Company Registration No. 11397870 (England and Wales)
WONDERBORN STUDIOS LTD
Unaudited accounts
for the year ended 31 December 2020
WONDERBORN STUDIOS LTD
Unaudited accounts
Contents
WONDERBORN STUDIOS LTD
Company Information
for the year ended 31 December 2020
Directors
T J Hughes
P Taylor
Company Number
11397870 (England and Wales)
Registered Office
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
WONDERBORN STUDIOS LTD
Statement of financial position
as at
31 December 2020
Tangible assets
3,135
5,493
Inventories
37,358
36,438
Debtors
1,037,027
908,624
Cash at bank and in hand
269,270
19,572
Creditors: amounts falling due within one year
(645,837)
(265,385)
Net current assets
697,818
699,249
Total assets less current liabilities
1,065,391
704,862
Creditors: amounts falling due after more than one year
(1,236,677)
(773,419)
Net liabilities
(171,286)
(68,557)
Called up share capital
10
10
Profit and loss account
(171,296)
(68,567)
Shareholders' funds
(171,286)
(68,557)
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2021 and were signed on its behalf by
T J Hughes
Director
Company Registration No. 11397870
WONDERBORN STUDIOS LTD
Notes to the Accounts
for the year ended 31 December 2020
WONDERBORN STUDIOS LTD is a private company, limited by shares, registered in England and Wales, registration number 11397870. The registered office is 151 WHITELADIES ROAD, CLIFTON, BRISTOL, BS8 2RA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% and 33.33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
WONDERBORN STUDIOS LTD
Notes to the Accounts
for the year ended 31 December 2020
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company is a parent company subject to the small companies regime. The company and it's subsidiaries comprise a small group. The company is therefore not required to and has not chosen to prepare group accounts.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to covid assistance are credited to profit and loss using the accruals model and are recognised in Other operating income.
The company has made a loss in the year and has net liabilities at the balance sheet date. It has also pledged continued financial support for its subsidiary companies.
The director is confident that the company will become profitable in the near future and in the meantime has confirmed his financial support of the company. As a result, these accounts have been prepared on a going concern basis.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2020
388
1,278
6,464
8,130
At 31 December 2020
388
1,278
6,464
8,130
At 1 January 2020
113
192
2,332
2,637
Charge for the year
97
256
2,005
2,358
At 31 December 2020
210
448
4,337
4,995
At 31 December 2020
178
830
2,127
3,135
At 31 December 2019
275
1,086
4,132
5,493
WONDERBORN STUDIOS LTD
Notes to the Accounts
for the year ended 31 December 2020
5
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 January 2020
119
1
120
Additions
364,319
-
364,319
Valuation at 31 December 2020
364,438
-
364,438
Investments comprise shares held in Wonderborn Distribution Ltd (100% holding), Passitons Productions Ltd (90.5% holding), The Little Worship Company Ltd (100% holding), God Rocks Limited (100% holding) (2019: 50% holding joint venture), Wonderborn Ventures Ltd (100% holding) and Three Arrows Media Limited (100% holding). The investments are recognised at original cost less any accumulated impairment losses.
Finished goods
37,358
36,438
7
Debtors: amounts falling due within one year
2020
2019
Amounts due from group undertakings etc.
975,648
879,474
Accrued income and prepayments
1,774
4,733
Other debtors
19,286
23,493
8
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
28,571
6,221
Trade creditors
2,037
15,183
Amounts owed to group undertakings and other participating interests
183,871
44,815
Taxes and social security
4,429
1,867
Other creditors
417,076
-
Loans from directors
-
190,000
9
Creditors: amounts falling due after more than one year
2020
2019
Other creditors
1,167,629
773,419
WONDERBORN STUDIOS LTD
Notes to the Accounts
for the year ended 31 December 2020
10
Share capital
2020
2019
Allotted, called up and fully paid:
1,000 Ordinary shares of £0.01 each
10
10
11
Operating lease commitments
2020
2019
At 31 December 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
12,000
21,600
12
Average number of employees
During the year the average number of employees was 4 (2019: 1).