Company Registration No. 09232113 (England and Wales)
Jungle Beat Animation Limited
Unaudited financial statements
For the year ended 28 February 2023
Pages for filing with registrar
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
2,625,000
2,625,000
Other intangible assets
6
6,840
7,908
Total intangible assets
2,631,840
2,632,908
2,631,840
2,632,908
Current assets
Debtors
5
162,162
72,729
Cash at bank and in hand
157,780
84,618
319,942
157,347
Creditors: amounts falling due within one year
7
(2,503)
(5,276)
Net current assets
317,439
152,071
Total assets less current liabilities
2,949,279
2,784,979
Creditors: amounts falling due after more than one year
8
(9,557,242)
(9,557,242)
Net liabilities
(6,607,963)
(6,772,263)
Capital and reserves
Called up share capital
9
3
3
Profit and loss reserves
(6,607,966)
(6,772,266)
Total equity
(6,607,963)
(6,772,263)
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 28 February 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.
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 February 2024 and are signed on its behalf by:
O P Cunningham
Director
Company Registration No. 09232113
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Jungle Beat Animation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25A Kensington Church Street, London, United Kingdom, W8 4LL.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for animation film sales and royalties.
1.4
Film rights
The costs of acquiring films rights are capitalised as they are incurred and included in intangible assets. The costs of film rights are therefore carried at the lower of costs and net realisable value. Net realisable value is calculated as estimated film income less direct film costs.
No income is recognised until the film has been completed, with any income received prior to completion being treated as a creditor in the accounts.
1.5
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:
Patents
10 years
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
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.
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.
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
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
Judgements and key sources of estimation uncertainty
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Production costs
Production costs are taken to deferred cost assets and included in other debtors on the balance sheet until the point that contractual obligations have been fulfilled, except:
(i) Excess costs not anticipated to be recovered from the attributable income is fully provided in the year when any excess cost arises and:
(ii) In the event that any production spans a year end, the costs are recognised as costs in the Profit and Loss account as matched to attributable income also recognised in the period. Accordingly, profits or losses of each production are recognised to the extent of completion of the production at the year end.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
162,162
Other debtors
932
Prepayments and accrued income
71,797
162,162
72,729
6
Intangible fixed assets
Film rights
Investment in productions
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
2,625,000
10,688
2,635,688
Amortisation and impairment
At 1 March 2022
2,779
2,779
Amortisation charged for the year
1,069
1,069
At 28 February 2023
3,848
3,848
Carrying amount
At 28 February 2023
2,625,000
6,840
2,631,840
At 28 February 2022
2,625,000
7,908
2,632,908
JUNGLE BEAT ANIMATION LIMITED
Jungle Beat Animation Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,773
Corporation tax
3
3
Other creditors
2,500
2,500
2,503
5,276
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
9,557,242
9,557,242
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
250 Ordinary shares of 1p each
3
3
3
3