Baby Cow Productions Limited
Annual Report and Financial Statements
For the year ended 31 March 2024
Company registration number 03851811 (England and Wales)
Baby Cow Productions Limited
Contents
Page
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4 - 14
Baby Cow Productions Limited
Income Statement
For the year ended 31 March 2024
Page 1
2024
2023
Notes
£
£
Revenue
1,959,911
2,754,521
Cost of sales
(255,359)
(1,329,945)
Gross profit
1,704,552
1,424,576
Administrative expenses
(1,808,740)
(1,792,784)
Other operating income
98,916
527,737
Operating (loss)/profit
(5,272)
159,529
Investment income
6,975
3,167
Finance costs
(137,808)
(113,196)
Other gains and losses
(237,976)
(Loss)/profit before taxation
(374,081)
49,500
Tax on (loss)/profit
(Loss)/profit and total comprehensive income for the financial year
(374,081)
49,500
Baby Cow Productions Limited
Statement Of Financial Position
As at 31 March 2024
Page 2
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
4
8,007
9,057
Property, plant and equipment
5
101,328
340,280
Investments
6
9
9
109,344
349,346
Current assets
Trade and other receivables
7
625,357
460,672
Cash and cash equivalents
1,006,946
1,235,253
1,632,303
1,695,925
Current liabilities
8
(3,544,556)
(3,265,863)
Net current liabilities
(1,912,253)
(1,569,938)
Total assets less current liabilities
(1,802,909)
(1,220,592)
Non-current liabilities
8
-
(208,236)
Net liabilities
(1,802,909)
(1,428,828)
Equity
Called up share capital
13
96
96
Share premium account
14
199,912
199,912
Retained earnings
(2,002,917)
(1,628,836)
Total equity
(1,802,909)
(1,428,828)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
J Merrell
Director
Company Registration No. 03851811
Baby Cow Productions Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 3
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 1 April 2022
96
199,912
(1,678,336)
(1,478,328)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
49,500
49,500
Balance at 31 March 2023
96
199,912
(1,628,836)
(1,428,828)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(374,081)
(374,081)
Balance at 31 March 2024
96
199,912
(2,002,917)
(1,802,909)
Baby Cow Productions Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 4
1
Accounting policies
Company information
Baby Cow Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Television Centre, 101 Wood Lane, London, United Kingdom, W12 7FA. The company's principal activities and nature of its operations continued to be production of television programmes.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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, except for the revaluation of certain financial instruments at fair value, where specified. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
presentation of a statement of cash flows and related notes;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
related party disclosures for transactions with the parent or wholly owned members of the group.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Baby Cow Productions Limited is a subsidiary of BBC Studios Distribution Limited and the results of Baby Cow Productions Limited are included in the consolidated financial statements statements of the ultimate parent undertaking, the British Broadcasting Corporation which are available from www.bbc.co.uk/annualreport.
Where required, equivalent disclosures are given in the group accounts of BBC Commercial Limited.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company made a loss for the year £374,081 for the year ended 31st March 2024 and had net liabilities at that date of £1,802,909. At the year end an amount due of £2,004,037 was due to the parent undertaking in respect of working capital. The parent company has confirmed it will continue to support the company and will not call for amounts due for at least a 12 month period from signing the audit report.
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. The complexity of individual contractual terms may require the company to make judgements in assessing when the triggers for revenue recognition have been met, particularly whether the company has sufficiently fulfilled its obligations under the contract to allow revenue to be recognised.
Revenue is recognised either when the performance obligation in the contract has been performed ('point in time' recognition) or 'over time' as control of the performance obligation is transferred to the customer. A performance obligation must meet one of the three criteria in IFRS 15 to meet ‘over time’ recognition. The default category, if none of these criteria are met, is 'point in time' recognition. Refer to the company‘s revenue streams below for which category the revenue recognition generally meets.
Revenue is recognised exclusive of Value Added Tax.
The company's main sources of contract revenue are recognised as follows:
Production fees, production funding and royalties from product sales are recognised as earned. Production fees are recognised 'episodically' on delivery of each episode.
Where royalties are collected by third parties, turnover is recognised on receipt, or on an accruals basis where sufficient reliable information is available.
1.4
Intangible 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.
Trademarks
Trademark costs are capitalised and amortised over the period during which the company is expected to benefit. The amortisation period is 10 years on a straight line basis.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the lease term
Leasehold improvements
Straight line over the lease term
Fixtures and fittings
25% reducing balance basis
Office equipment
25% reducing balance basis
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 recognised in the income statement.
Leasehold property includes the right of use assets.
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
1.6
Non-current investments
Interests in subsidiaries 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.
1.7
Cash and cash equivalents
Cash and cash equivalents 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.
1.8
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
The company assesses on a forward-looking basis the expected credit loss associated with its financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 7
1.9
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Financial liabilities at fair value through profit or loss
Basic financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 inventories or non-current 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 8
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
Rentals payable under operating leases, less any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
2
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Revenue
The timing of revenue recognition requires judgement, as does the amount to be recognised. This may involve estimating the value of consideration before it is received. In making these judgements, the company considers the detailed criteria for the recognition of revenue set out in IFRS 15 "Revenue from contracts with customers", the accounting criteria set out in Note 1.3 and whether the company has satisfied performance obligations in contracts.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
Production
4
5
Administration
5
6
Total
11
13
4
Intangible fixed assets
Other intangibles
£
Cost
At 31 March 2023
10,500
At 31 March 2024
10,500
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
4
Intangible fixed assets
Other intangibles
£
(Continued)
Page 10
Amortisation and impairment
At 31 March 2023
1,443
Charge for the year
1,050
At 31 March 2024
2,493
Carrying amount
At 31 March 2024
8,007
At 31 March 2023
9,057
5
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Office equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 April 2023
419,480
42,074
24,796
17,908
504,258
Revaluation increase
(143,469)
(143,469)
At 31 March 2024
276,011
42,074
24,796
17,908
360,789
Accumulated depreciation and impairment
At 1 April 2023
118,853
11,921
21,913
11,291
163,978
Charge for the year
83,895
8,414
721
2,453
95,483
At 31 March 2024
202,748
8,414
24,555
23,744
259,461
Carrying amount
At 31 March 2024
73,263
33,660
241
(5,836)
101,328
At 31 March 2023
300,627
30,153
2,883
6,617
340,280
6
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Other investments
-
-
9
9
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 11
7
Trade and other receivables
2024
2023
£
£
Trade receivables
44,074
91,234
Amounts owed by subsidiary undertakings
374,180
105,607
Other receivables
153,550
185,768
Prepayments and accrued income
53,553
78,063
625,357
460,672
8
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Borrowings
9
2,007,558
1,312,909
Trade and other payables
10
1,387,919
1,754,541
Taxation and social security
90,911
119,025
-
-
Lease liabilities
11
58,168
79,388
-
208,236
3,544,556
3,265,863
-
208,236
9
Borrowings
2024
2023
£
£
Borrowings held at amortised cost:
Directors' loans
3,521
12,909
Loans from parent undertaking
2,004,037
1,300,000
2,007,558
1,312,909
10
Trade and other payables
2024
2023
£
£
Trade payables
32
618,714
Amounts owed to subsidiary undertakings
1,001,906
351,290
Accruals and deferred income
319,259
136,423
Other payables
66,722
648,114
1,387,919
1,754,541
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 12
11
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
58,168
287,624
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£
£
Current liabilities
58,168
79,388
Non-current liabilities
-
208,236
58,168
287,624
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
17,620
22,972
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,330
14,264
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.
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
2,256
2,256
22
96
B Ordinary shares of 1p each
600
600
6
-
A Ordinary shares of 1p each
6,768
6,768
68
-
9,624
9,624
96
96
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 13
14
Share premium account
2024
2023
£
£
At the beginning and end of the year
199,912
199,912
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Joanna Cosgrove and the auditor was Moore Kingston Smith LLP.
16
Related party transactions
Remuneration of key management personnel
Baby Cow Productions has related parties, but has not disclosed 100% owned entities. There are no disclosures required under FRS101.
Other transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Parent company
997,094
6,854
Joint ventures in which the entity is a party
6,993
1,004,087
6,854
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Parent company
2,097,672
1,804,037
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Parent company
257,230
-
Baby Cow Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 14
17
Controlling party
The parent company of Baby Cow Productions is BBC Studios Distribution Limited and its registered office is 1 Television Centre, 101 Wood Lane, London W12 7FA.
The ultimate controlling party is the British Broadcasting Corporation (BBC) which is incorporated in the United Kingdom by Royal Charter.
The largest group in which the results of the parent company are consolidated is that headed by the BBC. The smallest group in which the results of the parent company are consolidated is that of BBC Commercial Limited. The consolidated accounts of the BBC may be obtained online at www.bbc.co.uk/annual report.
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