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REGISTERED NUMBER: 02696049 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

DCD RIGHTS LIMITED

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


DCD RIGHTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S P Ayton
N B Davies-Williams
N J Pike





REGISTERED OFFICE: 6th Floor
2 Kingdom Street
London
W2 6JP





REGISTERED NUMBER: 02696049 (England and Wales)





AUDITORS: MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

FAIR REVIEW OF BUSINESS
In terms of sales, 2024 was a good year for DCD with turnover reaching £9.9m (2023 £12.9m) excluding the impact of its' parent company 108 Media Ltd going into administration, ultimately in August 2024. As a result, this had a negative impact on the figures; (a) the cancellation of a £3m sale in Australia where the broadcaster decided not to proceed with the project and, (b) the continued financial struggles of 108 Media Ltd, leading to the cancellaton ofother deals that had been concluded but on which we were unable to deliver as a result of 108's demise. That, and the lack of promised acquisition investment from 108 into DCD meant we were not in a position to acquire new product. Instead, 108 Media demanded the use of DCD's cash to pay the interest on its debts. As a result of the above, DCD's turnover was reduced to £8.7m.

Despite the above, DCD's sales performance has been very solid and we are in the process of negotiating future investment from various parties in order to replenish our catalogue.

Revenues were generated from a diverse spread of major deals in the US across PBS, Acorn TV, and in the pan European, Australasian and Latin American markets. Key deals were struck with Foxtel and ABC Australia, BBC UK, and Viasat Scandinavia.

The DCD catalogue performed well again during the year with best-selling franchises including Aussie Gold Hunters, the James Martin Adventures food series', My Life is Murder, The Frankie Drake Mysteries and Love Me leading the way.

Looking forward, DCD Rights Ltd is well placed to deliver further growth and revenues, underpinned by its highly regarded, experienced and talented team together with its robust distribution infrastructure. DCD Rights continue to actively engage with a wide range of investors and stakeholders to provide an enhanced content fund to finance and distribute an increased pipeline of projects which will drive further growth for the business.

PRINCIPAL RISKS AND UNCERTAINTIES
General commercial risks
The company's management aims to minimise risk of over-reliance on individual business segments, members of staff, productions or customers by developing a broad, balanced stable of production and distribution activities and intellectual property. Clear risk assessment and strong financial and operational management is essential to control and manage the company's existing business, retain key staff and balance current development with future growth plans. As the company operates in overseas markets, it is also subject to exposures on transactions undertaken in foreign currencies.

Production and distribution revenue
Production revenue will remain at current levels given the company has ceased to pursue productions in development and will focus on its two current franchises. Distribution revenue is forecast to continue rising as this division is the prime focus of the company going forward.

Funding and liquidity risk
Securing funding from external parties to grow the catalogue through acquisition is key to the rights and licensing business. As mentioned above, we are discussing new funding opportunities with various parties that we are confident will come to fruition in the New Year. These efforts are being supported by the primary creditor of 108 Media Ltd.

Exchange rate risk
Management review expected cash inflows and outflows in source currency on a regular basis. The company applies foreign currency matching principles to reduce foreign currency exposure and protect against any short-term
fluctuations where possible.


DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

KEY PERFORMANCE INDICATORS
The company uses a number of performance indicators to monitor and manage the business effectively. The key
performance indicators are for the year ended 31 March 2024, with comparatives for the year ended 31 March 2023.

Without the cancellation of the sales in relation to 108 Media Limited and the provision against the balances due from 108 Media Limited the KPI's for the year would have been as follows.

31.3.24
£
Turnover 9,911,151
Gross profit 1,675,357
Total operating profit / (loss) (48,671)
Net assets / (liabilities) 1,730,115

It is also to be noted that there were dividends totalling £500,000 declared and paid to 108 Media Limited in the year, further reducing the company's net asset and cash position.

The KPI's for the year including the impact of the 108 Media Limited cancellation of sales and provision against balances due to 108 Media Limited are as follows:

31.3.24 31.3.23
£ £
Turnover 8,718,889 12,917,774
Gross profit 1,478,214 3,038,995
Total operating profit / (loss) (1,951,016) 1,128,573
Net assets / (liabilities) (172,229) 2,253,584

ON BEHALF OF THE BOARD:





S P Ayton - Director


6 March 2025

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of worldwide distribution of intellectual property, specialising in music, drama, factual and general entertainment.

DIVIDENDS
Interim dividends per share were paid as follows:
2,500 - 6 July 2023
2,500 - 8 August 2023
5,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 500,000 .

FUTURE DEVELOPMENTS
The directors are confident that by pursuing the management policies, the company will achieve continued successes in the years ahead.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows:

A Rastogi - appointed 30 January 2024
E G Sullivan - appointed 30 January 2024
S P Ayton - resigned 29 January 2024
N B Davies-Williams - resigned 29 January 2024

S P Ayton , N B Davies-Williams and N J Pike were appointed as directors after 31 March 2024 but prior to the date of this report.

A Rastogi and E G Sullivan ceased to be directors after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
In accordance with the company's articles, a resolution proposing that MGR Weston Kay LLP be reappointed as auditor of the group will be put at a General Meeting.

ON BEHALF OF THE BOARD:





S P Ayton - Director


6 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DCD RIGHTS LIMITED


Opinion
We have audited the financial statements of DCD Rights Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 March 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DCD RIGHTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 pages four and five, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DCD RIGHTS LIMITED


Auditors' 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.

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

Explanation as to what extent the audit was considered 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:

As part of our planning of the audit work required, we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company's management, carrying out analytical procedures, holding discussions amongst the engagement team and using our knowledge of the sector.
We determined that the most significant laws and regulations were relating to:

· Health and safety regulations;
· Employment law; and
· UK Tax legislation.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify instances of non-compliance with the laws and regulations and the fraud risks identified. This included enquiries of management to understand their policies and procedures for compliance with those regulations and we completed the following tests:

· Obtained an understanding of relevant controls;
· Reviewed the company's risks assessments, procedures, health and safety policies and communications with
employees;
· Checked a sample of documentation;
· Reviewed records for evidence of complaints or litigation; and
· Reviewed correspondence with HMRC.

We also assessed the risk of material misstatement in relation to fraud in respect of the following:

· Revenue fraud;
· Unauthorised expenditure and/or payments;
· Management override of controls; and
· Related party fraud.

Based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate accounting entries.

No significant issues were identified during our testing.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DCD RIGHTS LIMITED

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities, including fraud, rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusions, forgery, intentional omissions, misrepresentations or the override of internal controls.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sarah Yardley BSc ACA (Senior Statutory Auditor)
for and on behalf of MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL

6 March 2025

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 8,718,889 12,917,774

Cost of sales (7,240,675 ) (9,878,779 )
GROSS PROFIT 1,478,214 3,038,995

Administrative expenses (1,724,027 ) (1,955,054 )
(245,813 ) 1,083,941

Other operating income - 44,632
Provision against amount owed
from parent undertaking (1,705,203 ) -
OPERATING (LOSS)/PROFIT 7 (1,951,016 ) 1,128,573

Interest receivable and similar income 8 8,216 2,746
(1,942,800 ) 1,131,319

Interest payable and similar expenses 9 (15,711 ) (886 )
(LOSS)/PROFIT BEFORE TAXATION (1,958,511 ) 1,130,433

Tax on (loss)/profit 10 32,698 (44,853 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,925,813 ) 1,085,580

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,925,813 ) 1,085,580


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(1,925,813

)

1,085,580

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 12 - 6,527

CURRENT ASSETS
Debtors 13 9,336,350 10,269,783
Cash at bank 2,536,916 6,826,470
11,873,266 17,096,253
CREDITORS
Amounts falling due within one year 14 (12,045,495 ) (14,849,196 )
NET CURRENT (LIABILITIES)/ASSETS (172,229 ) 2,247,057
TOTAL ASSETS LESS CURRENT LIABILITIES (172,229 ) 2,253,584

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings (172,329 ) 2,253,484
SHAREHOLDERS' FUNDS (172,229 ) 2,253,584

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





S P Ayton - Director


DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 1,167,904 1,168,004

Changes in equity
Total comprehensive income - 1,085,580 1,085,580
Balance at 31 March 2023 100 2,253,484 2,253,584

Changes in equity
Total comprehensive income - (1,925,813 ) (1,925,813 )
Dividends - (500,000 ) (500,000 )
Balance at 31 March 2024 100 (172,329 ) (172,229 )

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


1. STATUTORY INFORMATION

DCD Rights Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 2 Kingdom Street, London, United Kingdom, W2 6BD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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.

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:

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and
disclosures;
· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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.

DCD Rights Limited is a wholly owned subsidiary of N.B.D. Holdings Limited and the results of DCD Rights Limited are included in the consolidated financial statements of N.B.D. Holdings Limited which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.


Preparation of consolidated financial statements
The financial statements contain information about DCD Rights Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, N.B.D Holdings Limited, 6th Floor, 2 Kingdom Street, London, England, W2 6JP..

Turnover
Distribution revenue arises from the licensing of programme rights which have been obtained under distribution agreements with either external parties or group companies. Distribution revenue is recognised in the profit and loss account on the signature of the license agreement, and represents amounts receivable from such contracts.
All revenue excludes value added tax.

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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

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).

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss

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.

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.

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


2. ACCOUNTING POLICIES - continued

Leases
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.

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

Going concern
At 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.

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.

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.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for bad and doubtful debts
Calculating the provision involves an estimation in determining the recoverable amount of costs incurred, from hosting festivals, which are rechargeable to clients.

Provision for intercompany loan balances
A provision has been made against the intercompany balance due from 108 Media Ltd of £1,075,651 along with additional provisions totalling £629,552 in relation to expenses and advances paid on behalf of 108 Media Limited.

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Distribution revenue 8,718,889 12,917,774
8,718,889 12,917,774

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 1,760,630 3,361,578
Europe 1,911,823 1,792,217
Rest of World 5,046,436 7,763,979
8,718,889 12,917,774

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 915,116 1,061,621
Social security costs 114,355 139,217
Other pension costs 25,218 21,396
1,054,689 1,222,234

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 3 3
Administrative staff 14 13
17 16

6. DIRECTORS' REMUNERATION
31.3.24 31.3.23
£    £   
Directors' remuneration 244,433 327,017

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


6. DIRECTORS' REMUNERATION - continued

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 164,260 181,978

7. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

31.3.24 31.3.23
£    £   
Hire of plant and machinery 8,017 -
Other operating leases 133,532 100,616
Depreciation - owned assets 6,527 7,063
Auditors' remuneration 89,548 56,817

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Bank account interest 5,469 2,746
HMRC interest receivable 2,747 -
8,216 2,746

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 7 886
Bank loan interest 15,704 -
15,711 886

10. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax - 44,853
Corporation tax adj prior year (32,698 ) -

Tax on (loss)/profit (32,698 ) 44,853

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


10. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
(Loss)/profit before tax (1,958,511 ) 1,130,433
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

(489,628

)

214,782

Effects of:
Expenses not deductible for tax purposes 489,628 2,157
Income not taxable for tax purposes - 1,342
former shareholder

Group relief - (173,428 )
Prior year adjustment (32,698 ) -
Total tax (credit)/charge (32,698 ) 44,853

11. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of £1 each
Interim 500,000 -

12. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 28,963 23,080 52,043
DEPRECIATION
At 1 April 2023 28,963 16,553 45,516
Charge for year - 6,527 6,527
At 31 March 2024 28,963 23,080 52,043
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - 6,527 6,527

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


13. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 4,098,354 7,404,845
Other debtors 527,755 501,123
Tax 99,800 -
VAT 375,253 -
Prepayments and accrued income 3,438,205 2,130,525
8,539,367 10,036,493

Amounts falling due after more than one year:
Trade debtors 796,983 233,290

Aggregate amounts 9,336,350 10,269,783

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 15) 498,908 -
Trade creditors 1,367 8,234
Amounts owed to group undertakings 668,887 414,537
Taxation - 44,853
Social security and other taxes 26,549 35,978
VAT - 24,692
Other creditors 20,928 87,518
Accruals and deferred income 10,828,856 14,233,384
12,045,495 14,849,196

15. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 498,908 -

The company had a loan facility, interest is charged at a rate of 8.75%. The loan is secured with fixed charges against the company.

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 56,559 53,017
Between one and five years 8,289 -
64,848 53,017

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

18. PENSION COMMITMENTS

31 March 202431 March 2023
£   £   
Charge to profit or loss in respect of defined contribution schemes25,21821,396


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.

19. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

20. POST BALANCE SHEET EVENTS

The intermediary parent company of DCD Rights Limited, 108 Media Ltd, entered into administration in August 2024.

This resulted in the cancellation of various programmes that the company had entered into with 108 Media Ltd to produce and market, that could no longer be delivered following on from this administration. The financial statements included revenues of £1,192,163 and associated cost of sales of £1,058,269 which have been of removed from the financial statements for the year ended 31 March 2024 following the cancellation of these programmes.

An amount of £1,705,203 was payable to the company by 108 Media Ltd in respect of monies loaned to and payments made on behalf of 108 Media Ltd during the year to 31 March 2024. Provision has been made against the balance owed from 108 Media Ltd in the company's financial statements for the year ended 31 March 2024 following on from this administration.

DCD RIGHTS LIMITED (REGISTERED NUMBER: 02696049)

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


21. ULTIMATE CONTROLLING PARTY

The parent of the smallest and largest group for which consolidated accounts are drawn up, of which this company is a member, is N.B.D. Holdings Limited, a company registered in England and Wales. The immediate parent company is N.B.D. Holdings Limited and a copy of the group financial statements may be obtained from 6th Floor, 2 Kingdom Street, London, England, W2 6JP.

Previously the largest group for which the consolidated accounts were drawn up, of which this company is a member, was 108 Media Ltd, a company registered in England and Wales. The ultimate parent company was 108 Worldwide LLC, an entity incorporated in United States of America. The controlling party was Abhishek Rastogi by virtue of his ownership of the ultimate parent company. 108 Media Limited has since entered administration after the year end. Administrators were appointed on the 20th August 2024 and have taken control of 108 Media Limited.