Company Registration No. 09864731 (England and Wales)
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Annual report and unaudited financial statements
for the year ended 30 November 2024
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Company information
Directors
Ms H Reatchlous
Mr J Reatchlous
Ms T Reatchlous
Mr S Bobin
(Appointed 1 June 2024)
Ms S Watts
(Appointed 17 September 2024)
Mr G Wilson
(Appointed 1 October 2024)
Secretary
Mr J Reatchlous
Company number
09864731
Registered office
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Contents
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 10
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Directors' report
For the year ended 30 November 2024
1
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company continued to be that of television programme production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms H Reatchlous
Mr J Reatchlous
Ms T Reatchlous
Mr S Bobin
(Appointed 1 June 2024)
Ms S Watts
(Appointed 17 September 2024)
Mr G Wilson
(Appointed 1 October 2024)
Mr A Yentob
(Appointed 1 June 2024 and deceased 24 May 2025)
Since the year end Alan Yentob, a much loved and valued member of the board, has sadly passed. He will be much missed.
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
Mr J Reatchlous
Director
28 July 2025
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Two Daughters Entertainment Limited (Previously Known As Master Moley Limited) for the year ended 30 November 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 Two Daughters Entertainment Limited (previously known as Master Moley Limited) for the year ended 30 November 2024 set out on pages 3 to 10 from the company’s 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 Two Daughters Entertainment Limited (previously known as Master Moley Limited), as a body, in accordance with the terms of our engagement letter dated 20 January 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Two Daughters Entertainment Limited (previously known as Master Moley Limited) and state those matters that we have agreed to state to the Board of Directors of Two Daughters Entertainment Limited (previously known as Master Moley 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 Two Daughters Entertainment Limited (previously known as Master Moley Limited) and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Two Daughters Entertainment Limited (previously known as Master Moley 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 loss of Two Daughters Entertainment Limited (previously known as Master Moley Limited). You consider that Two Daughters Entertainment Limited (previously known as Master Moley 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 Two Daughters Entertainment Limited (previously known as Master Moley 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
1 August 2025
Accountants
71 Queen Victoria Street
London
EC4V 4VB
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Profit and loss account
For the year ended 30 November 2024
3
2024
2023
£
£
Turnover
190,107
728,366
Cost of sales
(158,578)
(828,361)
Gross profit/(loss)
31,529
(99,995)
Administrative expenses
(1,906,229)
(1,693,694)
Operating loss
(1,874,700)
(1,793,689)
Interest receivable and similar income
17,529
13,944
Interest payable and similar expenses
(14,640)
(24,058)
Loss before taxation
(1,871,811)
(1,803,803)
Tax on loss
153,004
Loss for the financial year
(1,871,811)
(1,650,799)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Balance sheet
As at 30 November 2024
4
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,508,992
285,618
Tangible assets
5
30,793
41,058
Investments
6
43,630
43,630
1,583,415
370,306
Current assets
Debtors
7
939,443
1,069,748
Cash at bank and in hand
841,711
1,370,564
1,781,154
2,440,312
Creditors: amounts falling due within one year
8
(748,766)
(477,885)
Net current assets
1,032,388
1,962,427
Net assets
2,615,803
2,332,733
Capital and reserves
Called up share capital
9
309
304
Share premium account
14,784,803
12,629,927
Other reserves
43,618
43,618
Profit and loss reserves
(12,212,927)
(10,341,116)
Total equity
2,615,803
2,332,733
For the financial year ended 30 November 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.
The financial statements were approved by the board of directors and authorised for issue on 28 July 2025 and are signed on its behalf by:
Mr J Reatchlous
Director
Company Registration No. 09864731
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Notes to the financial statements
For the year ended 30 November 2024
5
1
Accounting policies
Company information
Two Daughters Entertainment Limited (previously known as Master Moley Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.
1.3
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.
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
straight line over the length of the project
Options
straight line over the length of the option
1.4
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:
Fixtures and fittings
25% straight line
Office Equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
6
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's 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.
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
7
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 company 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax credit represents the sum of the tax currently recoverable and deferred tax.
Current tax
The tax currently recoverable is based on relievable losses arising in the period as the result of High End Television tax relief legislation. Relievable losses differ from net losses as reported in the statement of comprehensive income because they include an additional deduction relating to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other periods, as well as items that are never taxable or deductible. The company's tax position 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.
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
8
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation and Amortisation
The charge for depreciation and amortisation is based on estimates of the useful economic lives and residual values of tangible and intangible assets. Management reviews these estimates annually, considering factors such as historical experience, expected usage, technological advancements, and changes in economic conditions. Adjustments to depreciation and amortisation rates may be required if there is evidence of significant changes to the underlying assumptions.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
7
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2024
9
4
Intangible fixed assets
IP Rights
£
Cost
At 1 December 2023
313,243
Additions
1,232,931
Disposals
(24,500)
At 30 November 2024
1,521,674
Amortisation and impairment
At 1 December 2023
27,625
Amortisation charged for the year
9,557
Disposals
(24,500)
At 30 November 2024
12,682
Carrying amount
At 30 November 2024
1,508,992
At 30 November 2023
285,618
5
Tangible fixed assets
Plant and machinery etc
Office Equipment
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
13,012
57,965
70,977
Depreciation and impairment
At 1 December 2023
5,693
24,226
29,919
Depreciation charged in the year
1,830
8,435
10,265
At 30 November 2024
7,523
32,661
40,184
Carrying amount
At 30 November 2024
5,489
25,304
30,793
At 30 November 2023
7,319
33,739
41,058
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
43,630
43,630
Two Daughters Entertainment Limited (previously known as Master Moley Limited)
Notes to the financial statements (continued)
For the year ended 30 November 2024
10
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,007
42,952
Corporation tax recoverable
153,004
Amounts owed by group undertakings
700,879
600,825
Other debtors
233,557
272,967
939,443
1,069,748
8
Creditors: amounts falling due within one year
2024
2023
£
£
Convertible loans
402,820
Trade creditors
199,129
323,063
Amounts owed to group undertakings
8
8
Taxation and social security
38,174
38,372
Other creditors
108,635
116,442
748,766
477,885
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.1p each
309,337
304,148
309
304
10
Events after the reporting date
Since the year end £336,000 of the convertible loans, totalling £402,820, have been repaid with interest and these sums have been reinvested in ordinary shares in Two Daughters Entertainment Limited. The total amount invested, including interest, was £356,580 and this resulted in 849 shares at £420 per share being issued.
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