Ifp2 Corporate Partner Limited

IFP2 Corporate Partner Limited ("the Company"), a private company limited by shares, is a wholly-owned subsidiary of Freeshire Limited, a wholly-owned subsidiary within the Fernlakes Limited group ("the Group"). The principal activity of the Company is to be a corporate member of Ingenious Film Partners 2 LLP ("the Partnership") which is an integrated film business. In relation to the ongoing tax litigation between the Group and HMRC as disclosed in prior financial statements, a referral back to the First-tier Tribunal took place in September 2024 to determine the asset classification issue. In a decision released on 12 August 2025, the First-tier Tribunal decided that the asset classification issue had already been determined by an earlier decision. The Company understands that HMRC have been granted permission to appeal the decision, see note 8 Taxation for further detail. If the Company ultimately is correct that the partnership asset created by the film expenditure and described by the First-tier Tribunal is an intangible fixed asset qualifying for tax relief, the impact on the financial statements for the Company is expected to be consistent with the Director's estimate of the additional tax and interest liability on the basis of the First-tier Tax Tribinal decision.