Meridian Water Studios Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 12527635

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		727,579		768,085

			727,579		768,085
CURRENT ASSETS
Debtors	6	3,325,262		3,728,324
Cash at bank and in hand		417		1,067

		3,325,679		3,729,391
Creditors: Amounts Falling Due Within One Year	7	(1,179,267 )		(1,715,667 )

NET CURRENT ASSETS (LIABILITIES)			2,146,412		2,013,724

TOTAL ASSETS LESS CURRENT LIABILITIES			2,873,991		2,781,809

Creditors: Amounts Falling Due After More Than One Year	8		(4,354,979 )		(2,797,481 )

NET LIABILITIES			(1,480,988 )		(15,672 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(1,481,088 )		(15,772 )

SHAREHOLDERS' FUNDS			(1,480,988)		(15,672)

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Meridian Water Studios Limited

Balance Sheet (continued)

As At 31 August 2025

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Tristan Baker

Director

28 August 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Meridian Water Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12527635 . The registered office is 3 Fulton Road, London, England, HA9 0SP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors intend that the company will cease its operations at its current site. Accordingly the financial statements have been prepared on a basis other than going concern: assets are stated at their estimated recoverable amounts, liabilities include all amounts expected to crystallise, and provision has been made for unavoidable commitments existing at the balance sheet date. No additional material adjustments arose from the change of basis beyond those described in the prior period adjustment note. Negotiations in respect of the company's exit from the site were continuing at the date of approval of these financial statements; nothing had been contractually agreed and no amounts receivable have been recognised.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Bar and Restaurant Sales

Revenue from food, beverage, and merchandise sales at the theatre premises is recognized at the point in time when the goods are sold and delivered to the customer at the point of sale (cash/card settlement).

Venue and Facility Hire Income (Recognized Over Time)

Revenue from hiring out theatre spaces, studios, or equipment is recognized over time across the specific duration of the hire period as the customer simultaneously receives and consumes the benefits of the facility.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15 Years
Fixtures & Fittings	25% - Straight line method
Computer Equipment	25% - Straight line method

2.5. Leasing and Hire Purchase Contracts

Rentals payable under operating leases are charged to the profit and loss account as incurred over the period of the lease. Total future minimum lease payments under non-cancellable operating leases were: within one year £417,043; between two and five years £nil.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Office and administration	5	13

	5	13

4. Prior Period Adjustment

Costs of £3,981,276 previously capitalised in respect of structures at the company's site, ownership of which rests with the freeholder, have been derecognised with effect from 31 August 2022, and an amount of £3,300,681 due from the parent undertaking has been recognised, as the correction of prior period errors. The comparative figures have been restated: tangible fixed assets at 31 August 2024 reduced by £2,981,296; amounts owed by group undertakings increased by £3,300,681; reserves brought forward at 1 September 2023 reduced by £53,967; and the prior-year depreciation charge reduced by £265,418.

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Meridian Water Studios Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 September 2024	860,521	142,674	11,145	1,014,340
Additions	40,601	10,762	-	51,363
Disposals	-	(475 )	-	(475 )

As at 31 August 2025	901,122	152,961	11,145	1,065,228

Depreciation
As at 1 September 2024	139,659	102,635	3,961	246,255
Provided during the period	59,798	28,919	2,786	91,503
Disposals	-	(109 )	-	(109 )

As at 31 August 2025	199,457	131,445	6,747	337,649

Net Book Value
As at 31 August 2025	701,665	21,516	4,398	727,579

As at 1 September 2024	720,862	40,039	7,184	768,085

6. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	22,941	60,550
Prepayments and accrued income	65,688	140,149
Rent Deposit	75,000	94,178
Other taxes and social security	-	18,260

	163,629	313,137
Due after more than one year
Amounts owed by entities under common control	7,258	-
Amounts owed by group undertakings	3,154,375	3,415,187

	3,161,633	3,415,187

	3,325,262	3,728,324

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

A balance of £7,258 is owed by a company under the common control of the directors; the balance is unsecured, interest free and repayable on demand.

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Meridian Water Studios Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	321,974	249,907
Other taxes and social security	2,007	-
VAT	531,136	703,972
Other creditors	46,417	105,828
Company Credit Card	-	1,567
Pension	-	536
Accruals and deferred income	277,733	653,857

	1,179,267	1,715,667

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Amounts owed to group undertakings	4,354,979	2,797,481

Amounts owed to group undertakings amount to £4,534,979.

9. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

10. Ultimate Controlling Party

The company's ultimate controlling party is Troubadour Theatres Ltd by virtue of its ownership of 100% of the issued share capital in the company.

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