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Registered number: 07613796














DOODLE PRODUCTIONS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
DOODLE PRODUCTIONS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 12


 
DOODLE PRODUCTIONS LIMITED
REGISTERED NUMBER:07613796

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 December
2024
2022 (as restated)
Note
£
£

Fixed assets
  

Intangible assets
 4 
172,574
76,372

Tangible assets
 5 
1,345
1,909

Investments
 6 
1
1

  
173,920
78,282

Current assets
  

Stocks
 7 
51,262
32,723

Debtors: amounts falling due within one year
 8 
540,734
1,413,603

Cash at bank and in hand
 9 
394,661
284,187

  
986,657
1,730,513

Creditors: amounts falling due within one year
 10 
(706,064)
(1,573,188)

Net current assets
  
 
 
280,593
 
 
157,325

Total assets less current liabilities
  
454,513
235,607

Creditors: amounts falling due after more than one year
 11 
(258,399)
(258,457)

  

Net assets/(liabilities)
  
196,114
(22,850)


Capital and reserves
  

Called up share capital 
 13 
113
113

Share premium account
  
2,346,937
2,346,937

Profit and loss account
  
(2,150,936)
(2,369,900)

  
196,114
(22,850)


1

 
DOODLE PRODUCTIONS LIMITED
REGISTERED NUMBER:07613796
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2024.




Julius Coke
Director

The notes on pages 4 to 12 form part of these financial statements.

2

 
DOODLE PRODUCTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account (restated)
Total equity

£
£
£
£


At 1 January 2022
113
2,346,937
(1,995,570)
351,480



Loss for the year
-
-
(374,330)
(374,330)



At 1 January 2023 (as previously stated)
113
2,346,937
(2,350,000)
(2,950)

Prior year adjustment
-
-
(19,900)
(19,900)


At 1 January 2023 (as restated)

113

2,346,937

(2,369,900)

(22,850)



Profit for the period
-
-
218,964
218,964


At 31 March 2024
113
2,346,937
(2,150,936)
196,114


The notes on pages 4 to 12 form part of these financial statements.

3

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Doodle Productions Limited is a private company limited by shares and registered in England and Wales. The registered address of the company and its principal place of business is 1-5 Vyner Street, London, E2 9DG, England.

The principal activity of the company continued to be publishing of consumer journals and periodicals, retail toy sales and television programme production activities.

During the period, the company extended its Accounting Reference Date from 31 December 2023 to 31 March 2024. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit and loss.

 
2.3

Revenue

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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

4

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

5

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

  Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

  Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

  Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

6

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

3.


Employees

The average monthly number of employees, including directors, during the period was 9 (2022 - 6).

7

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Intangible assets






Website
App Development
Total

£
£
£



Cost


At 1 January 2023
47,750
62,258
110,008


Additions
5,100
118,487
123,587



At 31 March 2024

52,850
180,745
233,595



Amortisation


At 1 January 2023
33,636
-
33,636


Charge for the period on owned assets
9,311
18,074
27,385



At 31 March 2024

42,947
18,074
61,021



Net book value



At 31 March 2024
9,903
162,671
172,574



At 31 December 2022
14,114
62,258
76,372



8

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 January 2023
2,185


Additions
416



At 31 March 2024

2,601



Depreciation


At 1 January 2023
276


Charge for the period on owned assets
980



At 31 March 2024

1,256



Net book value



At 31 March 2024
1,345



At 31 December 2022
1,909


6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 March 2024
1





7.


Stocks

31 March
31 December
2024
2022
£
£

Work in progress (goods to be sold)
10,113
12,576

Finished goods and goods for resale
41,149
20,147

51,262
32,723


9

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Debtors

31 March
31 December
2024
2022 (as restated)
£
£


Trade debtors
60,938
152,020

Amounts owed by group undertakings
-
4,162

Other debtors
2,449
317,640

Prepayments and accrued income
423,142
877,176

Deferred taxation
54,205
62,605

540,734
1,413,603



9.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
394,661
284,187



10.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Trade creditors
36,970
55,274

Amounts owed to group undertakings
448,025
1,223,932

Other taxation and social security
6,274
4,213

Other creditors
912
613

Accruals and deferred income
213,883
289,156

706,064
1,573,188



11.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Other creditors
258,399
258,457


10

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Deferred taxation






2024


£






At beginning of year
62,605


Credited to profit or loss
(8,400)



At end of year
54,205

The deferred tax asset is made up as follows:

31 March
31 December
2024
2022
£
£


Accelerated capital allowances
(30,054)
701

Tax losses carried forward
84,049
61,750

Pension surplus
210
154

54,205
62,605


13.


Share capital

31 March
31 December
2024
2022
£
£
Allotted, called up and fully paid



112,499 Ordinary shares of £0.001 each
113
113



14.


Prior year adjustment

There was a Withholding Tax balance of £19,900 in the year 2022 which was recorded as a debtor on the balance sheet. Since the balance was not eligible for 100% tax relief, it was reversed from the debtors and charged to the profit and loss during the year. Therefore, the foreign tax suffered was deducted from the profit as an expense relief. 

As of 1 January 2023, the debtors balance decreased by £19,900, and administration expenses increased by £19,900 for the Withholding tax suffered, resulting in a £19,900 decreased in retained earnings as at 1 January 2023. 


15.


Pension commitments

The company operates a defined contrubution pension scheme, The assets of the scheme are held seperately from those of the company in an indepedently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,751 (2022 - £2,176). Contributions payable to the fund at balance sheet date totalling £842 are included in creditors (2022 - £613).

11

 
DOODLE PRODUCTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.

Included in creditors due after 1 year at 31 March 2024 is an amount payable of £258,399 (31 December 2022 - £258,455), due to Doodle Corp Holdco Limited, an indirect 29% shareholder of Doodle Productions Limited.
 
12