Company Registration No. 10096325 (England and Wales)
Blueprint Television Limited
Annual report and unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Blueprint Television Limited
Company information
Directors
Graham Broadbent
Peter Czernin
Wayne Garvie
Diarmuid McKeown
Company number
10096325
Registered office
32-36 Great Portland Street
4th Floor
London
W1W 8QX
Blueprint Television Limited
Contents
Page
Directors' report
1
Statement of financial position
3
Notes to the financial statements
4 - 10
Blueprint Television Limited
Directors' report
For the year ended 31 March 2023
1
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of television programme production.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Graham Broadbent
Peter Czernin
Wayne Garvie
Diarmuid McKeown
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
Diarmuid McKeown
Director
8 April 2024
Blueprint Television Limited
Directors' responsibilities statement
For the year ended 31 March 2023
2
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.
Blueprint Television Limited
Statement of financial position
As at 31 March 2023
3
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
6
1
1
Current assets
Debtors
9
467,258
4,535,825
Cash at bank and in hand
743,639
526,435
1,210,897
5,062,260
Creditors: amounts falling due within one year
10
(2,974,197)
(5,856,962)
Net current liabilities
(1,763,300)
(794,702)
Net liabilities
(1,763,299)
(794,701)
Capital and reserves
Called up share capital
11
18
18
Share premium account
399,996
399,996
Profit and loss reserves
(2,163,313)
(1,194,715)
Total equity
(1,763,299)
(794,701)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 8 April 2024 and are signed on its behalf by:
Diarmuid McKeown
Director
Company Registration No. 10096325
Blueprint Television Limited
Notes to the financial statements
For the year ended 31 March 2023
4
1
Accounting policies
Company information
Blueprint Television Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32-36 Great Portland Street, 4th Floor, London, W1W 8QX.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for the production of television programmes net of VAT and trade discounts.
1.3
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:
Office Fixtures and Fittings
25%
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.
1.4
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.
Blueprint Television Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
5
1.5
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.
1.6
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 statement of financial position 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 payments 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. Amounts 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.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Blueprint Television Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
6
1.8
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 income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.9
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.
Blueprint Television Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
7
1.10
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 leases asset are consumed.
1.11
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 are included in the income statement for the period.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
-
5,506
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 5).
5
Directors' remuneration
2023
2022
£
£
Remuneration payable to directors
264,607
268,140
Blueprint Television Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
8
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Tangible fixed assets
£
Cost
At 1 April 2022 and 31 March 2023
45,069
Depreciation and impairment
At 1 April 2022 and 31 March 2023
45,069
Carrying amount
At 31 March 2023
At 31 March 2022
8
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking Scandal Productions Limited
Registered office 32-36 Great Portland Street, 4th Floor, London, W1W 8QX
Nature of business Television programme production
Class of shares held Ordinary
Proportion held (%) 100%
Date of incorporation 16 May 2017
Per the latest financial statements of Scandal Productions Ltd for the year ended 18 March 2023, the company had a profit of £127,449 and net assets £43,777
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,000
52,547
Amounts owed by subsidiary undertakings
187,278
4,415,506
Other debtors
277,980
67,772
467,258
4,535,825
Blueprint Television Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
9
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,905
67,025
Taxation and social security
157,247
18,267
Other creditors
2,771,045
5,771,670
2,974,197
5,856,962
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
138,000 (2022:138,000) A Ordinary shares at £0.0001 (2022: £0.0001) each
14
14
40,000 (2022: 40,000) B Ordinary shares at £0.0001 (2022: £0.0001) each
4
4
18
18
Issued and fully paid
40,000 (2022: 40,000) B Ordinary shares at £0.0001 (2022: £0.0001) each
4
4
4
4
Unpaid Issued Shares
138,000 (2022:138,000) A Ordinary shares at £0.0001 (2022: £0.0001) each
14
14
14
14
12
Charges
The company currently has the following outstanding registered charges against it:
Blueprint Television Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
10
13
Related party transactions
The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two 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.
The company has also taken advantage of the exemption under paragraph 1AC.35 of FRS 102 from disclosing transactions with related parties that have been carried out on an arm's length basis.
14
Control
There is no single controlling party.
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