The director presents the strategic report for the year ended 31 December 2025.

Selladoor Worldwide Limited continues to operate as an independent theatre producer and general manager, with a strategic focus on the development, production, management and international exploitation of stage plays and musicals.

2025 was a year of consolidation and renewed momentum. The company returned to an operating profit, materially strengthened its balance sheet and liquidity, and continued to evolve its business model — balancing stable, recurring income from general management activities with longer-term value creation through intellectual property development, strategic licensing, and international partnerships.

The company remains focused on building a diversified slate of assets and income streams designed to support sustainable growth and enhance long-term shareholder value.

2025 also finalised the separation from the former venue entities, which now trade under Landmark Theatres and have embarked on a process towards charitable status. 2024 saw a write-off of the company’s investment in the theatres, which Selladoor undertook to support the long-term success of those theatres. With that legacy exposure now fully addressed, the company enters 2026 with a cleaner cost base and a clearer strategic focus.

The 2025 results demonstrate a decisive return to profitability and clear progress towards restoring a positive balance sheet position. The headline movements are summarised below.

The principal risks affecting the company remain consistent with those typical to the live entertainment sector and include:

• Market demand fluctuations and audience attendance levels

• Production and development risk associated with new works

• International market exposure and regulatory environments

• Timing of cash receipts linked to production settlement cycles

The company mitigates these risks through portfolio diversification, staged development investment, strong partner selection, and ongoing financial oversight.

The company returned an operating profit of £253,700, compared with an operating loss of £(411,151) in 2024 — a positive swing of over £660,000 year on year. Profit before taxation was £246,953 (2024: loss of £(474,811)), and the profit for the financial year was £213,717 representing a turnaround of some £680,000.

Turnover for the year was £769,529 (2024: £959,454). The reduction is wholly attributable to the timing of international touring activity: 2024 benefited from the Madagascar tour, a large one-off production cycle that did not recur in 2025. Encouragingly, the company’s core recurring income grew over the same period, with management and other fees receivable rising to £642,726 (2024: £621,010) — underlining the resilience of the underlying business independent of one-off touring revenue.

Gross margin strengthened to 96.0% (2024: 92.0%), reflecting a higher-value revenue mix weighted towards management fees and royalties and tighter control of direct production costs.

Cost base

Administrative expenses reduced significantly to £481,677 (2024: £1,294,192). The prior-year figure included the exceptional Landmark write-off (bad and doubtful debts of £731,603 in 2024, against £70,711 in 2025). Stripping out that one-off item, the company has maintained a disciplined and broadly stable underlying cost base while continuing to invest in its content pipeline and people.

Financial position

Net current liabilities more than halved to £(50,661) (2024: £(177,950)), and cash at bank and in hand increased to £307,073 (2024: £58,638), giving the company a substantially stronger liquidity position from which to pursue its development plans.

Net liabilities reduced to £(619,949) (2024: £(833,666)), an improvement of £213,717 in the year. This steady reduction in the deficit, driven by the return to profitability, marks clear and continuing progress towards restoring positive net equity. Longer-term bank borrowings also reduced to £474,461 (2024: £556,684) as the company continued to service and pay down its debt from trading cash flows.

Taken together, the improvement in trading, the normalisation of the cost base and the strengthening of both liquidity and the underlying balance sheet position give the director confidence in the company’s trajectory as it enters 2026.

Major Licensing and Partnerships

During the year, Selladoor secured a significant multi-year licensing opportunity with Bourne Leisure, granting the company the right to produce one of its established stage titles across selected UK venues for a three-year period. This partnership represents an important validation of Selladoor’s content and delivery capability and provides a strong foundation for predictable, repeatable production income.

The company continues to pursue similar strategic licensing arrangements that allow for scaled deployment of proven titles with high-quality partners, while mitigating production risk.

Intellectual Property Development

A core strategic focus during the year has been the continued development and acquisition of underlying intellectual property.

Selladoor has acquired and optioned a number of IP rights intended for adaptation into stage plays and musicals. These assets are being developed with a view to long-term exploitation across multiple territories and formats, including touring, fixed-site productions, and international licensing. The company is midway through negotiations with strategic funding partners to enable it to capitalise development and move with conviction towards delivering stage-ready productions.

This approach allows the company to build a proprietary content pipeline, reducing reliance on third-party rights and enhancing the long-term value of its catalogue.

General Management and Core Income

Selladoor continues to provide general management services to multiple productions within The Path Entertainment Group, alongside a growing number of external clients. During the year, the company secured additional general management contracts, including work with organisations such as the Reduced Shakespeare company, further diversifying its client base. General management remains the company’s primary source of recurring income and, as noted above, grew year on year.

International Exploitation Strategy

International exploitation remains a core pillar of the company’s strategy.

During the year, Selladoor has progressed discussions relating to the international touring and licensing of several historic productions. A number of these projects are in active development for major international tours scheduled between 2026 and 2028, subject to final agreements.

The company continues to leverage its international relationships with promoters, venues and partners to maximise the reach and commercial lifespan of its productions.

Co-Productions and Global Partnerships

Selladoor has continued to pursue a disciplined co-production strategy, working with partners globally to share risk, access new markets, and scale production opportunities.

These partnerships are structured to align incentives, broaden distribution, and allow Selladoor to participate meaningfully in upside while maintaining prudent financial controls.

On behalf of the board

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

Selladoor Worldwide Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 East Point, High Street, Seal, Sevenoaks, Kent, TN15 OEG.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company currently holds a negative equity position following the write-off of an irrecoverable group debt and the financing of that debt through a CIBLs loan taken during the COVID pandemic. However, the company has to date been able to service the loan from trading cash flows, and the director has a reasonable expectation that this will continue for the remainder of the loan term.

Turnover represents amounts receivable for services and royalties net of VAT. Other income received relates to office space and rehersal room hire.

Revenues from fees are recognised for the period to which they relate and in accordance with production agreements in place.

Intangible assets other than goodwill represents implementation fees for the company's event management and accounting softwares.

Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

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

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

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately 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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period 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 in order 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

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

Barclays Bank have registered a fixed and floating charge over the assets of the company and it's group.