Company registration number 12692955 (England and Wales)
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
COMPANY INFORMATION
Directors
J N Becamel
D S M Dumont
MYLK
(Appointed 1 January 2023)
Company number
12692955
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
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 21
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -

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

Principal activities

The principal activity of the company continued to be that of television programme development and distribution.

Results and dividends

The results for the period are set out on page 6.

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

Directors

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

J N Becamel
B Di Sabatino
(Resigned 31 December 2022)
D S M Dumont
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.

Auditor

FLB Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Medium-sized companies exemption

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

 

The Company has claimed exemption from preparing a strategic report, on the basis it qualifies as small but is part of an ineligible group.

On behalf of the board
J N Becamel
Director
6 March 2024
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
- 3 -
Opinion

We have audited the financial statements of Banijay Kids & Family Distribution Limited (the 'company') for the period ended 31 December 2022 which comprise 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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:

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
- 4 -
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 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 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 income across the year 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.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
- 5 -

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.

Other matters which we are required to address

The financial statements include unaudited comparative information. An audit exemption was asserted under Section 479A of the Companies Act 2006 on the comparative information based on a guarantee provided by the parent company.

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
6 March 2024
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
6 month period
10 month period
ended
ended
31 Dec 2022
30 Jun 2022
Notes
£
£
Turnover
3
2,863,589
-
Cost of sales
(1,868,063)
-
0
Gross profit
995,526
-
Administrative expenses
(561,700)
-
0
Operating profit
4
433,826
-
Interest receivable and similar income
7
40,361
-
0
Interest payable and similar expenses
8
(3,239)
-
0
Profit before taxation
470,948
-
0
Tax on profit
9
(39,708)
-
0
Profit for the financial period and total comprehensive income
431,240
-
0
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 7 -
31 Dec 2022
30 Jun 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,049,863
-
0
Tangible assets
11
59,410
-
0
1,109,273
-
0
Current assets
Debtors
12
3,462,731
-
0
Cash at bank and in hand
127,166
-
0
3,589,897
-
0
Creditors: amounts falling due within one year
13
(4,267,930)
-
0
Net current liabilities
(678,033)
-
0
Net assets
431,240
-
0
Capital and reserves
Called up share capital
16
2
2
Profit and loss reserves
431,238
(2)
Total equity
431,240
-
0

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
J N Becamel
Director
Company registration number 12692955 (England and Wales)
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2021
2
(2)
-
Period ended 30 June 2022:
Profit and total comprehensive income
-
-
0
-
0
Balance at 30 June 2022
2
(2)
-
0
Period ended 31 December 2022:
Profit and total comprehensive income
-
431,240
431,240
Balance at 31 December 2022
2
431,238
431,240
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 9 -
1
Accounting policies
Company information

Banijay Kids & Family Distribution 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.

 

On 12 December 2023, a special resolution was passed to change the name of the Company from Zodiak Kids & Family Distribution Limited, to Banijay Kids & Family Distribution Limited.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the 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.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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, settlement discounts and volume rebates.

Performance obligations are the goods or services promised in the contract. The company recognises 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 takes place at a point in 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 estimated.

 

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

Distribution revenues (from the sale of finished programs)

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

 

 

As a result, distribution revenues are only recognised when productions are completed and delivered.

 

Revenues from other rights and services

Other rights and services includes mechanising, music rights, other ancillary revenues and digital serves. Merchandising revenues are recognised when the tights are transferred to the customer.

 

 

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

 

Revenues from music rights are recognised as revenues when received.

 

Revenues and cost related to the rendering of services are recognised on completion of the service rendered if they can be estimated reliably. When the outcome of the transaction can not be estimated reliably revenue shall be recognised only to the extent of the expenses recognised.

Inter-group and third party royalty income

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

 

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

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 include programme investments and computer software costs.

 

Intangible assets acquired on Kids & Family distribution trade 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.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -

Programme investments are initially recognised at cost and amortised over the period the company expects to benefit from the use of the intangible assets with a maximum of fifteen years.

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:

Computers
4 years straight line

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
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.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
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 statement of financial position 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Taxation

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

Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

 

Deferred income tax assets are recognised only to the extent that it is probably that the taxable profit will be available against which the deductively temporary differences, carried forward tax credits of tax losses can be utilised.

 

Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates or laws enacted or substantively enacted as at the statement of financial position date.

 

The carrying amount of deferred income tax assets is reviewed at each statement of financial position date.

 

Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities, the deferred income taxes relate to the same taxation authority and that authority permits the company to make a single payment.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
1.11
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.

1.12
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.

1.13
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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Production costs

Production costs are expensed as cost of sales in accordance with the 'stocks and work in progress' accounting policy. Recognition of production cost per episode is based upon management's judgement of the estimated future cost of completing the production.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangibles

Programme investment and other intangibles are recognised at cost less accumulated amortisation in accordance with accounting policy notes. The carrying amounts of programme investments and other intangibles are assessed annually for impairment. Where impairment indication exist discounted cash flow models are prepared using future financial forecasts and budgets prepared by management. Key assumptions relating to revenue forecasts and discount rates are prepared by management.

3
Turnover and other revenue
31 Dec 2022
30 Jun 2022
£
£
Turnover analysed by class of business
Distribution
2,406,823
-
Video on demand and digital video
305,582
-
Other
151,184
-
2,863,589
-
31 Dec 2022
30 Jun 2022
£
£
Turnover analysed by geographical market
United Kingdom
80,260
-
Rest of the World
2,783,329
-
2,863,589
-
31 Dec 2022
30 Jun 2022
£
£
Other revenue
Interest income
40,361
-
4
Operating profit
31 Dec 2022
30 Jun 2022
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange gains
(6,258)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
-
0
Depreciation of owned tangible fixed assets
375
-
Amortisation of intangible assets
510,766
-
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 16 -
5
Employees

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

31 Dec 2022
30 Jun 2022
Number
Number
Administration
6
-
0

Their aggregate remuneration comprised:

31 Dec 2022
30 Jun 2022
£
£
Wages and salaries
208,447
-
0
Social security costs
15,283
-
Pension costs
7,375
-
0
231,105
-
0
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
Interest receivable and similar income
31 Dec 2022
30 Jun 2022
£
£
Interest income
Interest receivable from group companies
40,361
-
0
8
Interest payable and similar expenses
31 Dec 2022
30 Jun 2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
3,239
-
0
9
Taxation
31 Dec 2022
30 Jun 2022
£
£
Current tax
UK corporation tax on profits for the current period
39,708
-
0
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
- 17 -

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

31 Dec 2022
30 Jun 2022
£
£
Profit before taxation
470,948
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (30 Jun 2022: 19.00%)
89,480
-
0
Tax effect of expenses that are not deductible in determining taxable profit
3,057
-
0
Tax effect of utilisation of tax losses not previously recognised
(39,708)
-
0
Unutilised tax losses carried forward
(2,798)
-
0
Change in unrecognised deferred tax assets
(26,014)
-
0
Depreciation on assets not qualifying for tax allowances
71
-
0
Effect in change of tax rates applied to deferred tax
15,620
-
0
Receipt for group relief
(39,708)
-
0
Group relief
39,708
-
0
Taxation charge for the period
39,708
-

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.

 

The Company has tax adjusted losses carried forward of £11,192 (30 June 2022: £220,179) and temporary timing of £7,375 (30 June 2022: £nil), for which a deferred tax asset of £10,040 (30 June 2022: £55,045) has not been recognised, as the timing of future taxable profits arising within the Company against which to utilise these losses and timing differences, is uncertain. The value of the unrecognised deferred tax assets disclosed is calculated at 25%, being the rate of tax expected to apply to the Company's taxable profits, at the point at which the losses are utilised.

 

The timing differences at the reporting date are expected to be realised in the next accounting period.

BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 18 -
10
Intangible fixed assets
Programme investments
£
Cost
At 1 July 2022
-
0
Additions
1,005,432
Acquired (note17)
555,197
At 31 December 2022
1,560,629
Amortisation and impairment
At 1 July 2022
-
0
Amortisation charged for the period
510,766
At 31 December 2022
510,766
Carrying amount
At 31 December 2022
1,049,863
At 30 June 2022
-
0
11
Tangible fixed assets
Computers
£
Cost
At 1 July 2022
-
0
Additions
59,035
Acquired (note 17)
750
At 31 December 2022
59,785
Depreciation and impairment
At 1 July 2022
-
0
Depreciation charged in the period
375
At 31 December 2022
375
Carrying amount
At 31 December 2022
59,410
At 30 June 2022
-
0
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 19 -
12
Debtors
31 Dec 2022
30 Jun 2022
Amounts falling due within one year:
£
£
Trade debtors
1,663,623
-
0
Amounts owed by group undertakings
1,598,384
-
0
Other debtors
94,672
-
0
Prepayments and accrued income
106,052
-
0
3,462,731
-
0

The Company entered into a Cash Pool Agreement with Banijay Group SAS. The loan is repayable on demand with interest charged at 1-month EURIBOR plus 0.5% and capitalised monthly. The balance of £1,597,467 (2021: £nil) has been included in the amounts owed by group undertakings as at 31 December 2022.

 

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

 

13
Creditors: amounts falling due within one year
31 Dec 2022
30 Jun 2022
Notes
£
£
Trade creditors
23,101
-
0
Amounts owed to group undertakings
1,314,292
-
0
Taxation and social security
30,788
-
0
Deferred income
14
80,252
-
0
Other creditors
11,400
-
0
Accruals and deferred income
2,808,097
-
0
4,267,930
-
0

During the year, the company entered into a Cash Pool Agreement with Banijay Group SAS. The loan is repayable on demand with interest charged at 1-month EURIBOR plus 2.5% and capitalised monthly. The balance of £35,095 (2021: £nil) has been included in the amounts owed to group undertakings as at 31 December 2022.

 

All other amounts included in the amounts owed to parent, group undertakings and related parties are unsecured, repayable on demand and interest free.

14
Deferred income
31 Dec 2022
30 Jun 2022
£
£
Arising from distribution and other revenue
80,252
-
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 20 -
15
Retirement benefit schemes
31 Dec 2022
30 Jun 2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
7,375
-

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.

 

Contributions totalling £8,042 (30 June 2022: £nil) were payable to the fund at the year end and are included in other creditors.

16
Share capital
31 Dec 2022
30 Jun 2022
31 Dec 2022
30 Jun 2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2

Each share has full rights in the company with respect to voting, dividends and distributions.

17
Acquisition

On 30 June 2022 the company acquired the certian trade and assets of Banijay Rights Limited at which point the assets and liabilities of the acquired business were recognised at book value. Consideration transferred was deemed to be fair market value which was equal to the book value of the assets and liabilities assumed.

Provisional
fair Value
£
Intangible assets
555,197
Property, plant and equipment
750
Trade and other receivables
4,225,702
Cash and cash equivalents
196,466
Trade and other payables
(4,873,072)
Total identifiable net assets
105,043
Goodwill
-
Total consideration
105,043
Satisfied by:
£
Cash
105,043
BANIJAY KIDS & FAMILY DISTRIBUTION LIMITED
(FORMERLY ZODIAK KIDS & FAMILY DISTRIBUTION LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 21 -
18
Related party transactions
31 Dec 2022
30 Jun 2022
Amounts due to related parties
£
£
Related parties under common control
630,225
-
Other information

Inter-group guarantees

As at 31 December 2022, 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 the exemption, under the terms of FRS 102 Paragraph 22.1A, not to disclose related party transactions with wholly owned subsidiaries within the group.

19
Ultimate 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 publicly 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 statement of financial position date, the ultimate parent undertaking and controlling party is Stéphane Courbit’s LOV Group who controls Banijay Group SAS.

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