Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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MEDIA ZOO LIMITED
COMPANY INFORMATION
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MEDIA ZOO LIMITED
CONTENTS
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MEDIA ZOO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their strategic report for the financial year ending 31 March 2024.
The company’s principal activities during the year was the provision of communication, production, content creation and learning & development services. The company developed well in year with gross profit increasing by 1.6% to £10.3m.
The business has also carefully managed its cost base and delivered a significant improvement on EBITDA position to £50,900 representing a growth of 103%. 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 company and 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 company has 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 company 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.
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MEDIA ZOO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
As with any business, the company 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 company 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 company 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 company operates in a competitive environment with other established businesses and new entrants all seeking to win and retain clients and activity. The company 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 competetive market rates.
Talent
The employees of the company are one of the most important assets. Their expertise, commitment and professional execution are what drives the continued success of the company. Future success is dependent on securing and retaining key employees. The company 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.
The key financial KPIs are Revenue and Gross Profit performance and EBITDA delivery.
The company revenue decreased from £15m to £14.1m but Gross profit decreased from £10.8m to £10.3m. This highlights the increase in retained services compared to one off events. The company also delivered a significant improvement on EBITDA position to £50,900 representing a growth of 103%.
This report was approved by the board on 29 August 2024 and signed on its behalf.
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MEDIA ZOO 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.
The loss for the year, after taxation, amounted to £258,899 (2023 - loss £1,850,641).
The total distribution of dividends to the owners of the company for the period are £nil (2023 - £nil).
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
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MEDIA ZOO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events affecting the company since the balance sheet date.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MEDIA ZOO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO LIMITED
We have audited the financial statements of Media Zoo Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of 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).
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 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.
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.
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.
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MEDIA ZOO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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MEDIA ZOO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO LIMITED (CONTINUED)
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:
∙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.
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MEDIA ZOO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDIA ZOO LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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MEDIA ZOO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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MEDIA ZOO LIMITED
REGISTERED NUMBER: 04655948
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 22 form part of these financial statements.
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MEDIA ZOO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Media Zoo Limited is a private company limited by shares, registered in England and Wales. The principal activity of the company is the production of film projects, PR consultancy and Learning & Development projects.
The address of the registered office is given on the Company Information page of these financial statements.
2.Accounting policies
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Media Zoo Holdings Limited as at 31 March 2024 and these financial statements may be obtained from B1 The Boulevard, Imperial Wharf, London, SW6 2UB.
The Company achieved an EBITDA for the financial year of £50,900 (2023: EBITDA Loss of £1,473,627), and a loss for the financial year of £258,899 (2023: loss of £1,850,641). 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 Company maintains a good relationship and support from its shareholders and lenders. The directors are confident that the 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.
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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. 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.
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MEDIA ZOO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18.Deferred taxation (continued)
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £106,786 (2023 - £135,363). Contributions totalling £968 (2023 - £23,850) were payable to the fund at the balance sheet date and are included in creditors.
At the year end, the company was owed an amount of £nil (2023: £81,302).
There is no ultimate controlling party.
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