Nua Ltd
Annual Report and Financial Statements
For the year ended 30 June 2024
Company Registration No. 11952638 (England and Wales)
Nua Ltd
Company Information
Directors
J Glazer
S Cooper
M Riordan
Company number
11952638
Registered office
6th Floor
Charlotte Building
17 Gresse Street
London
United Kingdom
W1T 1QL
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
16 West Central Street
London
United Kingdom
WC1A 1JJ
Nua Ltd
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group profit and loss account
10
Company balance sheet
8
Group Balance sheet
9
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
Nua Ltd
Strategic Report
For the year ended 30 June 2024
Page 1

The directors present the strategic report for the year ended 30 June 2024.

Business Overview

The group's main trade is from Academy Films. Academy Films is a leading advertising and film production company, specialising in the creation and delivery of high-quality commercials, branded content, music videos, and feature films. Operating from our studios in London and with an office in Los Angeles, we collaborate with global brands and agencies to produce culturally resonant and visually ambitious work, as well as with leading film financiers to develop and produce feature films.

Our directors and creative teams are recognised for their innovation, and the company is known for its commitment to developing new talent and embracing emerging technologies in content production.

Academy is equally committed to sustainability and inclusion. We continue to collaborate with Carbon Aware Productions to implement and expand environmentally conscious practices across all areas of production. Alongside this, our long-standing partnership with Ghetto Film School helps provide meaningful opportunities to young adults from underrepresented communities within the film and advertising industries.

At present, we are undergoing a strategic review of our production offerings, with a focus on future-proofing the business in response to increasing competition from in-house agency production and the rapid evolution of AI tools. Through a partnership with a leading business consultancy, we aim to grow our client base across platforms and territories, foster deeper creative partnerships through co-productions, and increase our visibility via targeted marketing strategies.

While the industry is experiencing significant disruption, we believe this moment presents exciting opportunities for innovation - and Academy intends to lead from the front.

Strategy and Objectives

Our strategic objectives are to:

 

Nua Ltd
Strategic Report (Continued)
For the year ended 30 June 2024
Page 2
Business Performance

2024 was a strong year for Academy, with increased demand for high-end digital and branded content. Key highlights include:

Financial performance was in line with expectations, with turnover of Turnover Increased from £29m in 2023 to £32m and a profit for the year of £2.6m (2023 £2.9m).

And this is underpinned by a strong balance sheet including net assets of over £4.5m (2023 £4.1m).

Key Performance Indicators

The directors review KPIs throughout the year on a project by project basis. The KPI’s for the year ended June 2024 are:

2024         2023

 

Gross Profit Margin 19%          21%

Operating Profit Margin 11%          12%

Profit (after tax) Margin 8%          10%

 

The company continues to maintain healthy cash flow and has reinvested profits into creative and talent development and business consultancy.

Principle Risks and Uncertanties

Key risks faced by the business include:

To mitigate these risks, we continue to:

 

Nua Ltd
Strategic Report (Continued)
For the year ended 30 June 2024
Page 3
Future outlook

We anticipate continued growth in demand for high-quality, digital-first content. Our focus in 2025 will be on:

The board is confident in the company’s ability to adapt to market shifts and remain a leader in the advertising and film production space.

 

On behalf of the board

S Cooper
Director
3 June 2025
Nua Ltd
Directors' Report
For the year ended 30 June 2024
Page 4

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company is to act as a holding company for its subsidiary, Academy Films Limited, which has the principal activity of producing television commercials.

Directors

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

J Glazer
S Cooper
M Riordan
Results and dividends

Ordinary dividends were paid amounting to £2,294,000. The directors do not recommend payment of a further dividend.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Nua Ltd
Directors' Report (Continued)
For the year ended 30 June 2024
Page 5
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
S Cooper
Director
3 June 2025
2025-06-03
Nua Ltd
Independent Auditor's Report
To the Members of Nua Ltd
Page 6
Opinion

We have audited the financial statements of Nua Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Group Profit And Loss Account, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

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 group and parent 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 group's and parent 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.

Other information

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.

Nua Ltd
Independent Auditor's Report (Continued)
To the Members of Nua Ltd
Page 7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

 

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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Nua Ltd
Independent Auditor's Report (Continued)
To the Members of Nua Ltd
Page 8
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Nua Ltd
Independent Auditor's Report (Continued)
To the Members of Nua Ltd
Page 9
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

 

Use of our 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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Joanna Cosgrove (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
4 June 2025
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Nua Ltd
Group Profit and Loss Account
For the year ended 30 June 2024
Page 10
2024
2023
Notes
£
£
Turnover
3
32,222,234
29,358,821
Cost of sales
(26,204,808)
(23,229,534)
Gross profit
6,017,426
6,129,287
Administrative expenses
(2,485,891)
(2,460,521)
Operating profit
4
3,531,535
3,668,766
Interest receivable and similar income
7
44,351
26,272
Interest payable and similar expenses
9
(3,938)
-
0
Profit before taxation
3,571,948
3,695,038
Tax on profit
10
(954,052)
(810,862)
Profit for the financial year
2,617,896
2,884,176
Profit for the financial year is all attributable to the owners of the parent company.
Nua Ltd
Group Balance Sheet
As at 30 June 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,095,167
1,309,084
Tangible assets
13
22,246
11,808
1,117,413
1,320,892
Current assets
Work in progress
16
169,685
881,838
Debtors
15
5,919,371
5,447,957
Cash at bank and in hand
3,806,703
4,363,920
9,895,759
10,693,715
Creditors: amounts falling due within one year
17
(6,521,601)
(7,846,932)
Net current assets
3,374,158
2,846,783
Total assets less current liabilities
4,491,571
4,167,675
Capital and reserves
Called up share capital
20
10,100
10,100
Profit and loss reserves
4,481,471
4,157,575
Total equity
4,491,571
4,167,675
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
03 June 2025
S Cooper
Director
Nua Ltd
Company Balance Sheet
As at 30 June 2024
30 June 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
6,425,949
6,425,949
Capital and reserves
Called up share capital
20
10,100
10,100
Profit and loss reserves
6,415,849
6,415,849
Total equity
6,425,949
6,425,949

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 £2,294,000 (2023 - £7,217,827).

The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
03 June 2025
S Cooper
Director
Company Registration No. 11952638 (England and Wales)
Nua Ltd
Group Statement of Changes in Equity
For the year ended 30 June 2024
Page 13
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
10,100
2,075,377
2,085,477
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
2,884,176
2,884,176
Dividends
-
(801,978)
(801,978)
Balance at 30 June 2023
10,100
4,157,575
4,167,675
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
2,617,896
2,617,896
Dividends
-
(2,294,000)
(2,294,000)
Balance at 30 June 2024
10,100
4,481,471
4,491,571
Nua Ltd
Company Statement of Changes in Equity
For the year ended 30 June 2024
Page 14
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
10,100
-
0
10,100
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
7,217,827
7,217,827
Dividends
-
(801,978)
(801,978)
Balance at 30 June 2023
10,100
6,415,849
6,425,949
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
2,294,000
2,294,000
Dividends
-
(2,294,000)
(2,294,000)
Balance at 30 June 2024
10,100
6,415,849
6,425,949
Nua Ltd
Group Statement of Cash Flows
For the year ended 30 June 2024
Page 15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,567,338
3,313,923
Interest paid
(3,938)
-
0
Income taxes paid
(850,000)
(550,000)
Net cash inflow from operating activities
1,713,400
2,763,923
Investing activities
Purchase of tangible fixed assets
(20,968)
(11,652)
Interest received
44,351
26,272
Net cash generated from investing activities
23,383
14,620
Financing activities
Dividends paid to equity shareholders
(2,294,000)
(801,978)
Net cash used in financing activities
(2,294,000)
(801,978)
Net (decrease)/increase in cash and cash equivalents
(557,217)
1,976,565
Cash and cash equivalents at beginning of year
4,363,920
2,387,355
Cash and cash equivalents at end of year
3,806,703
4,363,920
Nua Ltd
Notes to the Financial Statements
For the year ended 30 June 2024
Page 16
1
Accounting policies
Company information

Nua Ltd ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

 

The group consists of Nua Ltd 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.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 17
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 Nua Ltd 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 30 June 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.

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

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 18
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a 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 ten 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.

1.6
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:

Leasehold improvements
20% straight line
Plant and equipment
33.33% straight line
Fixtures and fittings
20% 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 profit and loss account.

1.7
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.

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.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 19

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Work in progress

Work in progress is stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

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.

1.10
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors 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.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 20
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 group 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 group after deducting all of its 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.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 21
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 group's contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 profit and loss account, 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 if, and only if, there is 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.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 22
1.13
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.

1.14
Retirement benefits

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

1.15
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 leased asset are consumed.

1.16
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.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 23
2
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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Significant management judgement is required in determining the point at which revenue should be recognised. Revenue is recognised in respect of each production from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting commences. No profit element is recognised until the company is able to estimate the profit on the production reliably. In arriving at this point of recognition, management have considered the liabilities and amounts that would be due if at different points of the contract, the project were to be pulled.

Trade debtor recoverability

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Production of television commercials
29,814,773
28,098,511
Music
999,181
351,985
Stills
1,408,280
908,325
32,222,234
29,358,821
Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
3
Turnover and other revenue
(Continued)
Page 24
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,119,769
25,408,562
Europe
3,495,953
2,273,083
Rest of World
7,606,512
1,677,176
32,222,234
29,358,821
2024
2023
£
£
Other revenue
Interest income
44,351
26,272
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(194)
(2,589)
Depreciation of owned tangible fixed assets
10,530
34,522
Amortisation of intangible assets
213,917
209,385
Operating lease charges
312,092
313,867
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,500
6,950
Audit of the financial statements of the company's subsidiaries
26,000
26,500
32,500
33,450
Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 25
6
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
Management
3
3
-
-
21
21
-
-
Total
24
24
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,339,929
1,380,446
-
0
-
0
Social security costs
184,775
173,514
-
-
Pension costs
23,035
21,084
-
0
-
0
1,547,739
1,575,044
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
44,351
26,272

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
44,351
26,272
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
311,839
311,337
Company pension contributions to defined contribution schemes
2,642
-
314,481
311,337
Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
8
Directors' remuneration
(Continued)
Page 26

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
108,600
106,792
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
3,938
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
954,052
810,862

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:

2024
2023
£
£
Profit before taxation
3,571,948
3,695,038
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
892,987
757,483
Tax effect of expenses that are not deductible in determining taxable profit
10,633
7,242
Permanent capital allowances in excess of depreciation
(5,680)
(3,667)
Depreciation on assets not qualifying for tax allowances
2,633
6,880
Amortisation on assets not qualifying for tax allowances
53,479
42,924
Taxation charge
954,052
810,862
Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 27
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
2,139,173
Amortisation and impairment
At 1 July 2023
830,089
Amortisation charged for the year
213,917
At 30 June 2024
1,044,006
Carrying amount
At 30 June 2024
1,095,167
At 30 June 2023
1,309,084
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
6,425,949
6,425,949
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
6,425,949
Carrying amount
At 30 June 2024
6,425,949
At 30 June 2023
6,425,949
Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 28
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
230,659
106,618
91,335
428,612
Additions
-
0
2,001
18,967
20,968
At 30 June 2024
230,659
108,619
110,302
449,580
Depreciation and impairment
At 1 July 2023
230,659
98,420
87,725
416,804
Depreciation charged in the year
-
0
5,694
4,836
10,530
At 30 June 2024
230,659
104,114
92,561
427,334
Carrying amount
At 30 June 2024
-
0
4,505
17,741
22,246
At 30 June 2023
-
0
8,198
3,610
11,808
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Academy Films Limited
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

Charlotte Building, 17 Gresse Street, London, W1T 1QL
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,141,425
800,526
-
0
-
0
Other debtors
809,793
8,615
-
0
-
0
Prepayments and accrued income
3,968,153
4,638,816
-
0
-
0
5,919,371
5,447,957
-
-
Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 29
16
Work in Progress
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
169,685
881,838
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
18
200,000
200,000
-
0
-
0
Trade creditors
1,354,459
982,534
-
0
-
0
Corporation tax payable
669,659
565,607
-
0
-
0
Other taxation and social security
475,487
719,108
-
-
Other creditors
609,065
108,649
-
0
-
0
Accruals and deferred income
3,212,931
5,271,034
-
0
-
0
6,521,601
7,846,932
-
0
-
0
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Redeemable ordinary shares
200,000
200,000
-
0
-
0
Payable within one year
200,000
200,000
-
0
-
0

 

The rights of the redeemable ordinary shares are included in note 21.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,035
21,084

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.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 30
20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
10,000 Ordinary A shares of £1 each
10,000
10,000
100 Ordinary B shares of £1 each
100
100
10,100
10,100
The Ordinary A shares rank pari passu in all respects with the Ordinary B shares except that the company is entitled by ordinary resolution to declare dividends on one or more class of Ordinary shares to the exclusions of the other.
21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
184,600
184,600
-
-
Between two and five years
123,067
307,667
-
-
307,667
492,267
-
-
22
Related party transactions

As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose transactions with the wholly owned subsidiaries on the basis that the group financial statements are prepared.

 

Dividends of £2,294,000 (2023: £801,978) were paid to directors during the year. At the balance sheet date £Nil (2023: £2,197) was owed by directors in the group. Additionally, there was £600,302 (2023: £99,335) owed to directors in the group.

 

At the balance sheet date the group was owed £674,608 by a US-registered company under common control by the directors.

Nua Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 31
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,617,896
2,884,176
Adjustments for:
Taxation charged
954,052
810,862
Finance costs
3,938
-
0
Investment income
(44,351)
(26,272)
Amortisation and impairment of intangible assets
213,917
327,315
Depreciation and impairment of tangible fixed assets
10,530
35,725
Movements in working capital:
Decrease/(increase) in stocks
712,153
(532,244)
Increase in debtors
(473,611)
(3,300,143)
(Decrease)/increase in creditors
(1,427,186)
3,114,504
Cash generated from operations
2,567,338
3,313,923
24
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
4,363,920
(557,217)
3,806,703
Borrowings excluding overdrafts
(200,000)
-
(200,000)
4,163,920
(557,217)
3,606,703
25
Controlling party

The group has no ultimate controlling party.

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