8 16 November 2023 false false false false false false false false false true false false true false false true No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 22,966 22,966 xbrli:pure xbrli:shares iso4217:GBP 06761921 2022-01-01 2022-12-31 06761921 2022-12-31 06761921 2021-01-01 2021-12-31 06761921 2021-12-31 06761921 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06761921 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 06761921 bus:Director8 2022-01-01 2022-12-31 06761921 core:WithinOneYear 2022-12-31 06761921 core:WithinOneYear 2021-12-31 06761921 core:AfterOneYear 2022-12-31 06761921 core:AfterOneYear 2021-12-31 06761921 core:UKTax 2022-01-01 2022-12-31 06761921 core:UKTax 2021-01-01 2021-12-31 06761921 core:ShareCapital 2022-12-31 06761921 core:ShareCapital 2021-12-31 06761921 core:RetainedEarningsAccumulatedLosses 2022-12-31 06761921 core:RetainedEarningsAccumulatedLosses 2021-12-31 06761921 bus:SmallEntities 2022-01-01 2022-12-31 06761921 bus:Audited 2022-01-01 2022-12-31 06761921 bus:FullAccounts 2022-01-01 2022-12-31 06761921 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06761921 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06761921 bus:OrdinaryShareClass1 2022-12-31 06761921 bus:OrdinaryShareClass1 2021-12-31 06761921 bus:OrdinaryShareClass2 2022-12-31 06761921 bus:OrdinaryShareClass2 2021-12-31 06761921 bus:AllOrdinaryShares 2022-12-31 06761921 bus:AllOrdinaryShares 2021-12-31 06761921 core:ComputerEquipment 2022-12-31
COMPANY REGISTRATION NUMBER: 06761921
Simon's Cat Limited
Filleted Financial Statements
31 December 2022
Simon's Cat Limited
Directors' Responsibilities Statement
Year ended 31 December 2022
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. 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 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.
Simon's Cat Limited
Balance Sheet
31 December 2022
2022
2021
Note
£
£
£
Current assets
Work in Progress
30,097
16,191
Debtors
7
1,589,894
780,412
Cash
5,578
2,304
------------
---------
1,625,569
798,907
Creditors: amounts falling due within one year
8
( 108,641)
( 118,015)
------------
---------
Net current assets
1,516,928
680,892
------------
---------
Total assets less current liabilities
1,516,928
680,892
Creditors: amounts falling due after more than one year
9
( 47,916)
( 29,290)
------------
---------
Net assets
1,469,012
651,602
------------
---------
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss account
1,468,012
650,602
------------
---------
Shareholders funds
1,469,012
651,602
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
D O'Gara
Director
Company registration number: 06761921
Simon's Cat Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
Simon's Cat Limited 's principal activity was the development and production of animation films. The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shepherds Building Central, Charecroft Way, London, W14 0EE.
2. Statement of compliance
These financial statements of Simon's Cat Limited have been prepared in compliance with United Kingdom Accounting Standard including Section 1A of Financial Reporting Standard 102 applicable in the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company had net assets as at 31 December 2022 of £1,469,012 (2021: £651,602) including £847,989 (2021: £43,784) net amount owed by other Group companies. The strong net asset position in the current year reflects the growth of the 'Simon's Cat' brand and in turn the company. After making enquiries, the Directors therefore have a reasonable expectation that the Company will have access to adequate resources to continue in operational existence for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the financial statements.
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 Company has taken advantage of the aforementioned exemptions under FRS 102 on the grounds that the Company is a qualifying entity as a member of a Group where the consolidated financial statements of its ultimate parent undertaking include a cashflow statement and are publicly available (see note 13).
Judgements and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are addressed below. Recoverability of work in progress During the year, management reviewed the recoverability of its work in progress derived from projects in the course of production which are included in the balance sheet. Projects of this nature continue to progress satisfactorily and management continue to believe that the anticipated revenues will enable the carrying amount of work in progress to be recovered in full.
Revenue
Revenue represents the amounts received or receivable for goods provided and work done for customers exclusive of value-added tax. Revenue is recognised when, and to the extent that, the Company obtains the right to consideration in exchange for its performance. Royalty income is recognised on the accruals basis where sufficient evidence of amounts due can be obtained or calculated. Non-refundable advances on royalties are recognised once a contract is in place and the contractual obligations have been fulfilled. Refundable advances on royalties are recorded on the balance sheet as deferred income and are credited to income as royalties are recouped. Amounts due under agreements for which contractual obligations have not been fulfilled and which have not been credited to the profit and loss are included on the balance sheet.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
3 - 5 years straight line
Work in progress
Work in progress represents expenditure on projects in development and production to the extent that they are considered to be recoverable in future periods and is valued at the lower of cost and net realisable value.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
Pensions
The company pays pension contributions into various individuals' own defined contribution money purchase pension schemes. The assets of the schemes are held separately from those of the Company in an independently administered fund. The charge to the profit and loss account comprises the total contributions payables in the period. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Staff numbers and costs
The average number of persons employed by the company during the year amounted to 8 (2021: 8 ).
A director who served during the year was employed by and remunerated by other group companies.
5. Tax loss on ordinary activities
Major components of tax expense/(income)
2022
2021
£
£
Current tax:
UK current tax expense/(income)
51,704
( 83,536)
--------
--------
Tax Loss on ordinary activities
51,704
( 83,536)
--------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
869,114
195,874
---------
---------
Profit on ordinary activities by rate of tax
165,132
37,216
Effect of expenses not deductible for tax purposes
190
Effect of capital allowances and depreciation
( 216)
( 263)
Utilisation of tax losses
( 43,506)
( 36,953)
Animation tax credit
(69,896)
(83,536)
---------
---------
Tax on profit
51,704
( 83,536)
---------
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2022 and 31 December 2022
22,966
22,966
--------
--------
Depreciation
At 1 January 2022 and 31 December 2022
22,966
22,966
--------
--------
Carrying amount
At 31 December 2022
--------
--------
At 31 December 2021
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
25,804
484,389
Amounts owed by group undertakings
847,989
43,784
Prepayments and accrued income
608,798
93,936
Corporation tax recoverable
104,784
156,488
Other debtors
2,519
1,815
------------
---------
1,589,894
780,412
------------
---------
The amounts owed by Group undertakings are repayable on demand and do not bear interest.
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,592
Accruals and deferred income
92,857
31,685
Social security and other taxes
15,784
84,738
---------
---------
108,641
118,015
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
47,916
29,290
--------
--------
10. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary 'A' shares shares of £ 1 each
510
510
510
510
Ordinary 'B' shares shares of £ 1 each
490
490
490
490
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
The Ordinary 'B' shares carry the same voting rights as the Ordinary 'A' shares. The 'B' shares shall rank pari passu in all respects as to dividend and distributions with the Ordinary 'A' shares.
11. Summary audit opinion
The auditor's report for the year dated 16 November 2023 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .
12. Related party transactions
All related-party transactions that took place in the year related to the production of the animation series entitled "Simon's Cat" or the "Simon's Cat" brand. These transactions were made on terms equivalent to those that prevail in arm's length transactions and therefore are not required to be disclosed under FRS 102 Section 1AC 35.
13. Ultimate parent undertaking and immediate parent undertaking
The immediate parent undertaking is Banijay UK Productions Limited, a company incorporated and registered in England and Wales. The smallest group in which the results of the Company are consolidated is that headed by Banijay Media Limited. Financial statements for Banijay Media Limited are publicly available and can be obtained from The Shepherds Building, Charecroft Way, London, W14 0EE. At the date of the statement of financial position the ultimate parent undertaking and controlling party is Stephane Courbit's LOV Group who control Banijay Group. The Banijay Group listed on the Euronext stock exchange through FL Entertainment, form 1 July 2022.