Company registration number 05685773 (England and Wales)
PRODUCTION PARK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PRODUCTION PARK LTD
COMPANY INFORMATION
Directors
A Brooks
B H Brooks
L R Brooks
M R Tucknott
Company number
05685773
Registered office
Unit 53 Lidgate Crescent
Langthwaite Business Park
South Kirkby
Pontefract
West Yorkshire
WF9 3NR
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
PRODUCTION PARK LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 27
PRODUCTION PARK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The directors are pleased with the progress achieved by our group of companies in 2023; in continuing to create the true home of live events and entertainment technology in the UK.

 

Our environment

 

2023 marked the first full year of trading of our completed second generation campus in Wakefield, West Yorkshire as well as a number of market firsts for our education, services and innovation divisions. Our market has continued to benefit from the strong growth of live events and a cultural tailwind for exceptional collective entertainment experiences, whilst film production was negatively impacted by the SAG-AFTRA strikes over the second half of 2023 and into 2024. Despite this, the group has been able to deliver very strong results underpinning the growth of our activities and services, inline with our Second Decade Plan. We have strengthened our commitment to reach true carbon neutrality by 2030; by creating our first studio facility powered by onsite renewable power generation, as well as by acquiring ISO 9001 and 14001 approvals during the year. Through the development of our education offering at the Academy of Live Technology and our cutting edge innovation research work at XPLOR, Production Park remains at the forefront of providing people and processes to support the incredible live experiences of tomorrow.

 

Our team

 

Production Park is built on the creative talent, adaptability and energy of our people. We believe in supporting artists, sponsors, productions and practitioners to realise their absolute best results; by removing barriers and supporting their endeavors. This requires a dynamic and determined approach and demands that we look after our team, respecting their work and their personal selves in equal measure. Investment in our people has continued in 2023 with the group headcount passing a milestone of 100 valued team members. We annually review remuneration and benefit packages and have been able to provide pay increases in line with the increased cost of living. Equally, we have been able to deliver 14 internal promotions in the year whilst also securing a number of senior appointments to strengthen the group leadership team. Finally we continued to deliver a commitment to being a great place to work through our free lunches, diversified educational opportunities and speaker events.

Our passion

 

Over 2023 Production Park has hosted in excess of 100 productions ranging from theatre shows to expansive global stadium tours. We have continued to develop our campus, opening CentreStage as an onsite social hub, café and bar, as well as expanding our premium band rehearsal capabilities through Unit2. 2023 has also been an important year in establishing Production Park as a credible partner for film making. Our 2022 partnership with Blitz Hire Limited has driven both underlying growth and improved our network and customer understanding for larger film requirements. This has been effective in supporting us to play a role in a number of major film productions in 2023 and, at the time of writing, we have secured internationally sponsored film production on site in 2024.

 

Our performance

 

2023 provided a marker year for the investment and diversification strategy that has been led by our directors over the past 5 years. The group exceeded plan expectations with a turnover up more than 60% on prior year at £24.67m and an EBITDA of £7.76m for the period. This performance was delivered despite the strike environment, which the BFI estimated reduced UK film production activity by 40% across the year. In achieving this result the group continued its relentless commitment to supporting our customers through growth of equipment and facilities, adding more that £5m of fixed assets in the year and agreeing land acquisitions to allow the continued expansion of the campus.

 

PRODUCTION PARK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Our community

 

The nurturing of future talent has been a core priority of Production Park over the last decade, epitomised by the continual investment in the Academy for Live Technology (ALT). ALT, since its founding in 2011, has seen more than 1,000 students graduate directly into the entertainment technology industry, many of whom are now notable in their field as production managers, designers and systems engineers. This award winning institution has received continued support and investment from Production Park and today continues to evolve and professionalise whilst remaining focused on providing real skills; learnt hands on within industry environments. In 2023 we continued our pledge to our local community by hosting over 400 learners for free, across transitional and sponsored courses, thereby widening access and participation opportunities within the live events sector.

 

Principal risks and uncertainties

The directors approve expenditure on a daily basis and various reports are produced on a regular basis to monitor the performance of the company. Management accounts are produced promptly each month and circulated to all board members. The board considers cash flow and balances on both a weekly and monthly basis. The target of the board is to improve the financial position of the company compared to the previous year and to maintain a significant level of net assets.

Financial key performance indicators

The directors consider turnover, gross profit margin, profit before tax and net assets to be key performance indicators. The directors are satisfied with the performance and position of the group based upon these metrics at the year end.

Other performance indicators

The directors consider client retention and client satisfaction key performance indicators.

On behalf of the board

L R Brooks
Director
23 August 2024
PRODUCTION PARK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be to provide a complete service to customers involved in the live events industry. This incorporates; design and construction of staging, provision of rehearsal studios, rental of assets and provision of educational facilities to the live events industry.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Brooks
B H Brooks
L R Brooks
M R Tucknott
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, BHP 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
L R Brooks
Director
23 August 2024
PRODUCTION PARK LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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:

 

 

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.

PRODUCTION PARK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRODUCTION PARK LTD
- 5 -
Opinion

We have audited the financial statements of Production Park Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 Standard 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:

Basis for opinion

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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 themselves. 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 our audit:

PRODUCTION PARK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRODUCTION PARK LTD (CONTINUED)
- 6 -
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 identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and a review of legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PRODUCTION PARK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRODUCTION PARK LTD (CONTINUED)
- 7 -

Use of our 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.

Neil Baldwin
Senior Statutory Auditor
For and on behalf of BHP LLP
23 August 2024
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
PRODUCTION PARK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
3,913,090
2,763,354
Cost of sales
(48,848)
(80,311)
Gross profit
3,864,242
2,683,043
Administrative expenses
(3,785,272)
(2,869,339)
Other operating income
365,775
326,774
Operating profit
4
444,745
140,478
Interest receivable and similar income
7
376,647
236,168
Interest payable and similar expenses
8
(555,099)
(468,927)
Fair value gains and losses on investment properties
12
116,817
468,542
Profit before taxation
383,110
376,261
Tax on profit
9
35,389
(188,747)
Profit for the financial year
418,499
187,514

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PRODUCTION PARK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
-
0
Tangible assets
11
5,920,501
5,794,465
Investment properties
12
10,806,714
10,174,105
Investments
13
4,502
6,004
16,731,717
15,974,574
Current assets
Stocks
15
22,930
22,930
Debtors
16
14,103,187
14,350,897
Cash at bank and in hand
715,723
1,023,760
14,841,840
15,397,587
Creditors: amounts falling due within one year
17
(3,585,895)
(2,898,589)
Net current assets
11,255,945
12,498,998
Total assets less current liabilities
27,987,662
28,473,572
Creditors: amounts falling due after more than one year
18
(21,365,985)
(22,235,005)
Provisions for liabilities
Deferred tax liability
21
785,579
820,968
(785,579)
(820,968)
Net assets
5,836,098
5,417,599
Capital and reserves
Called up share capital
23
67
67
Share premium account
317,995
317,995
Revaluation reserve
776,592
776,592
Capital redemption reserve
26
26
Profit and loss reserves
24
4,741,418
4,322,919
Total equity
5,836,098
5,417,599
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
L R Brooks
Director
Company Registration No. 05685773
PRODUCTION PARK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
67
317,995
776,592
26
4,135,405
5,230,085
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
-
187,514
187,514
Balance at 31 December 2022
67
317,995
776,592
26
4,322,919
5,417,599
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
418,499
418,499
Balance at 31 December 2023
67
317,995
776,592
26
4,741,418
5,836,098
PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Production Park Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 53 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, West Yorkshire, WF9 3NR.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Production Park Holdings Limited. These consolidated financial statements are available from its registered office, Unit 53, Lidgate Crescent, South Kirkby, Pontefract, WF9 3NR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared forecasts and cashflows to 31 December 2024 which show that the company is able to operate and pay its debts as they fall due during this period. Thus the 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 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five, six or ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Customer relations
Straight line over 6 years
Brand
Straight line over 6 years
Customer list
Straight line over 6 years
Industry knowledge
Straight line over 6 years
1.6
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.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

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:

Freehold land and buildings
not depreciated
Leasehold improvements
over the period of the lease
Plant and equipment
20 - 33.33% straight line
Fixtures and fittings
20 - 33.33% straight line
Motor vehicles
25% straight line
Other fixed assets
33% 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.

 

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the financial year end date.

 

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

 

Although this accounting policy is in accordance with the applicable accounting standard, FRS102 "The Financial Reporting Standard", it is a departure from the general requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated.

 

The accounting policy adopted is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
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.

1.10
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
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.

1.12
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.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
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.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.18
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
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Estimating value in use

Where an indication of impairment exists, the directors have carried out an impairment review to determine the recoverable amount of the asset, which is the higher of fair value less cost to sell and value in use. The value in use calculation has required the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and determine a suitable discount rate in order to calculate present value.

Determining useful economic lives of tangibles

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

Determining useful economic lives of intangibles

Intangible assets have arisen due to historic acquisitions of subsidiary companies. The directors separately identified the intangible assets acquired on the acquisition. The directors have had to apply judgement as to how long they estimate the useful life to be. The factors involved in making the decision will vary for each type of intangible asset. The directors consider the useful lives on an annual basis and make adjustments as they consider appropriate.

Fair value of investment and freehold property

Production Park Limited (entity) holds investment property which is rented to other group companies. The property in question is held at fair value, the fair value is determined where possible by a current market valuation and adjusted for any significant changes in market conditions. The latest valuation was undertaken during December 2021 and is incorporated in these accounts.

 

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rental income
3,584,090
2,651,354
Management fee income
329,000
112,000
3,913,090
2,763,354
2023
2022
£
£
Other significant revenue
Interest income
376,647
236,168
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,913,090
2,763,354
PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(117,244)
(84,354)
Fees payable to the company's auditor for the audit of the company's financial statements
12,350
11,750
Depreciation of owned tangible fixed assets
203,475
140,300
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
26
25

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
755,578
868,074
Social security costs
92,395
86,425
Pension costs
47,372
39,350
895,345
993,849
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
71,715
252,537
Company pension contributions to defined contribution schemes
28,500
21,000
100,215
273,537
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
99,267

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,255
-
0
Interest receivable from group companies
375,392
215,265
Other interest income
-
0
20,903
Total income
376,647
236,168
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
551,978
465,672
Interest on finance leases and hire purchase contracts
3,121
1,726
Other interest
-
0
1,529
555,099
468,927
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(35,389)
188,747

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
383,110
376,261
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
90,107
71,490
Tax effect of expenses that are not deductible in determining taxable profit
8,324
4,710
Gains not taxable
-
0
(89,023)
Change in unrecognised deferred tax assets
(157,781)
239,090
Adjustments in respect of prior years
-
0
4,212
Deferred tax adjustments in respect of prior years
(18,480)
-
0
Effect of change in deferred tax rate
8,337
(17,631)
Other tax adjustments, reliefs and transfers
2,932
-
0
Fixed asset differences
31,172
(24,101)
Taxation (credit)/charge for the year
(35,389)
188,747
PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
153,585
Amortisation and impairment
At 1 January 2023 and 31 December 2023
153,585
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
5,104,808
128,682
1,045,026
87,625
6,366,141
Additions
238,129
26,135
45,247
20,000
329,511
At 31 December 2023
5,342,937
154,817
1,090,273
107,625
6,695,652
Depreciation and impairment
At 1 January 2023
9,825
59,525
473,946
28,380
571,676
Depreciation charged in the year
-
0
17,843
159,612
26,020
203,475
At 31 December 2023
9,825
77,368
633,558
54,400
775,151
Carrying amount
At 31 December 2023
5,333,112
77,449
456,715
53,225
5,920,501
At 31 December 2022
5,094,983
69,157
571,080
59,245
5,794,465

Freehold property is carried at the current market value, the last valuation incorporated within these financial statements was undertaken in December 2021 by an external valuer Colliers International. The directors are satisfied that this valuation was appropriate as at 31 December 2023.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Investment property
2023
£
Fair value
At 1 January 2023
10,174,105
Additions through external acquisition
515,792
Net gains or losses through fair value adjustments
116,817
At 31 December 2023
10,806,714

Investment property is carried at the current market value, the last professional valuation incorporated within these financial statements was undertaken in October 2023 by an external valuer Colliers International. The directors have updated this valuation based on their knowledge and expertise as at 31 December 2023.

13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
2
2
Investments in associates
-
0
1,502
Unlisted investments
4,500
4,500
4,502
6,004
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
1,504
4,500
6,004
Impairment
At 1 January 2023
-
-
-
Disposals
1,502
-
1,502
At 31 December 2023
1,502
-
1,502
Carrying amount
At 31 December 2023
2
4,500
4,502
At 31 December 2022
1,504
4,500
6,004
PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Academy of Live Technology Ltd
UK
Ordinary
100.00
Cato Music Limited
UK
Ordinary
100.00
Production Park Campus Limited
UK
Ordinary
100.00
Full3sixty Limited
UK
Ordinary
80.00
Production Park Progress Limited
UK
Ordinary
100.00

The address of the registered office of all subsidiary undertakings is Unit 53, Lidgate Crescent, South Kirkby, Pontefract, WF9 3NR.

15
Stocks
2023
2022
£
£
Finished goods and goods for resale
22,930
22,930
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
593,576
490,977
Amounts owed by group undertakings
11,066,861
11,748,805
Amounts owed by undertakings in which the company has a participating interest
939,927
839,101
Other debtors
526,236
620,238
Prepayments and accrued income
976,587
651,776
14,103,187
14,350,897

Amounts owed by group undertakings are subject to interest and are repayable on demand.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
20
21,343
16,878
Other borrowings
19
537,727
524,076
Trade creditors
565,547
526,569
Amounts owed to group undertakings
1,293,577
943,784
Taxation and social security
132,085
14,037
Other creditors
362,988
427,223
Accruals and deferred income
672,628
446,022
3,585,895
2,898,589

The group's bankers hold a first legal charge over all freehold property and a debenture incorporating a fixed and floating charge over all present and future assets of the group.

 

Obligations under hire purchase and finance leases are secured on the related assets.

 

Interest on the other loans is charged at between 2% and 3.85% over the Bank of England base rate.

 

18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
20
61,044
59,059
Other borrowings
19
14,514,253
15,054,442
Amounts owed to group undertakings
6,790,688
7,121,504
21,365,985
22,235,005

The group's bankers hold a first legal charge over all freehold property and a debenture incorporating a fixed and floating charge over all present and future assets of the group.

 

Obligations under hire purchase and finance leases are secured on the related assets.

 

Interest on the other loans is charged at between 2% and 3.85% over the Bank of England base rate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
11,418,623
12,987,875
PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Loans and overdrafts
2023
2022
£
£
Other loans
15,051,980
15,578,518
Payable within one year
537,727
524,076
Payable after one year
14,514,253
15,054,442
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
21,343
16,878
In two to five years
61,044
59,059
82,387
75,937

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
116,129
158,768
Revaluations
669,450
662,200
785,579
820,968
2023
Movements in the year:
£
Liability at 1 January 2023
820,968
Credit to profit or loss
(35,389)
Liability at 31 December 2023
785,579

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and unrealised chargeable gains.

PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,372
39,350

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
6,678 Ordinary A shares of 1p each
67
67

Ordinary shareholders have full and equal rights to participate in voting and full rights to participate in dividends and capital distributions.

24
Reserves

Revaluation reserve

The revaluation reserve represents the difference between the valuation which the freehold property is held in the financial statements and the historical cost price at which the property was purchased.

 

Profit & loss account

The profit and loss reserve represents accumulated profit and losses less dividends paid on equity capital.

 

Capital redemption reserve

The capital redemption reserve was created on the repurchase of share capital within the group. The movement in the current financial period is due to the company's purchase of its own shares.

25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
52,564
-
0
-
-
Other related parties
346,112
-
0
15,960
-
PRODUCTION PARK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
979,139
683,865
Other related parties
326,073
142,055
26
Ultimate controlling party

The company's ultimate parent company is Production Park Holdings Limited, a company registered in England and Wales.

 

The ultimate controlling parties are Mr A Brooks, Mr B Brooks and Mr L Brooks by virtue of their shareholdings in Production Park Holdings Limited.

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