Blink Productions Limited
Financial Statements
For the year ended 31 May 2024
Pages for Filing with Registrar
Company Registration No. 01917001 (England and Wales)
Blink Productions Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 10
Blink Productions Limited
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
60,464
59,510
Investments
5
502
502
60,966
60,012
Current assets
Work in progress
94
97,829
Debtors
6
1,600,169
1,918,187
Cash at bank and in hand
627,061
910,884
2,227,324
2,926,900
Creditors: amounts falling due within one year
7
(2,026,035)
(2,177,898)
Net current assets
201,289
749,002
Total assets less current liabilities
262,255
809,014
Provisions for liabilities
8
(50,000)
(100,000)
Net assets
212,255
709,014
Capital and reserves
Called up share capital
9
1,138
1,138
Profit and loss reserves
211,117
707,876
Total equity
212,255
709,014

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
J Studholme
Director
Company Registration No. 01917001
Blink Productions Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 2
1
Accounting policies
Company information

Blink Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77 Dean Street, London, United Kingdom, W1D 3SH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The 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. The principal accounting policies adopted are set out below.

1.2
Exemptions for qualifying entities under FRS 102

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

 

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 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 of £496,759 (2023: £427,448) and as at the balance sheet date had net assets of £212,255 (2023: 709,014). As a result the directors are confident that they have the ability to respond effectively to continued uncertainty and as a result, the directors believe that the company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

 

Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 3
1.4
Turnover

Turnover is in respect of the provision of services including fees, commissions and rechargeable expenses.

Revenue is recognised in respect of the production of commercials from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which shooting of the commercial commences. No profit element is recognised until the company is able to estimate the profit on the commercial reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
Over the period of the lease
Plant and machinery
20%-33% straight line
Fixtures, fittings & equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Work in progress

Work in progress represents costs incurred on productions which are shot post year end and is valued at the lower of cost and net realisable value.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 4
1.9
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 5
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,200
19,600
Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
3
Employees

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

2024
2023
Number
Number
Total
62
61
4
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 June 2023
1,615,979
946,281
385,267
2,947,527
Additions
28,343
10,875
2,402
41,620
Disposals
(541,166)
(554,396)
(344,366)
(1,439,928)
At 31 May 2024
1,103,156
402,760
43,303
1,549,219
Depreciation and impairment
At 1 June 2023
1,615,979
908,077
363,961
2,888,017
Depreciation charged in the year
2,033
29,429
4,718
36,180
Eliminated in respect of disposals
(541,166)
(552,512)
(341,764)
(1,435,442)
At 31 May 2024
1,076,846
384,994
26,915
1,488,755
Carrying amount
At 31 May 2024
26,310
17,766
16,388
60,464
At 31 May 2023
-
0
38,204
21,306
59,510
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
502
502

 

Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 7
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
440,803
155,587
Corporation tax recoverable
5,408
104,211
Amounts owed by group undertakings
1,008,923
1,403,763
Other debtors
58,601
11,920
Prepayments and accrued income
65,366
221,638
1,579,101
1,897,119
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
21,068
21,068
Total debtors
1,600,169
1,918,187
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
251,505
372,641
Amounts owed to group undertakings
28,180
28,180
Taxation and social security
730,585
410,011
Other creditors
13,609
13,141
Accruals and deferred income
1,002,156
1,353,925
2,026,035
2,177,898

National Westminster Bank PLC has secured monies totalling £1,700,000 due to them by way of a fixed and floating charge over the company and its assets.

 

8
Provisions for liabilities
2024
2023
£
£
Dilapidations provision
50,000
100,000
Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 8
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
113,800
113,800
1,138
1,138

The shares have full voting, dividend and capital distribution rights attached to them.

10
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.

Senior Statutory Auditor:
Francesca Robe
Statutory Auditor:
Moore Kingston Smith LLP
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
283,147
492,701
Between two and five years
311,184
420,380
594,331
913,081
Lessor

In November 2019, Blink Productions Limited signed a lease agreement on behalf of it's subsidiaries. Blink Productions hold the contractual obligation and the rental payments are recharged to it's subsidiaries.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
165,863
322,789
Between two and five years
139,052
355,099
304,915
677,888
Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 9
12
Related party transactions

At the year end a balance was owed to the company of £nil (2023: £6,175) in relation to J Studholme, a director of the company.

 

J Studholme is also a director and shareholder of Leisurezoo Limited from whom the company purchased production services on normal commercial terms of £368,329 (2023: £349,996) in the year. At year end the company owed Leisurezoo £54,999 (2023: £nil) included in accruals.

 

B Yates is a director and shareholder of Zingiber London Limited, the parent company, and of Badlands Limited from whom the company purchased production services on normal commercial terms of £nil (2023: £nil) in the year. There were no balances outstanding at the year end. B Yates is also the director of Monica Tostes Design Limited, from whom the company made purchases of £nil (2023: £1,973). B Yates is considered to be key management of Blink Productions Limited.

 

During the year the company made purchases of £165,863 (2023: £165,863) and sales of £3,153 (2023: £1,277) to and from Spanish Archer LLP. At the year end a balance was owed to the company of £nil. Spanish Archer LLP is a related party by virtue of M Sneade, J Studholme and B Yates being designated members of Spanish Archer LLP and directors of Blink Productions Limited or its ultimate parent company Zingiber London Limited. Blink Productions Limited has provided a guarantee to National Westminster Bank Plc of up to £2,216,250 in respect of a loan taken out by Spanish Archer LLP.

 

At the year end Blink Productions Limited was owed £204,524 (2023: £204,524). by Blink Inc., a company registered in the USA and under common control. At the year end, the balance has a provision against it of £204,524 (2023: £204,524). A total of £nil (2023: £nil) was repaid during the year in respect of this balance.

 

No amounts were written off in respect of any of these balances.

 

During the year Blink Productions Limited made sales of £3,237,488 (2023: £2,285,210) to Blink Animation Limited, a related party by virtues of common ownership. Blink Productions Limited made purchases of £1,524,105 (2023: £63,478) from Blink Animation Limited during this time. At the year end a balance of £460,042 (2023: £327,989) was owed from Blink Animation Limited.

 

During this period, Blink Productions Limited made sales of £3,010,702 (2023: £2,022,673) to Blink Industries Limited, a related party by virtues of common ownership. Blink Productions Limited made purchases of £nil (2023: £664,457) from Blink Animation Limited during this time. At the year end, a balance of £361,201 (2023: £474,332) was owed from Blink Industries Limited.

 

During this period, Blink Productions Limited made sales of £426,098 (2023: £433,044) to Major Tom Media Limited, a related party by virtue of common ownership. Blink Productions Limited made purchases of £1,000 (2023: £nil) from Major Tom Media Limited during this time. At the year end, a balance of £63,511 (2023: £177,880) was owed from Major Tom Limited to Blink Productions Limited.

 

During this period, Blink Productions Limited made sales of £nil (2023: £5,432) to Mystery Q Limited, a related party by virtue of common ownership. At the year end, a balance of £nil (2023: £nil) was owed from Mystery Q Limited.

 

During this period, Blink Productions Limited made sales of £nil (2023: £23,798) to Thayari Limited, a related party by virtue of common ownership. At the year end, a balance of £nil (2023: £477) was owed from Thayari Limited.

Blink Productions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
12
Related party transactions
(Continued)
Page 10

During this period, Blink Productions Limited made sales of £nil (2023: £38,931) to Mental Wolf Limited, a related party by virtue of common ownership. At the year end, a balance of £2,988 (2023: £2,988) was owed from Mental Wolf Limited.

 

During this period, Blink Productions Limited made sales of £33,098 (2023: £24,286) to Never Not Needed Limited, a related party by virtue of common ownership. At the year end, a balance of £324 (2023: £97) was owed from Never Not Needed Limited.

 

At the year end, a balance of £nil (2023: £420,000) was owed from Boring Old Orange Limited to Blink Productions Limited. They are related parties by virtue of common ownership.

 

The company has taken the exemption available under FRS102 section 33 and not disclosed

transactions with 100% group companies.

 

13
Parent company

The immediate and ultimate parent undertaking of the company is Zingiber London Limited, a company registered in England and Wales, registered at 181 Wardour Street, London, W1F 8WZ. Consolidated financial statements are available from Companies House.

The ultimate controlling party is J Studholme by virtue of his majority shareholding in Zingiber London Limited, the ultimate parent undertaking.

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