Company Registration No. 08737164 (England and Wales)
ABC Studios International Limited
Annual report and financial statements
for the year ended 30 September 2020
ABC Studios International Limited
Company information
Directors
Russell Haywood
Amy Taylor Van Cronk
(Appointed 1 November 2019)
Tracy Bermingham
(Appointed 22 June 2021)
Company number
08737164
Registered office
3 Queen Caroline Street
Hammersmith
London
W6 9PE
Independent auditor
Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
ABC Studios International Limited
Contents
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Notes to the financial statements
9 - 13
ABC Studios International Limited
Directors' report
For the year ended 30 September 2020
Page 1
The directors present their annual report and financial statements for the year ended 30 September 2020.
Principal activities
The principal activity of the company continued to be that of television programme production activities.
Results and dividends
The results for the year are set out on page 7.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Russell Haywood
Zelda Hansson
(Resigned 30 November 2020)
Howard Davine
(Resigned 1 November 2019)
Amy Taylor Van Cronk
(Appointed 1 November 2019)
Tracy Bermingham
(Appointed 22 June 2021)
Future developments
The directors expect to continue the principal activity for the foreseeable future given the continued financial support received from the company's group.
Given the nature of the company's activities, the directors do not expect the ongoing COVID-19 pandemic to have a significant impact on the company going forwards in terms of its activity or its ability to continue as a going concern.
Auditor
The auditor, Saffery Champness 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 company’s
auditor
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 company’s
auditor
is aware of that information.
ABC Studios International Limited
Directors' report (continued)
For the year ended 30 September 2020
Page 2
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Tracy Bermingham
Director
27 September 2021
ABC Studios International Limited
Directors' responsibilities statement
For the year ended 30 September 2020
Page 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 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 and then apply them consistently;
-
make judgements 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 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.
ABC Studios International Limited
Independent auditor's report
To the members of ABC Studios International Limited
Page 4
Opinion
We have audited the financial statements of ABC Studios International Limited (the 'company') for the year ended 30 September 2020 which comprise the statement of comprehensive income, the balance sheet and notes to the financial statements, 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
S
tandard 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 company's affairs as at 30 September 2020 and of its 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.
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
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
directors'
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
the
directors have
not disclosed in the
financial statements
any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements
are authorised for issue
.
ABC Studios International Limited
Independent auditor's report (continued)
To the members of ABC Studios International Limited
Page 5
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.
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 this gives rise to 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.
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 directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has 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 company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where 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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
ABC Studios International Limited
Independent auditor's report (continued)
To the members of ABC Studios International Limited
Page 6
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 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.
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
.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.
John Graydon (Senior Statutory Auditor)
For and on behalf of Saffery Champness LLP
29 September 2021
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
ABC Studios International Limited
Statement of comprehensive income
For the year ended 30 September 2020
Page 7
2020
2019
Notes
£
£
Turnover
1,318,667
25,289,325
Cost of sales
(1,162,064)
(24,811,749)
Gross profit
156,603
477,576
Administrative expenses
(117,980)
(150,610)
Profit before taxation
38,623
326,966
Tax on profit
-
(31,062)
Profit for the financial year
38,623
295,904
ABC Studios International Limited
Balance sheet
As at 30 September 2020
30 September 2020
Page 8
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
194,859
580,872
Cash at bank and in hand
21,903,448
329,802
22,098,307
910,674
Creditors: amounts falling due within one year
5
(23,222,919)
(2,073,909)
Net current liabilities
(1,124,612)
(1,163,235)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(1,124,614)
(1,163,237)
Total equity
(1,124,612)
(1,163,235)
These financial statements have been prepared 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 27 September 2021 and are signed on its behalf by:
Tracy Bermingham
Director
Company Registration No. 08737164
ABC Studios International Limited
Notes to the financial statements
For the year ended 30 September 2020
Page 9
1
Accounting policies
Company information
ABC Studios International Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Queen Caroline Street, Hammersmith, London, W6 9PE.
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 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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
the development of content
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Turnover also includes sums receivable from the exploitation of programmes in which the company owns rights. Gross profit from exploitation of programme rights is recognised when receivable.
1.4
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.
ABC Studios International Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
1
Accounting policies (continued)
Page 10
1.5
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ABC Studios International Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
1
Accounting policies (continued)
Page 11
Current 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.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
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.
1.9
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.
2
Employees
The average monthly number of persons employed by the company during the year was:
2020
2019
Number
Number
Total
ABC Studios International Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
Page 12
3
Operating profit
2020
2019
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
23,000
No director received any remuneration in the period (2019: nil).
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
305,537
Amounts owed by group undertakings
178,761
111,578
Other debtors
16,098
163,757
194,859
580,872
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
4,574
49,955
Amounts owed to group undertakings
23,165,283
1,847,701
Corporation tax
31,062
31,062
Other creditors
22,000
145,191
23,222,919
2,073,909
6
Related party transactions
The company has taken advantage of the exemption under paragraph 1AC.35 of FRS 102 from disclosing transactions entered into between 2 or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
ABC Studios International Limited
Notes to the financial statements (continued)
For the year ended 30 September 2020
Page 13
7
Parent company
The company's immediate parent undertaking is Banner Productions Limited, a company registered in England and Wales with registered office at 3 Queen Caroline Street, Hammersmith, London, W6 9PE.
The directors consider the ultimate parent company to be The Walt Disney Company, a company incorporated in the United Stated of America.
The largest group for which accounts are prepared and of which the company is a member is The Walt Disney Company. Copies of group accounts of The Walt Disney Company can be obtained from 500 Buena Vista Street, Burbank, California 91521, USA.
The directors are unable to identify the ultimate controlling party of The Walt Disney Company, if any.
2020-09-30
2019-10-01
false
CCH Software
CCH Accounts Production 2020.310
Russell Haywood
Zelda Hansson
Howard Davine
Amy Taylor Van Cronk
Tracy Bermingham
08737164
2019-10-01
2020-09-30
08737164
bus:Director1
2019-10-01
2020-09-30
08737164
bus:Director8
2019-10-01
2020-09-30
08737164
bus:Director9
2019-10-01
2020-09-30
08737164
bus:Director6
2019-10-01
2020-09-30
08737164
bus:Director7
2019-10-01
2020-09-30
08737164
bus:Director2
2019-10-01
2020-09-30
08737164
bus:Director3
2019-10-01
2020-09-30
08737164
bus:Director4
2019-10-01
2020-09-30
08737164
bus:Director5
2019-10-01
2020-09-30
08737164
bus:RegisteredOffice
2019-10-01
2020-09-30
08737164
2020-09-30
08737164
2018-10-01
2019-09-30
08737164
2019-09-30
08737164
core:CurrentFinancialInstruments
core:WithinOneYear
2020-09-30
08737164
core:CurrentFinancialInstruments
core:WithinOneYear
2019-09-30
08737164
core:CurrentFinancialInstruments
2020-09-30
08737164
core:CurrentFinancialInstruments
2019-09-30
08737164
core:ShareCapital
2020-09-30
08737164
core:ShareCapital
2019-09-30
08737164
core:RetainedEarningsAccumulatedLosses
2020-09-30
08737164
core:RetainedEarningsAccumulatedLosses
2019-09-30
08737164
core:WithinOneYear
2020-09-30
08737164
core:WithinOneYear
2019-09-30
08737164
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
08737164
bus:FRS102
2019-10-01
2020-09-30
08737164
bus:Audited
2019-10-01
2020-09-30
08737164
bus:FullAccounts
2019-10-01
2020-09-30
xbrli:pure
xbrli:shares
iso4217:GBP