Registered number:
For the Year Ended
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Once Upon A Time Marketing Limited
Company Information
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Once Upon A Time Marketing Limited
Contents
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Once Upon A Time Marketing Limited
Strategic Report
For the Year Ended 30 April 2023
The Directors present their Strategic Report and the financial statements for the year ended 30 April 2023.
The 12 months to 30 April 2023 was another strong year for the Company, with good new business growth as a result of spend on titles by new streaming clients Amazon and Starzplay whilst there was also another strong year of activity with Pokemon for whom we supported a number of expansions and experiential events. Turnover has increased to £19.6m from £16.5m in the prior year.
To demonstrate our commitment to acting in the best interest of the members and other stakeholders of the Company, during the year we undertook a number of initiatives. For example, we implemented the London Living Wage for all London based employees, and also implemented significantly enhanced maternity and paternity leave policies. During the year, following a lengthy process, we were awarded B-Corp certification. Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. Following the awarding of this certification, the board has committed to continuously improve the Company’s standards and to ensure we achieve re-certification which is required every 3 years. To this end, we will actively use the B Impact Assessment throughout these years as a framework to inspire and catalogue improvements. Finally, we have just signed a new 3 year 100% renewable electricity supply contract at our main production facility in Derbyshire, starting from March 2024. Our Advertising/Digital team saw further growth, in particular seeing the full year benefit of the new relationships with Amazon and Starzplay, whilst we also benefited from significant spend from US travel giant Travel & Leisure. During the year we were chosen to help launch Disney+ in the Middle East & North Africa ('MENA') region whilst, for Netflix, once again we advertised a broad array of both original and licensed titles in Europe, the Middle East & Africa ('EMEA'). Additionally, we worked on our first title for Sky, The Amazing Maurice. We now have significant new business opportunities for the year ahead. We have commenced working on the UK launch of Amazon Freevee, Amazon’s new Advertising-based Video on Demand (AVOD) service, where we have also worked on the relaunch of Neighbours. Separately, we have recently been “onboarded” by another major US streaming platform to be their London Agency for marketing of their main streaming titles in Europe. This means that we now work with 5 of the world’s top 7 English language streaming platforms. We are also looking to expand our offering to gaming clients, and to that end we have been onboarded by SEGA. Offsetting these opportunities, Travel & Leisure have now taken their work in house, and we expect limited activity with them in the new fiscal year. Geographically, our primary focus remains Europe, the Middle East & Africa ('EMEA') and North America. A number of clients have expressed interest in us supporting new title launches in Asian markets and, to that end, we are exploring operating models that may work for our clients and us. Our Activation/Shopper team benefitted from a significant increase in activity with Pokémon due to expansions for Sword & Shield and Scarlet & Violet in EMEA, and experiential events, for example the takeover of the Trafford Centre in Manchester. Sales to our legacy home entertainment clients fell year-on-year as expected with marketing spend being diverted to support content on their streaming platforms. From a production perspective, we have invested in a new P5 digital printer and a die-cutter at our facility in Alfreton, the latter allowing us to have an end-to-end facility for production of point of sale materials. This is resulting in margin improvements and improved flexibility for the Agency as a whole. For work delivered to mainland Europe, we continue to utilise fully outsourced production facilities in market. Looking ahead, our main focus in this team is doing great work for Pokémon, in particular working with new territories in Europe. Separately we are diversifying our offering to provide point of sale material for categories such as Music and Books and, to this end, we are working with a significant new client supporting a new buying model for retailers. We are beginning to see improved sales in this area, although the main benefit will be seen from 2024. Gross profit totalled £11.8m, 30% higher than the £9.1m achieved in the year to 30 April 2022. Administrative expenses increased to £8.3m from £5.5m, with the main movement being a £1.8m increase in staff costs as activity was significantly higher in the year. Employment costs as a proportion of gross profit are 52% (2022: 47%). Overall it was another positive year for the Company, with Profit before Tax stable at £3.5m (2022: £3.6m) and EBITDAE (Earning before interest, tax, depreciation, amortisation and exceptional items) totalling £3.8m (2022: £3.8m).
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Once Upon A Time Marketing Limited
Strategic Report (continued)
For the Year Ended 30 April 2023
Funding and liquidity
The objective is to ensure continuity of funding and cash levels sufficient to meet the ongoing needs of the business. The policy is to smooth the cash management of the business and to arrange funding ahead of requirements, should it be needed. Competitive risk The company operates in competitive markets. The breadth of the client base reduces the possible effect of the loss of any one single client, and the business continually seeks to bring new customers in to minimise the potential risk of customer concentration. Competitive advantage The company focuses on providing clients with a wide range of added value services, thus developing very strong customer relationships. This enables the company to maintain long-term relationships with clients. Debtors The company maintains strong relationships with all its key clients, and has established credit control parameters. Appropriate credit terms are agreed with all customers and these are closely managed. Major disruption/disaster risk The company has a formal business continuity contingency plan which is reviewed regularly. Control environment The company has formal authority limits for all key decisions and clear administration procedures for the timely reporting of critical business information. Employee involvement The company’s policy is to continue to develop its communications with all employees, to inform them on matters of concern to them as employees and to promote awareness of the financial and economic factors affecting the company and, subject to practical and commercial considerations, to consult them in decisions that affect their current jobs or future prospects. Disabled employees The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person.
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Once Upon A Time Marketing Limited
Strategic Report (continued)
For the Year Ended 30 April 2023
Financial Key Performance Indicators
The following KPIs form part of the overall management administration structure used to monitor business performance: (1) Operating profit margin represents Operating profit as a proportion of Gross profit.
This report was approved by the board and signed on its behalf.
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Once Upon A Time Marketing Limited
Directors' Report
For the Year Ended 30 April 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,641,530 (2022:£3,333,209).
The Directors do not recommend payment of a final dividend.
The directors who served during the year were:
The future developments of the company are disclosed in the Strategic Report.
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Once Upon A Time Marketing Limited
Directors' Report (continued)
For the Year Ended 30 April 2023
Financial risk management
The Company's operations expose it to a variety of financial risks the include the effects of credit risk and foreign exchange risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the the Company by monitoring the factors that affect each of these risks. Liquidity risk The objective is to ensure continuity of funding and cash levels sufficient to meet the ongoing needs of the business. The policy is to smooth the cash management of the business and to arrange funding ahead of requirements, should it be needed. Credit risk Credit risk is managed by running credit checks on new customers and by monitoring payments against the contractual arrangements. Foreign exchange risk The Company maintains a natural hedge through the use of foreign currency bank accounts with sales and purchases made in foreign currencies. Funding risk The group, headed by Once Upon a Time Global Ltd, finances its operations by a combination of equity, cash flow loans, leases and working capital. The group undertakes short-term cash forecasting to monitor its expected cash flows against its cash availability and finance facilities. The group also undertakes longer term cash forecasting to monitor its expected funding requirements in order to meet its current business plan. in the context of its existing facilities, and to identify and address its requirement for future funding facilities. The group also maintains an active dialogue with a wide range of finance providers in order to ensure that it is aware of all possible sources of finance when it is assessing the availability and cost of providing for the funding requirements in the current business plan.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Once Upon A Time Marketing Limited
Directors' Report (continued)
For the Year Ended 30 April 2023
This report was approved by the board and signed on its behalf.
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Once Upon A Time Marketing Limited
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited
We have audited the financial statements of Once Upon A Time Marketing Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Once Upon A Time Marketing Limited
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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Once Upon A Time Marketing Limited
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Once Upon A Time Marketing Limited
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD
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Once Upon A Time Marketing Limited
Statement of Comprehensive Income
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Registered number: 03406501
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 49 to 66 form part of these financial statements.
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Once Upon A Time Marketing Limited
Statement of Changes in Equity
For the Year Ended 30 April 2023
Statement of Changes in Equity
For the Year Ended 30 April 2022
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
Once Upon A Time Marketing Limited is a private company limited by share capital, incorporated in England. The address of the registered office and principal place of business is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0QH. The company's registered number is 03406501.
The principal activity of the company during the period was that of fully integrated Marketing Agency operating in "passion sectors" such as Entertainment, Health and Beauty, and Gaming.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3
Restatement of prior year comparatives In the prior year financial statements, a deferred tax asset totalling £1,750,000 was classified within debtors falling due within 1 year. In these financial statements, the net reversal of the deferred tax asset expected to occur during the year beginning after the reporting period has been classified within debtors falling due within one year, and the remainder has been classified as falling due in greater than one year. Reclassifications have been made such that prior year amounts are presented on the same basis as current year balances.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Once Upon a Time Global Ltd as at 30 April 2023 and these financial statements may be obtained from Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
Whilst the company has a deficit on the profit and loss account totalling £5.6m at 30 April 2023, the position has improved compared to the previous period end due to continuing positive operating performance. The Board believes that, with continued focus on profitable business, and strong control of costs, the Company will meet its day-to-day working capital requirements from positive operating cash flows. To this end, the Company is forecasted to remain profitable through to April 2024 and in subsequent periods. The directors believe it is appropriate, therefore, to prepare the financial statements to 30 April 2023 on a going concern basis and the Company will remain solvent in the twelve months after the date of approval of the financial statements.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year) including loans are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account. Foreign exchange gains and losses are presented in the Profit and loss account within 'administrative expenses'.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
Judgements in applying accounting policies: a) Accrued income and Work in progress The management of the company exercises judgement in estimating the completeness of projects and the expected recovery of income. It also exercises judgement in determining the valuation of work in progress. The carrying value of accrued income and work in progress at 30 April 2023 was £731,700 (2022: £811,824). b) Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits. The carrying value of deferred tax assets relating to tax losses at 30 April 2023 was £1,000,000 (2022: £1,750,000). Further details are given in note 22 to the financial statements.
Analysis of turnover by country of destination:
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
12.Taxation (continued)
Factors that may affect future tax charges
The main rate of corporation tax increased to 25% in the tax year beginning 1 April 2023 for companies where profits exceed £250,000. A tapered rate has been introduced for profits above £50,000 up to £250,000 profit. The Company has losses available to offset against future corporation tax liabilities, subject to HMRC approval, of £4,000,000 (2022: £7,710,000) and a deferred tax asset totalling £1,000,000 (2022: £1,750,000) has been recognised.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
14.Intangible assets (continued)
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
Share premium account
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account Profit and loss account - includes all current period retained profits.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
A charge was registered in December 2019 in favour of Toscafund GP Limited as security for a Facilities Agreement made with the ultimate parent company. The Company is party to a security deed of accession, supplemental to a debenture between the ultimate parent company and Toscafund GP Limited. Under the deed, there is a fixed charge and a floating charge (covering all property of the Company). The liability outstanding on the ultimate parent company's debt facility at 30 April 2023 was £16,810,000 (2022: £15,837,000).
A charge was also registered in December 2019 in favour of Calculus Nominees Limited as security for £2,000,000 guaranteed fixed rate loan notes issued by the ultimate parent company. The Company is party to a deed of accession, supplemental to a debenture between the ultimate parent company and Calculus Nominees Limited. Under the deed, there is a fixed charge and a floating charge (covering all property of the Company).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £82,563 (2022: £61,746). Contributions totalling £24,454 (2022: £19,883) were payable to the fund at the balance sheet date.
Amounts totalling £25,000 were advanced to a director during a previous period under the terms of a loan agreement. The loan is unsecured, interest-free and repayable by equal monthly instalments over a 3 year period. The maximum amount outstanding during the year was £17,361 and the balance outstanding at the balance sheet date was £9,028.
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Once Upon A Time Marketing Limited
Notes to the Financial Statements
For the Year Ended 30 April 2023
The company's immediate parent undertaking is Once Upon a Time London Ltd. Once Upon a Time London Ltd's registered number is 08037404 and its registered office is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0QH.
Once Upon a Time Global Ltd is the parent of the smallest group for which the consolidated financial statements are drawn up, of which the Company is a member. Once Upon a Time Global Ltd registered number is 12329089 and its registered office is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0QH. There is no overall ultimate controlling party.
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