Company Registration No. 10054526 (England and Wales)
Beano Studios Limited
financial statements
for the year ended 31 March 2021
Pages for filing with Registrar
Beano Studios Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
Beano Studios Limited
Balance Sheet
as at 31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,364,262
1,150,777
Tangible assets
5
159,930
83,726
Investments
6
100
100
2,524,292
1,234,603
Current assets
Stocks
84,068
195,405
Debtors
7
3,290,338
10,704,263
Cash at bank and in hand
18,426
197,331
3,392,832
11,096,999
Creditors: amounts falling due within one year
8
(4,471,787)
(37,550,111)
Net current liabilities
(1,078,955)
(26,453,112)
Total assets less current liabilities
1,445,337
(25,218,509)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10
1,445,237
(25,218,609)
Total equity
1,445,337
(25,218,509)
The directors of the company have elected not to include a copy of the profit and loss account 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 27 October 2021 and are signed on its behalf by:
JHM Clayton
Director
Company Registration No. 10054526
Beano Studios Limited
Notes to the financial statements
for the year ended 31 March 2021
- 2 -
1
Accounting policies
Company information
Beano Studios Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
185 Fleet Street, London, EC4A 2HS.
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
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
true
Based on these assessments and having regard to the resources available to the company, including the ongoing financial support of its parent company D.C. Thomson & Company Limited, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from
services represents amounts receivable in respect of services provided to third parties and from the use of the company's intellectual property by third parties and is recognised in line with underlying contracts and agreements.
1.4
Intangible fixed assets other than goodwill
Intangible assets represent the capitalised costs of an acquired television series, valued at historical cost.
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
- 3 -
The costs of the television series are amortised in line with income recognised in the current period, taking into account the total estimated income for the series. Where estimates of total income are subsequently revised, resulting in a reduction in the fair value of the capitalised asset, provision is made to write the unamortised costs down to the revised fair value.
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:
Fixtures and fittings
10 years straight line
Computers
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 credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. 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
company
reviews the carrying amounts of its tangible
and intangible 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.
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.
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
- 4 -
1.8
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the
stocks
to their present location and condition.
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 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
and cash and bank balances, 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.
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
- 5 -
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 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
profit and 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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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
s
asset are consumed.
1.15
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
1
Accounting policies (continued)
- 6 -
1.16
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
Exceptional item
2021
2020
£
£
Expenditure
Waiver of intercompany balances
(32,597,501)
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
47
72
4
Intangible fixed assets
£
Cost
At 1 April 2020
4,180,457
Additions
5,019,588
At 31 March 2021
9,200,045
Amortisation and impairment
At 1 April 2020
3,029,680
Amortisation charged for the year
2,061,103
Impairment losses
1,745,000
At 31 March 2021
6,835,783
Carrying amount
At 31 March 2021
2,364,262
At 31 March 2020
1,150,777
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
112,771
Additions
130,564
At 31 March 2021
243,335
Depreciation and impairment
At 1 April 2020
29,045
Depreciation charged in the year
54,360
At 31 March 2021
83,405
Carrying amount
At 31 March 2021
159,930
At 31 March 2020
83,726
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
100
Carrying amount
At 31 March 2021
100
At 31 March 2020
100
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 8 -
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
37,980
386,781
Corporation tax recoverable
2,433,733
2,874,728
Amounts owed by group undertakings
6,813,489
Other debtors
818,625
629,265
3,290,338
10,704,263
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
76,462
191,869
Amounts owed to group undertakings
3,974,747
36,055,938
Taxation and social security
29,689
26,294
Other creditors
390,889
1,276,010
4,471,787
37,550,111
Beano Studios Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 9 -
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The ordinary share carries a vote and is entitled to any dividend or capital distribution.
10
Profit and loss reserves
Profit and loss reserves include all current and prior period retained profits and losses.
11
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.
The senior statutory auditor was Gavin Black.
The auditor was Henderson Loggie LLP.
12
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of intangible assets
-
5,817,401
13
Parent company
T
he company
is a wholly owned subsidiary of D.
C
.
Thomson & Company Limited, a company incorporated in Great Britain and registered in Scotland.
T
here is no individual controlling party of D
.
C
.
Thomson & Company Limited.