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Registration number: 09215830

Lunar Animation Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Lunar Animation Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lunar Animation Limited

Company Information

Directors

James Rodgers

David Deacon

James Sylvester

Registered office

Globe Works
Penistone Road
Sheffield
S6 3AE

Accountants

Wickersham Limited
Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

 

Lunar Animation Limited

(Registration number: 09215830)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

171,706

157,999

Current assets

 

Debtors

5

166,593

342,206

Cash at bank and in hand

 

807,449

404,809

 

974,042

747,015

Creditors: Amounts falling due within one year

6

(303,308)

(247,303)

Net current assets

 

670,734

499,712

Total assets less current liabilities

 

842,440

657,711

Creditors: Amounts falling due after more than one year

6

(16,228)

(21,622)

Provisions for liabilities

(42,926)

(30,020)

Net assets

 

783,286

606,069

Capital and reserves

 

Called up share capital

120

120

Retained earnings

783,166

605,949

Shareholders' funds

 

783,286

606,069

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
James Rodgers
Director

 

Lunar Animation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Globe Works
Penistone Road
Sheffield
S6 3AE

These financial statements were authorised for issue by the Board on 15 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Lunar Animation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lunar Animation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 15).

 

Lunar Animation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

312,526

38,078

350,604

Additions

55,440

-

55,440

At 30 September 2023

367,966

38,078

406,044

Depreciation

At 1 October 2022

177,191

15,414

192,605

Charge for the year

36,067

5,666

41,733

At 30 September 2023

213,258

21,080

234,338

Carrying amount

At 30 September 2023

154,708

16,998

171,706

At 30 September 2022

135,335

22,664

157,999

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

129,631

189,671

Amounts owed by related parties

8

-

137,463

Prepayments

 

27,515

13,187

Other debtors

 

9,447

1,885

   

166,593

342,206

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

26,243

22,530

Trade creditors

 

81,471

91,926

Taxation and social security

 

188,448

127,774

Accruals and deferred income

 

4,670

4,670

Other creditors

 

2,476

403

 

303,308

247,303

 

Lunar Animation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

16,228

21,622

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

16,228

21,622

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

26,243

22,530

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

36,304

33,334

Summary of transactions with entities with joint control or significant interest

Lunar Collective Limited
(Mr J Rodgers, Mr D Deacon and Mr J Sylvester are directors and shareholders of Lunar Collective Limited)

 Included in the profit and loss account is an exceptional item amount of £137,463. This is the loan balance owed from Lunar Collective Ltd and it has been agreed by Lunar Animation Ltd to waive this amount.