Company registration number 13218383 (England and Wales)
TIGER ASPECT KIDS & FAMILY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
TIGER ASPECT KIDS & FAMILY LIMITED
COMPANY INFORMATION
Directors
J N Becamel
(Appointed 8 June 2022)
L Taron
MYLK
(Appointed 1 January 2023)
Company number
13218383
Registered office
Shepherds Building Central
Charecroft Way
London
United Kingdom
W14 0EE
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
TIGER ASPECT KIDS & FAMILY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
TIGER ASPECT KIDS & FAMILY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report of Tiger Aspect Kids & Family Limited ("the Company") for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of the production of television programmes for broadcast purposes.

Review of the business

The company creates bold, funny and iconic content for all ages, from pre-school through to family.

 

The company produced a portfolio of live-action series and animated shows, including Aliens Love Underpants, Charlie and Lola, Mr Bean: The Animated Series, Danny & Mick, Tinga Tinga Tales and the recently launched, animated YouTube Original Corpse Talk.

 

The performance of the company during 2022 has been in line with expectations.

 

Business Environment

The UK television market continues to be challenging with customers maintaining pressure on license fees paid for both new and returning commissions. However, there continue to be new buyers in the marketplace, so the portfolio of potential customers continues to increase.

 

Key performance indicators

The Company uses the following Key Performance indicators ("KPI's") to assess the development, performance and position of the Company:

2022
2021
£000
£000
Turnover
7,365
4,491
Operating profit
1,401
190
Principal risks and uncertainties

Banijay Group SAS, the head of the group, manages business and financial risks and uncertainties at a group level, rather than on an individual company basis. As a result the company has reduced exposure to business financial risks because it is able to call on group financial resources and experience, for instance hedging currency fluctuations.

 

Commercial risk

The principal commercial risks inherent in the activities of the company relate to the ability of the company to develop, produce and represent television programmes which generate an audience for the company's broadcast clients. The company aims to manage this risk by maintaining a diversified catalogue of television programmes.

 

Credit risk

The principal credit risk arises from amounts owed by group undertakings. The company aims to manage this risk by setting limits for customers based on a combination of payment history and third party credit references, which are reviewed on a regular basis in conjunction with debt ageing and collection history.

 

Currency risk

The company is also exposed to currency risk by virtue of the proportion of its business being invoiced in foreign currencies. The group holds cash in foreign currencies in order to hedge these exposures.

 

Cyber security and data protection risk

Risk that the group is subject to increasingly sophisticated cyber-attacks aimed at causing business disruption, capture of data for financial gain and reputational damage. The group has strengthened controls and defences around this area of risk, including additional security levels applied to IT systems, and remains vigilant to the increasing threats.

TIGER ASPECT KIDS & FAMILY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Strategy and future developments

The Company's success is dependent upon the successful selling and production of television content, and retention of key talent in order to achieve this aim. the company will continue to exploits its key brands through both its linear and non-linear broadcast channels.

 

In addition, close monitoring of programme profit markets are key to the continuing profitability of the Company.

On behalf of the board

J N Becamel
Director
9 February 2024
2024-02-09
TIGER ASPECT KIDS & FAMILY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J N Becamel
(Appointed 8 June 2022)
L Taron
B Di Sabatino
(Resigned 31 December 2022)
MYLK
(Appointed 1 January 2023)
Qualifying third party indemnity provisions

The Company has indemnified one or more of the directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provisions are in force at the date of approving the Directors' Report.

Research and development

Research and development expenditure for the financial year related mostly to the development of future television programmes and amounted to £120,949 (2021: £32,000).

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

TIGER ASPECT KIDS & FAMILY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Financial instruments

The Company's financial risk management objectives and policies in relation to financial instruments are set out in the Strategic Report.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operation for a period of at least 12 months from the date of the signing of these financial statements.

 

The financial statements have therefore been prepared on a going concern basis. The company has made a profit in both the current and preceding years and has held a net asset position at both the current and preceding balance sheet date and is expected to trade profitably in the foreseeable future based on forecasts.

 

The company's performance is dependent on its ability to develop, produce and deliver television productions to clients.

 

Banijay Group SAS, the intermediate parent undertaking, has performed cashflow forecasting on the wider Banijay Group and is in a favourable liquidity position. One or more of the company's directors holds a group management position with visibility of the group's position. Based on this information and on enquiries, the directors believe that Banijay Group SAS has the ability to provide financial support to the company for a period of at least 12 months from the date of the signing of these financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J N Becamel
Director
9 February 2024
TIGER ASPECT KIDS & FAMILY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TIGER ASPECT KIDS & FAMILY LIMITED
- 5 -
Opinion

We have audited the financial statements of Tiger Aspect Kids & Family Limited (the 'company') for the year ended 31 December 2022 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TIGER ASPECT KIDS & FAMILY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TIGER ASPECT KIDS & FAMILY LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant UK taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and revenue recognition. Our audit procedures to respond to management override risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit procedures to respond to revenue recognition risks included sample testing a sample of revenue across the year and deferred revenue as at year end to agree to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations.

TIGER ASPECT KIDS & FAMILY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TIGER ASPECT KIDS & FAMILY LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Daniel Faust (Senior Statutory Auditor)
For and on behalf of FLB Audit LLP
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
9 February 2024
TIGER ASPECT KIDS & FAMILY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Year
Period
ended
ended
31 December
31 December
2022
2021
Notes
£000
£000
Revenue
3
7,365
4,491
Cost of sales
(5,695)
(3,522)
Gross profit
1,670
969
Distribution costs
-
0
(141)
Administrative expenses
(269)
(638)
Operating profit
4
1,401
190
Investment income
7
23
3
Profit before taxation
1,424
193
Tax on profit
8
(273)
(37)
Profit and total comprehensive income for the financial year
1,151
156

The notes on pages 12 to 22 form part of these financial statements.

TIGER ASPECT KIDS & FAMILY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
Year
Period
ended
ended
31 December
31 December
2022
2021
£000
£000
Profit for the year
1,151
156
Other comprehensive income:
-
-
Total comprehensive income for the year
1,151
156
TIGER ASPECT KIDS & FAMILY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£000
£000
£000
£000
Current assets
Inventories
10
12
186
Trade and other receivables
11
7,047
18,230
Cash and cash equivalents
1
-
0
7,060
18,416
Current liabilities
12
(5,753)
(18,260)
Net current assets
1,307
156
Net assets
1,307
156
Equity
Called up share capital
-
0
-
0
Retained earnings
1,307
156
Total equity
1,307
156

The notes on pages 12 to 22 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
J N Becamel
Director
Company registration number 13218383 (England and Wales)
TIGER ASPECT KIDS & FAMILY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
Share capital
Retained earnings
Total
£000
£000
£000
Balance at 23 February 2021
-
-
0
-
Period ended 31 December 2021:
Profit and total comprehensive income
-
156
156
Balance at 31 December 2021
-
0
156
156
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,151
1,151
Balance at 31 December 2022
-
0
1,307
1,307

The notes on pages 12 to 22 form part of these financial statements.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
1
Accounting policies
Company information

Tiger Aspect Kids & Family Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shepherds Building Central, Charecroft Way, London, United Kingdom, W14 0EE. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

On 29 April 2022, a special resolution was passed to change the name of the Company from Tiger Aspect Kids And Family Limited, to Tiger Aspect Kids & Family Limited.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the Company, and are rounded to the nearest thousand (£000) unless stated otherwise.

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

 

Where required, equivalent disclosures are given in the group accounts of Banijay Group SAS. The group accounts Banijay Group SAS are available to the public and can be obtained from the registered office given below.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -

The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.

 

Tiger Aspect Kids & Family Limited is a wholly owned subsidiary of Banijay Group SAS and the results of the Company are included in the consolidated financial statements of Banijay Group SAS. Copies of these financial accounts can be obtained from 5 Rue Francois 1er, 75008 Paris, France.

1.2
Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operation for a period of at least 12 months from the date of the signing of these financial statements.true

 

The financial statements have therefore been prepared on a going concern basis. The company has made a profit in both the current and preceding years and has held a net asset position at both the current and preceding balance sheet date and is expected to trade profitably in the foreseeable future based on forecasts.

 

The company's performance is dependent on its ability to develop, produce and deliver television productions to clients.

 

Banijay Group SAS, the intermediate parent undertaking, has performed cashflow forecasting on the wider Banijay Group and is in a favourable liquidity position. One or more of the company's directors holds a group management position with visibility of the group's position. Based on this information and on enquiries, the directors believe that Banijay Group SAS has the ability to provide financial support to the company for a period of at least 12 months from the date of the signing of these financial statements.

1.3
Revenue

Performance obligations are the goods or services promised in the contract. The company recognised revenue when it has satisfied a performance obligation by providing the customer with the promised good or service.

 

A performance obligation is satisfied when control of the good or service is transferred to the customer. This transfer may take place at a point in time or over time.

 

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.

 

Revenues are measured at the fair value of the consideration received or receivable, net of rebates and net of consideration payable to the customer (pay-backs).

 

If a contract includes a significant financing component, the revenue is discounted at revenue recognition date to reflect the credit facility granted to the customer.

The Company recognises revenue from the following major sources:

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Production revenues (from producing television programs)

Production revenues are recognised when the programs are delivered to the client. Standard criteria to establish revenue recognition are:

 

 

In a case of partial deliver of the same program of several periods of time (series etc) revenue, costs and margin are recognised according to episodic delivery.

 

Production revenues are booked net of grants, subsidies and co-producers' contributions.

 

Revenue not meeting these conditions is a contract liability. Revenue recognised in the statement of comprehensive income but not yet received is held on the statement of financial position as a contract asset. Revenue invoiced but not yet recognised in the statement of comprehensive income is held on the statement of financial position as a contract liability.

Distribution revenues (from the sale of finished programs)

Distribution revenue are recognised when the rights are transferred to the customer:

 

 

The full distribution revenues are only recognised when productions are completed and delivered (revenues are not spread over the license period) as it is an access to the right.

Inter-group and third party royalty income

Intra-group royalty income is recognised in the financial statements on an accrual basis.

 

Royalty income from third party distributors is recognised on a statement receipt basis as this is when the revenue is measurable.

Revenues from other rights and services

Other rights and services includes merchandising, music rights, other ancillary revenues and digital services.

 

Merchandising revenues are recognised when the rights are transferred to the client:

 

 

The full revenue is recognised on delivery (it is not spread over the license period) as it is an access to the right.

 

Advanced payments are recognised as revenue when the above criteria are met.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.4
Inventories

Production costs are recognised:

 

 

An assessment over the recoverability of work in progress is made on an annual basis.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

1.6
Financial assets

Financial assets are recognised in the Company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amounts and the present value of the future expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the trade receivable will not be collected, the gross carrying value of the asset is written off against the associated provision.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.7
Financial liabilities

The Company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
Equity instruments

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

1.9
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Otherwise income tax is recognised in the statement of comprehensive income.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.10
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 inventories or non-current 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.

1.11
Retirement benefits

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 pension obligations.

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

1.12
Foreign exchange

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the statement of financial position date. All differences are taken to the statement of comprehensive income.

1.13

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

 

Intangible assets are recognised from the development phase of a project only if certain criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

 

If it is not possible to distinguish between the research phase and development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.14

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
2
Critical accounting estimates and judgements

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The directors do not consider there to be any critical judgements or key sources of estimation uncertainty impacting the financial statements.

3
Revenue
2022
2021
£000
£000
Revenue analysed by class of business
Production
3,063
-
Distribution
2,272
3,907
Other rights and services
2,030
584
7,365
4,491
2022
2021
£000
£000
Revenue analysed by geographical market
United Kingdom
4,826
4,491
Rest of the world
2,539
-
7,365
4,491
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange gains
(32)
-
Research and development costs
121
32
Fees payable to the company's auditor for the audit of the company's financial statements
15
-
TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
5
Employees

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

2022
2021
Number
Number
Administration
3
3

Their aggregate remuneration comprised:

2022
2021
£000
£000
Wages and salaries
278
211
Social security costs
32
78
Pension costs
11
12
321
301

The company also has a number of freelance staff, hired on a production basis, whose costs are included within cost of sales and are not reflected in the table above.

6
Directors' remuneration

The directors who served during the period are remunerated by other group entities. It is not practical to determine the proportion of their emoluments which relate to their services as directors of this company.

7
Investment income
2022
2021
£000
£000
Interest income
Interest receivable from group companies
23
3
8
Taxation
2022
2021
£000
£000
Current tax
UK corporation tax on profits for the current period
273
37
TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Taxation
(Continued)
- 20 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2022
2021
£000
£000
Profit before taxation
1,424
193
Expected tax charge based on a corporation tax rate of 19.00% (2021: 19.00%)
271
37
Effect of expenses not deductible in determining taxable profit
2
-
0
Group relief payable
273
37
Receipt for group relief
(273)
(37)
Taxation charge for the year
273
37

In the March 2021 Budget it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. The expected future impact of this will be an increase in current tax charges for any profits taxed at the main rate.

9
Subsidiaries

Details of the Company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Tiger Aspect Animation Limited
Shepherds Building Central, Charecroft Way, London, United Kingdom, W14 0EE
Development and production of animated television programmes.
Ordinary
100.00
10
Inventories
2022
2021
£000
£000
Work in progress
12
186
TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
11
Trade and other receivables
2022
2021
£000
£000
Trade receivables
494
206
Provision for bad and doubtful debts
(50)
-
444
206
VAT recoverable
333
-
Amounts owed by fellow group undertakings
3,086
13,906
Other receivables
20
400
Prepayments and accrued income
3,164
3,718
7,047
18,230

On 25 October 2021, the company entered into a Cash Pool Agreement with Banijay Entertainment SASU. The amount is repayable on demand, with interest shared at 1-month EURIBOR plus 0.5%. The balance of £1,973,864 (2021: £2,196,359) is included within amounts owed by group undertakings.

 

All other amounts included in the amounts owed by group undertakings are unsecured, interest free and repayable on demand.

12
Liabilities
2022
2021
Notes
£000
£000
Trade and other payables
13
5,692
16,787
Taxation and social security
-
578
Deferred income
14
61
895
5,753
18,260
13
Trade and other payables
2022
2021
£000
£000
Amounts owed to fellow group undertakings
1,157
5,432
Accruals and deferred income
4,529
11,355
Other payables
6
-
5,692
16,787

On 30 September 2021, the company entered into an Asset Purchase Agreement with Tiger Aspect Productions Limited. The loan is repayable by 1 March 2025, with interest charged at 1-month LIBOR plus 2.5%. The balance of £nil (2021: £4,622,307) has been included in the amounts owed to fellow group undertakings.

 

All other amounts owed to group undertakings are unsecured, interest free and repayable on demand.

TIGER ASPECT KIDS & FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
14
Deferred revenue
2022
2021
£000
£000
Arising from distribution revenue
61
895
15
Retirement benefit schemes
2022
2021
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
11
12

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

There were no amounts outstanding as payable to the scheme at the current and previous year end.

16
Related party transactions

Inter-group guarantees

As at 31 December 2022 and 31 December 2021, the company held a cash pool arrangement with Banijay Entertainment SASU under which the company has issued an unlimited inter-company guarantee to the entity, as well as given the entity right of set-off against debit balances of other Banijay Group companies based in the United Kingdom.

Other information

The company has taken advantage of FRS 101 paragraph 8(k) to not disclose related party transactions with wholly owned members of the same group.

17
Controlling party

The immediate parent undertaking is Banijay Kids & Family (Holding) Limited, for which the registered office is Shepherds Building Central, Charecroft Way, London, United Kingdom, W14 0EE.

 

The parent undertaking of the smallest and largest group which includes the company and for which publically available group financial statements are prepared is Banijay Group SAS. Copies of these financial accounts can be obtained from 5 Rue Francois 1er, 75008 Paris, France.

 

At the reporting date the ultimate parent undertaking and controlling party is Stéphane Courbit’s LOV Group who controls Banijay Group.

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