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Registered number: 03837594









Once Upon a Time Activation Limited









Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2024

 
Once Upon a Time Activation Limited
 
 
Company Information


Directors
R D Ward 
D E Miller 




Registered number
03837594



Registered office
Hockley Way

Nixs Hill Industrial Estate

Alfreton

Derbyshire

DE55 7FA




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Bankers
NatWest
5 Market Place

Chesterfield

Derbyshire

S40 1TW





 
Once Upon a Time Activation Limited
 

Contents



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 11


 
Once Upon a Time Activation Limited
Registered number: 03837594

Statement of Financial Position
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
597,412
945,544

Current assets
  

Stocks
 5 
133,727
109,744

Debtors: amounts falling due within one year
 6 
2,998,931
2,376,323

Cash at bank and in hand
 7 
405,279
757,624

  
3,537,937
3,243,691

Creditors: amounts falling due within one year
 8 
(3,616,543)
(2,995,133)

Net current (liabilities)/assets
  
 
 
(78,606)
 
 
248,558

Total assets less current liabilities
  
518,806
1,194,102

Creditors: amounts falling due after more than one year
 9 
(39,069)
(104,676)

Provisions for liabilities
  

Deferred tax
  
(128,758)
(211,516)

Net assets
  
350,979
877,910


Capital and reserves
  

Called up share capital 
  
101
101

Profit and loss account
  
350,878
877,809

  
350,979
877,910


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: 

D E Miller
Director

Date: 9 December 2024

The notes on pages 2 to 11 form part of these financial statements.

Page 1

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

Once Upon a Time Activation Limited is a private company limited by share capital, incorporated in England. The address of the registered office is Hockley Way, Nixs Hill Industrial Estate, Alfreton, DE55 7FA. The company's registered number is 03837594.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

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 the Profit and loss account.
Foreign exchange gains and losses are presented in the Profit and loss account within 'administrative expenses'.

Page 2

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue is recognised on despatch of products.
 
Rendering of services

Revenue from a contract to provide design 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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

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. 

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.

Page 4

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.10

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, as detailed below.

Depreciation is provided on the following basis:

Leasehold improvements
-
20% Reducing balance
Plant and machinery
-
20% Straight line
Motor vehicles
-
33% Reducing balance
Fixtures, fittings and equipment
-
15-33% Straight line

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.

 
2.11

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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. 

 
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.

Page 5

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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, 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.

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.

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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 6

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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.

 
2.17

Dividends

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 66 (2023 - 67).

Page 7

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Furniture, fittings and equipment
Leasehold improvements
Total

£
£
£
£
£



Cost


At 1 May 2023
2,167,620
124,442
254,680
62,308
2,609,050


Additions
9,911
49,262
24,469
-
83,642


Disposals
(320,890)
-
(94,110)
-
(415,000)



At 30 April 2024

1,856,641
173,704
185,039
62,308
2,277,692



Depreciation


At 1 May 2023
1,347,853
101,019
165,154
49,480
1,663,506


Charge for the year
367,175
14,503
47,569
2,527
431,774


Disposals
(320,890)
-
(94,110)
-
(415,000)



At 30 April 2024

1,394,138
115,522
118,613
52,007
1,680,280



Net book value



At 30 April 2024
462,503
58,182
66,426
10,301
597,412



At 30 April 2023
819,767
23,423
89,526
12,828
945,544


5.


Stocks

2024
2023
£
£

Raw materials and consumables
78,453
62,275

Work in progress
55,274
47,469

133,727
109,744


Page 8

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,029,835
950,170

Amounts owed by group undertakings
1,675,882
1,098,210

Other debtors
77
217

Prepayments and accrued income
293,137
327,726

2,998,931
2,376,323



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
405,279
757,624



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
594,035
522,508

Amounts owed to group undertakings
2,515,620
1,765,501

Other taxation and social security
193,723
173,932

Obligations under finance lease and hire purchase contracts
111,876
328,747

Other creditors
18,513
19,042

Accruals and deferred income
182,776
185,403

3,616,543
2,995,133


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
39,069
104,676


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 9

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

10.


Contingent liabilities

A charge was registered in July 2021 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).


11.


Pension commitments

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 £33,492 (2023: £29,658). Contributions totalling £14,412 (2023: £12,383) were payable to the fund at balance sheet date.


12.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
200,000
203,715

Later than 1 year and not later than 5 years
283,333
483,333

483,333
687,048


13.


Related party transactions

In preparing these financial statements, the directors have taken advantage of the exemptions available under section 33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed transactions entered into between wholly owned group undertakings. 


14.


Controlling party

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 0QH. 

Page 10

 
Once Upon a Time Activation Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 9 December 2024 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 11