ACCOUNTS - Final Accounts

Registered number: 03687838

OUTLINE PRODUCTIONS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2025

OUTLINE PRODUCTIONS LIMITED

COMPANY INFORMATION

Directors	M T Fleming
	U Streib


Registered number	03687838


Registered office	46 Bloomsbury Street
	London
	WC1B 3QJ


Independent auditors	Ecovis Wingrave Yeats LLP
	Chartered Accountants and Statutory Auditors
	3rd Floor Waverley House
	7-12 Noel Street
	London
	W1F 8GQ

OUTLINE PRODUCTIONS LIMITED

CONTENTS

	Page
Balance sheet	1
Notes to the financial statements	2 - 10

OUTLINE PRODUCTIONS LIMITED

REGISTERED NUMBER: 03687838

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£000		£000

Fixed assets
Tangible assets	5		-		8
			-		8
Current assets
Debtors: amounts falling due within one year	6	1,895		1,809
Bank and cash balances		1		15
		1,896		1,824
Creditors: amounts falling due within one year	7	(1,422)		(1,424)
Net current assets			474		400
Total assets less current liabilities			474		408

Net assets			474		408

Capital and reserves
Called up share capital	8	-	-
Share premium account	9	45	45
Profit and loss account	9	429	363
		474	408

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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2026.

M T Fleming

Director

The notes on pages 2 to 10 form part of these financial statements.

Page 1

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Outline Productions Limited is a private company limited by shares incorporated in England and Wales, registration number 03687838. The registered office is 46 Bloomsbury Street, London, England, WC1B 3QJ.
The principal activity of the Company during the year was that of the provision of TV production and distribution services.

2.Accounting policies

2.1

Accounting convention

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 the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £1,000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2

Going concern

The Company made a profit for the year of £66,000 (2024 - £132,000) and has net assets of £474,000 (2024 - £408,000). The directors are committed to the Company's development slate and creative direction, while the production management and operations of the Company remain integrated within the Tin Roof Media Group. The directors are satisfied that the Company is able to meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements, and therefore consider it appropriate that these financial statements be prepared on the going concern basis.

Page 2

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Turnover

Revenue is recognised when it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable from customers, net of trade discounts, VAT and other sales related taxes.

Production revenue comprises broadcaster license fees and other pre-sales receivable for work carried out in producing television programmes.

To the extent that they meet the requirements of FRS102 certain customer-specific production contracts are reported using the percentage-of-completion method.

In this method, revenues and gains on customer-specific contracts are recognised based on the stage of completion of the respective project concerned. The percentage of completion is calculated as the ratio of the contract costs incurred up until the end of the year to the total estimated project costs (cost-to-cost method). Irrespective of the extent to which a project has been completed, losses resulting from customer-specific contracts are immediately recognised in full in the year in which the loss is identified. Gross profit on production activity is recognised over the year of the production.

Overspends on productions are recognised as they arise and underspends are recognised on completion of the productions.

Distribution revenue from completed programme sales is recognised when it is payable to the company by its distribution agents.

2.4

Production costs

In most cases, when the Company is commissioned to make a programme by a broadcaster, the broadcaster pays a licence fee for the programme in their own territory and the Company retains the right to exploit the programme elsewhere.

2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.6

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Camera and office equipment

25%

reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Page 3

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.7

Impairment of fixed assets

At each reporting end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

2.8

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments 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.

Page 4

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

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 its financial instruments.

Financial instruments are recognised 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 trade and other receivables, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired when there is objective evidence that, because of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire.

2.10

Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

2.11

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the period. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting year.

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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Page 6

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgments and key sources of estimation uncertainty

Useful economic life and impairment of tangible fixed assets

Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Deferred tax asset

The Company has not recorded a deferred tax asset relating to the accumulated losses and other deductions of the Company as there is uncertainty as to when future profits will arise within the Company.

Revenue recognition

Management continually assess the projected total costs of each production. On the basis of these estimated, revenue is recognised.

Where productions are in progress at the period end and where billing exceeds the value of the work done, the excess is classified as deferred income. Where billing is less than the value of work done, the excess is classified as accrued income.

Employees

The average monthly number of employees during the year was 0 (2024 - 0).

Page 7

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Tangible fixed assets

		Camera and office equipment
		£000
	Cost or valuation
	At 1 January 2025	40
	Disposals	(40)
	At 31 December 2025	-
	Depreciation
	At 1 January 2025	32
	Charge for the year on owned assets	1
	Disposals	(33)
	At 31 December 2025	-
	Net book value
	At 31 December 2025	-
	At 31 December 2024	8

6.	Debtors due within one year

					2025	2024
					£000	£000


Trade debtors	14	53
Amounts owed by group undertakings	1,878	1,753
Other debtors	3	3
	1,895	1,809

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

Page 8

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£000	£000

Trade creditors	2	23
Amounts owed to group undertakings	1,338	1,338
Other taxation and social security	1	1
Accruals and deferred income	81	62
	1,422	1,424

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

8.	Share capital
		2025	2024
		£000	£000

Allotted, called up and fully paid

200 (2024 - 200) Ordinary shares of £1.00 each	-	-

The Company's ordinary shares have attached to them voting, dividend and capital distribution (including on winding up) rights but do not confer any rights of redemption.

Reserves

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 9

OUTLINE PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Contingent liabilities

TC Loans (CBILS) Limited held a fixed and floating charge over all assets, property and undertaking of the Company in respect of a loan agreement entered into by the Company's parent. This charge was fully satisfied on 9 January 2025.
The Company has entered into a charge agreement with Coutts & Company, registered on 9 January 2025. This charge includes both fixed and floating charges over all assets, property, and undertaking of the Company. The charge also contains a negative pledge, restricting the Company from creating further charges over the same assets without the consent of Coutts & Company.
The Company has entered into a charge agreement with Head Gear Films FN Ltd, registered on 16 December 2025. This charge includes both fixed and floating charges over all assets, property, and undertaking of the Company. The charge also contains a negative pledge, restricting the Company from creating further charges over the same assets without the consent of Head Gear Films FN Ltd.

11.	Related party transactions
	The Company has taken advantage of the exemption under Paragraph 33 of FRS 102 from disclosing transactions with wholly owned subsidiary undertakings.

12.	Controlling party

The Company is a subsidiary of Tin Roof Media Limited, a company registered in England & Wales.

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 1 September 2026 by Kate Barekati (Senior statutory auditor) on behalf of Ecovis Wingrave Yeats LLP.

Page 10