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Registered number: SC630753
STORYBOARD STUDIOS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STORYBOARD STUDIOS LTD
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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STORYBOARD STUDIOS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STORYBOARD STUDIOS LTD
FOR THE YEAR ENDED 31 DECEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Storyboard Studios Ltd for the year ended 31 December 2024 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Storyboard Studios Ltd, as a body, in accordance with the terms of our engagement letter dated 27 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Storyboard Studios Ltd and state those matters that we have agreed to state to the Board of Directors of Storyboard Studios Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storyboard Studios Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Storyboard Studios Ltd 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 Storyboard Studios Ltd. You consider that Storyboard Studios Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Storyboard Studios Ltd. 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.
Ecovis Wingrave Yeats UK Limited
3rd Floor, Waverley House
7-12 Noel Street
London
W1F 8GQ
26 September 2025
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STORYBOARD STUDIOS LTD
REGISTERED NUMBER: SC630753
BALANCE SHEET
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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Creditors: amounts falling due after more than one year
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STORYBOARD STUDIOS LTD
REGISTERED NUMBER: SC630753
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 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 5 to 13 form part of these financial statements.
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STORYBOARD STUDIOS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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At 1 January 2023 (as previously stated)
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Prior year adjustment - change in accounting policy
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At 1 January 2023 (as restated)
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 5 to 13 form part of these financial statements.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Storyboard Studios Ltd is a private company, limited by shares, incorporated in Scotland, registration number SC630753. The registered office is The Schoolhouse, 101 Portman Street, Glasgow, G41 1EJ.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
During the year, the Company has reported a loss of £48,144 (2023 - £175,264) and has net liabilities of £1,120,482 (2023 - £1,072,338) at the balance sheet date. The directors are committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover represents amounts receivable for the development of television projects and televisionproduction activities net of VAT and trade discounts.
For long term contracts, profit is recognised on delivery of each contract where there is a reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeablelosses are provided for in full at the point at which the loss is anticipated.
Government grants are accounted under the accruals model as permitted by FRS 102. During the prior period the Company has received governmental support through obtaining a Bounce Back Loan. The government grants received in the year are of a revenue nature and are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed asset (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Work in Progress (WIP) assets are recorded at the lower of cost or net realisable value and are inclusive of all costs directly related to producing television programmes. Amounts held in WIP are specifically related to producing television programmes and are carried on the balance sheet to the extent that they will generate revenue post year end.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Revenue recognition
Production revenues and expenses are recognised on delivery of the contract activity where the outcome of the contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred. Where the outcome is uncertain, revenue is deferred and production costs incurred to date are held on the Balance sheet within work in progress.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Factors that may affect future tax charges
The Company has trading losses totalling £1,112,454 (2023 - £1,050,771) available to offset against future trading profits.
The Company has not recognised a deferred tax asset of £278,114 (2023 - £262,693) in respect of llosses.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 3).
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by related parties
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Called up share capital not paid
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Prepayments and accrued income
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Amounts owed by related parties are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Other taxation and social security
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Accruals and deferred income
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Details of the loans are included in note 11.
Within amounts owed to related parties are two loans with shareholders which accrue interest at 5.9% in average per annum. The loans are unsecured and repayable on demand.
All other amounts owed to related parties are unsecured, interest free and repayable on demand.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Details of the loans are included in note 11.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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The Company has obtained a Bounce Back Loan during a previous period and the full loan value of £50,000 in July 2020. The loan is repayable in monthly instalments over the 6 year term from 12 months after the inception of the loan. No interest is payable by the Company in the first 12 months and interest is subsequently charged at 2.50% per annum.
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £0.10 each
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The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,538 (2023 - £2,621). Contributions totalling £711 (2023 - £779) were payable to the fund at the balance sheet date and are included within other creditors.
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STORYBOARD STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company has taken advantage of the exemption available under section 33.1A of FRS 102 and has not disclosed transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
At the year end there is an amount totalling £267,760 (2023 - £Nil) due to a related party by virtue of common ownership. The amount is unsecured, interest free and repayable on demand.
At the year end there is an amount totalling £125,984 (2023 - £121,131) due to a related party by virtue of common ownership. The amounts are unsecured, interest free and repayable on demand.
At the year end the Company owed a total of £71,892 (2023 - £61,124) to a related party by virtue of common ownersip. The amounts are unsecured, interest free and repayable on demand.
During the year the Company received a loan totalling £74,899 (2023 - £49,994) from a related party by virtue of the its shareholding in the Company. At the year end there is an amount totalling £94,252 (2023 - £280,224) due to the related party. Interest is charged at an average rate of 5.8% per annum, and the amount is unsecured and repayable on demand.
During the year the Company received a loan totalling £75,000 (2023 - £50,000) from a related party by virtue of the its shareholding in the Company. At the year end there is an amount totalling £355,245 (2023 - £280,260) due to the related party. Interest is charged at an average rate of 5.8% per annum, and the amount is unsecured and repayable on demand.
During the year the Company received a loan totalling £Nil (2023 - £Nil) from a related party by virtue of the its shareholding in the Company. At the year end there is an amount totalling £112,713 (2023 - £112,713) due to the related party. The amount is unsecured, interest free and repayable on demand.
At the year end there is an amount totalling £Nil (2023 - £10,768) due to a related party by virtue of common ownership. The amount is unsecured, interest free and repayable on demand.
At the year end there is an amount totalling £103,000 (2023 - £103,000) due to a related party by virtue of common ownership. The amount is unsecured, interest free and repayable on demand.
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