Registered number:
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2021
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Baby Network Limited produces and distributes the BabyTV channel which airs content targeted at under 4's. BabyTV features commercial free short programs incorporating stories, songs, rhymes & unique characters. The Company also provides on demand; mobile and licensing and merchandising solutions. The Company was incorporated in 2005 and is based in London, United Kingdom.
The Directors expect the general level of activity to grow, especially in the non-linear market. The Company continues to invest in its programming and launch new series which has enabled it to provide a comprehensive offering on multiple platforms. The Directors consider this investment, along with effective marketing strategies to promote the channel, and exploiting opportunities in the non-linear market as prerequisites for success in the medium to long-term future as traditional linear tv markets are being disrupted by large non-linear players.
The Company uses various financial instruments which include cash, trade debtors, trade creditors and amounts due to group undertakings that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company’s operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.
The main risks arising from the Company’s financial instruments are currency risk and credit risk. Currency risk The Company is exposed to the risk of experiencing translation losses as a result of the fluctuations in foreign currencies. The Company undertakes transactions in a variety of currencies, with the majority occurring in US Dollars and Euros. Both costs and revenues are incurred in these currencies and as a result management does not use any hedging contracts to manage this risk and the company does not adopt a prescribed policy to eliminate currency exposures. Credit risk The Company’s principal financial assets are amounts owed by trade debtors and cash. The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by international credit rating agencies. The principal credit risk arises, therefore, from trade debtors. In order to manage credit risk, the Company extends credit to only parent company approved operators. Additionally, management regularly reviews debtors ageing reports and takes appropriate action. Coronavirus COVID-19 Covid-19 has had no impact on the Company. Social distancing measures have not affected the day to day operations. Employees have been provided with all the necessary facilities to be able to work safely and so far no major problem has been reported. Going concern The Company has been both profitable and liquid and the Directors are therefore of the opinion that it is appropriate to prepare the financial statements on a going concern basis.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
Financial key performance indicators
The key performance indicator (KPI) of the Company is based around income and profits. Given the straightforward nature of the business, the Company's Directors are of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performance and position of the business.
This report was approved by the board on 29 June 2022
and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
The Directors present their report and the financial statements for the period ended 30 September 2021.
The Directors who served during the period were:
The profit for the period, after taxation, amounted to £
10,938,060
(2020 -
£
11,876,067
)
.
Dividends amounting to £20,000,000 (2020 - £Nil) were declared and paid during the year. The Directors do not recommend a final dividend.
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There are no plans that will significantly change the activities and risks of the Company.
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BABY NETWORK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
The immediate parent undertaking of the Company, Elite Sports Limited, a company incorporated in Gibraltar is in the process of transferring its entire holding in the Company to a UK incorporated entity.
The Company is in the process of reorganising the treatment of programming and development expenditure, included within work in progress, to better integrate into the group corporate structure.
The auditors, Sopher + Co LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BABY NETWORK LIMITED
We have audited the financial statements of Baby Network Limited (the 'Company') for the period ended 30 September 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity
and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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BABY NETWORK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BABY NETWORK LIMITED (CONTINUED)
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 Auditors' 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial period 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or
∙
the 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.
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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BABY NETWORK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BABY NETWORK LIMITED (CONTINUED)
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 Auditors' 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.
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙
understanding the design of the Company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙
performed analytical procedures to identify any unusual or unexpected relationships;
∙
tested journal entries to identify unusual transactions;
∙
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙
agreeing financial statement disclosures to underlying supporting documentation;
∙
reading the minutes of meetings of those charged with governance;
∙
enquiring of management as to actual and potential litigation and claims; and
∙
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
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BABY NETWORK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BABY NETWORK LIMITED (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 23 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
Baby Network Limited is a limited liability Company incorporated and domiciled in England and Wales, with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD. Its principal place of business is at 3rd Floor, 10 Hammersmith Grove, London, W6 7AP.
The principal activity of the Company during the period was that of TV, distribution and licensing.
2.
Accounting policies
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 Companies Act 2006
.
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:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Elite Sports Limited as at 30 September 2020 and these financial statements may be obtained from 57/63 Line Wall Road, PO Box 199, Gibraltar.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
Income derived from channel subscriptions are based on monthly viewing totals remitted from broadcasters and are recognised on an accruals basis in the accounting period to which it relates. Where advance payments against royalties are received under licence, in so far as the Company’s obligations have been fulfilled, such advances are recognised at the point at which they become nonreturnable. Licensing and merchandising represent online applications and downloads, the sale of DVDs and other merchandise. Licensing income is recognised on a receipts basis while merchandise income is recognised on the date the goods are dispatched.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in profit or loss. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents, and loans to or from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Interest bearing borrowings classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, they are stated at amortised cost using the effective interest method. Cash and cash equivalents comprise cash balances and call deposits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
In preparing these financial statements, the Directors have made the following judgements: - When determining whether there are indicators of impairment of the Company's tangible and intangible assets, factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. In preparing these financial statements, the Directors have considered the following key sources of estimation uncertainty: - Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. - Work in progress is written down over its expected useful life of the programmes produced, which has been estimated as 3 years. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
Key management includes the Directors and members of senior management. Compensation paid or payable to key management during the year totalled £151,998 (2020 - £97,805).
The reason for the increase was due to changes in key management over the period.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
12.
Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
The Company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities. It does not have financial assets and liabilities measured at fair value.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
Profit and loss account
The Company operates a defined contributions 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 £32,623 (2020 - £19,380).
There were no outstanding contribution payable to the fund at the end of the year (2020 - £nil).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
The immediate parent undertaking of the Company is Elite Sports Limited, a company incorporated in Gibraltar. The Directors consider the ultimate controlling party to be The Walt Disney Company, which owns a 100% shareholding. The Company is incorporated in the United States of America. The registered office of the parent undertaking and address from which consolidated accounts can be obtained is 500 South Buena Vista Street, Burbank, CA 91521, United States of America.
The immediate parent undertaking of the Company, Elite Sports Limited, a company incorporated in Gibraltar is in the process of transferring the entire holding in the Company to a UK incorporated entity.
The Company is in the process of reorganising the treatment of programming and development expenditure, included within work in progress, to better integrate into the group corporate structure.
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