Company Registration No. 14511961 (England and Wales)
Never Not Needed Ltd
Financial statements
for the year ended 31 May 2025
Pages for filing with the registrar
Never Not Needed Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Never Not Needed Ltd
Statement of financial position
As at 31 May 2025
1
2025
2024
Notes
£
£
£
£
Current assets
Debtors
5
1,808,366
1,422,372
Cash at bank and in hand
609,908
909,499
2,418,274
2,331,871
Creditors: amounts falling due within one year
6
(2,418,273)
(2,331,870)
Net current assets
1
1
Capital and reserves
-
-
Called up share capital
7
1
1

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 April 2026 and are signed on its behalf by:
Benjamin Lole
Director
Company Registration No. 14511961
Never Not Needed Ltd
Notes to the financial statements
For the year ended 31 May 2025
2
1
Accounting policies
Company information

Never Not Needed Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Tramways House, 377 Camden Road, London, United Kingdom, N7 0SH.

1.1
Reporting period

The financial statements are presented for the year from 1 June 2024 to 31 May 2025. The prior period is presented for the period from 29 November 2022 to 31 May 2024, a period of 18 months. This is the second year of accounts.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Zingiber London Limited. These consolidated financial statements are available from its registered office, 77 Dean Street, London, United Kingdom, W1D 3SH

1.3
Going concern

The directors do not believe it is necessary to keep the company open and trading for at least 12 months true

from the balance sheet date. As a result, the financial statements have been prepared on a break up basis.

There is no difference in the carrying value of assets and liabilities of the company and their breakup value.

Never Not Needed Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies (continued)
3
1.4
Turnover

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-term 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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Never Not Needed Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies (continued)
4
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. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax credit represents the sum of the tax currently payable

Current tax

The tax currently recoverable is based on relievable losses arising in the year as the result of animation 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 development expenditure and exclude items of income or expense that are never taxable or deductible in other years as well as items that are never taxable or deductible. The company’s asset for current tax i s calculated using tax rates that have been enacted or substantively enacted by the reporting end date

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

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

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Never Not Needed Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2025
5
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 first key accounting estimate within the financial statements for this company is the valuation of the animation t ax 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.

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 credit.

In the directors' opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
102
42
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current year
-
0
(696,156)
Never Not Needed Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2025
4
Taxation (continued)
6

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

2025
2024
£
£
Profit/(loss) before taxation
-
0
(696,156)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 23.66%)
-
0
(164,711)
Unutilised tax losses carried forward
-
0
357,302
Enhanced losses arising from the film tax credit
-
0
(851,433)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
-
0
(37,314)
Difference to profit arising per the accounts due to audio-visual expenditure credit claim
114,621
-
0
Brought forward losses utilised in year
(114,621)
-
0
Taxation charge/(credit) for the year
-
(696,156)
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
1,422,372
Other debtors
1,808,366
-
0
1,808,366
1,422,372
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
63,687
41,278
Amounts owed to group undertakings
1,284
324
Taxation and social security
38,597
193,016
Other creditors
2,314,705
2,097,252
2,418,273
2,331,870
Never Not Needed Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2025
7
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.3 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.3. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Sinead McHugh
Statutory Auditors:
Saffery LLP
Date of audit report:
5 May 2026
9
Related party transactions

The company was under the immediate control of Blink Industries Limited, a company incorporated in England and Wales, throughout the year. Blink Industries Limited owns 100% of the issued shares of the company.

The smallest and largest group in which the results of the company will be consolidated is Zingiber London Limited, a company registered in England and Wales. The consolidated financial statements of Zingiber London Limited are available to the public and may be obtained from 77 Dean Street, London, W1D 3SH.

The company has taken advantage of the exemption available in FRS 102 Section 33.1(a), from disclosing

transactions between two or more members of the group, where any subsidiary undertaking which is a

party to the transaction is wholly owned by a member of that group.

10
Charges

The Walt Disney Company Limited holds a charge over the company with respect to all of the rights, titles and interest for the animation entitled "Sunnyridge 3".

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