Company Registration No. 08499920 (England and Wales)
Locksmith Animation Limited
Annual report and
group financial statements
for the year ended 31 December 2024
Locksmith Animation Limited
Company information
Directors
Elisabeth Murdoch
Julie Lockhart
Britt Gardiner Currie
Mary Coleman
Natalie Fischer
Secretary
Hal Management Limited
Company number
08499920
Registered office
7 Savoy Court
London
WC2R 0EX
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Locksmith Animation Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group Income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
Locksmith Animation Limited
Strategic report
For the year ended 31 December 2024
1

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

Group

Across the group there are six subsidiaries as disclosed in note 11. Four of these special purpose vehicles are set up to produce films and are in various stages of production whilst the remaining two entities are service entities that have been set up to facilitate functions within the production of films. The profit and reserves of each subsidiary undertaking is disclosed in note 11.

In 2024 the Group delivered its first streaming feature, released in Q4 2024. Throughout 2024 and 2025 the group continued development for a number of productions. The group considers there to be significant ongoing opportunity to work with both streamers and theatrical distributors its reputation is established and enhanced.

Company

During the year the company provided management services to its subsidiaries as well as engaging in development activities. The company's loss for the year is noted at the foot of the company balance sheet.

Principal risks and uncertainties

Group

The directors have reviewed the principal risks and resultant uncertainties facing the group as being the ability to develop and finance high quality projects.

Company

The parent company has the same risk as noted above. This is because part of its revenue is derived from the provision of ongoing services to the group companies which are reliant on this third party finance.

Key performance indicators

Group and company

The directors consider both the group and the company's key financial performance indicator to be whether the production of the films are produced in line with the agreed budget. At the year end, the estimated final costs of production in the active subsidiaries were in line with the agreed budgets with the third party financers.

Other information and explanations

Group

Within the group, the directors consider the subsidiary companies' key non-financial performance indicator to be whether there is a strong pipeline of projects. The group continues to develop a number of potential future films.

On behalf of the board

Britt Gardiner Currie
Director
30 September 2025
Locksmith Animation Limited
Directors' report
For the year ended 31 December 2024
2

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continues to be that of the development and production of animated feature films.

Results and dividends

The results for the year are set out on page 8.

The consolidated group accounts comprise the results of Locksmith Animation Limited and all of its wholly owned subsidiaries as detailed in note 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Elisabeth Murdoch
Julie Lockhart
Britt Gardiner Currie
Mary Coleman
Natalie Fischer
Auditor

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

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.

Going concern

The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is able to operate within its current intercompany financing arrangements. Having considered these forecasts and projections and other factors that might impact on the Company's business, including downside sensitivities to the business plan, the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Company's annual financial statements.

On behalf of the board
Britt Gardiner Currie
Director
30 September 2025
Locksmith Animation Limited
Directors' responsibilities statement
For the year ended 31 December 2024
3

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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;

- prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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.

Locksmith Animation Limited
Independent auditor's report
To the members of Locksmith Animation Limited
4
Opinion

We have audited the financial statements of Locksmith Animation Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

- give a true and fair view of the state of the group and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

Locksmith Animation Limited
Independent auditor's report (continued)
To the members of Locksmith Animation Limited
5

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

Locksmith Animation Limited
Independent auditor's report (continued)
To the members of Locksmith Animation Limited
6

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry tax credits.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management’s assessment of how the company, and production, comply with the relevant laws and regulations governing access to the creative industry tax credits.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Locksmith Animation Limited
Independent auditor's report (continued)
To the members of Locksmith Animation Limited
7

Use of our report

This report is made solely to the parent 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 so that we might state to the parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Lee (Senior statutory auditor)
For and on behalf of Saffery LLP
1 October 2025
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Locksmith Animation Limited
Group income statement
For the year ended 31 December 2024
8
2024
2023
Notes
£
£
Turnover
3
16,499,366
17,819,870
Cost of sales
(11,467,539)
(17,956,035)
Gross profit/(loss)
5,031,827
(136,165)
Administrative expenses
(6,029,516)
(5,566,550)
Other operating income
1,050,736
45,630
Profit/(loss) before taxation
53,047
(5,657,085)
Tax on profit/(loss)
8
23,003
2,604,824
Profit/(loss) for the financial year
76,050
(3,052,261)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Locksmith Animation Limited
Group statement of comprehensive income
For the year ended 31 December 2024
9
2024
2023
£
£
Profit/(loss) for the year
76,050
(3,052,261)
Other comprehensive income
-
-
Total comprehensive income for the year
76,050
(3,052,261)
Total comprehensive income for the year is all attributable to the owners of the parent company.
Locksmith Animation Limited
Group statement of financial position
As at 31 December 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
140,924
66,101
Current assets
Stocks
12
-
781,166
Debtors
13
11,553,316
17,735,111
Cash at bank and in hand
2,543,769
3,765,928
14,097,085
22,282,205
Creditors: amounts falling due within one year
14
(8,515,234)
(11,201,582)
Net current assets
5,581,851
11,080,623
Total assets less current liabilities
5,722,775
11,146,724
Provisions for liabilities
(5,959)
(5,959)
(5,959)
(5,959)
Net assets
5,716,816
11,140,765
Capital and reserves
Called up share capital
17
468
473
Share premium account
3,499,997
28,787,347
Profit and loss reserves
2,216,351
(17,647,055)
Total equity
5,716,816
11,140,765
The financial statements were approved by the board of directors and authorised for issue on 30 September 2025 and are signed on its behalf by:
Britt Gardiner Currie
Director
Company Registration No. 08499920
Locksmith Animation Limited
Company statement of financial position
As at 31 December 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
140,924
66,101
Investments
10
6
6
140,930
66,107
Current assets
Stocks
12
-
781,166
Debtors
13
5,111,516
9,712,528
Cash at bank and in hand
1,817,332
2,239,198
6,928,848
12,732,892
Creditors: amounts falling due within one year
14
(1,331,556)
(1,585,043)
Net current assets
5,597,292
11,147,849
Total assets less current liabilities
5,738,222
11,213,956
Provisions for liabilities
(5,959)
(5,959)
Net assets
5,732,263
11,207,997
Capital and reserves
Called up share capital
17
468
473
Share premium account
3,499,997
28,787,347
Profit and loss reserves
2,231,798
(17,579,823)
Total equity
5,732,263
11,207,997

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £24,265 (2023 - £3,005,512 loss).

The financial statements were approved by the board of directors and authorised for issue on 30 September 2025 and are signed on its behalf by:
Britt Gardiner Currie
Director
Company Registration No. 08499920
Locksmith Animation Limited
Group statement of changes in equity
For the year ended 31 December 2024
12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
473
28,787,347
(14,594,794)
14,193,026
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(3,052,261)
(3,052,261)
Balance at 31 December 2023
473
28,787,347
(17,647,055)
11,140,765
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
76,050
76,050
Reduction of share premium
17
-
(19,787,356)
19,787,356
-
Reduction of shares
(5)
(5,499,994)
-
(5,499,999)
Balance at 31 December 2024
468
3,499,997
2,216,351
5,716,816
Locksmith Animation Limited
Company statement of changes in equity
For the year ended 31 December 2024
13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
473
28,787,347
(14,574,311)
14,213,509
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(3,005,512)
(3,005,512)
Balance at 31 December 2023
473
28,787,347
(17,579,823)
11,207,997
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
24,265
24,265
Reduction of share premium
17
-
(19,787,356)
19,787,356
-
Reduction of shares
(5)
(5,499,994)
-
(5,499,999)
Balance at 31 December 2024
468
3,499,997
2,231,798
5,732,263
Locksmith Animation Limited
Group statement of cash flows
For the year ended 31 December 2024
14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(3,685,555)
(7,072,674)
Income taxes refunded
2,604,823
2,786,209
Net cash outflow from operating activities
(1,080,732)
(4,286,465)
Investing activities
Purchase of tangible fixed assets
(141,186)
(22,411)
Net cash used in investing activities
(141,186)
(22,411)
Net decrease in cash and cash equivalents
(1,221,918)
(4,308,876)
Cash and cash equivalents at beginning of year
3,765,687
8,074,563
Cash and cash equivalents at end of year
2,543,769
3,765,687
Relating to:
Cash at bank and in hand
2,543,769
3,765,928
Bank overdrafts included in creditors payable within one year
-
(241)
Locksmith Animation Limited
Company statement of cash flows
For the year ended 31 December 2024
15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(280,680)
(3,610,964)
Net cash outflow from operating activities
(280,680)
(3,610,964)
Investing activities
Purchase of tangible fixed assets
(141,186)
(22,411)
Net cash used in investing activities
(141,186)
(22,411)
Net decrease in cash and cash equivalents
(421,866)
(3,633,375)
Cash and cash equivalents at beginning of year
2,239,198
5,872,573
Cash and cash equivalents at end of year
1,817,332
2,239,198
Locksmith Animation Limited
Notes to the financial statements
For the year ended 31 December 2024
16
1
Accounting policies
Company information

Locksmith Animation Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 7 Savoy Court, London, WC2R 0EX.

The group consists of Locksmith Animation Limited and all of its subsidiaries as stated in note 11.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

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

The group financial statements incorporate those of Locksmith Animation Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 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 g roup.

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

The Company's activities, together with the factors likely to affect its future d evelopment, are set out in the strategic report.

The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is able to operate within its current intercompany financing arrangements. Having considered these forecasts and projections and other factors that might impact on the Company's business, including downside sensitivities to the business plan, the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Company's annual 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. It is shown net of VAT.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
17

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 it is probable will be recover ed.

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-ter m contracts and contracts for ongoing services is determined by reference to the stage of completion.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.

1.5
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
Over the period of the lease
Fixtures and fittings
Over 3 years 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 income statement.

1.6
Fixed asset investments

Equity in vest ments 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.

I n 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.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
18

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.

1.8
Work in progress

Work in progress relates to costs incurred in relation to the development of animation productions and is valued on the basis of direct costs plus attributable overheads, based upon normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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 statement of financial position 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, 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.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
19
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

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 paymen ts 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.

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 may be designated as being measured at fair value th r ough 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.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
20
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 receivable and deferred tax.

Current tax

The tax currently recoverable is based on relievable losses arising in the year as the result of film and television tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying film and television development expenditure and exclude items of income or expense that are taxable or deductible in other years, 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 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

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.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
21
1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.16
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 lease d asset are consumed.

1.17
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.

1.18

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants towards production costs of a given episode (Audio-Visual Expenditure Credit) are recognised in other operating income over the periods necessary to match them with the related costs.

Audio-Visual Expenditure Credits have only been recognised where management believe that the expenditure credit will be recoverable based on their experience of obtaining the relevant certification and the success of similar historical claims in the wider group. Such credits are recognised as government grants within other operating income in order to reflect the substance of these expenditure credits receivable by the company.

2
Critical accounting 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.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
22
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax Credit Estimate

The directors believe the key accounting estimate within the financial statements for the Group is the valuation of the Film Tax Credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

AVEC

The other key accounting estimate within the financial statements for this company is the valuation of the Audio-Visual Expenditure Credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of rights
16,499,366
17,819,870
2024
2023
£
£
Turnover analysed by geographical market
United States of America
7,558,516
17,723,869
United Kingdom
8,940,850
96,001
16,499,366
17,819,870
2024
2023
£
£
Other revenue
Grants received
1,027,288
-
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses
133,394
99,827
Government grants
(1,027,288)
-
Depreciation of owned tangible fixed assets
66,364
61,129
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
4
Operating profit/(loss) (continued)
23

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £133,394 (2023 - £99,827).

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
23,000
15,500
Audit of the financial statements of the company's subsidiaries
28,500
26,388
51,500
41,888
For other services
Accountancy and taxation compliance services for the group and company
7,000
4,500
Accountancy and taxation compliance services for the company's subsidiaries
7,500
4,495
14,500
8,995
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
Employees
46
52
15
20
Total
46
52
15
20

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,724,517
5,078,046
1,804,998
1,623,222
Social security costs
682,437
436,894
230,548
191,123
Pension costs
97,259
253,077
50,540
127,402
6,504,213
5,768,017
2,086,086
1,941,747
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
24
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,069,617
1,869,865
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
824,292
872,413
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(23,003)
(2,604,824)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
53,047
(5,657,085)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
13,262
(1,330,546)
Tax effect of expenses that are not deductible in determining taxable profit
8,273
-
0
Unutilsied tax losses carried forward
-
18,995
Enhanced losses arising from the creative tax credit
-
0
(2,507,088)
Difference between the rate of corporation tax and rate of relief under the creative tax credit
32,234
(154,206)
Losses set against profits of the trade
(76,772)
1,368,021
Taxation credit
(23,003)
(2,604,824)
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
25
9
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
35,045
547,444
582,489
Additions
23,005
118,181
141,186
Disposals
-
0
(351,988)
(351,988)
At 31 December 2024
58,050
313,637
371,687
Depreciation and impairment
At 1 January 2024
32,492
483,896
516,388
Depreciation charged in the year
5,183
61,181
66,364
Eliminated in respect of disposals
-
0
(351,989)
(351,989)
At 31 December 2024
37,675
193,088
230,763
Carrying amount
At 31 December 2024
20,375
120,549
140,924
At 31 December 2023
2,553
63,548
66,101
Company
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
35,045
547,444
582,489
Additions
23,005
118,181
141,186
Disposals
-
0
(351,988)
(351,988)
At 31 December 2024
58,050
313,637
371,687
Depreciation and impairment
At 1 January 2024
32,492
483,896
516,388
Depreciation charged in the year
5,183
61,181
66,364
Eliminated in respect of disposals
-
0
(351,989)
(351,989)
At 31 December 2024
37,675
193,088
230,763
Carrying amount
At 31 December 2024
20,375
120,549
140,924
At 31 December 2023
2,553
63,548
66,101
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
26
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
6
6
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
6
Carrying amount
At 31 December 2024
6
At 31 December 2023
6
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Clowder Films Limited (formerly known as Donka Films Limited)
Film production
A
100
*
Locksmith Animation Music Ltd
Film production
A
100
*
Locksmith Films Limited
Film production
A
100
Locksmith US LLC
Film production
A
100
*
Dr Carrot Films Limited (formerly known as Rosabelle Films Limited)
Film production
A
100
McNutt Film Productions Limited
Film production
A
100
All subsidiaries have a registered office of 7 Savoy Court, London, WC2R 0EX
All subsidiaries are directly owned by Locksmith Animation Limited and all are included in these consolidated accounts.
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
11
Subsidiaries (continued)
27
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Clowder Films Limited (formerly known as Donka Films Limited)
-
-
McNutt Film Productions Limited
-
5,880
Locksmith US LLC
51,435
79,658

* These Companies were dormant for both the year ended 31 December 2023 and the year ended 31 December 2024.

12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
-
781,166
-
781,166
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
281,798
6,674
281,798
6,674
Corporation tax recoverable
23,003
2,604,824
23,003
-
0
Amounts owed by group undertakings
-
-
1,085,510
425,626
Other debtors
11,146,155
14,894,505
3,618,845
9,055,670
Prepayments and accrued income
102,360
229,108
102,360
224,558
11,553,316
17,735,111
5,111,516
9,712,528
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
28
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
15
-
0
241
-
0
-
0
Trade creditors
317,113
992,024
317,113
985,977
Amounts owed to group undertakings
-
0
-
0
4
11,269
Other taxation and social security
416,558
-
233,236
-
Deferred income
44,395
33,127
11,265
-
0
Other creditors
5,715,452
8,879,660
-
0
-
0
Accruals and deferred income
2,021,716
1,296,530
769,938
587,797
8,515,234
11,201,582
1,331,556
1,585,043
15
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
241
-
0
-
0
Payable within one year
-
0
241
-
0
-
0

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,540
127,402

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.

17
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
400,000 A Ordinary shares of 0.1p each
400
400
48,233 B Ordinary shares of 0.1p each
48
48
19,772 Preference shares of 0.1p each
20
25
Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
Share capital (continued)
29

Description of shares

The shares having attached to them the full voting, dividend and capital distribution rights, on voluntary winding-up, proceeds to the shareholders shall be distributed pro-rata, but where the proceeds are such that a pari-passu distribution would result in the holder(s) of the A Shares receiving an amount which is less than their aggregate subscription price, repayments shall be made to the A shareholders of all their aggregate subscription price, and then to the B shareholders, then C shareholders, pro-rata to their shareholdings. The shares do not confer any rights of redemption.

Share Capital Reduction

During the year, the company transferred £19,787,356 from its share premium account to its profit and loss reserves as a capital reduction transaction. The company also cancelled 5,500 preference shares with a value at par of £5.

18
Operating lease commitments

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
332,199
255,609
332,199
255,609
Between two and five years
597,958
930,157
597,958
930,157
930,157
1,185,766
930,157
1,185,766
19
Related party transactions

During the year, Locksmith Animation Limited paid £260,399 (2023: £361,297) to Freelands FIG Limited, a company in which Elisabeth Murdoch retains significant control. Of this amount, £229,376 (2023: £339,699) is included within administrative expenses and £nil (2023: £80,049) is included within prepayments at the period end.

During the year, Locksmith Animation Limited paid £69,478 (2023: £66,658) to Sister Group Limited, a company which retains significant control of Locksmith animation. Of this amount, £69,478 (2023: £66,658) is included within overhead expenses and £5,000 (2023:£nil) is included within accruals at the period end.

20
Controlling party

In December 2021, RFS II B LLC acquired a majority shareholding of the company by way of an allotment of A ordinary shares. The directors of Locksmith Animation Limited consider there to be no one controlling party.

Locksmith Animation Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
30
21
Charges

EM 2006 LLC holds a fixed charge over all property, assets and rights of the company in respect of all amounts advanced to Locksmith Animation Limited in connection with their development activities.

The Elisabeth Murdoch 2006 Trust holds a fixed charge over all property, assets and rights of the company in respect of all amounts advanced to Locksmith Animation Limited in connection with their development activities.

22
Cash absorbed by group operations
2024
2023
£
£
Profit/(loss) for the year after tax
76,050
(3,052,261)
Adjustments for:
Taxation credited
(1,050,291)
(2,604,824)
Depreciation and impairment of tangible fixed assets
66,364
61,129
Movements in working capital:
Decrease/(increase) in stocks
781,166
(781,166)
Decrease/(increase) in debtors
4,627,263
(4,431,274)
(Decrease)/increase in creditors
(2,697,375)
3,735,722
Increase in deferred income
11,268
-
Share debtor reduction
(5,500,000)
-
Cash absorbed by operations
(3,685,555)
(7,072,674)
23
Cash absorbed by operations - company
2024
2023
£
£
Profit/(loss) for the year after tax
24,265
(3,005,512)
Adjustments for:
Taxation credited
(131,725)
-
0
Depreciation and impairment of tangible fixed assets
66,364
61,129
Movements in working capital:
Decrease/(increase) in stocks
781,166
(781,166)
Decrease in debtors
4,732,737
1,290,715
Decrease in creditors
(264,752)
(801,006)
Increase/(decrease) in deferred income
11,265
(375,124)
Share debtor reduction
(5,500,000)
-
Cash absorbed by operations
(280,680)
(3,610,964)
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