ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

Registered number: 10128551

N RACING FILM LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2026

N RACING FILM LIMITED

COMPANY INFORMATION

Directors	Torquil Dumuzi Roe Jones
	Peter John McKenna


Registered number	10128551


Registered office	Zetland House
	109-123 Clifton Street
	London
	EC2A 4LD


Accountants	Ecovis Wingrave Yeats UK Limited
	Chartered Accountants
	3rd Floor, Waverley House
	7-12 Noel Street
	London
	W1F 8GQ

N RACING FILM LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 7

N RACING FILM LIMITED

REGISTERED NUMBER: 10128551

BALANCE SHEET

AS AT 31 JULY 2026

	31 July	31 March
	2026	2025
Note	£	£


Current assets
Debtors: amounts falling due within one year	6	493,386		-
Cash at bank and in hand		796		10
		494,182		10
Creditors: amounts falling due within one year	7	(663,516)		-
Net current (liabilities)/assets			(169,334)		10
Total assets less current liabilities			(169,334)		10

Net (liabilities)/assets			(169,334)		10

Capital and reserves
Called up share capital	9	10	10
Profit and loss account		(169,344)	-
		(169,334)	10

Page 1

N RACING FILM LIMITED

REGISTERED NUMBER: 10128551

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2026

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2026.

Peter John McKenna

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

N RACING FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2026

1.	General information

N Racing Film Limited is a private company, limited by shares, incorporated in England & Wales, registration number 10128551. The Company's registered office is Zetland House, 109-123 Clifton Street, London, United Kingdom, EC2A 4LD.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 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 following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The assessment included consideration of committed production financing, broadcaster pre-sale agreements, the secured funding facility in place with Creativity Capital Limited, forecast production expenditure and expected future receipts from contracted funding arrangements and exploitation revenues.
Based on this assessment, the directors are satisfied that the Company will have sufficient financial resources to meet its liabilities as they fall due and therefore consider it appropriate to prepare the financial statements on the going concern basis.

2.3

Revenue

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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue in profit or loss relates to amounts earned in relation to the production of a television
programme. Production funding is recognised in profit or loss based on the stage of completion.
Revenue in relation to overspends is recognised as it arises in accordance with the stage of
completion of the production.
Included within revenue is the gross amount of the Audio Visual Expenditure Claim and is recognised
in the period in which the claim is made.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

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N RACING FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2026

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Tax credit income is based on qualifying UK production expenditure and as such is recognised in the
period in which the claim is made. The current income tax charge relates to the Audio Visual
Expenditure Credit (AVEC) and is recognised in the period in which the claim is being made in line
with the revenue recognition accounting policy.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

Page 4

N RACING FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2026

2.Accounting policies (continued)

2.9

Financial instruments (continued)

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Revenue Recognition
Production revenues and expenses are recognised by reference to the stage of completion of the contract
activity where the outcome of the contract can be estimated reliably, otherwise revenue is recognised only
to the extent of recoverable contract costs incurred.
Audio Visual Expenditure Credit
The Audio-Visual Expenditure Credit (AVEC) included in the financial statements is an estimate based on
the assessment of the value of qualifying expenditure in accordance with HMRC legislation and guidance
and those expenditures eligible for the tax relief. The figures included in these financial statements
represent the final expenditure credit claim. The tax recoverable has been recognised within debtors due
within one year, being the net effect of the AVEC and the notional tax charge arising on the tax credit.

Employees

The average monthly number of employees, including directors, during the period was 2 (2025 - 2).

Taxation

The Company has a project that qualifies for an Audio Visual Expenditure Credit. At the year end there is
a net tax recoverable amount of £242,439 (2025 - £nil) included within note 6 relating to the estimated value of the tax credit in respect of the interim claim for this accounting period.

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N RACING FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2026

Debtors

					31 July	31 March
					2026	2025
					£	£


Amounts owed by group undertakings	81,000	-
Accrued income	169,947	-
Tax credit recoverable	242,439	-
	493,386	-

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Other loans	276,124	-
Trade creditors	30,505	-
Other creditors	237,500	-
Accruals	119,387	-
	663,516	-

For details of the other loan, please see note 8.
Included within other creditors is production financing received in connection with the production of the
film Lauda. Total committed funding under the relevant investment agreements is £250,000, of which
£237,500 (2025 - £nil) had been advanced at the balance sheet date. The funding represents investor
participation in the film and entitles the investors to recoup their investments together with a 10%
premium and a participation in future profits from the exploitation of the film. Repayment is dependent
upon future exploitation receipts in accordance with the recoupment provisions of the agreements.

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N RACING FILM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2026

Amounts falling due within one year
Other loans	276,124	-
	276,124	-

The Company entered into a secured loan facility with Creativity Capital Limited during the year. The facility provides funding of £254,000 and is secured by a first-ranking fixed and floating charge over the assets of the Company. Contractual repayments total £284,480, comprising principal of £254,000 and a premium of £30,480, and are repayable in instalments ending in March 2027. The loan is accounted for at amortised cost, with finance charges recognised using the effective interest rate method. At the balance sheet date an amount of £276,124 (2025 - £nil) is outstanding.

Allotted, called up and fully paid

1,000 (2025 - 1,000) Ordinary shares of £0.01 each	10	10

10.	Related party transactions
	N Racing Film Limited has taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A, whereby the company is not required to disclose transactions with other wholly owned subsidiaries.

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