1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents amounts receivable for goods, services and contractual arrangements provided in the normal course of business, including withholding tax but net of trade discounts, VAT and other sales and related taxes.

The Company's policy is to recognise the income derived from contractual arrangements with third parties when the following criteria have been met:
- the contact has been executed by both parties
- the arrangement is fixed or determinable
- the collection of the fee is reasonably assured

Turnover from television programme series which meet the above criteria is only recognised in income when the program has sufficiently completed to be available for delivery to the broadcaster.

Turnover from licensing activities comprises the following:
- Advance royalties, being amounts due under contractual arrangements regardless of the level of sales generated by the licensee, are recorded once the above criteria have been met.
- Where the level of royalties earned from the licensee, exceeds the advance royalties the excess is included in turnover in the quarter in which the licensee makes the relevant sales.
- Any fees received in advance which do not meet the above criteria are included in deferred income until the above criteria are met.

Turnover also includes income from the distribution of audio and visual media and the publishing of children's books and associated products. This income is recognised on shipment, with provisions for returns being made as required.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixture, fittings and equipment 20% and 25% straight line
Motor vehicles 25% straight line

Intangible assets amortisation policy
Goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life.

Trademark and intellectual property rights
Trademarks and intellectual property rights are valued at cost less accumulated amortisation and any provision for impairment. Amortisation is provided at rates to write off the cost of each asset over its expected life as follows:

Trademarks - 5 years straight line
Intellectual property rights - 5 to 10 years straight line

Valuation information and policy
Investments
Shares in subsidiaries are stated at cost less provision for diminution in value.

Other accounting policies
Stocks
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet 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 the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small -sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.

Royalties payable
Royalties payable are accrued at the same time that royalty income is recognised as turnover (as defined above), although these amounts only become payable on actual receipt of related royalty income and are settled quarterly.

Going concern
The financial statements have been prepared on a going concern basis on the grounds that the company's bankers and its long term loan providers will continue to provide support in the foreseeable future.

4Fixed assets Investments
Cost
At 1 April 2014 £29,431

At 31 March 2015 £29,431

The company holds 20% or more of the share capital of the following companies:

Petralcraft Demonstrations Ltd Ordinary Class, 75.1% £19812 capital & reserves
Abbey Broadcast Communications Ltd Ordinary Class 100% £100 capital & reserves
Tolly Music Ltd Ordinary Class 100% £1000 capital & reserves
Baby Bright Media Ltd Ordinary Class 95% £100 capital & reserves

All the above companies were dormant during the year.