REGISTERED NUMBER: 05126512 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

53 DEGREES GLOBAL LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

7

Report of the Independent Auditors

10

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Statement of Financial Position

16

Company Statement of Financial Position

18

Consolidated Statement of Changes in Equity

20

Company Statement of Changes in Equity

22

Consolidated Statement of Cash Flows

24

Notes to the Consolidated Statement of Cash Flows

25

Notes to the Consolidated Financial Statements

28

DIRECTOR:

N.F. Bullen

REGISTERED OFFICE:

America House

Rumford Court

Rumford Place

Liverpool

Merseyside

L3 9DD

REGISTERED NUMBER:

05126512 (England and Wales)

AUDITORS:

Malthouse & Company Chartered Accountants

and Statutory Auditors

America House, Rumford Court

Rumford Place

Liverpool

Merseyside

L3 9DD

The director presents his strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The principal activity of the company and the group continues to be that of production and distribution of television programmes.

Key financial and other performance indicators for the group are as follows:

2025

2024

Turnover

£13,813,749

£12,150,006

Gross margin

29.1%

32.4%

EBITDA

£990,372

£949,641

Production loans

£4,224,684

£2,851,178

Retained earnings

(£2,579,890

)

(£1,843,824

)

The year to 30th September 2025 has been about pivoting and setting the business for the future. There were further restructuring changes that we made in the year which have resulted in a lower EBITDA, but the benefits from these changes have already started to be seen this year and have led to a strong start to the following year.

The traditional television industry in the UK continues to have very low commissioning levels and new opportunities in that area have reduced significantly. We have continued to benefit from our popular returning formats that continue to be commissioned, but new commissions are few and far between across the industry.

Our investment in our Drama business Mill Bay Media has resulted in the group's first drama series commission that started in the last month of the year and will be produced throughout the following year. We feel this cost-effective drama production is still in demand in the UK and internationally. We also believe that there is a demand for UK produced content from overseas broadcasters.

Digital Content is being consumed at a higher rate than ever and across multiple platforms and devices. Our investment into Digital through our business Joy Peddler Studios has grown in FY25. We have invested in our own podcast studio which allows us to manage the cost of content production which can be utilised across multiple platforms to enable us to create brands with talent and our own content. This strand of income enables us to create multiple income streams and diversify our output as a group and use the Digital business to support franchises within the group.

This year has also been a period where we have been developing new strategies of funding productions. We are working with a number of brands to enable us to bring brand funding to channels and we have developed relationships with investors for high end access documentary production.

The underlying focus for the group is to diversify income streams and avoid reliance on any one particular income stream or broadcaster. The group remains one of the UK's leading independent television producers and an established name in the industry, and with the high level of confirmed commissioning for FY26. With this diversification of income streams, the director believes the group will be able to maintain a strong and stable trading position.

REVIEW OF BUSINESS (CONT.)

Depending on which broadcaster is involved, some productions are cash-flowed with a loan facility until the customer pays for the production on delivery. This is common industry practice and the value is identified above as Production Loans. The group are using these facilities every year as the programme mix evolves.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks from the group's principal activity arise from:

Programme risk

The group invests in development and key business winning talent to mitigate the risk that it fails to produce a sufficient number of successful commissions. The group has also diversified into new genres of Drama, Digital and Podcast production to reduce the reliance on the linear UK commissioning market to widen the commissioning opportunities.

Rights, ownership and exploitation risk

The group continues to focus on protecting and is using new platforms to exploiting existing IP and create additional income streams. This is expanding due to the new opportunities created by digital platform exploitation.

People risk

Attracting and retaining key talent is a major focus of the company and addressed by investment in key staff through bonus schemes, EMI options and otherwise.

Commercial relationships

The group benefits from close commercial relationships with a number of key clients and suppliers. The loss of any of these key clients or suppliers, or a significant worsening in commercial terms could have a detrimental effect on the group's results. To minimise this risk, the group has invested in significant resources to diversify the pool of clients and suppliers, and also the business model, so relying less on each individual client, whilst supporting our current relationships to ensure that they do continue to operate satisfactorily.

Competitor risk

The group operates in a highly competitive market. A number of competitors have left the market given the current changes, but the competition is mainly with the larger established production groups who like us have strong relationships and reputations in the industry. To mitigate this risk the group has a policy of continually monitoring quality of output and reviewing its cost base to ensure that it remains competitive and agile.

Litigation and investigations risk

The group is subject to a broad range of laws, regulations and standards. Non-compliance with any of these laws, regulations and standards could significantly damage the reputation and performance of the company. Rigorous quality control procedures are implemented and performed by the company on each contract to ensure that any such risks are minimised.

PRINCIPAL RISKS AND UNCERTAINTIES (CONT.)

Credit risk

The group derives a significant proportion of its revenue from sales to large television channels. The failure of any such customer to honour its debts is unlikely, but if it happened or they refuse to commission further programmes this could materially impact on the group's own working capital. Credit control procedures are in place that constantly monitor debtor balances and the group's cashflow position to flag up any likely problems before they arise.

Solvency and liquidity risk

The group has net current liabilities and continually monitors and reviews the position to ensure it continues to meet its liabilities on time and in full. New income streams are specifically to help strengthen the net assets position.

Going concern

The group is reliant on the continuation of bank finance. Strong performance and a solid collaborative relationship with its bank help mitigate this risk. After the year the company renewed its bank financing facilities and the support from the bank continues to be strong. Further information on bank funding is disclosed in Note 2 to the financial statements. The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Business Review and Future Developments sections of this report.

FUTURE DEVELOPMENTS

There have been several significant commissions towards the end of the financial year and 2026 started incredibly strongly. Turnover and profit have both increased substantially in 2026 as the investment plans start to bear fruit. The group have a number of multi-year commissions confirmed. New relationships are being secured with brands to fund traditional and non-traditional content production.

Mill Bay Media has its first drama series commission. The budgets for drama are significantly higher than unscripted, so this will be incredibly helpful for the future growth of the business. We are also funding large access unscripted productions through private financiers with the aim of creating greater profits after completion.

The director has put in place substantial measures to improve cost base on a long-term basis by continuing to control productions costs and overheads and with a particular emphasis on maximising revenue from intellectual property. The work on strengthening the balance sheet is progressing well in a difficult market and will continue. The IP valuation undertaken last year has helped strengthen the balance sheet to reflect the strong income generating assets held by the company.

Overall, the group is committed to achieving and maintaining a strong performance moving forward. The group aims to continue and enhance its reputation as one of the best independent productions companies in the country by producing innovative, highly rated, profitable content for the benefit of its shareholders. With the positive changes made in the year, the director believes that the group is well placed to manage its business risks successfully.

ON BEHALF OF THE BOARD:

N.F. Bullen - Director

14 September 2026

The director presents his report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the production and distribution of television programmes.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 725,000 .

FUTURE DEVELOPMENTS

Future developments are addressed in the Strategic Report.

DIRECTOR

N.F. Bullen held office during the whole of the period from 1 October 2024 to the date of this report.

GOING CONCERN

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Review.

As highlighted in note 2, the group meets its day-to-day cashflow requirements with the support of bank loans and an overdraft facility. Depending on which broadcaster is involved some television programmes are cash-flowed with a production loan facility until the customer pays for the programmes on completion. Production bank loans are in place in the group companies which are producing the relevant programmes.

The company's cashflow forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company expects to be able to operate within the current banking facility and further reduce its reliance on bank loans over the next 12 months.

The banking facility was restructured in the year, and the support from the bank continues to be strong. There has been a good relationship with the bank over a number of years and there are no indications to suggest that the bank will not continue to provide ongoing support.

Substantial changes to the group have been made during the year in order to create multiple income streams that are less heavily reliant on the traditional UK broadcasters and focus on the opportunities that are available in the market. Significant costs were incurred in restructuring the group, which have had an impact on profit levels, however these changes are now resulting in new income streams and increased forecast revenue.

Management accounts for the period since the balance sheet date show the company is continuing to trade profitably despite challenging conditions. The director expects that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The group's exposure to credit risk and solvency and liquidity risk is disclosed in the Strategic Report. The group's exposure to price risk and cash flow risk is addressed in the Strategic Report under the headings "Commercial relationship risk", "Competitor risk", "Solvency and liquidity risk", and "Going concern risk".

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Malthouse & Company Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N.F. Bullen - Director

14 September 2026

Opinion

We have audited the financial statements of 53 Degrees Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 30 September 2025 and of the group's loss for the year 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page eight, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;

- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions and investigated the rationale behind them;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Samuel Evans BSc (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Malthouse & Company Chartered Accountants

and Statutory Auditors

America House, Rumford Court

Rumford Place

Liverpool

Merseyside

L3 9DD

14 September 2026

TURNOVER

13,813,749

12,150,006

Cost of sales

9,798,807

8,210,380

GROSS PROFIT

4,014,942

3,939,626

Administrative expenses

3,484,399

3,454,111

530,543

485,515

Other operating income

(60

)

-

OPERATING PROFIT

5

530,483

485,515

Interest receivable and similar income

7

(105,876

)

117,799

424,607

603,314

Interest payable and similar expenses

8

345,254

333,022

PROFIT BEFORE TAXATION

79,353

270,292

Tax on profit

9

90,708

220,995

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(11,355

)

49,297

(Loss)/profit attributable to:

Owners of the parent

(51,885

)

72,261

Non-controlling interests

40,530

(22,964

)

(11,355

)

49,297

(LOSS)/PROFIT FOR THE YEAR

(11,355

)

49,297

OTHER COMPREHENSIVE INCOME

Fair value adjustment

Archive valuation movement

143,422

40,900

Income tax relating to other comprehensive income

(35,856

)

(10,225

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

107,566

30,675

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

96,211

Prior year adjustment

(1,113,747

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(1,033,775

)

Total comprehensive income attributable to:

Owners of the parent

55,681

(1,010,811

)

Non-controlling interests

40,530

(22,964

)

96,211

(1,033,775

)

FIXED ASSETS

Intangible assets

13

6,179,307

6,283,552

Tangible assets

14

486,076

366,744

Investments

15

564,880

564,881

7,230,263

7,215,177

CURRENT ASSETS

Stocks

16

312,680

167,898

Debtors: amounts falling due within one year

17

4,422,864

4,722,582

Debtors: amounts falling due after more than one year

17

194,257

194,257

Cash in hand

77,211

25,851

5,007,012

5,110,588

CREDITORS

Amounts falling due within one year

18

5,290,067

7,130,899

NET CURRENT LIABILITIES

(283,055

)

(2,020,311

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,947,208

5,194,866

CREDITORS

Amounts falling due after more than one year

19

(3,035,420

)

(733,761

)

PROVISIONS FOR LIABILITIES

23

(1,336,322

)

(1,277,032

)

NET ASSETS

2,575,466

3,184,073

CAPITAL AND RESERVES

Called up share capital

24

1,204

1,196

Share premium

25

133,345

128,249

Revaluation reserve

25

4,684,911

4,541,489

Share based payment reserve

25

-

20,769

Fair value reserve

25

359,159

359,159

Retained earnings

25

(2,579,890

)

(1,843,825

)

SHAREHOLDERS' FUNDS

2,598,729

3,207,037

NON-CONTROLLING INTERESTS

26

(23,263

)

(22,964

)

TOTAL EQUITY

2,575,466

3,184,073

The financial statements were approved by the director and authorised for issue on 14 September 2026 and were signed by:

N.F. Bullen - Director

FIXED ASSETS

Intangible assets

13

4,697,511

4,553,689

Tangible assets

14

363,071

325,801

Investments

15

3,785,561

3,881,591

8,846,143

8,761,081

CURRENT ASSETS

Stocks

16

146,771

71,517

Debtors: amounts falling due within one year

17

4,422,088

3,663,437

Debtors: amounts falling due after more than one year

17

176,355

176,355

Cash in hand

77,211

25,851

4,822,425

3,937,160

CREDITORS

Amounts falling due within one year

18

6,356,640

5,170,812

NET CURRENT LIABILITIES

(1,534,215

)

(1,233,652

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,311,928

7,527,429

CREDITORS

Amounts falling due after more than one year

19

(532,997

)

(725,427

)

PROVISIONS FOR LIABILITIES

23

(1,360,944

)

(1,266,796

)

NET ASSETS

5,417,987

5,535,206

CAPITAL AND RESERVES

Called up share capital

24

1,204

1,196

Share premium

25

133,345

128,249

Revaluation reserve

25

4,684,911

4,541,489

Share based payment reserve

25

-

20,769

Fair value reserve

25

359,159

359,159

Retained earnings

25

239,368

484,344

SHAREHOLDERS' FUNDS

5,417,987

5,535,206

Company's profit for the financial year

480,035

1,190,919

The financial statements were approved by the director and authorised for issue on 14 September 2026 and were signed by:

N.F. Bullen - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 October 2023

1,195

(215,364

)

128,249

4,500,589

Prior year adjustment

-

(1,113,747

)

-

-

As restated

1,195

(1,329,111

)

128,249

4,500,589

Changes in equity

Issue of share capital

1

-

-

-

Dividends

-

(600,000

)

-

-

Total comprehensive income

-

72,261

-

-

Minority interest transfer

-

13,025

-

-

Archive valuation movement

-

-

-

40,900

Balance at 30 September 2024

1,196

(1,843,825

)

128,249

4,541,489

Changes in equity

Issue of share capital

8

-

5,096

-

Dividends

-

(725,000

)

-

-

Total comprehensive income

-

(51,896

)

-

-

Minority interest transfer

-

40,829

-

-

Archive valuation movement

-

-

-

143,422

Balance at 30 September 2025

1,204

(2,579,892

)

133,345

4,684,911