Company Registration No. 09769418 (England and Wales)
KIDSCAVE STUDIOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
KIDSCAVE STUDIOS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
KIDSCAVE STUDIOS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,355
43,344
Investments
4
1
1
5,356
43,345
Current assets
Debtors
6
264,689
530,273
Cash at bank and in hand
120,011
253,726
384,700
783,999
Creditors: amounts falling due within one year
7
(531,104)
(564,629)
Net current (liabilities)/assets
(146,404)
219,370
Total assets less current liabilities
(141,048)
262,715
Capital and reserves
Called up share capital
1
1
Share premium account
1,300,000
1,300,000
Capital redemption reserve
1
1
Other reserves
77,604
62,940
Profit and loss reserves
(1,518,654)
(1,100,227)
Total equity
(141,048)
262,715

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
E J Bignell
Director
Company Registration No. 09769418
KIDSCAVE STUDIOS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Kidscave Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents production fees and recharged expenses which is shown net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
33.33% Straight Line
Fixtures, fittings and equipments
33.33% Straight Line
1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

KIDSCAVE STUDIOS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised in equity and is not subsequently remeasured.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

KIDSCAVE STUDIOS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

The company contributes towards a staff retirement plan, contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charges to expenses on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease assets are consumed.

 

Rent holidays received on operating leases are set off against the applicable rent expense over the period covered by the holiday.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Other reserves

Other reserves comprise of the difference between the net proceeds received from the issue of the convertible loan note and the discounted liability component of the loan. The reserves are non-distributable.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
10
KIDSCAVE STUDIOS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
24,344
61,501
85,845
Additions
-
0
2,743
2,743
Disposals
(24,344)
(40,159)
(64,503)
At 31 March 2023
-
0
24,085
24,085
Depreciation and impairment
At 1 April 2022
10,062
32,439
42,501
Depreciation charged in the year
5,410
16,498
21,908
Eliminated in respect of disposals
(15,472)
(30,207)
(45,679)
At 31 March 2023
-
0
18,730
18,730
Carrying amount
At 31 March 2023
-
0
5,355
5,355
At 31 March 2022
14,282
29,062
43,344
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1

The investment represents a £1 investment in the share capital of the company’s 100% subsidiary Kitti Katz Productions Limited. The investment is stated at cost. The directors consider this represents the fair value of the investment at the year end.

 

Movements in fixed asset investments
Shares in group undertakings
Other loans
Total
£
£
£
Cost or valuation
At 1 April 2022 & 31 March 2023
375,003
1,650,687
2,025,690
Impairment
At 1 April 2022 & 31 March 2023
375,002
1,650,687
2,025,689
Carrying amount
At 31 March 2023
1
-
1
At 31 March 2022
1
-
1
KIDSCAVE STUDIOS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Kitty Katz Productions Limited
Acre House, 11-15 William Road, London, NW1 3ER
TV Productions
Ordinary shares
100.00
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
60,000
-
0
Amounts owed by group undertakings
597
194,428
Other debtors
16,973
-
0
Prepayments and accrued income
187,119
233,029
264,689
427,457
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
102,816
Total debtors
264,689
530,273
KIDSCAVE STUDIOS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Convertible loans
467,319
446,139
Trade creditors
1,291
10,825
Amounts owed to group undertakings
49,861
-
0
Taxation and social security
-
0
16,931
Other creditors
3,633
2,619
Accruals
9,000
88,115
531,104
564,629

At the year, end, the following loan notes were in issue. The notes are convertible into ordinary shares of the company if they are not repaid by the dates in the table below.

 

Date of issue

Loan note proceeds

Date convertible to ordinary shares or repayable

6 November 2018

£249,999

31 December 2023

27 September 2019

£50,000

31 December 2023

27 September 2019

£100,000

31 December 2023

 

Interest at 5% per annum is chargeable on the principle amount and is payable quarterly.

 

The interest expensed for the year is calculated by applying the market rate of interest applying at the date of issue to the liability component of the loan notes.

 

The net proceeds received from the issue of the convertible loan note has been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.

 

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the statement of the financial position represents the effective interest rate less the interest paid to that date.

 

The difference between the net proceeds received from the issue of the convertible loan note and the discounted liability component is included in the Other reserves account.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
228,474
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