Company registration number 12769816 (England and Wales)
NARRATIVE ENTERTAINMENT UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NARRATIVE ENTERTAINMENT UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
NARRATIVE ENTERTAINMENT UK LIMITED
COMPANY INFORMATION
Directors
D Stark
R Minute
D Levin
Company number
12769816
Registered office
35 Inverness Street
London
England
NW1 7HB
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Business address
35 Inverness Street
London
NW1 7HB
NARRATIVE ENTERTAINMENT UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The principal activity of the company is to operate and transmit TV channels. GREAT! movies, GREAT! action, GREAT! romance/Christmas, GREAT! tv, POP , tiny POP and POP MAX. The Company's turnover arises principally from advertising impacts. The directors expect this activity to continue for the foreseeable future.
The profit for the trading period was £8.617m. The profit for the financial year has been transferred to reserves. Net assets as at 31 December 2023 total £23.725m. Performance was in line with expectations based on channel performance in the year.
Key performance indicators
The Company's key financial performance indicators during the year were as follows:
Revenue £50,026k
Operating profit £10,479k
Operating profit margin 20.95%
The performance for the year was as per expectations. The directors are satisfied with measures taken to address the 2022 results and expect 2024 operating margins to be maintained at the levels achieved in 2023.
Principal risks and uncertainties
The key business risks and uncertainties affecting the Company are set out below:
Competition
The Company's channels compete with other linear television channels for the acquisition of programming and for viewers. To mitigate this risk, we routinely review viewing data using specialist software, and carry out research to understand our viewers' expectations and whether our content meets them. The Company has an established successful strategy in acquiring content desirable to its target audience.
Legislation and regulation
The Company may be exposed to changes in legislation and regulation within the TV industry. To mitigate this risk, we receive regular updates from Ofcom and other regulatory bodies such as the Advertising Standards Authority (ASA) and Broadcast Committee of Advertising Practice (BCAP) concerning all aspects of broadcasting.
Credit risk
Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Liquidity risk
The Company's customer profile is such that late payments and defaults may reduce the funds available for operations and planned acquisitions. However, the risk is reduced as the Company's major customers are represented by large publicly owned companies such as Sky.
Foreign exchange risk
The Company has foreign currency assets and liabilities. With the UK having now left the European Union, uncertainty surrounds many industries including broadcasting. The increased volatility in exchange rates is likely to have an inflationary effect on the price of content. To try and mitigate the impact of this the company is investigating currency hedging strategies. Revenue arises solely in the UK and as such is not affected by currency exchange rate fluctuations. The directors keep these measures under constant review.
Section 172(1) Statement
Key stakeholders
The directors ensure that the requirements of section 172 are always met and considered through a combination of the following:
NARRATIVE ENTERTAINMENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Employees
The company and group have continued to maintain their commitment to employee involvement throughout the business. Employees are kept well informed of the performance and objectives of the company and group through personal briefings, regular meetings, intranet and e-mail. Creating an environment where our people can realise their potential is a guiding principle. Areas of particular focus included Diversity and Inclusion, as well as environmental sustainability.
Customers
The company provides its output to a broad range of consumers from children to adults, across its various channels. It also engages with brands to advertise products and services across its advertiser-funded, free-to-air content. The directors consider the impact of decisions made by the board on customers and continue to promote the highest standards of customer service throughout the company. The directors have in place various systems to ensure customers' needs are properly met, including the provision of ongoing training and development opportunities for all employees, and regular assessment of industry intelligence and suppliers to ensure up to date awareness and understanding of the markets.
Suppliers
The directors continue to consider the financial health of suppliers to ensure business continuity and support the long-term success of the business. This includes analysis of financial statements and other data to ensure risks of failure are limited. The company is reliant on securing quality content from IP owners, many of whom are multi-national corporate bodies. The company ensures it meets its obligations under license arrangements to guarantee continuity of content provisions. As the company also outsources its ad-sales revenues, it monitors the performance of this service and ensures completeness of income to the company through monitoring BARB ratings information to assess the success of its channel output and as a result its share of ad-revenues.
Engagement
The company continues to maintain its social media and internet presence so it can communicate better with customers, suppliers and the wider community.
Environmental impact
The directors are mindful of the environmental impact of its activities as a broadcaster and continue to work to mitigate that impact. The company ensures that energy saving and recycling is promoted throughout the organisation.
Principal decisions
For the year ending 31 December 2023, the board considers that the following are examples of principal decisions that it made in the year.
The company continued to build a content portfolio with broad appeal for TV audiences in the UK. Ongoing investment helped improve viewership and audience reach across the company’s channels. This content strategy ensured the company continued to fulfil its obligations as a broadcaster regulated by OFCOM. And in achieving significant profits. The company continues to focus on its strategies to expand audience reach and shares in an increasingly competitive landscape.
R Minute
Director
20 February 2025
NARRATIVE ENTERTAINMENT UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is to operate and transmit TV channels. GREAT! movies, GREAT! action, GREAT! romance/christmas, GREAT! tv, POP , tiny POP and POP MAX.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Stark
R Minute
D Levin
Financial instruments
Disclosure of risk management of the business has been included in the strategic report.
Future developments
The UK TV market is expected to remain highly competitive over the coming years. However, the directors are confident that opportunities exist for the Company to grow profits and audiences. The Directors consider that the results for the period and the position at the end of the period are acceptable.
Auditor
Goodman Jones 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.
Energy and carbon report
As the company has consumed more than 40,000 kWh of energy in this reporting period, it is now required to report on its emissions, energy consumption or energy efficiency activities.
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
- Electricity purchased
46,537
Emissions of CO2 equivalent
metric tonnes
Scope 2 - indirect emissions
- Electricity purchased
9.64
Intensity ratio
Tonnes CO2e per full time employee
0.175
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
NARRATIVE ENTERTAINMENT UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
The company is headquartered in one office in London. Energy usage is shared between the floors based on square footage. Our opportunities to instigate individual measures are therefore limited to controlling the use of electricity during office hours through energy saving measures focussed on our IT infrastructure and climate control.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
On behalf of the board
R Minute
Director
20 February 2025
NARRATIVE ENTERTAINMENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NARRATIVE ENTERTAINMENT UK LIMITED
- 5 -
Opinion
We have audited the financial statements of Narrative Entertainment UK Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NARRATIVE ENTERTAINMENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NARRATIVE ENTERTAINMENT UK LIMITED
- 6 -
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 strategic report or 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
• Reading minutes of meetings of those charged with governance;
• Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
• Identifying and testing journal entries;
• Challenging assumptions and judgements made by management in their significant accounting estimates.
NARRATIVE ENTERTAINMENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NARRATIVE ENTERTAINMENT UK LIMITED
- 7 -
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Sarf Malik (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP
20 February 2025
Chartered Accountants
Statutory Auditor
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
NARRATIVE ENTERTAINMENT UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
as restated
Notes
£
£
Revenue
3
50,026,497
37,821,161
Cost of sales
(33,016,595)
(32,168,538)
Gross profit
17,009,902
5,652,623
Administrative expenses
(6,530,854)
(5,653,456)
Operating profit/(loss)
4
10,479,048
(833)
Investment income
8
827,362
206,043
Profit before taxation
11,306,410
205,210
Tax on profit
9
(2,689,068)
(105,011)
Profit for the financial year
8,617,342
100,199
The income statement has been prepared on the basis that all operations are continuing operations.
NARRATIVE ENTERTAINMENT UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Non-current assets
Intangible assets
11
8,651,259
9,657,247
Property, plant and equipment
12
52,328
78,015
8,703,587
9,735,262
Current assets
Trade and other receivables
13
21,893,866
11,941,462
Cash and cash equivalents
11,835,974
6,263,138
33,729,840
18,204,600
Current liabilities
14
(18,611,368)
(12,707,378)
Net current assets
15,118,472
5,497,222
Total assets less current liabilities
23,822,059
15,232,484
Provisions for liabilities
Deferred tax liability
15
97,324
125,091
(97,324)
(125,091)
Net assets
23,724,735
15,107,393
Equity
Called up share capital
17
2
2
Share premium account
11,471,722
11,471,722
Retained earnings
12,253,011
3,635,669
Total equity
23,724,735
15,107,393
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
R Minute
Director
Company registration number 12769816 (England and Wales)
NARRATIVE ENTERTAINMENT UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
2
11,471,722
3,535,470
15,007,194
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
100,199
100,199
Balance at 31 December 2022
2
11,471,722
3,635,669
15,107,393
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
8,617,342
8,617,342
Balance at 31 December 2023
2
11,471,722
12,253,011
23,724,735
NARRATIVE ENTERTAINMENT UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
13,410,270
10,701,092
Income taxes refunded/(paid)
136,616
(731,185)
Net cash inflow from operating activities
13,546,886
9,969,907
Investing activities
Purchase of intangible assets
(8,849,874)
(9,583,101)
Proceeds from disposal of intangibles
68,011
Purchase of property, plant and equipment
(19,549)
(17,040)
Interest received
827,362
206,043
Net cash used in investing activities
(7,974,050)
(9,394,098)
Net increase in cash and cash equivalents
5,572,836
575,809
Cash and cash equivalents at beginning of year
6,263,138
5,687,329
Cash and cash equivalents at end of year
11,835,974
6,263,138
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Narrative Entertainment UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is , 35 Inverness Street, London, England, NW1 7HB.
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.
1.2
Going concern
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic report. The directors believe that the Company is well placed to manage its business risks successfully.true
The directors made enquiries of, and considered the Company's performance against its plans and objectives and satisfied themselves that the Company is performing as expected.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue, (which excludes VAT) represents the invoiced and accrued value of commercial impacts and other income. Advertising turnover is recognised as impacts are delivered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of the business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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 acquired on business combinations 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.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
The intangible assets are comprised of acquired programming assets, business systems based on software and associated development costs and brand names.
Amortisation 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:
Programming assets
straight line over the period of the license
Business system
10% straight line per annum
Brand names & trademarks
10% straight line per annum
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. 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:
Fixtures and fittings
33% straight line
Computers
10%-33% 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.
1.7
Impairment of non-current 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.
1.8
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.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
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 trade and other receivables 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.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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 non-current 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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
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.
Programming assets
Determining whether programming assets are impaired requires an estimation of the value in use of each license. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over the license period. If a judgement is made that the asset may be impaired then a value in use calculation is undertaken which requires the entity to estimate the future cash flows expected to arise from the license and a suitable discount rate in order to calculate present value. Calculation of these cash flows requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and programme assets loss trends. The carrying amount of programming assets at the reporting end date was £7,320,779 after an impairment loss of £514,915 was recognised during 2023. Details of the impairment loss are set out in note 11.
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.
Goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill at the reporting end date was £968,395.
3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Television broadcasting
50,026,497
37,821,161
2023
2022
£
£
Revenue analysed by geographical market
United Kingdom
49,846,695
37,821,161
Republic of Ireland
179,802
-
50,026,497
37,821,161
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Revenue
(Continued)
- 18 -
2023
2022
£
£
Other revenue
Interest income
827,362
206,043
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(54,135)
(182,103)
Depreciation of owned property, plant and equipment
45,236
41,874
Amortisation of intangible assets
9,272,936
9,551,297
Impairment of intangible assets
514,915
Operating lease charges
214,408
206,646
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,600
24,200
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Operations
52
47
Company directors
3
3
Total
55
50
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,921,759
2,637,467
Social security costs
310,536
278,996
Pension costs
134,327
92,869
3,366,622
3,009,332
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
53,724
93,587
8
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
189,491
3,727
Other interest income
637,871
202,316
Total income
827,362
206,043
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
189,491
3,727
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,717,451
84,543
UK income tax
(616)
Total current tax
2,716,835
84,543
Deferred tax
Origination and reversal of timing differences
(27,767)
20,468
Total tax charge
2,689,068
105,011
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
11,306,410
205,210
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
2,659,329
38,990
Tax effect of expenses that are not deductible in determining taxable profit
132
6,439
Permanent capital allowances in excess of depreciation
(1,362)
(19,605)
Depreciation on assets not qualifying for tax allowances
10,640
7,956
Amortisation on assets not qualifying for tax allowances
48,712
50,764
Other adjustments
(616)
Deferred taxation
(27,767)
20,467
Taxation charge for the year
2,689,068
105,011
Changes to UK corporation tax rates were substantively enacted by the Finance Bill 2021 including an increase in the corporation tax rate to 25% from 1 April 2023. Deferred tax is recognised at 25% in the current year.
10
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Intangible assets
11
514,915
Recognised in:
Cost of sales
514,915
-
Determining whether programming assets are impaired requires an estimation of the value in use of each license. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over the license period. If a judgement is made that the asset may be impaired then a value in use calculation is undertaken which requires the entity to estimate the future cash flows expected to arise from the license and a suitable discount rate in order to calculate present value. Calculation of these cash flows requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and programme assets loss trends. The carrying amount of programming assets at the reporting end date was £7,320,779 after an impairment loss of £514,915 was recognised during 2023.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Intangible fixed assets
Programming assets
Goodwill
Business system
Brand names & trademarks
Total
£
£
£
£
£
Cost
At 1 January 2023
12,736,433
1,335,718
498,605
16,079
14,586,835
Additions
8,849,874
-
8,849,874
Disposals
(7,540,987)
-
(7,540,987)
At 31 December 2023
14,045,320
1,335,718
498,605
16,079
15,895,722
Amortisation and impairment
At 1 January 2023
4,616,772
233,750
76,252
2,814
4,929,588
Amortisation charged for the year
9,065,830
133,573
71,925
1,608
9,272,936
Impairment losses
514,915
-
514,915
Disposals
(7,540,987)
-
(7,540,987)
Other changes
68,011
-
68,011
At 31 December 2023
6,724,541
367,323
148,177
4,422
7,244,463
Carrying amount
At 31 December 2023
7,320,779
968,395
350,428
11,657
8,651,259
At 31 December 2022
8,119,661
1,101,968
422,353
13,265
9,657,247
More information on impairment movements in the year is given in note 10.
12
Property, plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
62,962
110,497
173,459
Additions
16,774
2,775
19,549
At 31 December 2023
79,736
113,272
193,008
Depreciation and impairment
At 1 January 2023
25,263
70,181
95,444
Depreciation charged in the year
22,388
22,848
45,236
At 31 December 2023
47,651
93,029
140,680
Carrying amount
At 31 December 2023
32,085
20,243
52,328
At 31 December 2022
37,699
40,316
78,015
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
14,757,972
6,938,936
Corporation tax recoverable
136,000
Amounts owed by group undertakings
42,078
35,416
Other receivables
147,838
147,838
Prepayments and accrued income
6,945,978
4,683,272
21,893,866
11,941,462
14
Current liabilities
2023
2022
£
£
Trade payables
1,481,646
2,560,215
Amounts owed to group undertakings
8,771,392
4,472,789
Corporation tax
2,909,096
191,645
Other taxation and social security
1,466,834
739,066
Other payables
7,529
1,787
Accruals and deferred income
3,974,871
4,741,876
18,611,368
12,707,378
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
97,324
125,091
2023
Movements in the year:
£
Liability at 1 January 2023
125,091
Credit to profit or loss
(27,767)
Liability at 31 December 2023
97,324
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,327
92,869
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.
The pension cost charge represents contributions payable by the company to the fund.
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
189,454
197,033
Between two and five years
251,889
441,343
441,343
638,376
19
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of intangible assets
1,981,759
5,074,563
The financial commitment noted above relates to the acquisition of programming assets with future license dates. Of this amount £212,741 has been paid in advance.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
20
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment at 1 Jan 2022
Adjustment at 31 Dec 2022
As restated at 31 Dec 2022
£
£
£
£
Current assets
Debtors due within one year
9,906,242
858,649
1,176,571
11,941,462
Creditors due within one year
Taxation
(846,168)
(107,102)
22,559
(930,711)
Other payables
(11,190,732)
(294,950)
(290,985)
(11,776,667)
Net assets
13,742,651
456,597
908,145
15,107,393
Capital and reserves
Retained earnings
2,270,927
456,597
908,145
3,635,669
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Revenue
35,692,993
2,128,168
37,821,161
Cost of sales
(31,595,855)
(572,683)
(32,168,538)
Interest receivable and similar income
3,727
202,316
206,043
Taxation
288,048
(393,059)
(105,011)
(Loss)/profit for the financial period
(1,264,543)
1,364,742
100,199
Notes to reconciliation
After the financial year ended the company was notified of additional revenue due to it from the exploitation of its content channels in advertising. Revenue and costs were accounted for as a prior period adjustment with a resultant impact on taxation. The changes affected the year ended 31 December 2022 and also the period ended 31 December 2021.
NARRATIVE ENTERTAINMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
21
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
8,617,342
100,199
Adjustments for:
Taxation charged
2,689,068
105,011
Investment income
(827,362)
(206,043)
Amortisation and impairment of intangible assets
9,787,851
9,551,297
Depreciation and impairment of property, plant and equipment
45,236
41,874
Movements in working capital:
(Increase)/decrease in trade and other receivables
(10,088,404)
2,102,427
Increase/(decrease) in trade and other payables
3,186,539
(993,673)
Cash generated from operations
13,410,270
10,701,092
22
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
6,263,138
5,572,836
11,835,974
23
Related party transactions
At the balance sheet date, £4,837,107 (2022: £3,633,627 ) was owed to a fellow subsidiary undertaking, Entertainment Networks LLC. A further £3,934,284 (2022 £253,227) was due to a fellow subsidiary undertaking, Narrative Global Management LLC.
The company was owed £28,857 (2022: £35,335) by its immediate parent company, Narrative Global Limited. £13,221 (2022: £81) was owed by its ultimate parent company, Narrative Capital Partners LLC.
Included in consultancy fees is £773,000 charged by Minety Consulting Limited, a company in which R Minute is a director.
24
Ultimate controlling party
The immediate parent company is Narrative Global Limited, registered in Jersey. Its registered office is 44 Esplanade, St Helier, Jersey, JE4 9WG.
The ultimate parent company is Narrative Capital Partners LLC, registered in the USA. Its registered office is Suite 10-A, 232 Madison Ave, New York, New York 10016, United States.
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