It's winter at the Swan Academy, and that means panto! While Olivia practises being the back end of a horse, everyone else is auditioning for a major new movie. Soon the school is full of rivalry and suspicion, nasty tricks and strange mysteries. To lighten the mood, Eel organises a festive ice-skating trip. But as the skaters twirl and leap among the twinkling lights, Olivia realises that the season of goodwill is anything but.

The Swan Academy is under threat from closure due to a building development next door. Into this tense atmosphere come Cosmo and Cosmina, the famous singing/acting twins from Hollywood. They are staring in Peter Pan and are learning to fly! A series of mysterious accidents in the theatre threaten to close the production. Who is out to sabotage everything...and why?