Caseware UK (AP4) 2022.0.179 2022.0.179 falsetruefalsetruetruetrue2022-05-01No description of principal activity10278 03406501 2022-05-01 2023-04-30 03406501 2021-05-01 2022-04-30 03406501 2023-04-30 03406501 2022-04-30 03406501 2021-05-01 03406501 5 2022-05-01 2023-04-30 03406501 5 2021-05-01 2022-04-30 03406501 6 2022-05-01 2023-04-30 03406501 6 2021-05-01 2022-04-30 03406501 d:Exceptional 2022-05-01 2023-04-30 03406501 d:Exceptional 2021-05-01 2022-04-30 03406501 e:Director1 2022-05-01 2023-04-30 03406501 e:Director2 2022-05-01 2023-04-30 03406501 e:Director3 2022-05-01 2023-04-30 03406501 e:RegisteredOffice 2022-05-01 2023-04-30 03406501 e:Agent1 2022-05-01 2023-04-30 03406501 d:Buildings d:ShortLeaseholdAssets 2022-05-01 2023-04-30 03406501 d:Buildings d:ShortLeaseholdAssets 2023-04-30 03406501 d:Buildings d:ShortLeaseholdAssets 2022-04-30 03406501 d:PlantMachinery 2022-05-01 2023-04-30 03406501 d:PlantMachinery 2023-04-30 03406501 d:PlantMachinery 2022-04-30 03406501 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03406501 d:MotorVehicles 2022-05-01 2023-04-30 03406501 d:MotorVehicles 2023-04-30 03406501 d:MotorVehicles 2022-04-30 03406501 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03406501 d:FurnitureFittings 2022-05-01 2023-04-30 03406501 d:ComputerEquipment 2022-05-01 2023-04-30 03406501 d:ComputerEquipment 2023-04-30 03406501 d:ComputerEquipment 2022-04-30 03406501 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03406501 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03406501 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-30 03406501 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-04-30 03406501 d:ComputerSoftware 2023-04-30 03406501 d:ComputerSoftware 2022-04-30 03406501 d:CurrentFinancialInstruments 2023-04-30 03406501 d:CurrentFinancialInstruments 2022-04-30 03406501 d:Non-currentFinancialInstruments 2023-04-30 03406501 d:Non-currentFinancialInstruments 2022-04-30 03406501 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03406501 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 03406501 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03406501 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 03406501 d:ReportableOperatingSegment1 2022-05-01 2023-04-30 03406501 d:ReportableOperatingSegment1 2021-05-01 2022-04-30 03406501 f:UnitedKingdom 2022-05-01 2023-04-30 03406501 f:UnitedKingdom 2021-05-01 2022-04-30 03406501 f:RestEuropeOutsideUK 2022-05-01 2023-04-30 03406501 f:RestEuropeOutsideUK 2021-05-01 2022-04-30 03406501 f:RestWorldOutsideUK 2022-05-01 2023-04-30 03406501 f:RestWorldOutsideUK 2021-05-01 2022-04-30 03406501 d:ForeignTax 2022-05-01 2023-04-30 03406501 d:ForeignTax 2021-05-01 2022-04-30 03406501 d:ShareCapital 2022-05-01 2023-04-30 03406501 d:ShareCapital 2023-04-30 03406501 d:ShareCapital 2021-05-01 2022-04-30 03406501 d:ShareCapital 2022-04-30 03406501 d:ShareCapital 2021-05-01 03406501 d:SharePremium 2022-05-01 2023-04-30 03406501 d:SharePremium 2023-04-30 03406501 d:SharePremium 2021-05-01 2022-04-30 03406501 d:SharePremium 2022-04-30 03406501 d:SharePremium 2021-05-01 03406501 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 03406501 d:RetainedEarningsAccumulatedLosses 2023-04-30 03406501 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 03406501 d:RetainedEarningsAccumulatedLosses 2022-04-30 03406501 d:RetainedEarningsAccumulatedLosses 2021-05-01 03406501 e:OrdinaryShareClass1 2022-05-01 2023-04-30 03406501 e:OrdinaryShareClass1 2023-04-30 03406501 e:OrdinaryShareClass1 2022-04-30 03406501 e:FRS102 2022-05-01 2023-04-30 03406501 e:Audited 2022-05-01 2023-04-30 03406501 e:FullAccounts 2022-05-01 2023-04-30 03406501 e:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 03406501 d:WithinOneYear 2023-04-30 03406501 d:WithinOneYear 2022-04-30 03406501 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 03406501 d:HirePurchaseContracts d:WithinOneYear 2022-04-30 03406501 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 03406501 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-04-30 03406501 2 2022-05-01 2023-04-30 03406501 4 2022-05-01 2023-04-30 03406501 7 2022-05-01 2023-04-30 03406501 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 03406501 d:TaxLossesCarry-forwardsDeferredTax 2022-04-30 03406501 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-04-30 03406501 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-30 03406501 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-05-01 2023-04-30 03406501 d:ComputerSoftware d:OwnedIntangibleAssets 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03406501









Once Upon A Time Marketing Limited









Annual Report and Financial Statements

For the Year Ended 30 April 2023

 
Once Upon A Time Marketing Limited
 
 
Company Information


Directors
R D Ward 
A C Pilgram 
D E Miller 




Registered number
03406501



Registered office
17 Bowling Green Lane
Clerkenwell

London

EC1R 0QH




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

Lancashire Gate

21 Tiviot Dale

Stockport

Cheshire

SK1 1TD




Bankers
Barclays Bank Plc
PO Box 299

Birmingham

B1 3PF




Solicitors
Osborne Clarke
2 Temple Back East

Temple Quay

Bristol

BS1 6EG





 
Once Upon A Time Marketing Limited
 

Contents



Page
Strategic Report
 
36 - 38
Directors' Report
 
39 - 41
Independent Auditors' Report
 
42 - 45
Statement of Comprehensive Income
 
46
Balance Sheet
 
47
Statement of Changes in Equity
 
48
Notes to the Financial Statements
 
49 - 66


 
Once Upon A Time Marketing Limited
 
 
Strategic Report
For the Year Ended 30 April 2023

Introduction
 
The Directors present their Strategic Report and the financial statements for the year ended 30 April 2023.

Business review
 
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). 

Page 36

 
Once Upon A Time Marketing Limited
 

Strategic Report (continued)
For the Year Ended 30 April 2023

Principal risks and uncertainties
 
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.
 
Page 37

 
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:


2023
2022



Operating profit margin (1)
30%
40%
Employment costs to gross profit
52%
47%
Other costs to gross profit
18%
13%
Gross profit per head
£115,253
£116,811
Employment costs per head
£60,460
£55,418
Other operating costs per head
£20,574
£15,343
Operating profit per head
£34,639
£46,574

(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.


D E Miller
Director
Date: 5 October 2023

Page 38

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the year were:

R D Ward 
A C Pilgram 
D E Miller 

Future developments

The future developments of the company are disclosed in the Strategic Report.

Page 39

 
Once Upon A Time Marketing Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 April 2023

Financial instruments

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.    

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end. 

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 40

 
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.

 
 


D E Miller
Director
Date: 5 October 2023

Page 41

 
Once Upon A Time Marketing Limited
 
 
 
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2023 and of its profit 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.


Basis for opinion


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.


Conclusions relating to going concern


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.


Other information


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.


Page 42

 
Once Upon A Time Marketing Limited
 
 
 
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 39, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 43

 
Once Upon A Time Marketing Limited
 
 
 
Independent Auditors' Report to the Members of Once Upon A Time Marketing Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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.
 
Page 44

 
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.


Use of our 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 2006Our 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.


Helen Besant Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD

5 October 2023
Page 45

 
Once Upon A Time Marketing Limited
 
 
Statement of Comprehensive Income
For the Year Ended 30 April 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,628,686
16,472,976

Cost of sales
  
(7,872,878)
(7,361,723)

Gross profit
  
11,755,808
9,111,253

Administrative expenses
  
(8,265,521)
(5,501,203)

Exceptional administrative expenses
 13 
-
(18,143)

Other operating income
 5 
42,846
40,873

Operating profit
 6 
3,533,133
3,632,780

Interest receivable and similar income
 10 
3,305
86

Interest payable and similar expenses
 11 
(5,218)
(4,657)

Profit before tax
  
3,531,220
3,628,209

Tax on profit
 12 
(889,690)
(295,000)

Profit for the financial year
  
2,641,530
3,333,209

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 49 to 66 form part of these financial statements.

Page 46

 
Once Upon A Time Marketing Limited
Registered number: 03406501

Balance Sheet
As at 30 April 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
13,738
30,014

Tangible assets
 15 
640,203
647,827

  
653,941
677,841

Current assets
  

Stocks
 16 
81,622
249,499

Debtors: amounts falling due after more than one year
 17 
150,000
1,176,000

Debtors: amounts falling due within one year
 17 
18,918,027
15,003,717

Cash at bank and in hand
 18 
1,020,408
776,574

  
20,170,057
17,205,790

Creditors: amounts falling due within one year
 19 
(12,259,089)
(11,892,124)

Net current assets
  
 
 
7,910,968
 
 
5,313,666

Total assets less current liabilities
  
8,564,909
5,991,507

Creditors: amounts falling due after more than one year
 20 
(24,348)
(92,476)

  

Net assets
  
8,540,561
5,899,031


Capital and reserves
  

Called up share capital 
 23 
1,575,000
1,575,000

Share premium account
 24 
12,600,000
12,600,000

Profit and loss account
 24 
(5,634,439)
(8,275,969)

  
8,540,561
5,899,031


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

D E Miller
Director
Date: 5 October 2023

The notes on pages 49 to 66 form part of these financial statements.

Page 47

 
Once Upon A Time Marketing Limited
 

Statement of Changes in Equity
For the Year Ended 30 April 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
1,575,000
12,600,000
(8,275,969)
5,899,031


Comprehensive income for the year

Profit for the year
-
-
2,641,530
2,641,530
Total comprehensive income for the year
-
-
2,641,530
2,641,530


At 30 April 2023
1,575,000
12,600,000
(5,634,439)
8,540,561



Statement of Changes in Equity
For the Year Ended 30 April 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 May 2021
1,575,000
12,600,000
(11,609,178)
2,565,822


Comprehensive income for the year

Profit for the year
-
-
3,333,209
3,333,209
Total comprehensive income for the year
-
-
3,333,209
3,333,209


At 30 April 2022
1,575,000
12,600,000
(8,275,969)
5,899,031


The notes on pages 49 to 66 form part of these financial statements.

Page 48

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

1.


General information

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

 
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 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

Page 49

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 50

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Leasehold improvements
-
Over term of lease
Computer equipment
-
3 years straight line
Fixtures, fittings and equipment
-
5 - 10 years straight line
Plant and machinery
-
3 - 10 years straight line

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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
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.

 
2.9

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.

Page 51

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

  
2.10

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.

 
2.11

Financial instruments

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. 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.12

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.

 
2.13

Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 52

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Functional and presentation currency
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'.

 
2.15

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.16

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.17

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 53

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.19

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.21

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 54

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Company at 30 April 2023 are discussed below.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Marketing
19,628,686
16,472,976


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
14,187,733
12,877,406

Rest of Europe
1,328,061
137,502

Rest of the world
4,112,892
3,458,068

19,628,686
16,472,976


Page 55

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
3,510

Management charges receivable
42,846
37,363

42,846
40,873



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
222,991
169,185

Amortisation of intangibles
16,276
16,416

Exchange differences
43,994
(33,302)

Operating lease rentals
8,583
16,522


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

11,750
10,700

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 56

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,532,800
3,865,760

Social security costs
551,590
405,740

Cost of defined contribution scheme
82,563
51,065

6,166,953
4,322,565


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management and administration
17
15



Sales
85
63

102
78

Page 57

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
200,700
132,400

Company contributions to defined contribution pension schemes
-
17,177

200,700
149,577


During the year retirement benefits were accruing to no directors (2022 -1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £200,700 (2022 -£132,400).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 -£17,177).

The ultimate parent company Once Upon a Time Global Ltd has in prior years granted EMI share options in respect of 14,512 Ordinary shares to certain directors of the Company. A further 1,000 shares were granted in the year ended 30 April 2023.
The ultimate parent company also granted EMI share options in respect of 6,500 Ordinary shares to members of key management in prior periods and a further 3,500 Ordinary shares during the year ended 30 April 2023.
None of the options had been exercised at the balance sheet date. The fair value of the options has been assessed and no equity-settled share based payment expense has been accounted for on the basis that the expense would be immaterial.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
3,305
86


11.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
5,218
4,657

Page 58

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

12.


Taxation


2023
2022
£
£


Foreign tax


Foreign tax on income for the year
139,690
-

Total current tax
139,690
-

Deferred tax


Origination and reversal of timing differences
750,000
295,000

Total deferred tax
750,000
295,000


Taxation on profit on ordinary activities
889,690
295,000

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 -lower than) the standard rate of corporation tax in the UK of 19% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,531,220
3,628,209


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 -19%)
670,932
689,360

Effects of:


Non-tax deductible amortisation of goodwill and impairment
3,092
3,119

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
36,885
22,782

Utilisation of tax losses
(674,511)
(588,915)

Fixed asset differences
(37,322)
(126,346)

Other differences leading to an increase (decrease) in the tax charge
924
-

Taxes payable in overseas jurisdictions
139,690
-

Release of deferred tax asset
750,000
295,000

Total tax charge for the year
889,690
295,000



Page 59

 
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.


13.


Exceptional administrative expenses

2023
2022
£
£


Relocation costs
-
18,143

Relocation costs were incurred during the year ended 30 April 2022 following the Company relocating to new premises.


14.


Intangible assets




Trademarks
Computer software
Total

£
£
£



Cost


At 1 May 2022
9,787
73,827
83,614



At 30 April 2023

9,787
73,827
83,614



Amortisation


At 1 May 2022
4,242
49,358
53,600


Charge for the year
979
15,297
16,276



At 30 April 2023

5,221
64,655
69,876



Net book value



At 30 April 2023
4,566
9,172
13,738



At 30 April 2022
5,545
24,469
30,014

Page 60

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023
 
           14.Intangible assets (continued)

Amortisation of intangible assets is included in administrative expenses.
Trademarks have a carrying value of £4,566 and a remaining amortisation period of 4 years.
Computer software has a carrying value of £9,172 and is being amortised over 4 years.
No impairment losses on intangible assets have been recognised in the statement of comprehensive income during the period.




15.


Tangible fixed assets





Leasehold improvements
Computer equipment
Fixtures, fittings and equipment
Plant and machinery
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
533,310
1,010,065
141,178
154,352
1,838,905


Additions
-
184,886
30,481
-
215,367



At 30 April 2023

533,310
1,194,951
171,659
154,352
2,054,272



Depreciation


At 1 May 2022
248,313
732,399
90,190
120,176
1,191,078


Charge for the year
30,452
174,614
16,478
1,447
222,991



At 30 April 2023

278,765
907,013
106,668
121,623
1,414,069



Net book value



At 30 April 2023
254,545
287,938
64,991
32,729
640,203



At 30 April 2022
284,997
277,666
50,988
34,176
647,827

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Computer equipment
83,962
153,496

Page 61

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

16.


Stocks

2023
2022
£
£

Raw materials and consumables
38,045
50,048

Work in progress
43,577
199,451

81,622
249,499





17.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Deferred tax asset
150,000
1,176,000


As restated
2023
2022
£
£

Due within one year

Trade debtors
2,712,491
3,061,853

Amounts owed by group undertakings
14,527,634
10,620,240

Other debtors
11,964
33,333

Prepayments and accrued income
815,938
714,291

Deferred taxation
850,000
574,000

18,918,027
15,003,717



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,020,408
776,574


Page 62

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,357,814
1,755,168

Amounts owed to group undertakings
9,655,201
8,860,059

Other taxation and social security
499,719
874,370

Obligations under finance lease and hire purchase contracts
62,635
63,817

Other creditors
73,292
28,156

Accruals and deferred income
610,428
310,554

12,259,089
11,892,124


Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
24,348
92,476


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
62,635
63,817

Between 1-5 years
24,348
92,476

86,983
156,293

Page 63

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

22.


Deferred taxation




2023
2022


£

£






Asset at beginning of year
1,750,000
2,045,000


Charged to profit or loss
(750,000)
(295,000)



Asset at end of year
1,000,000
1,750,000

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
1,000,000
1,750,000


The net reversal of the deferred tax asset in the year ending 30 April 2024 is expected to be approximately £850k in relation to forecast profit for the year.


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,575,000 (2022 -1,575,000) Ordinary shares of £1.00 each
1,575,000
1,575,000



24.


Reserves

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.

Page 64

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

25.


Contingent liabilities

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).


26.


Pension commitments

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.


27.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
13,049


28.


Transactions with directors

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.


29.


Related party transactions

In preparing these financial statements, the directors have taken advantage of the exemptions available under section 33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed transactions entered into between wholly owned group undertakings. 
Key management personnel compensation totalled £712,489 (2022: £681,708).


Page 65

 
Once Upon A Time Marketing Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2023

30.


Controlling party

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.

 
Page 66