Registered number: 03491136
Once Upon a Time Media Limited
Financial statements
For the year ended 30 April 2024
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Once Upon a Time Media Limited
Company Information
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Hurst Accountants Limited
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Chartered Accountants & Statutory Auditors
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Once Upon a Time Media Limited
Contents
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Notes to the financial statements
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Once Upon a Time Media Limited
Registered number: 03491136
Balance Sheet
As at 30 April 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 income and retained earnings 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 by:
The notes on pages 2 to 9 form part of these financial statements.
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Once Upon a Time Media Limited is a private company limited by shares and registered in England and Wales. The company's registered number is 03491136 and its registered office is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0BU.
The nature of the company's operations and its principal activity is that of media planning and buying.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
On 1 May 2024, one day following the end of the financial year, the trade and assets of Once Upon A Time Media Limited were hived across to fellow group company, Once Upon A Time Marketing Limited. The transfer of trade and assets leaves an Intercompany debtor balance and no residual trade in the Company. Consequently, the directors are able to proceed with their intention of winding the Company up in a controlled manner in the year ending 30 April 2025.
As at 30 April 2024, management intended to cease trading in Once Upon a Time Media Limited as an entity. Therefore, the directors have prepared the financial statements for the year ended 30 April 2024 on a basis other than going concern.
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Foreign currency translation
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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.
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 or loss.
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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. The following criteria must also be met before revenue is recognised:
Revenue from services provided by the company is recognised in the accounts based on the date of publication of the advertisement. This point is when the amount of revenue can be measured reliably, it is probable that the Company will receive the consideration due and the costs incurred or to be incurred in respect of projects can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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.
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.
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities, which include trade and other payables, are initially measured at their transaction price after transaction costs.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
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The average monthly number of employees, including directors, during the year was 10 (2023 - 16).
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Dividends paid on equity capital
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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920,000 (2023 - 920,000) A Ordinary shares of £0.01 each
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50,000 (2023 - 50,000) B Ordinary shares of £0.01 each
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52,632 (2023 - 52,632) C Ordinary shares of £0.01 each
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113,600 (2023 - 113,600) D Ordinary shares of £0.01 each
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
A charge was registered in December 2019 in favour of Toscafund GP Limited as security trustee for the secured parties (the 'secured agent') in relation to a Facilities Agreement made with the ultimate parent company. The Company is party to a security deed of accession, supplemental to a debenture between the ultimate parent company and the security agent. Under the deed, there is a fixed charge, floating charge (covering all property of the Company) and a negative pledge.
The liability outstanding on the ultimate parent company's debt facility at 30 April 2024 was £17,812,410 (2023: £16,810,000).
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,584 in the year (2023 - £22,922). Contributions totalling £3,422 (2023 - £4,609) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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In previous periods, the ultimate parent company Once Upon a Time Global Limited granted EMI share options in respect of Ordinary shares to directors and other key management personnel of the Company. 1,500 share options were outstanding at 30 April 2023 in relation to Company employees. During the year, 1,000 options lapsed and 500 remained outstanding at 30 April 2024.
None of the options have been exercised to date. The fair value of the options has been assessed and no equity-settled share based payment expense has been accounted for on the basis that the expense would not be material.
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Post balance sheet events
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On 1 May 2024, the trade and assets of Once Upon A Time Media Limited were hived across to fellow group company, Once Upon A Time Marketing Limited.
Once Upon a Time Global Ltd is the parent of the smallest group for which consolidated financial statements are drawn up, of which the Company is a member.
Once Upon a Time Global Ltd has company number 12329089 and its registered office is 17 Bowling Green Lane, Clerkenwell, London, EC1R 0BU.
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Once Upon a Time Media Limited
Notes to the Financial Statements
For the year ended 30 April 2024
The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
Attention was drawn to note 2.2 to the financial statements. In forming their opinion on the financial statements, which is not modified, the auditors have considered the adequacy of the disclosure made in note 2.2, which explains that the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.
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The audit report was signed on 9 December 2024 by Helen Besant-Roberts (Senior statutory auditor) on behalf of Hurst Accountants Limited.
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