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 income statement within the financial statements.true

Ringside Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TS. The company's main activity is the production of television programs.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

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

In preparing the financial statements, the directors are required to assess the Company’s ability to continue trade as a going concern for the foreseeable future.true

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Furthermore, the directors have reviewed the company’s cash balance, as well as the projected administrative and other costs for the next 12 months from the date of signing the financial statements. They believe there are adequate resources in place. In addition, the parent company has confirmed it will support the company with discharging its debts for a period of 12 months from today’s date and will not call in the £4,451,165 intercompany loan until the company is in a position to repay. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is derived from the development and/or production of film and/or television project, and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Performance obligations are the goods or services promised in the contract. The company recognises revenue when it has satisfied a performance obligation by providing the customer with the promised good or service. A performance obligation is satisfied when control of the good or service is transferred to the customer. This transfer takes place at a point in time. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.                    

Turnover which has been recognised but not invoiced by the balance sheet date is included in debtors. Amounts invoiced in advance are included in deferred income.    

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

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 statement of financial position 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 assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, loans from fellow group companies and deferred consideration payable, 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Other income

Other income relates to the interest charged on loans provided.

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 outlined below.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of fixed asset investment

The Company is required to consider fixed assets investment for impairment where such indicators exist using value in use calculations or fair value estimates. The use of these methods may require the estimation of future cash flows and the estimation of a discount rate in order to calculate the present value of the cash flows.

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

The carrying amounts of the Company's investments in subsidiaries and associates have been assessed for indicators of impairment in accordance with FRS 102.

As part of this assessment, management has considered the results of severe but plausible stress testing performed over the relevant underlying businesses. The stress testing indicates that, under certain severe but plausible scenarios, the recoverable amount of certain investments could fall below their respective carrying amounts.

Management has considered the nature, likelihood and severity of the stress scenarios, together with the Company's current forecasts and other available evidence, in determining whether an impairment loss is required at the reporting date. Based on this assessment, an impairment loss of £176,282 has been recognised in respect of the relevant investments.

The assessment involves significant management judgement, particularly in relation to forecast cash flows, the likelihood and severity of downside scenarios and the assumptions used in determining recoverable amounts. Management will continue to monitor the performance of the underlying investments and reassess the carrying amounts for impairment indicators at future reporting dates.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Details of the company's associates at 31 December 2025 are as follows:

Amounts owed to group undertakings are unsecured, repayable on demand and incur an interest rate of GBP 3M LIBOR + 1.75% per annum. Following the cessation of LIBOR in March 2024, the company has transitioned to using SONIA as the benchmark rate for the loan balance. Balance is therefore interest-bearing at 3M SONIA + 1.75%.

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 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.

The investment in associate, amounting to £804,090, has been written down in full during the year following a review of recoverability. The post year-end dissolution of the associate provided evidence that the investment was impaired at the reporting date and, accordingly, the carrying value of the investment has been reduced to £nil.

Subsequent to the reporting date, on 10 March 2026, the Company's associate Fictionhouse Limited in which the Company held a 33.33% interest, commenced a formal dissolution process and was dissolved on 10 March 2026.

The dissolution arose from a decision taken after the reporting date and therefore constitutes a non-adjusting event under FRS 102. Accordingly, no adjustment has been made to the carrying value of the investment in associate included within these financial statements as at 31 December 2025. The impact of this transaction will be reflected in the financial statements for the year ending 31 December 2026.

Subsequent to the reporting date, on 27 February 2026, the Company acquired the remaining 51% shareholding in Further South Productions Limited, increasing its ownership from 49% to 100%. As consideration, the carrying value of the Company’s investment in Further South Productions Limited increased from £0.49 to £1.

The decision to acquire the remaining shares was approved after the reporting date and, accordingly, this transaction constitutes a non‑adjusting event after the reporting period. No adjustment has therefore been made to the figures recognised in the financial statements as at 31 December 2025. The impact of this transaction will be reflected in the financial statements for the year ending 31 December 2026.

During the year the company entered into the following transactions with related parties:

Sales to associates relates to production turnover earned under the shareholder agreement, entitling the company to a share of earnings from Further South Productions Limited's titles. Related party transactions also included office rent income and the receipt of assets following the closure of Fictionhouse Limited.

The following amounts were outstanding at the reporting end date:

Amounts due from associates consist of £307,879 working capital loan due from Further South Productions Limited. This loan is repayable on demand when cash is available and incurs interest at GBP 3M LIBOR +1.7%. Also included is £18,344 development loan balance. This loan is repayable within 3 years of agreement date, being 22 August 2025, and incurs interest at GBP 3M LIBOR + 1.7%.

Amounts due from associates also consists of £142,524 development loan due from B-Side Film & TV Ltd. This loan is repayable within 5 years of agreement date, being 17 January 2027, and incurs interest at GBP 3M LIBOR + 1.7%.

Amounts due from associates also consists of £221,294 development loan due from Joi Productions Limited. This loan is repayable within 5 years of agreement date, being 11 March 2027, and incurs interest at GBP 3M LIBOR + 1.7%.

Amounts due from associates also consists of £128,576 development loan due from Slate Entertainment Limited. An amendment loan agreement was agreed on 5 March 2024, increasing the maximum loan facility to £250,000 repayable within 3 years, being 26 May 2027, and incurs interest at GBP 3M LIBOR + 1.7% annually. Also included is £52,388 working capital loan balance. This loan is repayable within 3 years of agreement date, being 26 May 2027, and incurs interest at 1.7% annually.

On 27 February 2026 the company’s immediate parent company and ultimate controlling party is Studio TF1, a company incorporated in France. The registered office of Studio TF1 is 123 Boulevard De Grenelle, 75015 Paris, France. The largest and smallest group in which the results of the company are consolidated is that headed by Studio TF1. Copies of the group financial statements can be obtained from 123 Boulevard De Grenelle, 75015 Paris, France.