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Registered number: 05219409
LEOPARD PICTURES LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEOPARD PICTURES LTD.
COMPANY INFORMATION
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J Attawia (appointed 28 March 2025)
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L Bessell (resigned 14 March 2025)
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Ecovis Wingrave Yeats LLP
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Chartered Accountants & Statutory Auditor
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3rd Floor, Waverley House
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LEOPARD PICTURES LTD.
CONTENTS
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Statement of financial position
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Notes to the financial statements
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LEOPARD PICTURES LTD.
REGISTERED NUMBER: 05219409
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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LEOPARD PICTURES LTD.
REGISTERED NUMBER: 05219409
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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 September 2025.
The notes on pages 3 to 11 form part of these financial statements.
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Leopard Pictures Ltd. is a private company limited by shares, incorporated in England and Wales. The Company's registered office is 1-3 St Peter's Street, London, N1 8JD.
2.Accounting policies
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Basis of preparation of financial statements
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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 company is itself a parent company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about a group.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis as the ultimate parent company, Argonon Ltd, has confirmed that it will provide such financial support as necessary to the Company to enable it to continue to meet its liabilities as they fall due.
The directors have considered the future funding requirements of the business and, based on management forecasts, have concluded that the Company will have sufficient funds to ensure that it can meet its financial liabilities as and when they fall due, for a period of at least 12 months from the date of signing these financial statements.
Production revenue
Turnover recognised in the Statement of comprehensive income represents amounts receivable for the work carried out in producing television programmes and is recognised over the period of the production. In respect of long term production contracts, revenue is included based on the proportion of costs incurred to date over total costs. Provision is made for any losses as soon as they are foreseen.
Turnover is stated net of value added tax.
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Intangible assets and amortisation
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Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Production costs are capitalised only when:
∙An intangible asset is created that can be separately identified
∙It is probable that the intangible asset created will generate future economic benefits
∙The cost can be measured reliably, and
∙Estimates of future income from all sources exceed the capitalised amount.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:
∙Production costs amortised against the revenue associated with future exploitation
If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in Statement of comprehensive income in the periods expected to be benefited.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer equipment - 33 1/3% straight line
Production equipment - 33 1/3% straight line
Investments in subsidiaries are measured at cost less accumulated impairment.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of comprehensive income.
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Revenue recognition
Revenue from production services for third parties are recognised on a percentage-of-completion basis. Percentage-of-completion is based upon the proportion of costs incurred in the current period to total expected costs. The total expected costs on each production are reviewed by management on a regular basis.
Depreciation of tangible fixed assets
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Amortisation of intangible fixed assets
Intangible fixed assets, which relate to childrens related intellectual property rights, are carried at historical cost, less accumulated amortisation and accumulated impairment losses. Amortisation is provided over the estimated useful life of the asset on a straight line basis. The existing intangible fixed assets are being amortised over a five year period.
Deferred tax asset
The Company has not recognised a deferred tax asset of £40,735 (2023 - £41,511) relating to the accumulated losses and other deductions of the Company as there is uncertainty as to when future profits will arise within this company.
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The operating profit/(loss) is stated after charging:
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Depreciation of tangible fixed assets
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Amortisation of intangible assets
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Auditor's remuneration - Audit services
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Auditor's remuneration - Non-audit services
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During the year no director received any emoluments (2023 - £Nil).
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 2 (2023 - 6).
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Investments in production
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Charge for the year on owned assets
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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Losses and other deductions
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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Rights of shares:
The shares allotted above have full voting, dividend and capital distribution rights.
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Profit and loss account
Includes all current and prior period retained profits and losses.
A cross guarantee is in place between Argonon Ltd and its subsidiary undertakings with Barclays Bank Plc.
A fixed and floating charge is registered over the assets of the Company.
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LEOPARD PICTURES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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Leopard Pictures Ltd. have taken the exemption under FRS 102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions between two or more members of a group, provided that they are wholly owned.
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Ultimate parent undertaking and controlling party
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The immediate parent company is Leopard Films Limited, a company registered in England and Wales.
The ultimate parent company is Argonon Ltd, a company registered in England and Wales. Copies of the group financial statements can be obtained from that company's registered office at 1-3 St Peter's Street, London, N1 8JD. This is the smallest and largest group at which group financial statements are prepared in respect of the entity.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 26 September 2025 by Kate Barekati (Senior statutory auditor) on behalf of Ecovis Wingrave Yeats LLP.
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