FOR THE YEAR ENDED 31 DECEMBER 2025
FILMS @ 59 HOLDINGS LIMITED
COMPANY INFORMATION
FILMS @ 59 HOLDINGS LIMITED
CONTENTS
FILMS @ 59 HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The purpose of this report is to provide an analysis of the group's past performance and to provide insight into the group's main objectives, strategies, future prospects, the principal risks it faces moving forward and to provide information to assess how the directors have performed their duty to promote the success of the group.
Films at 59 is an award winning media support group based in Bristol, UK. The group has gained both national and international recognition for its work in a variety of genres, but always in partnership with other businesses both within our region and beyond. We are fiercely proud of our Bristol heritage and the creative city we live and work within, and have always strived to work collaboratively to bring success not only to ourselves, but to the city and region as a whole.
Our Business Model and Group Philosophy
Films at 59 Limited is a media support group that specialises in supplying creative skills and technology to media programme-makers throughout the world.
We provide end-to-end solutions: crews, location equipment hire, workflow consultancy, post-production finishing and completed programme quality assurance and delivery. In our ever-growing and over-crowded world of media content creation, we know that our clients require flexibility, responsiveness, creative flair and budgetary “peace of mind”. We strive to meet and exceed their expectations with every project we work on.
Our group mission statement is this: “By delivering personal, flexible and innovative solutions, we enable our clients to achieve their ambitions, creatively and within budget. We are committed to being a sustainable business which treats everybody with respect.”
It is thanks to the hard work, talent and commitment of all of our staff that we are able to achieve success and continually rank amongst the top 15 post-production houses in the nation. We have been nominated multiple times for the industry recognised Broadcast Magazine ‘Best Post Production Facility’ award, and were immensely proud to finally bring this home to Bristol and the South West in early 2018. Our creative talent has also won numerous nominations and awards for their work.
Our Strategy
The group has a strong management team with excellent commercial, technical and financial skills and entrepreneurial flair. We appreciate our creative, operational and support talent who commit fully to our clients and their projects. This customer-focused work ethic across all activities has, over the long term, built trust and an enviable reputation in our sector.
We are a business that invests in new technology to ensure we are creative and forward-thinking. We have nurtured strong relationships with key suppliers and manufacturers to ensure we are always ‘ahead of the curve’ and our collaborative nature means that we always view these relationships as a two way street. We are active participants in beta tests and field trials, and pride ourselves on providing real world feedback to manufacturers so that they can produce the best equipment for ourselves and our clients.
A key part of our strategy is maintaining and strengthening relationships with our clients, working collaboratively with them to win commissions and bring in confirmed work. We sometimes offer our services to help pilot or test new ideas, and get involved in the pre-production planning as early as possible to help identify innovative and cost-effective workflows. In the digital age, workflow is king.
The media industry – particularly in the broadcast and film sector – can suffer turbulence due to high level changes at broadcaster and commissioner levels. We pride ourselves on keeping ahead of these changes and working with our clients to maximise our collective potential.
Business Activities and Performance
Turnover in the year to December 2025 totalled £12.2m compared to £11.8m in the same period in 2024. We feel this result reflects the strength of our brand against the backdrop of a continuing and substantial slowdown in the industry as a whole, following the recovery after the COVID-19 pandemic.
Our Business Model and Group Philosophy
Films at 59 Limited is a media support group that specialises in supplying creative skills and technology to media programme-makers throughout the world.
We provide end-to-end solutions: crews, location equipment hire, workflow consultancy, post-production finishing and completed programme quality assurance and delivery. In our ever-growing and over-crowded world of media content creation, we know that our clients require flexibility, responsiveness, creative flair and budgetary “peace of mind”. We strive to meet and exceed their expectations with every project we work on.
Our group mission statement is this: “By delivering personal, flexible and innovative solutions, we enable our clients to achieve their ambitions, creatively and within budget. We are committed to being a sustainable business which treats everybody with respect.”
It is thanks to the hard work, talent and commitment of all of our staff that we are able to achieve success and continually rank amongst the top 15 post-production houses in the nation. We have been nominated multiple times for the industry recognised Broadcast Magazine ‘Best Post Production Facility’ award, and were immensely proud to finally bring this home to Bristol and the South West in early 2018. Our creative talent has also won numerous nominations and awards for their work.
Our Strategy
The group has a strong management team with excellent commercial, technical and financial skills and entrepreneurial flair. We appreciate our creative, operational and support talent who commit fully to our clients and their projects. This customer-focused work ethic across all activities has, over the long term, built trust and an enviable reputation in our sector.
We are a business that invests in new technology to ensure we are creative and forward-thinking. We have nurtured strong relationships with key suppliers and manufacturers to ensure we are always ‘ahead of the curve’ and our collaborative nature means that we always view these relationships as a two way street. We are active participants in beta tests and field trials, and pride ourselves on providing real world feedback to manufacturers so that they can produce the best equipment for ourselves and our clients.
A key part of our strategy is maintaining and strengthening relationships with our clients, working collaboratively with them to win commissions and bring in confirmed work. We sometimes offer our services to help pilot or test new ideas, and get involved in the pre-production planning as early as possible to help identify innovative and cost-effective workflows. In the digital age, workflow is king.
The media industry – particularly in the broadcast and film sector – can suffer turbulence due to high level changes at broadcaster and commissioner levels. We pride ourselves on keeping ahead of these changes and working with our clients to maximise our collective potential.
Business Activities and Performance
Turnover in the year to December 2025 totalled £12.2m compared to £11.8m in the same period in 2024. We feel this result reflects the strength of our brand against the backdrop of a continuing and substantial slowdown in the industry as a whole, following the recovery after the COVID-19 pandemic.
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FILMS @ 59 HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Investment in 2025 was muted as a result of decreased demand for our services, offset slightly by the need to replace equipment lost in a fire at one of our premises in Dec 2023.
CORPORATE SOCIAL RESPONSIBILITY
As well as being a good employer (the majority of our staff have grown with the group for over 10 years), having created many full time jobs, championed the local freelance economy and provided business opportunities to our various clients and suppliers, the group's prime directive has always been 'customer satisfaction' - getting good products to people at fair prices and providing excellent after sales support. Most of our business is repeat business from long established relationships or via word of mouth. Our customers know we stand behind what we do.
The group endorses the active application of equal opportunities policies to provide fair and equitable conditions for all employees regardless of sex, family status, religion, creed, colour, ethnic origin, age, disability or sexual orientation.
Consultation with employees has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the performance of the group and issues in the wider industry.
CORPORATE SOCIAL RESPONSIBILITY
As well as being a good employer (the majority of our staff have grown with the group for over 10 years), having created many full time jobs, championed the local freelance economy and provided business opportunities to our various clients and suppliers, the group's prime directive has always been 'customer satisfaction' - getting good products to people at fair prices and providing excellent after sales support. Most of our business is repeat business from long established relationships or via word of mouth. Our customers know we stand behind what we do.
The group endorses the active application of equal opportunities policies to provide fair and equitable conditions for all employees regardless of sex, family status, religion, creed, colour, ethnic origin, age, disability or sexual orientation.
Consultation with employees has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the performance of the group and issues in the wider industry.
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FILMS @ 59 HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors have reviewed and agreed policies for managing the financial risks, and these are summarised below:
1/ The Marketplace
The changes to our market continue as technology evolves and new ways of producing and consuming content become popular. Although the growth of “Subscription Video on Demand” (SVOD) streaming services in 2025 has slowed, their business models generate strong demand for high quality content, both in factual and entertainment genres. An interesting facet of this trend is that their customer base is generally global, and as such they are commissioning content globally as well.
In Bristol, SVOD broadcasters such as Netflix, Amazon, Disney+ and Apple continue to commission work from our clients, however investment has substantially reduced over the past couple of years. Production costs are rising, and the streaming marketplace has become more crowded, leading to a more cost-effective approach to content creation. The SVOD industry is also very sensitive to global subscriber growth, leading them to shift investment to other regions outside the UK.
Domestically, a reduction in advertising revenue, continuing pressure on the BBC to cut costs, and a rise in the overall cost of production has led to the marketplace for our services shrinking. This is an industry wide problem, and several companies have been forced out of business in 2024/2025.
Moving forward, we face the following risks in the marketplace:
Ongoing Market Disruption Risk
We are ultimately dependent on our clients winning commissions from broadcasters and SVOD companies and this activity continues to be uncertain and muted. We are, however, aware of these factors and work hard with our clients to deliver that ‘little bit extra’ that hopefully helps their programmes attract the audiences that provide future commissions. There was, however, a major slowdown in programme making in 2025 and this has continued into 2026. We are keeping a close eye on the situation and making appropriate plans to preserve our capabilities whilst remaining profitable.
Price risk
We continue to compete effectively and are regularly monitoring our services. We are in a competitive market and feel that global uncertainty, as well as flux in broadcaster commissions, has forced rates down. In an industry with a high level of ‘value add’, we are also unfortunately facing some competition based on ‘price’ rather than ‘value for money’. We continue to work with our clients to maintain a balance that ensures they receive the creative and technical expertise they demand whilst keeping the business sustainable.
1/ The Marketplace
The changes to our market continue as technology evolves and new ways of producing and consuming content become popular. Although the growth of “Subscription Video on Demand” (SVOD) streaming services in 2025 has slowed, their business models generate strong demand for high quality content, both in factual and entertainment genres. An interesting facet of this trend is that their customer base is generally global, and as such they are commissioning content globally as well.
In Bristol, SVOD broadcasters such as Netflix, Amazon, Disney+ and Apple continue to commission work from our clients, however investment has substantially reduced over the past couple of years. Production costs are rising, and the streaming marketplace has become more crowded, leading to a more cost-effective approach to content creation. The SVOD industry is also very sensitive to global subscriber growth, leading them to shift investment to other regions outside the UK.
Domestically, a reduction in advertising revenue, continuing pressure on the BBC to cut costs, and a rise in the overall cost of production has led to the marketplace for our services shrinking. This is an industry wide problem, and several companies have been forced out of business in 2024/2025.
Moving forward, we face the following risks in the marketplace:
Ongoing Market Disruption Risk
We are ultimately dependent on our clients winning commissions from broadcasters and SVOD companies and this activity continues to be uncertain and muted. We are, however, aware of these factors and work hard with our clients to deliver that ‘little bit extra’ that hopefully helps their programmes attract the audiences that provide future commissions. There was, however, a major slowdown in programme making in 2025 and this has continued into 2026. We are keeping a close eye on the situation and making appropriate plans to preserve our capabilities whilst remaining profitable.
Price risk
We continue to compete effectively and are regularly monitoring our services. We are in a competitive market and feel that global uncertainty, as well as flux in broadcaster commissions, has forced rates down. In an industry with a high level of ‘value add’, we are also unfortunately facing some competition based on ‘price’ rather than ‘value for money’. We continue to work with our clients to maintain a balance that ensures they receive the creative and technical expertise they demand whilst keeping the business sustainable.
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FILMS @ 59 HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Interest rate risk
Group bank borrowings incur interest at market rates. The group mitigates its exposure through the ongoing monitoring of the rates being applied. We continue to keep our borrowings at a sustainable level that allows for a sensible amount of ongoing investment and our current borrowings are at fixed interest rates.
Credit risk
Customer credit risk is addressed through a mixture of credit worthiness checks and a proactive approach to credit control. With a general industry slowdown in progress, and the failure of several companies in our industry, we will be paying particular attention to at-risk accounts and act in advance to put in place payment plans or limit exposure.
2/ The Technology
Technology moves ever onward, with 4K (UHD) replacing high definition (HD) as the high-end format of choice and an increasing number of programmes being delivered in High Dynamic Range (HDR) formats. New camera technology is coming to market all the time, and a strategic approach is needed to ensure that our finite resources are invested wisely. File-based delivery over the Internet is now the norm and continual investment is needed in connectivity, storage and the technology to secure our systems and processes. Our investment in previous years has put us in a good position to take advantage of these developments, and we continue to pursue relationships with manufacturers and suppliers that provide us with insight into their future direction.
3/ The Operation
We work closely with our project management and workflow teams to ensure we have a transparent and accurate way of managing projects, and ensure new learning is applied easily to new projects.
We also continue to work closely with our clients to provide in-house training of their teams to help ensure efficiencies are made across the board. We have worked hard to continue to invest in our staff to meet ever-changing creative, technical, and cultural changes in the business, while keeping a careful eye on overall employment numbers and the mix of talent and structure of the operation.
We are continually watchful of sales revenue and costs in these tough and unprecedented economic times.
4/ Other Macro-Economic Factors
The so-called ‘cost of living crisis’, which appears to be a global increase in inflation fuelled by stimulus during the COVID-19 pandemic, as well as global instability thereafter and threats to energy security, are putting pressure on our costs across the board.
Energy prices are now a major concern, potentially for the long term, and upward pressure on wages continues as domestic economic conditions make it more difficult for households to make ends meet. As disposable incomes have reduced, household entertainment subscriptions have come under pressure, and this is one of the factors contributing to a reduction in global production activity. We are also expecting to see consolidation in the sector as those services unable to attract sufficient subscribers are swept up by more dominant players.
All of these factors are, of course, out of our control, however we are not unaware of their significance, and make sure that all of our decision making is in line with our best predictions for the macro-economic conditions within which the business operates.
Group bank borrowings incur interest at market rates. The group mitigates its exposure through the ongoing monitoring of the rates being applied. We continue to keep our borrowings at a sustainable level that allows for a sensible amount of ongoing investment and our current borrowings are at fixed interest rates.
Credit risk
Customer credit risk is addressed through a mixture of credit worthiness checks and a proactive approach to credit control. With a general industry slowdown in progress, and the failure of several companies in our industry, we will be paying particular attention to at-risk accounts and act in advance to put in place payment plans or limit exposure.
2/ The Technology
Technology moves ever onward, with 4K (UHD) replacing high definition (HD) as the high-end format of choice and an increasing number of programmes being delivered in High Dynamic Range (HDR) formats. New camera technology is coming to market all the time, and a strategic approach is needed to ensure that our finite resources are invested wisely. File-based delivery over the Internet is now the norm and continual investment is needed in connectivity, storage and the technology to secure our systems and processes. Our investment in previous years has put us in a good position to take advantage of these developments, and we continue to pursue relationships with manufacturers and suppliers that provide us with insight into their future direction.
3/ The Operation
We work closely with our project management and workflow teams to ensure we have a transparent and accurate way of managing projects, and ensure new learning is applied easily to new projects.
We also continue to work closely with our clients to provide in-house training of their teams to help ensure efficiencies are made across the board. We have worked hard to continue to invest in our staff to meet ever-changing creative, technical, and cultural changes in the business, while keeping a careful eye on overall employment numbers and the mix of talent and structure of the operation.
We are continually watchful of sales revenue and costs in these tough and unprecedented economic times.
4/ Other Macro-Economic Factors
The so-called ‘cost of living crisis’, which appears to be a global increase in inflation fuelled by stimulus during the COVID-19 pandemic, as well as global instability thereafter and threats to energy security, are putting pressure on our costs across the board.
Energy prices are now a major concern, potentially for the long term, and upward pressure on wages continues as domestic economic conditions make it more difficult for households to make ends meet. As disposable incomes have reduced, household entertainment subscriptions have come under pressure, and this is one of the factors contributing to a reduction in global production activity. We are also expecting to see consolidation in the sector as those services unable to attract sufficient subscribers are swept up by more dominant players.
All of these factors are, of course, out of our control, however we are not unaware of their significance, and make sure that all of our decision making is in line with our best predictions for the macro-economic conditions within which the business operates.
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FILMS @ 59 HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
KEY PERFORMANCE INDICATORS
The group uses a variety of metrics to assess performance, including turnover, profit before tax, cash and cost of sales.
FINANCIAL KEY PERFORMANCE INDICATORS
Profit before tax for the year ending December 2025 was £272k (year ending December 2024 profit of £2.9m), a disappointing result reflective of the effects of inflation on costs across the board, and the significant slowdown of the industry in general after the post COVID-19 boom. We should also note that receipt of funds from our insurance claim related to the fire in December 2023 contributed operating income in 2024 that was not reflected in our turnover.
Turnover for the year ending December 2025 was £12.2m (year ending December 2024: £11.8m). We feel this result is indicative of the underlying strength of the group in tough trading conditions.
Closing cash balance for the year ending December 2025 was £7.5m (year ending December 2024: £9.1m). This is another indicator of the tough trading conditions under which the group is operating, whilst still trying to pursue a sensible investment strategy.
Cost of sales as a percentage of turnover for the year ending December 2025 was 23% (year ending December 2024: 32%).
NON-FINANCIAL KEY PERFORMANCE INDICATORS
Client retention is an important KPI for us. Almost all of the clients present in our top twenty customer list from the year ending December 2024 are present in or around the top twenty list for the year ending December 2025.
Attracting new clients and new business is also very important. In spite of the slowdown, we have seen steady growth in new accounts this year, with over 150 account openings across both post production and equipment hire. This is indicative of our attempts to reach out into new business areas across the UK and beyond.
Employee retention is also key across creative, support and administration areas, although we promote a regular throughput of runners and junior trainee positions to bring new talent into the industry. In the year ending December 2025, our non-runner employee retention rate was 95% (year ending December 2024: 92%).
The group uses a variety of metrics to assess performance, including turnover, profit before tax, cash and cost of sales.
FINANCIAL KEY PERFORMANCE INDICATORS
Profit before tax for the year ending December 2025 was £272k (year ending December 2024 profit of £2.9m), a disappointing result reflective of the effects of inflation on costs across the board, and the significant slowdown of the industry in general after the post COVID-19 boom. We should also note that receipt of funds from our insurance claim related to the fire in December 2023 contributed operating income in 2024 that was not reflected in our turnover.
Turnover for the year ending December 2025 was £12.2m (year ending December 2024: £11.8m). We feel this result is indicative of the underlying strength of the group in tough trading conditions.
Closing cash balance for the year ending December 2025 was £7.5m (year ending December 2024: £9.1m). This is another indicator of the tough trading conditions under which the group is operating, whilst still trying to pursue a sensible investment strategy.
Cost of sales as a percentage of turnover for the year ending December 2025 was 23% (year ending December 2024: 32%).
NON-FINANCIAL KEY PERFORMANCE INDICATORS
Client retention is an important KPI for us. Almost all of the clients present in our top twenty customer list from the year ending December 2024 are present in or around the top twenty list for the year ending December 2025.
Attracting new clients and new business is also very important. In spite of the slowdown, we have seen steady growth in new accounts this year, with over 150 account openings across both post production and equipment hire. This is indicative of our attempts to reach out into new business areas across the UK and beyond.
Employee retention is also key across creative, support and administration areas, although we promote a regular throughput of runners and junior trainee positions to bring new talent into the industry. In the year ending December 2025, our non-runner employee retention rate was 95% (year ending December 2024: 92%).
Consultation with employees has continued at all levels, with the aim of ensuring their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the performance of the group and issues in the wider industry.
It was always an ambition of the original shareholders to implement an employee share ownership scheme and this came into existence in February 2021. As a result, Films at 59 has transitioned to an Employee Owned Group, with an Employee Benefit Trust and an EMI Scheme the mechanism used to implement this change.
It was always an ambition of the original shareholders to implement an employee share ownership scheme and this came into existence in February 2021. As a result, Films at 59 has transitioned to an Employee Owned Group, with an Employee Benefit Trust and an EMI Scheme the mechanism used to implement this change.
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FILMS @ 59 HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors have considered the principal risks to the Group and feel that there is an underlying strong demand for our services that will underpin future trading, although with an industry wide slowdown in commissioning seemingly accelerating, this will impact our financial performance in 2026. The impact of the SVOD services on production is slowing, amidst a challenging inflation and interest rate backdrop, however long term, we feel there is still a market for quality content as these services need this to keep their libraries interesting and fresh for their subscribers. However, it is likely that the industry will continue to see substantial challenges in 2026 and we are taking appropriate steps to examine our costs, property footprint and staffing levels.
We are also in a difficult period of global instability, as a number of factors continue to disrupt supply chains, increase the cost of energy, and generally raise inflation and interest rates to uncomfortable levels. These factors are all outside of our control, however a careful and prudent approach to investment, as well as maintaining strong cost controls, are seen as a sensible response. We always work closely with our clients to maximise their production budgets, and with upward pressure on costs, this is more important than ever.
The group also maintains substantial cash reserves and cashflow forecasts indicate that the group will have more than sufficient funds to meets its liabilities as they fall due over the next twelve months and beyond.
Taking these factors into consideration, and also with reference to the strength of the group’s balance sheet, the directors believe the group will be able to continue to trade for the foreseeable future.
We are also in a difficult period of global instability, as a number of factors continue to disrupt supply chains, increase the cost of energy, and generally raise inflation and interest rates to uncomfortable levels. These factors are all outside of our control, however a careful and prudent approach to investment, as well as maintaining strong cost controls, are seen as a sensible response. We always work closely with our clients to maximise their production budgets, and with upward pressure on costs, this is more important than ever.
The group also maintains substantial cash reserves and cashflow forecasts indicate that the group will have more than sufficient funds to meets its liabilities as they fall due over the next twelve months and beyond.
Taking these factors into consideration, and also with reference to the strength of the group’s balance sheet, the directors believe the group will be able to continue to trade for the foreseeable future.
This report was approved by the board and signed on its behalf.
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FILMS @ 59 HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £345,239 (2024:£2,302,997).
During the year no dividends (2024: £Nil) on ordinary shares were recommended or paid. The Group and Company has paid £20,000 for the preferential dividend relating to the 2025 financial year (2024: £20,000).
The directors who served during the year were:
All future developments are included within the Strategic Report.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FILMS @ 59 HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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FILMS @ 59 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FILMS @ 59 HOLDINGS LIMITED
We have audited the financial statements of Films @ 59 Holdings Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of income and retained earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, 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 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 Group's or 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
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FILMS @ 59 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FILMS @ 59 HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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FILMS @ 59 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FILMS @ 59 HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the nature of the industry and sector, control environment and business performance;
∙results of our enquiries of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group and Company;
∙any matters we identified having obtained and reviewed the Group and Company's documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations, including Duty, and whether they are aware of any instances of non compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non compliance with laws and regulations; and
°the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest areas of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory framework that the Group and Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we have considered in this context include the UK Companies Act and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group and Company's ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws.
Our procedures to respond to the fraud risks identified, including revenue recognition as a key audit matter, included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
∙Performing various substantive tests of detail related to the recognition of revenue.
∙Enquiring of management and those charged with governance concerning actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
∙Reviewing board minutes; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
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FILMS @ 59 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FILMS @ 59 HOLDINGS LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout
the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery,
misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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FILMS @ 59 HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FILMS @ 59 HOLDINGS LIMITED
REGISTERED NUMBER:12550376
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
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FILMS @ 59 HOLDINGS LIMITED
REGISTERED NUMBER:12550376
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
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FILMS @ 59 HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FILMS @ 59 HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Films at 59 Holdings Limited is a company limited by shares incorporated in England and Wales. The registered office is 59 Cotham Hill, Clifton, Bristol, BS6 6JR.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on a going concern basis.
In assessing the appropriateness of the going concern basis, the directors have considered the Group's current financial position, cash flow forecasts and available financial resources for a period of at least twelve months from the date of approval of these financial statements.
Whilst trading performance has slowed, the Group maintains substantial cash reserves. Cash flow forecasts prepared by management indicate that the Group will have sufficient financial resources to meet its liabilities as they fall due throughout the assessment period.
The directors have considered the impact of the current trading environment and are implementing measures aimed at improving future profitability. Based on the level of available cash reserves and forecast cash requirements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
In assessing the appropriateness of the going concern basis, the directors have considered the Group's current financial position, cash flow forecasts and available financial resources for a period of at least twelve months from the date of approval of these financial statements.
Whilst trading performance has slowed, the Group maintains substantial cash reserves. Cash flow forecasts prepared by management indicate that the Group will have sufficient financial resources to meet its liabilities as they fall due throughout the assessment period.
The directors have considered the impact of the current trading environment and are implementing measures aimed at improving future profitability. Based on the level of available cash reserves and forecast cash requirements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
Other operating income relates entirely to insurance proceeds. Insurance proceeds are recognised as income when it is virtually certain that the amounts will be received and there is no obligation to reimburse any third party. Amounts received in advance of the final settlement of the claim, are carried forward as deferred income and recognised in the period to which they relate.
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The annual amortisation charge is sensitive to any changes in the estimated useful life and residual values of the intangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation condition of the asset and future investments.
The company holds significant fixed assets across a range of categories. The rates of depreciation applied to fixed assets are based on management's estimate of the useful economic life of these assets and estimate of the period over which economic benefits are likely to flow to the company from their use.
Investment in subsidiary
A key area of judgement relates to the valuation of the Company’s investment in its subsidiary undertaking. The investment is held at cost less impairment in accordance with FRS 102. Management assesses at each reporting date whether there is objective evidence that the investment may be impaired. This involves evaluating the subsidiary’s financial performance and net asset position.
Analysis of turnover by country of destination:
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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FILMS @ 59 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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