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Registered number: SC503424
LEPUS PRODUCTIONS LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
For the Year Ended 30 April 2025
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LEPUS PRODUCTIONS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEPUS PRODUCTIONS LTD
FOR THE YEAR ENDED 30 APRIL 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lepus Productions Ltd for the year ended 30 April 2025 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Lepus Productions Ltd in accordance with the terms of our engagement letter dated 01/02/2024. Our work has been undertaken solely to prepare for your approval the financial statements of Lepus Productions Ltd and state those matters that we have agreed to state to the director of Lepus Productions Ltd 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 Lepus Productions Ltd and its director for our work or for this report.
It is your duty to ensure that Lepus Productions 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 Lepus Productions Ltd. You consider that Lepus Productions 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 Lepus Productions 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.
MHA Advisory Limited
6 St Colme St
Edinburgh
Midlothian
EH3 6AD
5 January 2026
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LEPUS PRODUCTIONS LTD
Registered number: SC503424
BALANCE SHEET
As at 30 April 2025
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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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The director considers 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 director acknowledges his 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 profit and loss account 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 5 January 2026.
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LEPUS PRODUCTIONS LTD
Registered number: SC503424
BALANCE SHEET (CONTINUED)
As at 30 April 2025
The notes on pages 4 to 8 form part of these financial statements.
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LEPUS PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2025
Lepus Productions Ltd is a private company limited by shares incorporated in Scotland. The registered office is 4 Chapel Place, Pathhead, Midlothian, EH37 5QF.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. The investment of the Director of the company is a strategic one.
Over the past decade, Lepus Productions Ltd has successfully operated a hybrid model, delivering both commercially-focused projects and significant, socially-impactful work within the subsidised arts sector. This work has reached millions through broadcast and streaming, and tens of thousands of audiences live.
To build on this success and accelerate growth in both areas, the Director is undertaking a strategic realignment. The company has established a new, independent Scottish Charitable Incorporated Organisation (SCIO), 'Lepus Arts', with its own board and their expertise to manage and scale our community-focused and charitable activities, aligning with a set of clear charitable objectives. This new structure will unlock dedicated grant and trust funding, allowing it to serve its charitable objectives more effectively.
This strategic separation enables Lepus Productions Ltd to now focus exclusively on its commercial activities. By streamlining our operations, we can concentrate on developing profitable creative projects, expanding our client base that best fits this commercial model. This refined commercial focus positions Lepus Productions Ltd for a new phase of sustainable growth and profitability.
As outlined in the previous accounts, turnover has reduced this year due to working with co-producer who have been responsible for costs and financial management of a large scale national touring project, with Lepus providing the intellectual property and a large part of the management for that project. This removed the main bulk of financial admin from Lepus, allowing the company to focus on the development and the creation of new work.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
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LEPUS PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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.
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
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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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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LEPUS PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2025
2.Accounting policies (continued)
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. Deferred tax is charged or credited in the the profit or loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
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.
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.
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.
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LEPUS PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2025
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The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
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Charge for the year on owned assets
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Prepayments and accrued income
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LEPUS PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 April 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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300,000 (2024 - 300,000) Ordinary shares of £1 each shares of £1.00 each
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Commitments under operating leases
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At 30 April 2025 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 director is of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
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