Company Registration No. 06567428 (England and Wales)
Magic Light Pictures Limited
Annual report and
group financial statements
for the year ended 31 March 2024
Magic Light Pictures Limited
Company information
Directors
Martin Pope
Lisa Gordon
Michael Rose
Andrew Weisz
Secretary
Michael Rose
Company number
06567428
Registered office
4th Floor
41-42 Foley Street
London
W1W 7TS
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Magic Light Pictures Limited
Contents
Page
Directors' report
1
Accountants' report
2
Group statement of comprehensive income
3
Group statement of financial position
4 - 5
Company statement of financial position
6 - 7
Group statement of changes in equity
8
Company statement of changes in equity
9
Notes to the financial statements
10 - 23
Magic Light Pictures Limited
Directors' report
For the year ended 31 March 2024
1

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of the production of children's television programmes and licensing.

Results and dividends

The results for the year are set out on page 2.

Ordinary dividends were paid amounting to £591,806 (2023: £630,777). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Martin Pope
Lisa Gordon
Michael Rose
Andrew Weisz
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Martin Pope
Director
6 March 2025
Magic Light Pictures Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Magic Light Pictures Limited for the year ended 31 March 2024
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magic Light Pictures Limited for the year ended 31 March 2024 set out on pages 3 to 23 from the accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation

This report is made solely to the Board of Directors of Magic Light Pictures Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Magic Light Pictures Limited and state those matters that we have agreed to state to the Board of Directors of Magic Light Pictures Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magic Light Pictures Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Magic Light Pictures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magic Light Pictures Limited. You consider that Magic Light Pictures Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magic Light Pictures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
11 March 2025
71 Queen Victoria Street
London
EC4V 4BE
Magic Light Pictures Limited
Group statement of comprehensive income
For the year ended 31 March 2024
3
2024
2023
Notes
£
£
Turnover
15,575,445
9,043,156
Cost of sales
(14,020,246)
(5,946,047)
Animation tax relief
2,728,337
538,645
Gross profit
4,283,536
3,635,754
Administrative expenses
(3,469,242)
(2,826,892)
Operating profit
3
814,294
808,862
Interest receivable and similar income
6
69,077
14,310
Interest payable and similar expenses
(33,282)
(73,911)
Profit before taxation
850,089
749,261
Tax on profit
7
(52,647)
29,321
Profit for the financial year
797,442
778,582
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

Magic Light Pictures Limited
Group statement of financial position
As at 31 March 2024
4
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
3,278,687
4,275,245
Tangible assets
9
33,143
9,909
3,311,830
4,285,154
Current assets
Stocks
372,858
3,739,545
Debtors
12
5,516,005
4,550,327
Cash at bank and in hand
3,699,677
5,657,350
9,588,540
13,947,222
Creditors: amounts falling due within one year
13
(3,045,899)
(8,368,822)
Net current assets
6,542,641
5,578,400
Total assets less current liabilities
9,854,471
9,863,554
Creditors: amounts falling due after more than one year
14
(250,000)
(518,844)
Provisions for liabilities
(348,226)
(294,101)
Net assets
9,256,245
9,050,609
Capital and reserves
Called up share capital
19
22,182
22,182
Share premium account
5,886,291
5,886,291
Profit and loss reserves
3,347,772
3,142,136
Total equity
9,256,245
9,050,609

For the financial year ended 31 March 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

Magic Light Pictures Limited
Group statement of financial position (continued)
As at 31 March 2024
5
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
06 March 2025
Martin Pope
Director
Magic Light Pictures Limited
Company statement of financial position
As at 31 March 2024
31 March 2024
6
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
1,859,938
2,014,933
Tangible assets
9
33,143
9,909
Investments
10
91
91
1,893,172
2,024,933
Current assets
Stocks
372,858
287,962
Debtors
12
6,524,325
6,568,024
Cash at bank and in hand
3,027,913
4,281,736
9,925,096
11,137,722
Creditors: amounts falling due within one year
13
(2,084,520)
(3,279,178)
Net current assets
7,840,576
7,858,544
Total assets less current liabilities
9,733,748
9,883,477
Creditors: amounts falling due after more than one year
14
(250,000)
(518,844)
Provisions for liabilities
(348,226)
(294,101)
Net assets
9,135,522
9,070,532
Capital and reserves
Called up share capital
19
22,182
22,182
Share premium account
5,886,291
5,886,291
Profit and loss reserves
3,227,049
3,162,059
Total equity
9,135,522
9,070,532

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £656,796 (2023 - £759,374 profit).

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Magic Light Pictures Limited
Company statement of financial position (continued)
As at 31 March 2024
31 March 2024
7
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
06 March 2025
Martin Pope
Director
Company Registration No. 06567428
Magic Light Pictures Limited
Group statement of changes in equity
For the year ended 31 March 2024
8
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
22,182
5,886,291
2,994,331
8,902,804
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
778,582
778,582
Dividends
-
-
(630,777)
(630,777)
Balance at 31 March 2023
22,182
5,886,291
3,142,136
9,050,609
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
797,442
797,442
Dividends
-
-
(591,806)
(591,806)
Balance at 31 March 2024
22,182
5,886,291
3,347,772
9,256,245
Magic Light Pictures Limited
Company statement of changes in equity
For the year ended 31 March 2024
9
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
22,182
5,886,291
3,033,461
8,941,934
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
759,375
759,375
Dividends
-
-
(630,777)
(630,777)
Balance at 31 March 2023
22,182
5,886,291
3,162,059
9,070,532
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
656,796
656,796
Dividends
-
-
(591,806)
(591,806)
Balance at 31 March 2024
22,182
5,886,291
3,227,049
9,135,522
Magic Light Pictures Limited
Notes to the financial statements
For the year ended 31 March 2024
10
1
Accounting policies
Company information

Magic Light Pictures Limited (formerly known as Orange Eyes Limited) (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 41-42 Foley Street, London, W1W 7TS.

 

The group consists of Magic Light Pictures Limited (formerly known as Orange Eyes Limited) and all of its subsidiaries.

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 as applicable to companies subject to the small companies regime. 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 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
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Magic Light Pictures Limited (formerly known as Orange Eyes Limited) together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
11
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.4
Turnover

The turnover shown in the Statement of comprehensive income represents production licensing income earned during the period. Turnover is recognised in accordance with the terms of the contracts. Production income in relation to productions in progress is held as deferred income until the production is delivered. Upon delivery it is credited to the Statement of comprehensive income.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
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.

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:

IP Rights
20 years
Film & TV Productions
on a £ for £ basis against the gross profit for each portfolio
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Equipment
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 recognised in the income statement.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
12

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Work in progress

Work in progress relates to direct production costs incurred on productions not delivered during the period. The costs are recorded at the lower of cost and net realisable value, and are net of Value Added Tax.

1.11
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.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
13
Basic financial assets

Basic financial assets, which include debtors, 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.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 includes an additional deduction relating to qualifying animation development expenditure and 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
14
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.15
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 fixed 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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Government grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants related to production costs are recognised in the statement of comprehensive income within Animation Tax Relief over the periods in which the related production costs are incurred and for which the grant is intended to compensate.

1.18
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.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
15
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’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

There are no significant estimates or judgements used in preparing these accounts, other than that detailed below.

Amortisation

Goodwill and intangible assets are being amortised over their deemed useful life. This period has been determined via a review of each asset, considering both historic and future factors. The directors believe the amortisation periods applied appropriately reflect the estimated useful life of the assets.

Tax credit estimate

The directors believe the key accounting estimate within the financial statements for the Company is the valuation of the Animation tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

 

In the opinion of the directors , there were no other critical judgements or other estimation

uncertainties in these financial statements.

 

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
686
(48,467)
Research and development costs
-
1,154
Animation tax relief
(2,728,337)
(538,645)
Depreciation of owned tangible fixed assets
22,689
10,181
Profit on disposal of tangible fixed assets
(350)
(5)
Amortisation of intangible assets
2,002,736
5,307,051
Operating lease charges
-
20,482

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to a £686 loss (2023 - £48,467 gain).

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
16
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
41
31
37
26
5
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
141,440
126,761
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
69,077
14,310
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
13,009
128
Deferred tax
Origination and reversal of timing differences
39,638
(29,449)
Total tax charge/(credit)
52,647
(29,321)
Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
Taxation (continued)
17

The actual charge/(credit) 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:

2024
2023
£
£
Profit before taxation
850,089
749,261
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
212,522
142,360
Tax effect of expenses that are not deductible in determining taxable profit
1,637
663
Unutilised tax losses carried forward
120,613
-
0
Adjustments in respect of prior years
(14,448)
-
0
Group relief
-
0
(144,591)
Depreciation in excess of capital allowances
-
(858)
Effect of overseas tax rates
(12,838)
-
0
Enhanced losses arising from the animation tax credit
(1,472,753)
(993,439)
Difference between the rate of corporation tax and the rate of relief under the animation tax credit
-
0
(313,717)
Tax credit recognised on balance sheet
-
0
953,426
Other tax adjustments, reliefs and transfers
(12,568)
2,554
Deferred tax adjustments
47,504
(200,114)
Tax credit recognised in other operating income
1,182,978
524,395
Taxation charge/(credit)
52,647
(29,321)
8
Intangible fixed assets
Group
IP Rights
Film & TV Productions
Total
£
£
£
Cost
At 1 April 2023
3,099,898
34,760,048
37,859,946
Additions - separately acquired
-
0
1,161,173
1,161,173
At 31 March 2024
3,099,898
35,921,221
39,021,119
Amortisation and impairment
At 1 April 2023
1,084,965
32,499,736
33,584,701
Amortisation charged for the year
154,995
2,002,736
2,157,731
At 31 March 2024
1,239,960
34,502,472
35,742,432
Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
Intangible fixed assets (continued)
18
Carrying amount
At 31 March 2024
1,859,938
1,418,749
3,278,687
At 31 March 2023
2,014,933
2,260,312
4,275,245
Company
IP Rights
Film & TV Productions
Total
£
£
£
Cost
At 1 April 2023
3,099,898
28,590,924
31,690,822
Additions - separately acquired
-
0
6,251,869
6,251,869
At 31 March 2024
3,099,898
34,842,793
37,942,691
Amortisation and impairment
At 1 April 2023
1,084,965
28,590,924
29,675,889
Amortisation charged for the year
154,995
6,251,869
6,406,864
At 31 March 2024
1,239,960
34,842,793
36,082,753
Carrying amount
At 31 March 2024
1,859,938
-
0
1,859,938
At 31 March 2023
2,014,933
-
0
2,014,933

The group’s internally generated intangible fixed asset additions include assets separately acquired by Magic Light Pictures Limited that were developed within the group.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
19
9
Tangible fixed assets
Group
Equipment
£
Cost
At 1 April 2023
105,287
Additions
45,922
Disposals
(8,907)
At 31 March 2024
142,302
Depreciation and impairment
At 1 April 2023
95,378
Depreciation charged in the year
22,688
Eliminated in respect of disposals
(8,907)
At 31 March 2024
109,159
Carrying amount
At 31 March 2024
33,143
At 31 March 2023
9,909
Company
Equipment
£
Cost
At 1 April 2023
105,287
Additions
45,922
Disposals
(8,907)
At 31 March 2024
142,302
Depreciation and impairment
At 1 April 2023
95,378
Depreciation charged in the year
22,688
Eliminated in respect of disposals
(8,907)
At 31 March 2024
109,159
Carrying amount
At 31 March 2024
33,143
At 31 March 2023
9,909
Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
20
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
-
0
-
0
91
91
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
91
Carrying amount
At 31 March 2024
91
At 31 March 2023
91
11
Subsidiaries
Name of undertaking
Address
Class of
% Held
shares held
Direct  Indirect
MLP SPV Limited
1
Ordinary
100
OE 2019 Limited (formerly known as Magic Light Pictures Limited)
1
Ordinary
100
Magic Light Pictures Ireland Limited
2
Ordinary
100
Magic Light Limited
1
Ordinary
100
Orange Eyes Limited
1
Ordinary
100
MLP Holdings Limited
1
Ordinary
100
ZAFD DAC
3
Ordinary
0             100
MLP Spotty SPV Ltd
1
Ordinary
100
Magic L Spotty DAC
4
Ordinary
0             100
Registered office addresses (all UK unless otherwise indicated):
1
41-42 Foley Street, London, W1W 7TS, UK
2
49 Wainsfort Manor Drive, Terenure, Dublin, Ireland
3
99 Saint Stephen's Green, Dublin, Ireland
4
49 Wainsfort Manor Drive, Terenure, Dublin, Ireland
Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
21
12
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,024,440
2,397,529
3,025,347
2,397,227
Corporation tax recoverable
1,367,978
1,307,157
-
0
-
0
Amounts owed by group undertakings
-
-
3,338,384
4,097,575
Other debtors
964,834
761,462
160,594
73,222
Prepayments and accrued income
158,753
84,179
-
0
-
0
5,516,005
4,550,327
6,524,325
6,568,024
13
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
15
250,000
250,000
250,000
250,000
Trade creditors
380,276
617,297
161,102
188,391
Amounts owed to group undertakings
101
-
0
15,679
101
Corporation tax payable
12,911
130
-
0
-
0
Other taxation and social security
119,260
237,045
-
605,242
Other creditors
1,529,495
3,057,746
1,657,739
1,505,588
Accruals and deferred income
753,856
4,206,604
-
0
729,856
3,045,899
8,368,822
2,084,520
3,279,178
14
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
15
250,000
518,844
250,000
518,844
250,000
518,844
250,000
518,844
Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
22
15
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
500,000
768,844
500,000
768,844
Payable within one year
250,000
250,000
250,000
250,000
Payable after one year
250,000
518,844
250,000
518,844
16
Grants

During the year, a government grant in relation to the animation tax credit of £2,059,534 (2023: £538,645) was recognised in connection with costs incurred by the Company on productions developed in the period. The related production costs are included within cost of sales.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
£
£
Arising on business combinations
348,226
294,101
2024
Movements in the year:
£
Liability at 1 April 2023
294,101
Charge to profit or loss
54,125
Liability at 31 March 2024
348,226

The deferred tax liability set out above relates to short term timing differences arising on the acquisition of OE 2019 Limited (formerly known as Magic Light Pictures Limited).

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,618
47,246

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Magic Light Pictures Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
23
19
Share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
771,489 Ordinary Investor Shares of 1p each
7,715
7,715
1,446,710 Ordinary 'A' Shares of 1p each
14,467
14,467
22,182
22,182
20
Controlling party

The directors consider that there is no single ultimate controlling party.

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