The directors present their annual report and financial statements for the period ended 30 December 2024.

The principal activity of the company continued to be that of a holding company.

The results for the period are set out on page 7.

No ordinary dividends were paid (Period ended 31 July 2023: £Nil). The directors do not recommend payment of a final dividend (Period ended 31 July 2023: £Nil).

The directors who held office during the period were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going Concern

The directors, having made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the Company will continue in operation for at least twelve months from the date of approval of these financial statements. The Company relies on Group companies for continued financial support as it is a holding company of the business. The Company and the Group has implemented successful cost cutting measures in the last 18 months to reduce overhead and continues to look at ways to optimise its cost base, including reviewing real estate efficiencies.

The production slate and pipeline of the Group remains strong in 2026 with a significant number of projects either completed, in production, or in advance stage of negotiation. The Group has a positive cash position and currently no borrowing facilities are required. The Group is exploring the market for facilities to assist with production cashflow to mitigate any potential short term cashflow risk.

The Directors have reviewed the Group’s cashflow forecast for the next 12 months, including stress testing the results and they believe that taking into account reasonable changes in projected profitability, contracted and recurring revenue, repayment of debt, available liquid resources, the Group has adequate resources to continue in operational existence for the foreseeable future.

Going Concern (continued)

The Company has the benefit of the financial support of the group. The Directors of the Company include a Director on the Board of profitable Group companies and are therefore confident that the Group would not rescind this support as the Company is a trading company of the Group. A letter of support has been provided to confirm this support will not be rescinded. This letter also confirms that intercompany loans will not be demanded within 12 months of the signing of the financial statements. On this basis it is reasonable to look at the Group's resources.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 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.

We have audited the financial statements of Fulwell 73 Holdco Limited (the 'company') for the period ended 30 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (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 December 2024 and of its profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 101; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's 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 UK, including the FRC’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

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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the directors' report has been prepared in accordance with applicable legal requirements.

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 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.

• the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a Strategic Report and in preparing the Directors' Report

As explained more fully in the directors' responsibilities statement set out on page 2, 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.

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 auditor's 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

In addition, the Company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation and employment law.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 auditor's 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.

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

Fulwell 73 Holdco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Esther Anne Place, London, England, N1 1UL.

The financial statements are prepared for the period 1 August 2023 to 30 December 2024, a period of 17 months, which is longer than a year. The period was lengthened to align with the reporting period of the wider group.

The wider group prepares its financial statements to 31 December. The company's year end was set to 30 December (one day earlier than the group) to obtain a filing extension. This change does not materially affect the figures presented.

The financial statements have been prepared under the historical cost convention, rounded to the nearest £1, unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The Company is a qualifying entity as it is a member of the Fulwell group where Fulwell 73 Productions LLP, the ultimate parent, prepares publicly available consolidated financial statements.

The financial statements have been prepared in accordance with Financial Reporting Standard 101, 'Reduced Disclosure Framework' (FRS 101). The financial statements are principally prepared on the basis of historical cost and, where other bases are applied, these are identified in the relevant accounting policy.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK (UK-adopted international accounting standards), but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions.

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 £.

The principle accounting policies are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

• the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment

• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

• the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations

• the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources

• the requirements of IFRS 7 Financial Instruments: Disclosures

• the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

• the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

• the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total

• the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present

• comparative information in respect of:

-    paragraph 79(a)(iv) of IAS 1;

-    paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-    paragraph 118(e) of IAS 38 Intangible Assets;

-    paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-    paragraph 50 of IAS 41 Agriculture

• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

• the requirements of IAS 7 Statement of Cash Flows

• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

• the requirements of paragraph 74A(b) of IAS 16

• the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

• the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

• the requirements of paragraph 88C and 88D of IAS 12 Income Taxes.

The directors, having made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the Company will continue in operation for at least twelve months from the date of approval of these financial statements. The Company relies on Group companies for continued financial support as it is a holding company of the business. The Company and the Group has implemented successful cost cutting measures in the last 18 months to reduce overhead and continues to look at ways to optimise its cost base, including reviewing real estate efficiencies.true

The production slate and pipeline of the Group remains strong in 2026 with a significant number of projects either completed, in production, or in advance stage of negotiation. The Group has a positive cash position and currently no borrowing facilities are required. The Group is exploring the market for facilities to assist with production cashflow to mitigate any potential short term cashflow risk.

The Directors have reviewed the Group’s cashflow forecast for the next 12 months, including stress testing the results and they believe that taking into account reasonable changes in projected profitability, contracted and recurring revenue, repayment of debt, available liquid resources, the Group has adequate resources to continue in operational existence for the foreseeable future.

The Company has the benefit of the financial support of the group. The Directors of the Company include a Director on the Board of profitable Group companies and are therefore confident that the Group would not rescind this support as the Company is a trading company of the Group. A letter of support has been provided to confirm this support will not be rescinded. This letter also confirms that intercompany loans will not be demanded within 12 months of the signing of the financial statements. On this basis it is reasonable to look at the Group's resources.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for services supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the services have transferred to the customer and the customer has control of these.

The transaction price is allocated in full to the single distinct performance obligation and is set out in the contract. Payment is received before or as work is completed and therefore no discounting is required. Amounts received in advance of service delivery are recorded as contract liabilities within current liabilities.

Contract Liabilities

Contract liabilities represent consideration received for services not yet provided at the reporting date. These are expected to be recognised as revenue within the next 12 months.

Investments in subsidiary undertakings are classified as non-current assets and are stated at fair value in accordance with IFRS 13 Fair Value Measurement. Fair value is determined using appropriate valuation techniques, including market-based approaches such as revenue multiples, adjusted for entity-specific factors.

Changes in fair value are recognised in profit or loss in the period in which they arise.

The company assesses at each reporting date whether there is objective evidence of impairment. Where the fair value of an investment falls below its carrying amount, the difference is recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or

amortised cost, depending on the classification of the financial assets.

All of the Company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Ordinary shares are classified as equity. Equity instruments are measured at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares

Preference shares are assessed to determine whether they meet the definition of an equity instrument under IAS 32. Where the Company has no contractual obligation to redeem the shares or pay dividends, and settlement occurs only on liquidation, such shares are classified as equity.

If preferred shares include mandatory redemption features or fixed dividend obligations that create a contractual obligation to deliver cash or another financial asset, they are classified as financial liabilities.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation in the period are included in profit or loss.

Interest Income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

In preparing these financial statements, the directors have had to make the following judgements:

• Determining whether investments in subsidiaries are displaying indicators of impairment. The Company assesses investments in subsidiaries for impairment annually or when indicators of impairment exist. This assessment requires estimating the recoverable amount of each investment, which is determined based on a revenue multiple valuation approach. The selection of the appropriate multiple involves significant judgement and is based on observable market data for comparable companies and transactions. Key assumptions include the revenue base used, the multiple applied, and adjustments for size, growth prospects, and market conditions. These assumptions are inherently uncertain, and changes in market benchmarks or the subsidiary's revenue performance could result in material changes to the valuation.

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

Impairment of investments in subsidiaries

In the prior year, following an annual impairment review performed by the directors of the Company, an impairment charge of £101,979,086 was recorded in respect of investment held in subsidiary undertakings. The directors have assessed that there is no impairment charge in the current period.

Gain on extinguishment of financial liability

During the current period, the Company recognised a gain of £18,481,509 arising from the extinguishment of a financial liability. This gain resulted from the conversion of redeemable preference shares, which carried a fixed dividend of 8%, at an amount lower than their carrying value.

The liability was derecognised in accordance with IFRS 9 Financial Instruments, and the difference between the carrying amount of the liability and the consideration paid on conversion was recognised in profit or loss under “Other gains and losses”.

This transaction formed part of a broader capital restructuring and had no adverse impact on the Company’s ability to meet its obligations.

The standard rate of corporation tax applied to the Company's taxable profits for the period ended 30 December 2024 was 25% (2023: 21.01%). The prior year rate represented a blended rate, reflecting the increase in the UK corporation tax rate from 19% to 25% effective from 1 April 2024.

The charge for the period can be reconciled to the profit/(loss) per the income statement as follows:

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

During the period, the Company participated in a group restructuring involving the transfer of several subsidiaries between fellow group companies. These transactions were accounted for at book value and did not result in any gain or loss in profit or loss.

On 19 November 2024, the company disposed of its investment Fulwell 73 LUK Limited to Fulwell 73 UK Limited as part of the internal group restructuring. The subsidiary was registered in England and Wales and its principal activity was television programme production activities.

On 19 November 2024, the company disposed of its investment in Fulwell 73 Limited to Fulwell 73 UK Limited as part of the internal group restructuring. The subsidiary was registered in England and Wales and its principal activity was television programme production activities.

On 19 November 2024, the company disposed of its investment in Fulwell 73 UK Limited to Fulwell 73 Member LLC as part of the internal group restructuring. The subsidiary was registered in England and Wales and its principal activity was television programme production activities.

On 21 November 2024, the Company acquired an investment in JAMM Film Limited as part of the internal group restructuring. The subsidiary is registered in England and Wales and its principal activity is motion picture production activities. The investment is a 100% equity investment held at £2.

On 21 November 2024, the Company acquired an investment in Fulwell 73 Member LLC as part of the internal group restructuring. The subsidiary is registered in United States of America and its principal activity is motion picture production activities. The investment is a 100% equity investment held at £37,945,905.

The company has applied the FRS 101 Reduced Disclosure Framework and taken advantage of the disclosure exemptions permitted for qualifying entities. Accordingly, detailed disclosures required by IFRS 3 and IFRS 5 have not been presented in these financial statements. Equivalent disclosures are provided in the consolidated financial statements of the ultimate parent undertaking, Fulwell 73 Productions LLP.

Details of the company's subsidiaries at 30 December 2024 are as follows:

*Incorporated in the period on the following dates:

Backboard Limited - 2 October 2023 RMF The Film Limited - 16 May 2024 MNV the Film Limited - 13 October 2023

Fulwell 73 U.S. Business Holdco LLC - 18 November 2024

Take a Bow Productions LLC - 11 March 2024

**Dissolved in the period on 26 November 2024

Details of the company's joint ventures at 30 December 2024 are as follows:

The amounts owed by fellow group undertakings represent intercompany trading, has no associated interest and is repayable on demand.

The carrying value of trade and other receivables is considered to approximate fair value.

Amounts owed to fellow group undertakings represent intercompany trading, has no associated interest and is payable on demand.

The carrying value of trade and other payables is considered to approximate fair value.

Preferred shares

In the prior period, the Company held 30,000,000 Preferred shares of £1 each. On 2 December 2024, as part of a capital restructuring, the Company converted these Preferred shares into Ordinary B shares on a share-for-share basis, resulting in the reclassification of 30,000,000 Preferred shares into 30,000,000 Ordinary B shares. Following the conversion, the Company's issued share capital comprised 45,000,000 Ordinary B shares of £1 each, including the newly converted shares. The conversion did not result in any change to the total nominal value of issued share capital or to the rights attached to the shares.

On 3 December 2024, the Company converted its Ordinary B shares into Ordinary shares as part of a capital restructuring. The conversion was carried out on a one-for-one basis, resulting in the reclassification of 45,000,000 Ordinary B shares of £1 each into Ordinary shares of £1 each. Following the conversion, the Company's issued share capital consists solely of Ordinary shares, which carry no fixed dividend entitlement and no option to convert into any other class of shares. The conversion did not affect the total nominal value of the issued share capital or the rights attached to the shares.

Parent company

On 3 December 2024, the entire issued share capital of the Company, previously held by Fulwell 73 Productions LLP and Valence LLP, was transferred to Fulwell Member UK Holdco Limited, a fellow subsidiary within the Fulwell group that was incorporated during the period on 18 November 2024. As a result, Fulwell Member UK Holdco Limited is now the immediate parent undertaking of the Company. The ultimate controlling party remains Fulwell 73 Productions LLP, which prepares consolidated financial statements for the group.

FRS 101 exempts preparers from the requirements of para. 17 and 18A of IAS 24, meaning that FRS 101 accounts do not disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned within the group. All transactions are with wholly owned companies within the group.

At the period end, an amount of £280,316 (2023: £700,000) was due from Fulwell 73 Productions LLP. The decrease in the balance during the period reflects intra-group netting arrangements rather than cash settlements. These net-offs were agreed between group entities to simplify intercompany positions and do not represent cash inflows or outflows. Fulwell 73 Productions LLP does not hold a 100% equity interest in Fulwell 73 Holdco Limited, its ownership is 68% indirect ownership through Fulwell Member UK Holdco.

At the period end, an amount of £Nil (2023: £1,060,321) was due from Fulwell 73 Productions US Inc. The decrease in the balance during the period reflects intra-group netting arrangements rather than cash settlements. These net-offs were agreed between group entities to simplify intercompany positions and do not represent cash inflows or outflows. Fulwell 73 Productions LLP has 68% indirect ownership of Fulwell 73 Productions US Inc through Fulwell Member US Holdco.

At the period end, an amount of £10 (2023: £Nil) was due from Fulwell 73 Member LLC. The transaction in the period reflects a transfer of shares in fellow group entities and does not represent cash inflows or outflows. Fulwell 73 Holdco Limited has 50% direct ownership of Fulwell 73 Member LLC.

At the period end, an amount of £371,035 (2023: £1,671,889) was due to Fulwell 73 UK Limited. The decrease in the balance during the period reflects intra-group netting arrangements rather than cash settlements. These net-offs were agreed between group entities to simplify intercompany positions and do not represent cash inflows or outflows. Fulwell 73 Holdco Limited does not hold a 100% equity interest in Fulwell 73 UK Limited, its ownership is 50% indirect ownership through Fulwell 73 Member LLC.

At the period end, an amount of £Nil (2023: £19,754) was due to Fulwell 73 Limited. The decrease in the balance during the period reflects intra-group netting arrangements rather than cash settlements. These net-offs were agreed between group entities to simplify intercompany positions and do not represent cash inflows or outflows. Fulwell 73 Holdco Limited does not hold a 100% equity interest in Fulwell 73 Limited, its ownership is 50% indirect ownership through Fulwell 73 Member LLC and Fulwell 73 UK Limited.

The smallest and largest group in whose consolidated financial statements the Company's financial statements are consolidated is Fulwell 73 Productions LLP.

These financial statements are available upon request from 1 Esther Anne Place, London, N1 1UL.

The company's immediate parent is Fulwell Member UK Holdco Limited.

The ultimate parent is Fulwell 73 Productions LLP incorporated in the UK under the Limited Liability Partnerships Act 2000.

The ultimate controlling party is Fulwell 73 Productions, LLP.

Change in controlling party

During the period, the Company's parent undertaking changed from Fulwell 73 Productions LLP to Fulwell Member UK Holdco Limited following a group restructuring.

The transition to IFRS has not given rise to any prior period adjustments that require disclosing.