Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31false0false2023-04-010falsefalse 09684955 2023-04-01 2024-03-31 09684955 2022-04-01 2023-03-31 09684955 2024-03-31 09684955 2023-03-31 09684955 2022-04-01 09684955 1 2022-04-01 2023-03-31 09684955 5 2022-04-01 2023-03-31 09684955 d:Director1 2023-04-01 2024-03-31 09684955 d:Director1 2024-03-31 09684955 d:Director2 2023-04-01 2024-03-31 09684955 d:Director2 2024-03-31 09684955 d:Director3 2023-04-01 2024-03-31 09684955 d:Director4 2023-04-01 2024-03-31 09684955 d:Director5 2023-04-01 2024-03-31 09684955 d:Director5 2024-03-31 09684955 d:RegisteredOffice 2023-04-01 2024-03-31 09684955 e:Buildings 2023-04-01 2024-03-31 09684955 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 09684955 e:PlantMachinery 2023-04-01 2024-03-31 09684955 e:MotorVehicles 2023-04-01 2024-03-31 09684955 e:FurnitureFittings 2023-04-01 2024-03-31 09684955 e:OfficeEquipment 2023-04-01 2024-03-31 09684955 e:Goodwill 2023-04-01 2024-03-31 09684955 e:CurrentFinancialInstruments 2024-03-31 09684955 e:CurrentFinancialInstruments 2023-03-31 09684955 e:Non-currentFinancialInstruments 2024-03-31 09684955 e:Non-currentFinancialInstruments 2023-03-31 09684955 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 09684955 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 09684955 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 09684955 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 09684955 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 09684955 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 09684955 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-03-31 09684955 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 09684955 e:ShareCapital 2024-03-31 09684955 e:ShareCapital 2023-03-31 09684955 e:ShareCapital 2022-04-01 09684955 e:RevaluationReserve 2023-04-01 2024-03-31 09684955 e:RevaluationReserve 2024-03-31 09684955 e:RevaluationReserve 2023-03-31 09684955 e:RevaluationReserve 2022-04-01 09684955 e:RevaluationReserve 1 2022-04-01 2023-03-31 09684955 e:RevaluationReserve 5 2022-04-01 2023-03-31 09684955 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09684955 e:RetainedEarningsAccumulatedLosses 2024-03-31 09684955 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09684955 e:RetainedEarningsAccumulatedLosses 2023-03-31 09684955 e:RetainedEarningsAccumulatedLosses 2022-04-01 09684955 e:RetainedEarningsAccumulatedLosses 1 2022-04-01 2023-03-31 09684955 d:OrdinaryShareClass1 2023-04-01 2024-03-31 09684955 d:OrdinaryShareClass1 2024-03-31 09684955 d:OrdinaryShareClass1 2023-03-31 09684955 d:FRS102 2023-04-01 2024-03-31 09684955 d:Audited 2023-04-01 2024-03-31 09684955 d:FullAccounts 2023-04-01 2024-03-31 09684955 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09684955 e:Subsidiary1 2023-04-01 2024-03-31 09684955 e:Subsidiary1 1 2023-04-01 2024-03-31 09684955 e:Subsidiary2 2023-04-01 2024-03-31 09684955 e:Subsidiary2 1 2023-04-01 2024-03-31 09684955 e:Subsidiary3 2023-04-01 2024-03-31 09684955 e:Subsidiary3 1 2023-04-01 2024-03-31 09684955 e:Subsidiary4 2023-04-01 2024-03-31 09684955 e:Subsidiary4 1 2023-04-01 2024-03-31 09684955 e:Subsidiary5 2023-04-01 2024-03-31 09684955 e:Subsidiary5 1 2023-04-01 2024-03-31 09684955 e:Subsidiary6 2023-04-01 2024-03-31 09684955 e:Subsidiary6 1 2023-04-01 2024-03-31 09684955 e:Subsidiary7 2023-04-01 2024-03-31 09684955 e:Subsidiary7 1 2023-04-01 2024-03-31 09684955 e:Subsidiary8 2023-04-01 2024-03-31 09684955 e:Subsidiary8 1 2023-04-01 2024-03-31 09684955 e:Subsidiary9 2023-04-01 2024-03-31 09684955 e:Subsidiary9 1 2023-04-01 2024-03-31 09684955 d:Consolidated 2024-03-31 09684955 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 09684955 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09684955 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 09684955 1 2023-04-01 2024-03-31 09684955 2 2023-04-01 2024-03-31 09684955 6 2023-04-01 2024-03-31 09684955 e:ShareCapital 1 2022-04-01 2023-03-31 09684955 f:PoundSterling 2023-04-01 2024-03-31 09684955 e:RetainedEarningsAccumulatedLosses 5 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09684955







MEDIA ZOO HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
MEDIA ZOO HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
M Killick (resigned 21 July 2023)
R Pendered (resigned 21 July 2023)
S E Ledwidge 
A J McRae 
G O Smith (appointed 8 August 2023)




Registered number
09684955



Registered office
B1 The Boulevard

Imperial Wharf

London

SW6 2UB




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
MEDIA ZOO HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14 - 15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 38


 
MEDIA ZOO HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the financial year ending 31 March 2024.

Business review
 
The group’s principal activities during the year were the provision of communication, production, content creation and learning & development services.The group developed well in year with gross profit increasing by 6.9% to £13.0m.
The business has also carefully managed its cost base and delivered a significant improvement on EBITDA position to £469,405 representing a growth of 119%.In July 2023 the co-founders left the business and Giles Smith who has been with the business as a senior leader since 2020 was appointed CEO.
The Group has evolved its offering to a more client centric model, taking the capability of the full-service creative agency, offering services in digital learning, film production, and strategic communications.
In the last year the Group have shifted the perspective to leverage its expertise in storytelling, creativity and technology to deliver impactful content for a diverse range of clients and solutions.
Our solutions aim to maximize the value of our team, driving enhanced returns on creative innovation through multiple sales, reduced costs, and outcome-based pricing. In addition, our staff augmentation solution has been enhanced throughout Graduate programme and offers a wider range of flexibility and options. In the last year we have launched products and services in ESG, DE&I, change & Transformation, and leadership & spokesperson academy, alongside our bespoke agency services.
The group continues to develop new digital products and services into the marketplace and has strong future growth opportunities with existing and potential new clients in the UK and overseas.

Principal risks and uncertainties
 
As with any business, the group may be affected by several risks and uncertainties, some of which are beyond its control. The principal risks facing the group are described below.
Economic Environment
 
The group relies on demand for its products and services and is vulnerable to the effect of challenging economic conditions, which could inhibit growth and create uncertainty. This could result in campaigns or projects being cancelled or deferred at short notice. Whilst the group has long-standing relationships with its clients, the level of spend is predominantly at their discretion rather than being guaranteed. By having a diverse client base and a strategy that includes diversification into new markets and delivering new products and services this helps to mitigate any economic downturns or challenges.
Competition
The group operates in a competitive environment with other established businesses and new entrants all seeking to win and retain clients and activity. The group manages this challenge by providing added value services to clients, achieving or exceeding service level agreements and by maintaining strong client relationships. Whilst our resourcing model enables us to maintain competitive market rates.

Talent
The employees of the group are one of the most important assets. Their expertise, commitment and professional execution are what drives the continued success of the group. Future success is dependent on securing and retaining key employees. The group ensures that a strong culture is maintained, and that staff are supported, provided with strong development plans and are competitively remunerated. To ensure we continue to develop new and existing talent we have invested in Exchanging, our in-house skills development programme, as well as launching Zoouniversity, a Graduate programme to ensure we have a strong pipeline of talent.

Page 1

 
MEDIA ZOO HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The key financial KPIs are Revenue and Gross Profit performance, EBITDA delivery and net cash generated from operating activities.
The group revenue decreased from £16.5m to £16.0m but Gross profit increased from £12.3m to £13.0m. This highlights the increase in retained services compared to one off events.
The group also delivered a significant improvement on EBITDA position to £469,405 representing a growth of 119%.
The group generated £263,428 of net cash from operating expenses.


This report was approved by the board on 29 August 2024 and signed on its behalf.



A J McRae
Director

Page 2

 
MEDIA ZOO HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Principal activity

The principal activity of the group is the production of film projects, PR consultancy and Learning & Development projects.

Results and dividends

The loss for the year, after taxation, amounted to £1,096,474 (2023 - loss £3,722,135).

The total distribution of dividends to the owners of the company for the year is £nil (2023 - £nil).

Directors

The directors who served during the year were:

M Killick (resigned 21 July 2023)
R Pendered (resigned 21 July 2023)
S E Ledwidge 
A J McRae 
G O Smith (appointed 8 August 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
MEDIA ZOO HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the balance sheet date other than those mentioned within the strategic report.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 August 2024 and signed on its behalf.
 





A J McRae
Director

Page 4

 
MEDIA ZOO HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Media Zoo Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
MEDIA ZOO HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO HOLDINGS LIMITED (CONTINUED)


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MEDIA ZOO HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO HOLDINGS LIMITED (CONTINUED)


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 Group 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:
Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management and those charged with governance around actual and potential litigation and claims.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
Review of after year end information to ensure expenditure have been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
MEDIA ZOO HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Philip Munk FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

30 August 2024
Page 8

 
MEDIA ZOO HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
16,025,020
16,503,604

Cost of sales
  
(3,003,034)
(4,234,615)

Gross profit
  
13,021,986
12,268,989

Administrative expenses
  
(13,130,280)
(15,056,878)

Other operating income
 4 
-
2,056

Operating loss
 5 
(108,294)
(2,785,833)

Interest receivable and similar income
 10 
1,069
1,439

Interest payable and similar expenses
 11 
(1,008,514)
(867,191)

Loss before taxation
  
(1,115,739)
(3,651,585)

Taxation
 12 
19,265
(70,550)

Loss for the financial year
  
(1,096,474)
(3,722,135)

  

Unrealised deficit on revaluation of tangible fixed assets
  
-
(369,762)

Impairment on property
  
-
(614,477)

Deferred tax on property
  
-
223,874

Other comprehensive (loss) for the year
  
-
(760,365)

Total comprehensive (loss) for the year
  
(1,096,474)
(4,482,500)

Owners of the parent Company
  
(1,096,474)
(3,722,135)

  
(1,096,474)
(3,722,135)

The notes on pages 17 to 38 form part of these financial statements.

Page 9

 
MEDIA ZOO HOLDINGS LIMITED
REGISTERED NUMBER: 09684955

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
2,091,645
2,335,300

Tangible assets
 16 
7,711,808
7,862,430

  
9,803,453
10,197,730

Current assets
  

Debtors: amounts falling due within one year
 18 
3,009,555
3,975,227

Cash at bank and in hand
 19 
3,406,603
5,189,804

  
6,416,158
9,165,031

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(6,977,131)
(6,403,589)

Net current (liabilities)/assets
  
 
 
(560,973)
 
 
2,761,442

Total assets less current liabilities
  
9,242,480
12,959,172

Non current liabilities
  

Creditors: amounts falling due after more than one year
 21 
(8,696,566)
(11,296,544)

Provisions for liabilities
  

Deferred taxation
 24 
(525,027)
(545,267)

  
 
 
(525,027)
 
 
(545,267)

Net assets
  
20,887
1,117,361


Capital and reserves
  

Called up share capital 
 25 
91
91

Revaluation reserve
 26 
800,534
800,534

Profit and loss account
 26 
(779,738)
316,736

  
20,887
1,117,361


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2024.



A J McRae
Director

The notes on pages 17 to 38 form part of these financial statements.

Page 10

 
MEDIA ZOO HOLDINGS LIMITED
REGISTERED NUMBER: 09684955

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
270
270

Investments
 17 
3,384,200
3,384,200

  
3,384,470
3,384,470

Current assets
  

Debtors: amounts falling due within one year
 18 
1,896,947
1,708,372

Cash at bank and in hand
 19 
947,694
1,552,257

  
2,844,641
3,260,629

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(741,078)
(840,975)

Net current assets
  
 
 
2,103,563
 
 
2,419,654

Total assets less current liabilities
  
5,488,033
5,804,124

Non current liabilities
  

Creditors: amounts falling due after more than one year
 21 
(5,464,932)
(5,000,000)

  

Net assets
  
23,101
804,124


Capital and reserves
  

Called up share capital 
 25 
91
91

Profit and loss account brought forward
  
804,033
4,501,668

Loss for the year
  
(781,023)
(1,164,401)

Other changes in the profit and loss account

  

-
(2,533,234)

Profit and loss account carried forward
  
23,010
804,033

  
23,101
804,124


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2024.




A J McRae
Director

The notes on pages 17 to 38 form part of these financial statements.

Page 11

 
MEDIA ZOO HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
91
1,560,899
6,572,105
8,133,095


Comprehensive income for the year

Loss for the year
-
-
(3,722,135)
(3,722,135)

Deficit on revaluation of freehold property
-
(369,762)
70,255
(299,507)

Impairment adjustment - leasehold property
-
(614,477)
-
(614,477)

Deferred tax on revaluation gain
-
223,874
-
223,874


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,603,489)
(2,603,489)



At 1 April 2023
91
800,534
316,736
1,117,361


Comprehensive income for the year

Loss for the year
-
-
(1,096,474)
(1,096,474)


At 31 March 2024
91
800,534
(779,738)
20,887


The notes on pages 17 to 38 form part of these financial statements.

Page 12

 
MEDIA ZOO HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
91
299,507
4,501,668
4,801,266


Comprehensive income for the year

Loss for the year
-
-
(1,164,401)
(1,164,401)

Deficit on revaluation of freehold property
-
(369,762)
70,255
(299,507)

Deferred tax on revaluation
-
70,255
-
70,255


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,603,489)
(2,603,489)



At 1 April 2023
91
-
804,033
804,124


Comprehensive income for the year

Loss for the year
-
-
(781,023)
(781,023)


At 31 March 2024
91
-
23,010
23,101


The notes on pages 17 to 38 form part of these financial statements.

Page 13

 
MEDIA ZOO HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(1,096,474)
(3,722,135)

Adjustments for:

Amortisation of intangible assets
243,655
101,523

Depreciation of tangible assets
236,082
267,206

Impairments of fixed assets
-
860,212

Loss on disposal of tangible assets
872
(15,746)

Interest paid
1,008,514
867,191

Interest received
(1,069)
(1,439)

Taxation charge
(21,215)
70,550

Decrease in debtors
1,066,384
1,170,478

(Decrease)/increase in creditors
(1,173,321)
5,362,513

Corporation tax paid
-
(235,667)

Net cash generated from operating activities

263,428
4,724,686


Cash flows from investing activities

Purchase of intangible fixed assets
-
(2,436,553)

Purchase of tangible fixed assets
(113,430)
(213,312)

Sale of tangible fixed assets
27,098
837,848

Interest received
1,069
1,439

Net cash from investing activities

(85,263)
(1,810,578)
Page 14

 
MEDIA ZOO HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(927,004)
(940,248)

Repayment of/new finance leases
(25,848)
(86,015)

Dividends paid
-
(2,603,489)

Interest paid
(1,008,514)
(867,191)

Net cash used in financing activities
(1,961,366)
(4,496,943)

Net (decrease) in cash and cash equivalents
(1,783,201)
(1,582,835)

Cash and cash equivalents at beginning of year
5,189,804
6,772,639

Cash and cash equivalents at the end of year
3,406,603
5,189,804


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,406,603
5,189,804

3,406,603
5,189,804


The notes on pages 17 to 38 form part of these financial statements.

Page 15

 
MEDIA ZOO HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

5,189,804

(1,783,201)

3,406,603

Debt due after 1 year

(6,296,544)

3,064,910

(3,231,634)

Debt due within 1 year

(1,004,821)

(2,109,622)

(3,114,443)

Finance leases

(25,848)

25,848

-


(2,137,409)
(802,065)
(2,939,474)

The notes on pages 17 to 38 form part of these financial statements.

Page 16

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Media Zoo Holdings Limited is a private company limited by shares, registered in England and Wales. The principal activity of the company in the year under review was that of a holding company.
The address of the registered office is given on the Company Information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2015.

  
2.3

Turnover

Turnover comprises revenue recognised by the group in respect of media services and property rental income during the year, exclusive of value added tax and trade discounts.
Turnover is recognised in the profit and loss account over the period to which it relates. Where invoiced in advance, the turnover is included at the stage of completion in deferred income in the balance sheet.

Page 17

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Group achieved an EBITDA for the financial year of £469,405 (2023: Loss EBITDA of £2,444,881), and a loss for the financial year of £1,096,474 (2023: loss of £3,722,135). The directors have prepared a detailed budget and strategic plan covering the period to 31 March 2027, these take into account all reasonably foreseeable circumstances and include consideration of client demand, new products and services, cashflows and working capital requirements. The Group maintains a good relationship and support from its shareholders and lenders. The directors are confident that the Group and Company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
at a rate designed to write off the cost over the life of the leases
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
5%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The company's leasehold properties used by it's subsidiaries are recognised in the company under the costs model within tangible fixed assets. Paragraph 16.4A(b) provides an optional exemption to treat investment properties rented solely to group entities under property, plant and equipment under the cost model.
The freehold and leasehold properties used by it's subsidiaries are recognised in the group as tangible fixed assets and any associated gains and losses and deferred taxation thereon are recognised in the revaluation reserve.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Page 23

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Media services
16,025,020
16,503,604

16,025,020
16,503,604


2024
2023
£
£

United Kingdom
10,279,560
10,300,682

Rest of the world
5,745,460
6,202,922

16,025,020
16,503,604



4.


Other operating income

2024
2023
£
£

Insurance claims receivable
-
2,056

-
2,056



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
92,688
(11,065)

Other operating lease rentals
57,598
33,161


6.


Earnings before interest, taxation, dividends and amortisation.

The Group has an earnings before interest, tax, dividends and amortisation of £469,405 (2023 - Loss £2,444,881) during the current year.

Page 25

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor in respect of:

Auditor's remuneration
52,850
47,000

Taxation compliance services
5,150
4,250


8.


Staff costs

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
8,552,085
10,008,176

Social security costs
1,002,741
1,194,476

Cost of defined contribution scheme
146,916
160,728

9,701,742
11,363,380


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative
143
170

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
374,679
830,511

Group contributions to defined contribution pension schemes
7,388
4,916

382,067
835,427



The highest paid director received remuneration of £134,679 (2023 - £389,884).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,333 (2023 - £2,128).

Page 26

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
1,069
1,439

1,069
1,439


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
507,144
384,677

Other loan interest payable
501,370
482,514

1,008,514
867,191


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
975
246

Adjustments in respect of previous periods
-
34,589


975
34,835


Total current tax
975
34,835

Deferred tax


Origination and reversal of timing differences
(20,240)
35,715

Total deferred tax
(20,240)
35,715


Taxation
(19,265)
70,550
Page 27

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,115,739)
(3,651,585)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(278,935)
(693,801)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
23,468
49,248

Capital allowances for year in excess of depreciation
(19,830)
9,279

Utilisation of tax losses
-
(2,164)

Adjustments to tax charge in respect of prior periods
-
34,589

Other timing differences leading to an increase in taxation
-
35,715

Goodwill amortisation and impairment
60,914
182,730

Non-UK Corporation tax
(50,943)
(8,241)

Capital gains
-
6,541

Tax losses carried forward
282,440
482,700

Short term timing differences
(20,240)
35,715

Group relief
(16,139)
(61,761)

Total tax (credit)/charge for the year
(19,265)
70,550


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £781,023 (2023 - loss £1,164,401).

Page 28

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Dividends

2024
2023
£
£


Dividends paid to owners
-
2,603,489

-
2,603,489


15.


Intangible assets

Group and Company





Patents
Goodwill
Total

£
£
£



Cost


At 1 April 2023
270
2,436,553
2,436,823



At 31 March 2024

270
2,436,553
2,436,823



Amortisation


At 1 April 2023
-
101,523
101,523


Charge for the year on owned assets
-
243,655
243,655



At 31 March 2024

-
345,178
345,178



Net book value



At 31 March 2024
270
2,091,375
2,091,645



At 31 March 2023
270
2,335,030
2,335,300



Page 29

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost


At 1 April 2023
711,308
7,538,622
1,280,676
110,930
1,513,447
11,154,983


Additions
-
-
112,709
-
721
113,430


Disposals
-
-
-
(52,440)
-
(52,440)



At 31 March 2024

711,308
7,538,622
1,393,385
58,490
1,514,168
11,215,973



Depreciation


At 1 April 2023
-
1,587,124
977,350
71,188
656,891
3,292,553


Charge for the year on owned assets
87,809
(70,235)
110,103
-
77,239
204,916


Charge for the year on financed assets
-
-
19,394
11,772
-
31,166


Disposals
-
-
-
(24,470)
-
(24,470)



At 31 March 2024

87,809
1,516,889
1,106,847
58,490
734,130
3,504,165



Net book value



At 31 March 2024
623,499
6,021,733
286,538
-
780,038
7,711,808



At 31 March 2023
711,308
5,951,498
303,326
39,742
856,556
7,862,430




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
623,499
711,308

Long leasehold
6,021,733
5,951,498

6,645,232
6,662,806


Paragraph 35.10(d) of FRS 102 provides an optional exemption from restating the value of the property based on its original cost. The group has decided not to continue its policy of revaluation as permitted by FRS 102. The revalued amount from the valuation as at 20 November 2015 is now used as its deemed cost. In order to comply with company law the revaluation reserve has been retained and any excess depreciation will be offset against it.

Page 30

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           16.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
39,742

Motor vehicles
-
25,859

-
65,601

Page 31

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
3,384,200



At 31 March 2024
3,384,200





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Media Zoo Limited
England
Ordinary
100%
Media Zoo Properties Limited
England
Ordinary
100%
Media Zoo Scotland Limited
Scotland
Ordinary
100%
Media Zoo Scotland Properties Limited
Scotland
Ordinary
100%
Media Zoo London Limited
England
Ordinary
100%
Media Zoo Switzerland AG
Switzerland
Ordinary
100%
Media Zoo US Inc
United States of America
Ordinary
100%
Media Zoo Hong Kong Limited
Hong Kong
Ordinary
100%
Finer Vision Holdings Limited
England
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Finer Vision Limited
England
Ordinary
100%

The above subsidiaries have been consolidated within the group financial statements.

Page 32

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,450,026
3,650,865
-
-

Amounts owed by group undertakings
-
-
1,785,695
1,708,372

Other debtors
92,851
105,526
32,725
-

Prepayments and accrued income
466,678
218,836
78,527
-

3,009,555
3,975,227
1,896,947
1,708,372



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,406,603
5,189,804
947,694
1,552,257

3,406,603
5,189,804
947,694
1,552,257


Page 33

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
3,113,457
975,551
-
-

Trade creditors
775,349
475,027
167,362
22,679

Amounts owed to group undertakings
-
-
446,477
461,486

Corporation tax
601
249,307
387
-

Other taxation and social security
563,793
740,001
-
-

Obligations under finance lease and hire purchase contracts
-
25,848
-
-

Other creditors
161,297
490,158
102,082
290,521

Accruals and deferred income
2,362,634
3,447,697
24,770
66,289

6,977,131
6,403,589
741,078
840,975



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank loans
3,113,457
975,551

3,113,457
975,551

Details of security provided:

Included within creditors falling due within one year are bank loans of £3,113,457 (2023 - £975,551) that are secured by fixed charges over the freehold and leasehold properties.

Page 34

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
3,231,634
6,296,544
-
-

Other creditors
5,464,932
5,000,000
5,464,932
5,000,000

8,696,566
11,296,544
5,464,932
5,000,000



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
3,231,634
6,296,544

3,231,634
6,296,544

Details of security provided:

Included within creditors falling due within one year are bank loans of £3,231,634 (2023 - £6,296,544) that are secured by fixed charges over the freehold and leasehold properties.




22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
3,113,457
975,551
-
-


Amounts falling due 2-5 years

Bank loans
1,645,650
4,596,421
-
-

Other loans
5,464,932
5,000,000
5,464,932
5,000,000

Amounts falling due after more than 5 years

Bank loans
1,585,984
1,700,123
-
-

11,810,023
12,272,095
5,464,932
5,000,000


Page 35

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
-
25,847

-
25,847


24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(545,267)
(733,426)


Charged to profit or loss
20,240
94,487


Utilised in year
-
93,672



At end of year
(525,027)
(545,267)

Company


2024
2023





At beginning of year
-
(93,672)


Utilised in year
-
93,672



At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
Company
2024
2023
2023
£
£
£

Accelerated capital allowances
(258,182)
(278,422)
-

Deferred tax on revaluation gains
(266,845)
(266,845)
-

(525,027)
(545,267)
-

Page 36

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



91 (2023 - 91) Ordinary shares of £1.00 each
91
91



26.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation was previously adopted. 
Paragraph 35.10(d) of FRS 102 provides an optional exemption from restating the value of the property based on its original cost. The group and company has decided not to continue its policy of revaluation as permitted by FRS 102. The revalued amount from the valuation as at 20 November 2015 is now used as its deemed cost. In order to comply with company law the revaluation reserve has been retained and any excess depreciation will be offset against it.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of adjustments and dividends.


27.


Contingent liabilities

On 16 November 2022, the entire share capital of Finer Vision Holdings Limited, was acquired by Media Zoo Holdings Limited. Finer Vision Holdings Limited is a dormant parent company owning 100% of the share capital in Finer Vision Limited. The company has a present obligation to pay further consideration on the anniversary of the acquisition of Finer Vision Holding Limited for the first three years based on financial performance measures. The outcome of the contingent consideration cannot be measured with a  fair and reliable estimate and has not been recognised as a provision at the date of acquisition. In the event the contingent consideration becomes payable on the anniversary dates of the acquisition and this amount can be measured reliably, the cost will be recognised within the cost of the investment in the respective year it relates to.


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £132,529 (2023 - £143,939). Contributions totalling £5,538 (2023 - £26,390) were payable to the fund at the balance sheet date and are included in creditors.


29.


Transactions with directors

At the year end, the company was owed an amount of £nil (2023: £81,302).

Page 37

 
MEDIA ZOO HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

30.


Subsidiary Companies Exemption

The following companies are exempt from the requirement to be audited by virtue of Section 479A of The Companies Act 2006.
Media Zoo Scotland Limited (Registered Number SC550714)
Media Zoo Properties Limited (Registered Number 06681453)
Media Zoo Scotland Properties Limited (Registered Number SC577914)
Media Zoo London Limited (Registered Number 11986482)
Finer Vision Holdings Limited (Registered Number 10528521)
Finer Vision Limited (Registered Number 07042837)


31.


Controlling party

The company has no ultimate controlling party.

Page 38