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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Universal Stage Productions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Central St. Giles, St. Giles High Street, London, Camden, England, WC2H 8NU.

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 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.

At the balance sheet date, the company made a profit for the period of £11,973 and had net assets at that date of £842,885. The company's main trade is investment in theatrical productions in the UK.

The company has minimal operational outgoings which are funded by fellow subsidiary companies.

The directors have assessed the trading and cash flow forecast for the 12 months from the date of the signing of the accounts. At the year end the company was owed £834,346 by fellow group companies and the directors consider that these group companies will make adequate repayments of this balance in order that the company is able to company to meet its liabilities as they fall due. On that basis the directors consider it appropriate to prepare the accounts on a going concern basis.

Turnover represents return on investments in theatrical productions made in the normal course of business together with associated producer fees and royalties, and is shown net of VAT and other sales related taxes. Returns on investments in productions are recognised on a receipts basis as the company has no control over or information about its entitlement to production profits until such amounts are received. Producer fees and royalties are recognised on an accruals basis.

Current asset investments represent monies invested in theatrical productions and which are repayable out of profits generated by these productions. Such investments are measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.

Where a reliable estimate of fair value cannot be made, current asset investments are carried at amortised cost less any provision made where the amortised cost is not considered to be recoverable in full.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 company is within the scope of the OECD Pillar Two model rules.

Pillar Two legislation has been enacted in the UK, the jurisdiction in which the company is incorporated, and is effective in 2025. Under the legislation, the company is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect. The company has not recorded any liability for Pillar Two taxes as no charge is expected to arise.

The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.

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 in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Monies invested in theatrical productions are repayable out of profit on those productions. The directors are required to make assessments as to the future financial success of shows in which the company has invested which will be affected by various factors including market conditions and future expectations of box office receipts and running costs. These productions are often managed by independent third parties to the directors who are often required to make their assessment based on incomplete information.

The average monthly number of persons (including directors) employed by the company during the period was: 0 (2024: 0).

Key management personnel include all directors of the company who together have authority and responsibility for planning, directing and controlling the activities of the company.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit 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.

In June 2026, Comcast Corporation announced its intention to separate into two independent, publicly traded companies through a tax-free spin-off of NBCUniversal and Sky comprised primarily of the Media, Studios and Theme Parks segments including this entity and the Sky businesses within Comcast Corporation’s Residential Connectivity & Platforms and Business Services segments. Comcast Corporation is targeting to complete the Spin-off by mid-2027, subject to the satisfaction of customary conditions, including obtaining final approval from Comcast Corporation’s Board of Directors, satisfactory completion of financing arrangements, receipt of tax opinions and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.

The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.

The company's immediate parent undertaking is Universal Stage Productions LLC, a company registered in the United States of America.

The ultimate parent undertaking is Comcast Corporation, a company incorporated in the United States of America.

The smallest and largest group in which the results of the company are consolidated is that headed by Comcast Corporation, a company incorporated in the United States of America. The consolidated financial statements of these companies are available to the public and may be obtained from 30 Rockefeller Plaza, New York, New York 10112 and One Comcast Center, 1701 John F Kennedy Boulevard, 47th floor, Philadelphia, Pennsylvania 19103, USA or at www.cmcsa.com