Company registration number 07170940 (England and Wales)
SNIPPLE ANIMATION STUDIOS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SNIPPLE ANIMATION STUDIOS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
SNIPPLE ANIMATION STUDIOS LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Intangible assets
5
164,357
-
0
Tangible assets
6
24,631
26,320
Investments
7
237,308
237,308
426,296
263,628
Current assets
Debtors
8
3,023,178
1,868,309
Cash at bank and in hand
7,363,379
8,412,343
10,386,557
10,280,652
Creditors: amounts falling due within one year
9
(3,259,338)
(3,483,350)
Net current assets
7,127,219
6,797,302
Total assets less current liabilities
7,553,515
7,060,930
Provisions for liabilities
(3,614)
(3,811)
Net assets
7,549,901
7,057,119
Capital and reserves
Called up share capital
1,246
1,246
Profit and loss reserves
7,548,655
7,055,873
Total equity
7,549,901
7,057,119

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

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 and signed by the director and authorised for issue on 8 November 2023
Kaine Patel
Director
Company registration number 07170940 (England and Wales)
SNIPPLE ANIMATION STUDIOS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 May 2021
1,246
7,822,825
7,824,071
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
3,420,082
3,420,082
Dividends
-
(4,187,034)
(4,187,034)
Balance at 30 April 2022
1,246
7,055,873
7,057,119
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
3,357,668
3,357,668
Dividends
-
(2,864,886)
(2,864,886)
Balance at 30 April 2023
1,246
7,548,655
7,549,901
SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Snipple Animation Studios Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

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 US dollars, 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.

1.2
Going concern

The truecompany made a significant profit during the year and it has significant cash reserves of $7,363,379 as at 30 April 2023.

 

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and volume rebates.

Revenue from contracts for the provision of animation productions is recognised by reference to the stage of completion in the production of the content when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred and the percentage of the animation production completed to the total animation project per the agreed contract and the proportion of total costs expected to be incurred to complete the production. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Over the length of the licence period
SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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:

Fixtures and fittings
25% reducing balance
Computers
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other or basic instruments measured at fair value.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

 

SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

1.15
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.

2
Employees

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

2023
2022
Number
Number
12
10
3
Director's remuneration
2023
2022
$
$
Remuneration paid to directors
541,221
522,686
4
Taxation
2023
2022
$
$
Current tax
UK corporation tax on profits for the current period
757,293
752,280
Deferred tax
Origination and reversal of timing differences
(121,049)
1,192
Total tax charge
636,244
753,472
SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
5
Intangible fixed assets
Other
$
Cost
At 1 May 2022
-
0
Additions
243,018
At 30 April 2023
243,018
Amortisation and impairment
At 1 May 2022
-
0
Amortisation charged for the year
78,661
At 30 April 2023
78,661
Carrying amount
At 30 April 2023
164,357
At 30 April 2022
-
0
6
Tangible fixed assets
Plant and machinery etc
$
Cost
At 1 May 2022
72,907
Additions
10,417
At 30 April 2023
83,324
Depreciation and impairment
At 1 May 2022
46,587
Depreciation charged in the year
12,106
At 30 April 2023
58,693
Carrying amount
At 30 April 2023
24,631
At 30 April 2022
26,320
7
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
237,308
237,308
SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
8
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
1,894,440
942,233
Other debtors
1,007,886
926,076
2,902,326
1,868,309
Deferred tax asset
120,852
-
0
3,023,178
1,868,309
9
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
252,112
7,891
Amounts owed to group undertakings
1,630,421
1,906,914
Corporation tax
809,626
757,952
Other taxation and social security
63,831
57,097
Other creditors
503,348
753,496
3,259,338
3,483,350
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nicholas Nicolaou FCCA
Statutory Auditor:
Alliotts LLP
11
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
4,320
SNIPPLE ANIMATION STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
12
Related party transactions
Remuneration of key management personnel
2023
2022
$
$
Aggregate compensation
857,473
901,814
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
$
$
Entities over which the entity has control, joint control or significant influence
5,489,900
4,606,615

The company has taken the exemption available in accordance with FRS 102 section 33 not to disclose transactions entered into with its parent company as the company is a wholly owned member of the group.

2023
2022
Amounts due to related parties
$
$
Entities with control, joint control or significant influence over the company
1,295,521
1,381,014
Entities over which the entity has control, joint control or significant influence
334,900
525,900

The following amounts were outstanding at the reporting end date:

13
Parent company

The company's immediate and ultimate parent company is Snipple Holdings Limited.

The company is consolidated into the group accounts of Snipple Holdings Limited. A copy of the group's consolidated financial statements can be obtained from the registered office of Snipple Holdings Limited: 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

 

The ultimate controlling party is Kaine Patel, by virtue of his majority shareholding in the parent company Snipple Holdings Limited.

2023-04-302022-05-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedKaine Patelfalse071709402022-05-012023-04-30071709402023-04-30071709402022-04-3007170940core:IntangibleAssetsOtherThanGoodwill2023-04-3007170940core:IntangibleAssetsOtherThanGoodwill2022-04-3007170940core:OtherPropertyPlantEquipment2023-04-3007170940core:OtherPropertyPlantEquipment2022-04-3007170940core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3007170940core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3007170940core:CurrentFinancialInstruments2023-04-3007170940core:CurrentFinancialInstruments2022-04-3007170940core:ShareCapital2023-04-3007170940core:ShareCapital2022-04-3007170940core:RetainedEarningsAccumulatedLosses2023-04-3007170940core:RetainedEarningsAccumulatedLosses2022-04-3007170940core:ShareCapital2021-04-3007170940core:RetainedEarningsAccumulatedLosses2021-04-3007170940bus:Director12022-05-012023-04-3007170940core:RetainedEarningsAccumulatedLosses2021-05-012022-04-30071709402021-05-012022-04-3007170940core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3007170940core:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3007170940core:ComputerSoftware2022-05-012023-04-3007170940core:FurnitureFittings2022-05-012023-04-3007170940core:ComputerEquipment2022-05-012023-04-3007170940core:UKTax2022-05-012023-04-3007170940core:UKTax2021-05-012022-04-3007170940core:IntangibleAssetsOtherThanGoodwill2022-04-3007170940core:OtherPropertyPlantEquipment2022-04-3007170940core:OtherPropertyPlantEquipment2022-05-012023-04-3007170940core:WithinOneYear2023-04-3007170940core:WithinOneYear2022-04-3007170940core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-04-3007170940bus:PrivateLimitedCompanyLtd2022-05-012023-04-3007170940bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3007170940bus:FRS1022022-05-012023-04-3007170940bus:Audited2022-05-012023-04-3007170940bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP