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Registered number: 05819219









LUDORUM ENTERPRISES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LUDORUM ENTERPRISES LIMITED
 
 
COMPANY INFORMATION


Directors
M G Paget 
A Wexler 




Company secretary
M G Paget
S Earnest



Registered number
05819219



Registered office
117 Whitchurch Gardens

Edgware

England

HA8 6PG




Independent auditors
Ecovis Wingrave Yeats LLP

Chartered Accountants and Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
LUDORUM ENTERPRISES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 10


 
LUDORUM ENTERPRISES LIMITED
REGISTERED NUMBER: 05819219

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 6 
6,263,056
5,667,428

Cash at bank and in hand
  
1,000,455
1,113,079

  
7,263,511
6,780,507

Creditors: amounts falling due within one year
 7 
(4,938,608)
(4,550,262)

Net current assets
  
 
 
2,324,903
 
 
2,230,245

Total assets less current liabilities
  
2,324,904
2,230,246

  

Net assets
  
2,324,904
2,230,246


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
2,324,804
2,230,146

  
2,324,904
2,230,246


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




M G Paget
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
LUDORUM ENTERPRISES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
100
2,299,164
2,299,264


Comprehensive income for the year

Loss for the year
-
(69,018)
(69,018)



At 1 April 2023
100
2,230,146
2,230,246


Comprehensive income for the year

Profit for the year
-
94,658
94,658


At 31 March 2024
100
2,324,804
2,324,904


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ludorum Enterprises Limited is a private company, limited by shares, incorporated in England and Wales, registration number 05819219. The registered office is 117 Whitchurch Gardens, Edgware, England, HA8 6PG.

2.Accounting policies

 
2.1

Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

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.

Page 3

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

Revenue from licence rights is recognised when the significant risks and rewards of ownership of the rights have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from facilitation of programme financing represents the net fees agreed by contract with the broadcaster for the sale of media value. Turnover is recognised based on performance of contractual terms and shown exclusive of VAT.

Page 4

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

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

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 5

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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

Page 6

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Recognition of deferred tax asset
The Company has trading losses of £8,230,000 (2023 - £8,120,354) available to offset against future profits. Management has not included a deferred tax asset in respect of losses incurred during the period as there is uncertainty about the timing of profits arising.



4.


Employees

The average monthly number of employees, excluding directors, during the year was 1 (2023 - 1)

Page 7

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024
1





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Chuggington Productions Limited
117 Whitchurch Gardens, Edgware, HA8 6PG
Ordinary
100%
Ludorum Enterprises, Inc.
Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle Country, Delaware 19801
Ordinary
100%


6.


Debtors

2024
2023
£
£


Trade debtors
571,279
333,992

Amounts owed by group undertakings
5,689,055
5,317,003

Other debtors
-
12,451

Prepayments and accrued income
2,722
3,982

6,263,056
5,667,428


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 8

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,684
29,973

Amounts owed to group undertakings
4,883,437
4,461,393

Corporation tax
-
1,100

Other taxation and social security
10,004
2,013

Accruals and deferred income
38,483
55,783

4,938,608
4,550,262


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) 100 shares of £1.00 each
100
100



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £978 (2023 - £1,874). The amount payable to the fund at the balance sheet date was £Nil (2023 - £321).


10.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
5,455

-
5,455

Page 9

 
LUDORUM ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Related party transactions

The Company paid fees of £36,000 (2023 - £36,000) to Malcolm Paget Limited for accountancy services during the year. The amount payable at the balance sheet date was £9,000 (2023 - £9,000), a related party virtue of it being the personal service company of one of the directors. The amounts are unsecured, interest free and repayable on demand.

The Company has taken the exemption under FRS102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned subsidiaries.

12.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up is Herschend Family Entertainment Inc., a company incorporated in the United States of America, and the registered office is 157 Technology Parkway, Suite 100, Peachtree Corners, GA 30092.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 26 March 2025 by Kate Barekati (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 10