP: major book titles and original ideas from proven writers. This investment isn’t just about sustaining momentum; it’s about scaling up, expanding our library, and giving us the time to gain traction with new projects, thereby positioning Corestar as a force in the premium television drama space.
Outside of funding for further project acquisition, the Board will look to strengthen the team, initially with the part-time appointment of Serena Karp, former Head of Business Affairs at Sky Studios. She brings strong legal expertise, commercial insight and valuable industry connections across finance and distribution. We have been engaging Serena on an ad hoc basis so far, and by bringing media legal work in-house, the Company has already achieved significant cost efficiencies.
This disciplined, scalable approach to hiring will continue, focusing on strategic partnerships and targeted expertise to drive growth, improve efficiency, and enhance the chances of future greenlights while maintaining Corestar’s fixed-cost principles.
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CORESTAR MEDIA PLC
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
In order to achieve this and ensure the Company can capitalise on the opportunity it has with “Mavis Eccleston”, the Board agreed to issue up to 650,000 B Shares in a rights issue, initially open only to existing investors. As this was, effectively, an emergency cash call and in recognition of their ongoing support for the business, the new shares were offered at £1 per share (they had been £2 per share since June 2021).
The vision for 2026 / 27 and beyond
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The Board agreed at the start of this year that 2025 was a make-or-break year for the Company, with cash reserves running out in Q1 of 2026. It was agreed that we would not be able to seek further investment without material good news. “Mavis Eccleston” was that material good news.
As of November 2025 projections showed a minimum requirement for further capital of circa £300,000 to keep the lights on and provide a very small development budget, while producing “Mavis Eccleston” and realising the show’s revenue. And whilst this would see a runway through to Q1 2028, taking into account the revenues from “Mavis Eccleston” landing at the start of 2027, it leaves little funding for further acquisition and development, which the Board believes is vital to the long-term sustainability and success of the business. Since the start of the year, the Company has sold a further 250,476 shares at £1 per share, leaving a remaining 47,379 shares of the 650,000 allotted to this rights issue.
During the last 18 months, the Company has continued to develop its slate of projects, many on shoestring budgets with a view to keeping the runway as long as possible.
In November, it signed an early-stage development deal with Sky Studios for “Will & Testament”, an original idea by Rob G Wilson, a highly accomplished and acclaimed comic book writer. It is worth noting that should this project get through to production, the financial returns will be significantly greater than “Mavis Eccleston”. Sky’s budgets are significantly higher than ITV's, and they would want 8 episodes per series, with at least 3 series (ideally more). Long-running returning shows are also much more lucrative in the international markets.
As of July 2026, the Company has moved to the next phase of paid development with Sky on this project, with the broadcaster committing to fund the writing of a pilot script and further work on the series document (figures to be confirmed).
There are a number of other projects the Company has in various states of development, which will shortly go out to broadcasters for consideration.
The cash reserves at the year-end were £127,251, which are sufficient to meet the Company’s immediate liquidity requirements. The recent investment received, combined with the cash available in the balance sheet and the projected revenues from ITV, means that the Company will be able to fund its ongoing activities.
There are £39,081 of intangible assets on the balance sheet, made up of options on various books, treatments and scripts. This figure does not include the funds that have been committed to developing the options into scripted episodes, treatments and series bibles. The intention is to create packaged projects from these assets, which will be worth significantly more than they currently sit on the balance sheet for. This is due to the potential revenues, not only from production profits but also revenues from international sales, format deals, and in some cases merchandising opportunities.
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CORESTAR MEDIA PLC
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
Principal risks and uncertainties
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The last couple of years, due to strikes and other factors, saw a small downturn in the number of shows commissioned by some broadcasters, however, things appear to be easing up in that regard now. There has continued to be a shift in budgets, with big-budget TV projects becoming more of the exception than the norm (for certain platforms), with production companies being asked to deliver content on a more sustainable budget. There is also a call on producers to source third-party finance in order to fully fund production budgets (as we are doing with “Mavis Eccleston”).
The board believes the Company is well placed to deal with these shifts in the market, as much of the team comes from a background of independent film production, where budgets are tight, and ambition is big. The Company has also been able to maintain low overheads with fixed costs in the business having been tightly controlled, utilising a business model of flexing costs up and down, depending on what level of production the Company will be in at any given time.
Whilst TV development can be a high-risk business, with a low strike rate for taking a project from an initial idea, through to a commissioned TV show, the Company has mitigated this risk by continuing to spread its capital across several projects, covering several genres, that it believes will appeal to a variety of broadcasters and audiences around the world. The Company is also further cementing relationships within the industry, enabling a temperature check on a specific project the Company is considering, before deploying any capital on acquisition or development.
Paul Andrew Williams, the Company’s Creative Director is a BAFTA-winning director and acclaimed writer and whilst a number of the Company’s projects have been created by him, the board have identified the need to mitigate the key man risk in this area. The Company has a significant number of projects on its slate that are created by third-party writers and continues to build relationships with third-party creatives.
The Company recognises the need to secure options on “hero” intellectual property. This gives broadcasters a comfort that there is not only an established audience for a show but also a wealth of underlying material to build said show on. From the broadcaster's point of view in mitigating risk, the larger a book's existing readership (for example), the more confidence they will have in building an audience for a show based on that book.
Financial key performance indicators
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Whilst the Company has been operating at a loss whilst deploying capital on development of various projects, this will very quickly change, once it moves into production. Revenues will be generated from an initial production profit taken from any projects the Company is engaged to produce by a broadcaster, potential secondary revenue streams will flow from the same projects in the form of international sales, merchandising and spin-off shows.
The key to the Company’s future financial performance will be to move projects from development into production, which will see profitable revenue flowing into the business. In getting “Mavis Eccleston” away, the Company will establish itself in the market, making it significantly easier to get further projects into production.
This report was approved by the board and signed on its behalf.
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R J Hart
Director
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CORESTAR MEDIA PLC
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
The directors present their report and the financial statements for the period ended 30 November 2025.
Directors' responsibilities statement
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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 judgements 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 2006. They 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.
The loss for the period, after taxation, amounted to £504,445 (2024 - loss £479,823).
The directors do not recommend a dividend (2024: Nil).
The directors who served during the period were:
The directors have prepared cash flow forecasts covering the period to September 2027, following which, they
accordingly believe it is appropriate to prepare the financial statements on a going concern basis. Following
successful fundraising post year end, and with revenues due to be delivered from the commissioned ITV drama "Mavis Eccleston" during 2027, the directors consider that there are sufficient levels of working capital and cash to meet the Company's liabilities as they fall due for the next 12 months.
The directors plan to continue to focus on the core activities and develop the projects further into production and the possibility of securing further capital if the company believes it is justified.
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CORESTAR MEDIA PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
Matters covered in the Strategic Report
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The directors review of business, principal risks and uncertainties, and key performance indicators are included within the Strategic Report.
Disclosure of information to auditors
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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.
Post balance sheet events
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The Company allotted and issued 353,645 B ordinary shares in February 2026 for consideration of £353,645. A further 248,976 B ordinary shares were subscribed for after February 2026 for consideration of £248,976 but had not been allotted and issued at the date of approval of these financial statements.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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R J Hart
Director
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CORESTAR MEDIA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORESTAR MEDIA PLC
We have audited the financial statements of Corestar Media PLC (the 'Company') for the period ended 30 November 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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.
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
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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.
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CORESTAR MEDIA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORESTAR MEDIA PLC (CONTINUED)
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 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.
Opinion on other matters prescribed by the Companies Act 2006
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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 period 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
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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
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As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.
Auditors' responsibilities for the audit of the financial statements
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CORESTAR MEDIA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORESTAR MEDIA PLC (CONTINUED)
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliancewith laws and regulations relate to standard business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies act 2006 and Income Tax.
We evaluated management's incentives and opportunities or fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙Inspecting correspondence with regulators and tax authorities;
∙Discussing with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Evaluating management's controls designed to prevent and detect irregularities;
∙Identifying and testing accounting journal entries, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and
∙Challenging assumptions and judgements made by management in their critical accounting estimates.
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
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CORESTAR MEDIA PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORESTAR MEDIA PLC (CONTINUED)
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 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.
lan Cliffe (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG
27 August 2026
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CORESTAR MEDIA PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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Interest receivable and similar income
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Loss for the financial period
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The notes on pages 15 to 26 form part of these financial statements.
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CORESTAR MEDIA PLC
REGISTERED NUMBER: 10759435
BALANCE SHEET
AS AT 30 NOVEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2026.
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R J Hart
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The notes on pages 15 to 26 form part of these financial statements.
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