10 9 June 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-26 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05643687 2022-12-26 2023-12-30 05643687 2023-12-30 05643687 2022-12-25 05643687 2021-12-27 2022-12-25 05643687 2022-12-25 05643687 2021-12-26 05643687 core:FurnitureFittings 2022-12-26 2023-12-30 05643687 bus:OrdinaryShareClass1 2022-12-26 2023-12-30 05643687 bus:Director4 2022-12-26 2023-12-30 05643687 core:WithinOneYear 2023-12-30 05643687 core:WithinOneYear 2022-12-25 05643687 core:LandBuildings core:LongLeaseholdAssets 2023-12-30 05643687 core:FurnitureFittings 2023-12-30 05643687 core:ShareCapital 2023-12-30 05643687 core:ShareCapital 2022-12-25 05643687 core:RetainedEarningsAccumulatedLosses 2023-12-30 05643687 core:RetainedEarningsAccumulatedLosses 2022-12-25 05643687 bus:SmallEntities 2022-12-26 2023-12-30 05643687 bus:Audited 2022-12-26 2023-12-30 05643687 bus:SmallCompaniesRegimeForAccounts 2022-12-26 2023-12-30 05643687 bus:PrivateLimitedCompanyLtd 2022-12-26 2023-12-30 05643687 bus:FullAccounts 2022-12-26 2023-12-30 05643687 bus:OrdinaryShareClass1 2023-12-30 05643687 bus:OrdinaryShareClass1 2022-12-25 05643687 core:LandBuildings core:LongLeaseholdAssets 2022-12-26 2023-12-30 05643687 core:OfficeEquipment 2022-12-26 2023-12-30 05643687 core:OfficeEquipment 2023-12-30
COMPANY REGISTRATION NUMBER: 05643687
Whizz Kid Entertainment Limited
Filleted Financial Statements
30 December 2023
Whizz Kid Entertainment Limited
Statement of Financial Position
30 December 2023
30 Dec 23
25 Dec 22
Note
£
£
Current assets
Debtors
6
2,241,282
1,658,777
Cash at bank and in hand
224,342
466,681
------------
------------
2,465,624
2,125,458
Creditors: amounts falling due within one year
7
( 2,058,582)
( 1,281,862)
------------
------------
Net current assets
407,042
843,596
---------
---------
Total assets less current liabilities
407,042
843,596
---------
---------
Net assets
407,042
843,596
---------
---------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
407,040
843,594
---------
---------
Shareholders funds
407,042
843,596
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 5 June 2025 , and are signed on behalf of the board by:
M C R S Walton
Director
Company registration number: 05643687
Whizz Kid Entertainment Limited
Notes to the Financial Statements
Period from 26 December 2022 to 30 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5th Floor, 45 Mortimer Street, London, W1W 8HJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Comparatives
The financial statements cover the period from 26 December 2022 to 30 December 2023. The comparatives cover the period from 27 December 2021 to 25 December 2022. Due to this, the current year and prior year amounts are not entirely comparable.
Going concern
The company made a loss of £627,315 (2022: £343,320 profit) during the year and had net assets of £216,281 (2022: £843,596) at the balance sheet date. The parent company Lions Gate Entertainment Corporation has provided a letter of support to the company confirming that they will continue to provide support as required, for the next 12 months from the date of signing the financial statements, to ensure that the company has sufficient cash to meet its liabilities as they fall due. The directors consider the operations of the company to be ongoing, with reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes. When productions are in progress at the year end, and where the bank receipts in relation to the sales exceed the value of work done the excess is shown as deferred income; where costs incurred exceed bank receipts in relation to the sales the amounts are classified as accrued income. The Company can be contracted to create television content for a commissioning broadcaster and earns revenue through either a fixed fee or ongoing royalty payments attached to the broadcaster’s revenue. The customer simultaneously receives and consumes the benefits of these services, as such the Group recognises revenue over the period of production. Income from royalties is recognised when it is virtually assured that the revenue will be received and can be reliably measured in accordance with the substance of the relevant agreement. Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable. Any loss/overspend on a production is recognised in the year in which it is realised in order to be prudent
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the length of the lease
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets
Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised when the Company 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 trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Company 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. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Financial liabilities held at fair value Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss, unless fair value measurement is not permitted by law, or the debt instrument gives rise to cash flows on specified dates that constitute repayment of the principal advanced, together with reasonable compensation for the time value of money, credit risk and other basic lending risks and costs and does not have contractual terms which introduce exposure to unrelated risks or volatility. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the Company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 10 (2022: 11 ).
This includes the number of directors in the company.
5. Tangible assets
Leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 26 December 2022 and 30 December 2023
75,841
42,129
150,631
268,601
--------
--------
---------
---------
Depreciation
At 26 December 2022 and 30 December 2023
75,841
42,129
150,631
268,601
--------
--------
---------
---------
Carrying amount
At 30 December 2023
--------
--------
---------
---------
At 25 December 2022
--------
--------
---------
---------
6. Debtors
30 Dec 23
25 Dec 22
£
£
Trade debtors
51,246
231,034
Amounts owed by group undertakings
2,190,036
1,425,803
Prepayments and accrued income
1,938
Other debtors
2
------------
------------
2,241,282
1,658,777
------------
------------
7. Creditors: amounts falling due within one year
30 Dec 23
25 Dec 22
£
£
Trade creditors
104,669
9,063
Amounts owed to group undertakings
1,517,396
809,214
Accruals and deferred income
349,339
274,647
Corporation tax
80,002
Social security and other taxes
82,205
107,113
Other creditors
4,973
1,823
------------
------------
2,058,582
1,281,862
------------
------------
8. Called up share capital
Issued, called up and fully paid
30 Dec 23
25 Dec 22
No.
£
No.
£
Ordinary shares of £ 0.0001 each
19,366
2
19,366
2
--------
----
--------
----
9. Security
Fixed and floating charges including negative pledges are held over the assets of the company in favour of: British Broadcasting Corporation
BMG Rights Managements (UK) Limited
Silver Reel Entertainment Mezzanine Fund LP
10. Summary audit opinion
The auditor's report dated 9 June 2025 was unqualified .
The senior statutory auditor was Peter Conneely , for and on behalf of Moore Kingston Smith LLP .
11. Related party transactions
The company has taken advantage of the exemption available under FRS 102 section 33.1A not to disclose transactions with 100% owned subsidiaries within the group of which the company is a member of. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1A
12. Controlling party
At the balance sheet date the company was a wholly owned subsidiary of Entertainment One Canada Television Holdings Inc., which was the immediate controlling entity as at 31 December 2023. Until 27 December 2023 the ultimate controlling company was Hasbro Inc. Copies of consolidated financial statements of Hasbro Inc., may be obtained from 1027 Newport Avenue, Pawtucket, Rhode Island, 02861. On 27 December 2023, the business was transitioned from Hasbro Inc to Lions Gate Entertainment Corporation, an entity incorporated in Canada. From this date Lions Gate Entertainment Corporation became the ultimate controlling party. The Registered office of Lions Gate Entertainment Corporation is 250 Howe Street, Vancouver, British Columbia, Canada, V6C 3RB. Consolidated financial statements of Lions Gate Entertainment Corporation are available to the public and may be obtained from Lions Gate, 2700 Colorado Avenue, Santa Monica, California, CA 90404, USA.