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Registration number: 12282979 (England & Wales)

Cast & Crew Entertainment Services, Ltd.

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

Cast & Crew Entertainment Services, Ltd.

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 29

 

Cast & Crew Entertainment Services, Ltd.

Company Information

Directors

L E Sargent

L J Sargent

S A Knutson

R D Agre

Registered office

First Floor
St Johns House
16 Church Street
Bromsgrove
Worcestershire
B61 8DN

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Cast & Crew Entertainment Services, Ltd.

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the Group is that of the provision of payroll services, software services & production accounting services, all in the entertainment industry. The principal activity of the Company is that of an intermediate parent company.

Fair review of the business

During the year, the Group generated revenue of £9.4m (year ended 30 June 2023: £14.7m), and earned a loss after tax of £2.3m (year ended 30 June 2023: a profit after tax: £4.7m).

Total revenue for the Group decreased compared to the prior year. The Entertainment industry, including Film and television productions in the United Kingdom, was affected by the industrial actions undertaken by the labour unions of The Writer’s Guild of America (WGA) and Screen Actors Guild – American Federation of Television and Radio Artists (SAG AFTRA), which impacted the Group’s Payroll Service Fees and associated revenue streams during the latter part of 2023.

The Group considered the industrial actions to have a temporary impact on its operations, and remained focused on delivering a quality of service to its core payroll business customers, and developing its ancillary software services.

During the year, no dividends were declared or paid (year ended 30 June 2023: paid £1.8m). The Group has net assets at 30 June 2024 of £42.8m (30 June 2023: £45.1m).

The Company acts as an intermediate parent company, and does not generate direct sales.

Principal risks and uncertainties

The management of the business and the execution of the Group’s strategy are subject to a number of risks. The Board consider the principal risks and uncertainties, which are constantly monitored and remain similar to the prior year, to be:

Competitive Risk:
The Group performs payroll related services for the Entertainment industry, and a reduction in volume of Feature Film and High-End television production activity occurring in the principle territory of the United Kingdom could have impact on the Group’s performance.

Competitor product offering in the market could potentially reduce market share, however the Group invests in Research & Development activity to ensure its Software is maintained and enhanced, and has firm commitment to deliver excellent customer service to attract and retain relationship with multinational and independent production companies.

Compliance Risk:
As part of the provision of Payroll Services, the Group processes Personally Identifiable Information data of cast and crew members on behalf of its customers. The Group invests significantly in its technology and employee training to ensure Data protection and compliance with regulation.

Credit Risk:
The Group avoids lengthy credit terms on provision of services to customers, however takes appropriate measures and reviews to minimise exposure to bad debt expense.

Cashflow Risk:
The Group continues to be cash generative and has a low level of fixed cost commitments. The nature of the Group’s operations means there is a high volume and value of cash transactions, however strict control and authorisation over disbursements are in place to ensure cash balances are appropriately managed. At 30 June 2024 the Group had cash resources of £48.1m (30 June 2023: £54.7m) and has no external debt or borrowings.

Approved by the Board on 21 February 2025 and signed on its behalf by:

L E Sargent
Director

   
     
 

Cast & Crew Entertainment Services, Ltd.

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

L E Sargent

L J Sargent

S A Knutson

R D Agre

J D Berkley (resigned 7 January 2025)

Future developments

The directors of the Group acknowledge that the Entertainment industry was impacted by the labour unions’ industrial actions during 2023, however believe that business operations will return to usual volumes in the year ending 30 June 2025 and subsequently. The available production stage space continues to increase, and together with government incentive to attract production activity into the United Kingdom, result in expectation that payroll services will be required for Film Feature, Television and Streaming productions. The Group intends to continue its investment in Research & Development activity to enhance the software that it provides with its core payroll services.

Financial instruments

The Group’s financial instruments comprise cash and liquid resources, and various other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Group. The nature of these financial instruments means that they are not subject to price risk.

The Group is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. Before credit terms are agreed, an assessment of the customer’s credit rating is undertaken to ensure the Group is not exposed to a major credit risk. The Group is exposed to credit risk on bank balances although this risk is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The Group is exposed to foreign currency risk through delivering services invoiced in currency other than the functional currency of GBP, which gives a risk in terms of exchange rate movements. Given the nature of bookkeeping, there is a natural hedge between debtor and creditor accounts, and the period of time between invoice and settlement typically short, this is a risk that the directors accept and keep under review to ensure the Group’s exposure is kept to a minimum.

Further disclosures concerning Credit Risk and Cashflow Risk are set out in the Strategic Report.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 21 February 2025 and signed on its behalf by:

L E Sargent
Director

   
     
 

Cast & Crew Entertainment Services, Ltd.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Cast & Crew Entertainment Services, Ltd.

Independent Auditor's Report to the Members of Cast & Crew Entertainment Services, Ltd.

Opinion

We have audited the financial statements of Cast & Crew Entertainment Services, Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 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 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the group and company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

 

Cast & Crew Entertainment Services, Ltd.

Independent Auditor's Report to the Members of Cast & Crew Entertainment Services, Ltd. (continued)

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 4, 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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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

We considered the nature of the group's and parent company’s industry and its control environment and reviewed the group's and parent company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group and parent company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's and parent company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;.

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

 

Cast & Crew Entertainment Services, Ltd.

Independent Auditor's Report to the Members of Cast & Crew Entertainment Services, Ltd. (continued)

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Julian Gaskell (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

21 February 2025

 

Cast & Crew Entertainment Services, Ltd.

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

9,388,415

14,650,251

Cost of sales

 

(3,710,256)

(3,795,413)

Gross profit

 

5,678,159

10,854,838

Administrative expenses

 

(9,992,417)

(8,873,526)

Other operating income

4

245,189

723,185

Operating (loss)/profit

5

(4,069,069)

2,704,497

Other interest receivable and similar income

6

1,886,487

1,872,466

Interest payable and similar expenses

7

(33,760)

(102,247)

(Loss)/profit before tax

 

(2,216,342)

4,474,716

Tax on (loss)/profit

11

(117,209)

230,303

(Loss)/profit for the financial year

 

(2,333,551)

4,705,019

(Loss)/profit attributable to:

 

Owners of the company

 

(2,333,551)

4,705,019

The above results were derived from continuing operations.

 

Cast & Crew Entertainment Services, Ltd.

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

(Loss)/profit for the year

(2,333,551)

4,705,019

Foreign currency translation gains

13,950

4,757

Total comprehensive income for the year

(2,319,601)

4,709,776

Total comprehensive income attributable to:

Owners of the company

(2,319,601)

4,709,776

 

Cast & Crew Entertainment Services, Ltd.

(Registration number: 12282979)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

12

41,966,566

45,994,579

Tangible assets

13

174,830

173,182

Other financial assets

15

100

100

 

42,141,496

46,167,861

Current assets

 

Debtors

16

10,165,751

14,000,542

Cash at bank and in hand

 

48,136,547

54,676,210

 

58,302,298

68,676,752

Creditors: Amounts falling due within one year

18

(57,502,928)

(69,547,853)

Net current assets/(liabilities)

 

799,370

(871,101)

Total assets less current liabilities

 

42,940,866

45,296,760

Provisions

19

(134,126)

(137,398)

Deferred tax liabilities

11

(6,103)

(39,124)

Provisions for liabilities

 

(140,229)

(176,522)

Net assets

 

42,800,637

45,120,238

Capital and reserves

 

Called up share capital

21, 22

1

1

Share premium reserve

22

15,895,917

15,895,917

Foreign currency translation reserve

22

13,503

(447)

Profit and loss account

22

26,891,216

29,224,767

Equity attributable to owners of the company

 

42,800,637

45,120,238

Total equity

 

42,800,637

45,120,238

Approved and authorised by the Board on 21 February 2025 and signed on its behalf by:
 

L E Sargent
Director

   
     
 

Cast & Crew Entertainment Services, Ltd.

(Registration number: 12282979)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

14

63,141,017

63,141,017

Current assets

 

Debtors

16

196,233

161,214

Cash at bank and in hand

 

42,482

93,952

 

238,715

255,166

Creditors: Amounts falling due within one year

18

(3,118,010)

(5,791,253)

Net current liabilities

 

(2,879,295)

(5,536,087)

Total assets less current liabilities

 

60,261,722

57,604,930

Provisions

19

(5,938)

(7,176)

Net assets

 

60,255,784

57,597,754

Capital and reserves

 

Called up share capital

21, 22

1

1

Share premium reserve

22

15,895,917

15,895,917

Profit and loss account

22

44,359,866

41,701,836

Total equity

 

60,255,784

57,597,754

The company made a profit after tax for the financial year of £2,658,030 (2023 - profit of £6,374,628).

Approved and authorised by the Board on 21 February 2025 and signed on its behalf by:
 

L E Sargent
Director

   
     
 

Cast & Crew Entertainment Services, Ltd.

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Profit and loss account
£

Total
£

At 1 July 2023

1

15,895,917

(447)

29,224,767

45,120,238

Loss for the year

-

-

-

(2,333,551)

(2,333,551)

Other comprehensive income

-

-

13,950

-

13,950

Total comprehensive income

-

-

13,950

(2,333,551)

(2,319,601)

At 30 June 2024

1

15,895,917

13,503

26,891,216

42,800,637

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Profit and loss account
£

Total
£

At 1 July 2022

1

15,895,917

(5,204)

26,269,748

42,160,462

Profit for the year

-

-

-

4,705,019

4,705,019

Other comprehensive income

-

-

4,757

-

4,757

Total comprehensive income

-

-

4,757

4,705,019

4,709,776

Dividends

-

-

-

(1,750,000)

(1,750,000)

At 30 June 2023

1

15,895,917

(447)

29,224,767

45,120,238

 

Cast & Crew Entertainment Services, Ltd.

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 July 2023

1

15,895,917

41,701,836

57,597,754

Profit for the year

-

-

2,658,030

2,658,030

At 30 June 2024

1

15,895,917

44,359,866

60,255,784

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 July 2022

1

15,895,917

37,077,208

52,973,126

Profit for the year

-

-

6,374,628

6,374,628

Dividends

-

-

(1,750,000)

(1,750,000)

At 30 June 2023

1

15,895,917

41,701,836

57,597,754

 

Cast & Crew Entertainment Services, Ltd.

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(2,333,551)

4,705,019

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

4,072,550

4,074,433

Finance income

6

(1,886,487)

(1,872,466)

Finance costs

7

33,760

102,247

Income tax expense

11

117,209

(230,303)

 

3,481

6,778,930

Working capital adjustments

 

Decrease in stocks

 

-

6,494

Decrease in trade debtors

 

2,932,208

3,470,544

Decrease in trade creditors

 

(12,088,904)

(20,495,234)

(Decrease)/increase in provisions

 

(3,272)

34,642

Cash generated from operations

 

(9,156,487)

(10,204,624)

Income taxes received/(paid)

 

796,128

(1,548,260)

Net cash flow from operating activities

 

(8,360,359)

(11,752,884)

Cash flows from investing activities

 

Interest received

 

1,886,487

1,872,466

Acquisitions of tangible assets

 

(46,302)

(10,777)

Net cash flows from investing activities

 

1,840,185

1,861,689

Cash flows from financing activities

 

Interest paid

 

(33,760)

(102,247)

Dividends paid

 

-

(1,750,000)

Net cash flows from financing activities

 

(33,760)

(1,852,247)

Net decrease in cash and cash equivalents

 

(6,553,934)

(11,743,442)

Cash and cash equivalents at 1 July

17

54,676,210

66,414,893

Effect of exchange rate fluctuations on cash held

 

14,271

4,759

Cash and cash equivalents at 30 June

17

48,136,547

54,676,210

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
First Floor
St Johns House
16 Church Street
Bromsgrove
Worcestershire
B61 8DN

The principal place of business is:
5-7 Baring Road
Beaconsfield
Buckinghamshire
HP9 2NB

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

Cast & Crew Entertainment Services, Ltd. meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in its separate financial statements.

Exemptions have been taken in its separate financial statements in relation to financial instruments and presentation of a statement of cash flows.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The consolidated financial statements include the group’s share of the profit and loss and equity movements of equity accounted investees, from the date that significant influence or joint control commences until the date that significant influence ceases. When the group’s share of losses exceeds its interest in an equity accounted investee, the group’s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the group has incurred legal or constructive obligations or made payments on behalf of an investee.

Going concern

After reviewing the group's and company's forecasts and projections, the directors have a reasonable expectation that the group and company has adequate resources available to it to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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.
 

Judgements

In preparing the financial statements, management have taken a judgement in relation to the interest held by the group in the shares of SDTA Productions Limited, a special purpose entity (SPE). Although the group owns 100% of the issued share capital of the SPE, management do not consider that the activities of the SPE are being conducted on behalf of the group and neither do they consider, in view of the contractual arrangements that exist, that the group has decision making powers in the SPE, has no right to maintain the majority of benefit from the SPE or has the majority of residual or ownership risk from the SPE. On this basis, management have concluded that it is appropriate to account for the SPE as a financial asset at cost less impairment rather than as an investment in a subsidiary.

No other significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Amounts invoiced in the year relating to software services to be provided beyond the reporting date are carried forward as deferred income and released to the profit and loss account as the right to the consideration is earned.

Where production accounting services have only been partially completed at the balance sheet date, revenue represents the fair value of the service provided to date based on the estimated stage of completion of the service at the balance sheet date.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years or 15 years straight line

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

Management determine the useful economic life of goodwill by considering a number of factors, including the nature of the underlying businesses acquired. In relation to the acquisition of established businesses, with a proven track record and established customer base, management, considering those factors, have determined that the useful economic life of goodwill is 15 years. For less established businesses, management have determined that the useful economic life of goodwill is 10 years.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

7 years straight line

Office equipment

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Contingent consideration is included as cost to the extent that payment is probable and the amount of the payment can be measured reliably; such amounts are adjusted in subsequent years where changes to the amounts estimated arise.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

2

Accounting policies (continued)

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Payroll services

6,821,365

10,158,318

Software services

1,799,174

2,186,095

Production accounting services

622,325

2,047,293

Other

145,551

258,545

9,388,415

14,650,251

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

United Kingdom

7,684,638

11,833,823

North America

669,789

1,235,151

Rest of the World

1,033,988

1,581,277

9,388,415

14,650,251

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Research & development enhanced tax credits

225,855

287,416

Foreign exchange gains

19,334

435,769

245,189

723,185

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

44,537

46,420

Amortisation expense (included in administrative expenses)

4,028,013

4,028,013

Foreign exchange gains

(19,334)

(435,769)

Foreign exchange losses

72,940

12,963

Operating lease expense - property

80,629

206,779

 

6

Other interest receivable and similar income

2024
£

2023
£

Other interest income

299

89

Interest income on bank deposits

1,886,188

1,872,377

1,886,487

1,872,466

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

33,760

149

Interest payable to group undertakings

-

102,098

33,760

102,247

 

8

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,648,493

3,727,184

Social security costs

588,435

508,173

Pension costs, defined contribution scheme

305,001

217,756

5,541,929

4,453,113

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Operations

25

48

Technical & IT support

34

13

Sales & marketing

3

4

General & administration

19

14

81

79

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

8

Staff costs (continued)

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

530,691

515,431

Social security costs

71,123

65,455

Pension costs, defined contribution scheme

52,700

40,333

654,514

621,219

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

General & administration

2

2

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

532,612

510,666

Contributions paid to money purchase schemes

52,700

40,333

585,312

550,999

Certain of the directors received no remuneration from the company or its group during either year. This is on the basis that those directors are remunerated for services to parent companies and do not receive any remuneration for their services to the company.

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
£

2023
£

Remuneration

266,306

255,333

Company contributions to money purchase pension schemes

26,350

20,166

 

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

13,350

13,150

Audit of the financial statements of subsidiaries of the company pursuant to legislation

41,950

36,100

55,300

49,250

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account:

2024
£

2023
£

Current taxation

UK corporation tax

143,556

1,116,740

UK corporation tax adjustment to prior periods

6,674

(1,292,230)

150,230

(175,490)

Foreign tax

-

(44,293)

Total current income tax

150,230

(219,783)

Deferred taxation

Arising from origination and reversal of timing differences

(33,021)

(10,520)

Tax expense/(receipt) in the consolidated profit and loss account

117,209

(230,303)

The tax on (loss)/profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(2,216,342)

4,474,716

Corporation tax at standard rate

(554,086)

917,317

Effect of expense not deductible in determining taxable profit (tax loss)

1,007,003

825,577

Effect of foreign tax rates

163,723

62,046

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

6,674

(1,269,160)

Patent box additional deduction

(510,691)

(739,951)

Tax decrease from effect of adjustment in research and development tax credit

-

(24,723)

Tax increase/(decrease) from other tax effects

4,586

(1,409)

Total tax charge/(credit)

117,209

(230,303)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

40,373

Tax losses carried forward

(31,199)

Short term timing differences

(3,071)

6,103

2023

Liability
£

Fixed asset timing differences

41,284

Short term timing differences

(2,160)

39,124

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

11

Taxation (continued)

Company

Deferred tax assets and liabilities

2024

Asset
£

Tax losses carried forward

31,199

At 30 June 2023, the company had no deferred tax assets or liabilities.

 

12

Intangible assets

Group

Goodwill
 £

Cost

At 1 July 2023

59,234,558

At 30 June 2024

59,234,558

Amortisation

At 1 July 2023

13,239,979

Amortisation charge

4,028,013

At 30 June 2024

17,267,992

Carrying amount

At 30 June 2024

41,966,566

At 30 June 2023

45,994,579

The carrying value of goodwill includes £41,451,819 (2023 - £45,399,612) with a remaining useful economic life of 10 years and 6 months (2023 - 11 years and 6 months) and £514,747 (2023 - £594,967) with a remaining useful economic life of 6 years and 5 months (2023 - 7 years and 5 months).

 

13

Tangible assets

Group

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 July 2023

239,672

115,076

354,748

Additions

-

46,303

46,303

Foreign exchange movements

(118)

-

(118)

At 30 June 2024

239,554

161,379

400,933

Depreciation

At 1 July 2023

90,981

90,585

181,566

Charge for the year

22,463

22,074

44,537

At 30 June 2024

113,444

112,659

226,103

Carrying amount

At 30 June 2024

126,110

48,720

174,830

At 30 June 2023

148,691

24,491

173,182

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

63,141,017

63,141,017

Subsidiaries

£

Cost

At 1 July 2023

63,141,017

At 30 June 2024

63,141,017

Carrying amount

At 30 June 2024

63,141,017

At 30 June 2023

63,141,017

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Animation 2000 Limited

see note below

Ordinary

100%

100%

Sargent-Disc Limited

see note below

Ordinary

100%

100%

S D Production Services Limited

see note below

Ordinary

100%

100%

Sargent-Disc (Ireland) Limited

99 St Stephens Green
Dublin
Republic of Ireland

Ordinary

100%

100%

LeBog Software GmbH

Straßburger Str. 18
10405 Berlin
Germany

Ordinary

100%

100%

Note: the registered office of Animation 2000 Limited, Sargent-Disc Limited and S D Production Services Limited is First Floor, St Johns House, 16 Church Street, Bromsgrove, Worcestershire, B61 8DN, England & Wales.

The investments in Animation 2000 Limited, Sargent-Disc Limited and S D Production Services Limited are direct investments of the company, with the other investments listed indirect. The interest in LeBog Software GmbH is held by Sargent-Disc Limited, and the interest in Sargent-Disc (Ireland) Limited is held by Animation 2000 Limited.

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

15

Other financial assets

 

Group

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

100

100

Financial assets at cost less impairment
£

Non-current financial assets

Cost or valuation

At 1 July 2023

100

At 30 June 2024

100

Carrying amount

At 30 June 2024

100

At 30 June 2023

100

The above represents the interest held by the group in the shares of SDTA Productions Limited, a special purpose entity (SPE). Although the group owns 100% of the issued share capital of the SPE, management do not consider that the activities of the SPE are being conducted on behalf of the group and neither do they consider, in view of the contractual arrangements that exist, that the group has decision making powers in the SPE, has no right to maintain the majority of benefit from the SPE or has the majority of residual or ownership risk from the SPE. On this basis, management have concluded that it is appropriate to account for the SPE as a financial asset at cost less impairment rather than as an investment in a subsidiary.

 

16

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

8,509,147

11,309,669

-

-

Amounts owed by related parties

 

234,075

-

165,034

161,214

Other debtors

 

82,069

187,034

-

-

Prepayments

 

183,867

51,367

-

-

Accrued income

 

214,690

607,989

-

-

Deferred tax assets

11

-

-

31,199

-

Corporation tax asset

 

941,903

1,844,483

-

-

 

10,165,751

14,000,542

196,233

161,214

 

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

48,136,547

54,676,210

42,482

93,952

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

18

Creditors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Due within one year

Trade creditors

33,405,044

38,755,983

-

2,173

Amounts due to related parties

338,241

-

3,088,670

642,836

Social security and other taxes

488,421

828,887

-

-

Other payables

21,706,255

27,668,350

-

5,000,000

Accrued expenses

792,051

1,280,717

29,340

146,244

Corporation tax liability

-

181,873

-

-

Deferred income

772,916

832,043

-

-

57,502,928

69,547,853

3,118,010

5,791,253

 

19

Provisions for liabilities

Group

Employee benefits
£

At 1 July 2023

137,398

Additional provisions

134,126

Provisions used

(137,398)

At 30 June 2024

134,126

Company

Employee benefits
£

At 1 July 2023

7,176

Additional provisions

5,938

Provisions used

(7,176)

At 30 June 2024

5,938

The provision for employee benefits relates to pro rate holiday not taken at the balance sheet date and is expected to be utilised within the next year.

 

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £305,001 (2023 - £217,756).

 

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

101

1

101

1

         
 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

22

Reserves

Group

Called up share capital

Represents the issued equity share capital of the company.

Share premium reserve

Represents the excess paid over the nominal value of the issued equity share capital of the company.

Foreign currency translation reserve

Represents foreign currency translation differences arising from the translation of financial statements of the group’s foreign entities into £.

Profit and loss account

Represents cumulative profits or losses, net of dividends paid and other adjustments.

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Foreign currency translation reserve
£

Foreign currency translation gains/losses

13,950

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Foreign currency translation reserve
£

Foreign currency translation gains/losses

4,757

Company

Called up share capital

Represents cumulative profits or losses, net of dividends paid and other adjustments.

Share premium reserve

Represents the excess paid over the nominal value of the issued equity share capital of the company.

Profit and loss account

Represents cumulative profits or losses, net of dividends paid and other adjustments.

 

23

Obligations under leases

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

93,524

206,779

Later than one year and not later than five years

-

193,509

93,524

400,288

 

Cast & Crew Entertainment Services, Ltd.

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

 

23

Obligations under leases (continued)

The amount of non-cancellable operating lease payments recognised as an expense during the year was £193,509 (2023 - £206,779).

 

24

Dividends

2024
 £

2023
 £

Interim dividends paid

-

1,750,000

 

25

Analysis of changes in net debt

Group

At 1 July 2023
£

Cash flows
£

Foreign exchange movements
£

At 30 June 2024
£

Cash and cash equivalents

Cash at bank

54,676,210

(6,553,934)

14,271

48,136,547

 

26

Related party transactions

Group

During the year, the group was charged rent by a company in which certain of the directors are directors of and have beneficial interests in. The amount of rent charged was £193,509 (2023 - £206,779).

 

27

Parent and ultimate parent undertaking

The company's immediate parent is Cast & Crew Payroll LLC, incorporated in the United States of America. The ultimate parent is Camera Holdings LP, incorporated in the United States of America. The ultimate controlling party is EQT AB.

The parent of the largest and smallest group preparing consolidated financial statements is Camera Holdings LP, incorporated in the United States of America. The registered office of Camera Holdings LP is 2300 West Empire Avenue, 5th Floor, Burbank, CA91504, United States of America.