Registered number:
For the Year Ended
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Once Upon A Time London Ltd
Company Information
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Once Upon A Time London Ltd
Contents
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Once Upon A Time London Ltd
Strategic Report
For the Year Ended 30 April 2023
The directors present their Strategic Report and financial statements for the year ended 30 April 2023.
The principal activity of the Company continued to be that of a holding company of its subsidiary undertakings which are integrated to form a full-service marketing agency. The directors are satisified with the performance of the Company's subsidiary undertakings in the year, and expect overall trading performance of the subsidiaries to continue to grow in 2023/24. The Company's profit for the year, after taxation, amounted to £7,828k (2022: £42k loss).
Dividends totalling £12m (2022: £2.5m) were received from trading subsidiaries during the year, whilst administrative expenses (including exceptional items) increased by £1.7m, from £2.7m to £4.4m. The increase mainly relates to a £1.2m provision being made by the Company against a loan balance owed by a group entity. Net current liabilities have increased from £22m to £25m year on year, mainly in relation to costs paid by group undertakings on behalf of the Company, and dividends payable to the parent company (Once Upon a Time Global Limited). The group headed by the parent company, Once Upon a Time Global Ltd, achieved EBITDAE (Earnings before Interest, Tax, Depreciation, Amortisation and items identified by management as Exceptional) totalling £7.0m (2022: £5.4m).
Funding and liquidity
The objective is to ensure continuity of funding and cash levels are 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. Major disruption/disaster risk The Company and the Group, headed by Once Upon a Time Global Ltd, has a formal business continuity contingency plan which is reviewed regularly. This was successfully implemented in response to the Covid-19 pandemic. Control environment The Company has formal authority limits for all key decisions and clear administration procedures for the timely reporting of critical business information. Funding risk The Group, headed by Once Upon a Time Global Ltd, finances its operations by a combination of debt, equity, leases and working capital. The Group undertakes short term cash forecasting to monitor its expected cash flows against its cash availability, finance facilities and financial obligations. 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 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.
The Company does not have any formal KPI's as it is a holding company.
Page 1
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Once Upon A Time London Ltd
Strategic Report (continued)
For the Year Ended 30 April 2023
This report was approved by the board and signed on its behalf.
Page 2
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Once Upon A Time London Ltd
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;
∙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 £7,827,903 (2022 -loss £41,950).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The principal activity of the Company will continue to be that of a holding company of its subsidiary undertakings, which are integrated to form a full-service marketing agency.
The Strategic Report includes an indication of the Company's financial risk management objectives and policies, and the Company's exposure to risks.
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Once Upon A Time London Ltd
Directors' Report (continued)
For the Year Ended 30 April 2023
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.
This report was approved by the board and signed on its behalf.
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Once Upon A Time London Ltd
Independent Auditors' Report to the Members of Once Upon A Time London Ltd
We have audited the financial statements of Once Upon A Time London Ltd (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 London Ltd
Independent Auditors' Report to the Members of Once Upon A Time London Ltd (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.
Page 6
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Once Upon A Time London Ltd
Independent Auditors' Report to the Members of Once Upon A Time London Ltd (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 local management and parent company 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 London Ltd
Independent Auditors' Report to the Members of Once Upon A Time London Ltd (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
SK1 1TD
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Once Upon A Time London Ltd
Statement of Comprehensive Income
For the Year Ended 30 April 2023
Page 9
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Once Upon A Time London Ltd
Registered number: 08037404
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 12 to 28 form part of these financial statements.
Page 10
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Once Upon A Time London Ltd
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 London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Once Upon a Time London Ltd is a private company limited by share capital and 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 08037404.
The principal activity of the Company during the period was that of a holding company.
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).
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 Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Page 12
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Once Upon A Time London Ltd
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.
The Company had net assets of £146,644 (2022: £318,741), net current liabilities of £24,997,004 (2022: £22,139,327) and a deficit on retained earnings of £2,857,360 (2022: £2,685,263) at 30 April 2023. The Company is funded by a mixture of share capital, intercompany and shareholder loans and the group's finance facility. There are no plans in the short term for the intercompany loans to be repaid to subsidiaries. In the longer term, the subsidiaries will remit dividends to the Company in order to pay down these loans. Therefore, the Company financial statements have been prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
Page 14
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which they are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior perods may no longer exist or may have decreased.
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
2.Accounting policies (continued)
Page 16
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Key sources of estimation uncertainty: Carrying value of investments The Directors review the carrying value of investments on an ongoing basis to ascertain whether there are any indicators of impairment. The carrying value of investments at 30 April 2023 was £27,066,615 (2022: £26,045,594). Key judgements: Contingent consideration Where the measurement of an investment involves the future performance of a business to be considered, management must exercise judgement and form a view of the probable outcome at the measurement points.
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Page 18
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Page 19
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
12.Taxation (continued)
The Company has losses available to offset against future corporation tax liabilities, subject to HMRC approval, of £3,560,000 (2022: £3,570,000). A deferred tax asset has not been recognised due to uncertainty regarding the timing of recognition of profits.
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Page 23
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Share premium account
The share premium account includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account The profit and loss account includes all current prior period retained profits and losses, net of dividends.
A charge was registered in December 2019 in favour of Toscafund GP Limited as security trustee for the secured parties (the 'secured agent') in relation to a Facilities Agreement made with the parent company. The Company is party to a security deed of accession, supplemental to a debenture between the parent company and the security agent. Under the deed, there is a fixed charge, floating charge (covering all property of the Company) and a negative pledge. 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 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 £5,127 (2022: £1,981). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
Amounts advanced to directors during the year ended 30 April 2023 totalled £466,041 and these amounts were repaid such that no balances were outstanding at the year-end. The loans were interest-free and repayable on demand.
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Once Upon A Time London Ltd
Notes to the Financial Statements
For the Year Ended 30 April 2023
The Company's parent undertaking is Once Upon a Time Global Ltd (registered number 12329089), a company incorporated in England. Consolidated financial statements are prepared for Once Upon a Time Global Ltd and are available from Companies House.
There is no overall controlling party.
The Company is exempt from the obligation to prepare and deliver consolidated group accounts, under s.400 of Companies Act 2006.
Page 28
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