Company Registration No. 05040196 (England and Wales)
Blueprint Pictures Limited
Annual report and
group financial statements
for the year ended 31 March 2024
Blueprint Pictures Limited
Company information
Directors
Graham Broadbent
Peter Czernin
Diarmuid McKeown
Company number
05040196
Registered office
10-12 Russell Square
6th Floor
London
WC1B 5EH
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Blueprint Pictures Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
21-25
Blueprint Pictures Limited
Strategic report
For the year ended 31 March 2024
1

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

Review of the business

During the year the company was involved in the production of a feature film and televisions programmes. The company incurred a profit before tax of £202,801 (2023: £2,301,334), and at the year end had net assets of £3,238,967 (2023: £3,036,166)

 

The group incurred a loss before tax of £2,119,364 during the year (2023: £1,006,589 profit), and at the year end had net assets of £3,620,865 (2023: £3,836,717).

Principal risks and uncertainties

The directors have reviewed the principal risk and resultant uncertainties facing the company as being the ability to secure future contracts. The directors have provided assurances that they can continue to operate.

Development and performance

Post year end two additional subsidiaries have been incorporated, as disclosed in note 17.

 

The directors do not anticipate any further significant future developments in the company.

Key performance indicators

The directors consider the company's key financial performance indicators to be whether the productions are produced in line with the agreed budgets. At the year end, the estimated cost of the productions were in line with budgets.

 

The directors consider the company's key non-financial performance indicator to be whether the productions are certified as British. The productions have been awarded the required certificates.

On behalf of the board

Diarmuid McKeown
Director
26 March 2025
Blueprint Pictures Limited
Directors' report
For the year ended 31 March 2024
2

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activities of the company and group continued to be that of film and television production.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £0 (2023 £2,938,724). An interim dividend payment for the year ended 31 March 2025 has been declared amounting to £1,303,630.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Graham Broadbent
Peter Czernin
Diarmuid McKeown
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Diarmuid McKeown
Director
26 March 2025
Blueprint Pictures Limited
Directors' responsibilities statement
For the year ended 31 March 2024
3

The directors are responsible for preparing the Annual 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:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Blueprint Pictures Limited
Independent auditor's report
To the members of Blueprint Pictures Limited
4
Opinion

We have audited the financial statements of Blueprint Pictures Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 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.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Blueprint Pictures Limited
Independent auditor's report (continued)
To the members of Blueprint Pictures Limited
5

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 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.

 

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation, specifically legislation relating to creative industry tax credits.

 

Blueprint Pictures Limited
Independent auditor's report (continued)
To the members of Blueprint Pictures Limited
6

In addition, the group and parent are subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation and employment law.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.

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.

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 auditors 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.

 

Sinead McHugh (Senior Statutory Auditor)
For and on behalf of Saffery LLP
26 March 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Blueprint Pictures Limited
Group income statement
For the year ended 31 March 2024
7
2024
2023
Notes
£
£
Turnover
5
2,845,265
17,197,518
Cost of sales
(3,311,290)
(15,115,213)
Gross (loss)/profit
(466,025)
2,082,305
Administrative expenses
(1,653,339)
(1,446,824)
Other operating income
-
371,107
Operating (loss)/profit
3
(2,119,364)
1,006,588
Tax on (loss)/profit
8
2,891,835
1,846,544
Profit for the financial year
772,471
2,853,132
Profit for the financial year is all attributable to the owners of the parent company.
Blueprint Pictures Limited
Group statement of comprehensive income
For the year ended 31 March 2024
8
2024
2023
£
£
Profit for the year
772,471
2,853,132
Other comprehensive income
-
-
Total comprehensive income for the year
772,471
2,853,132
Total comprehensive income for the year is all attributable to the owners of the parent company.
Blueprint Pictures Limited
Group statement of financial position
As at 31 March 2024
9
2024
2023
Notes
£
£
£
£
Current assets
Debtors
12
3,835,198
9,865,244
Cash at bank and in hand
3,492,594
3,605,655
7,327,792
13,470,899
Creditors: amounts falling due within one year
13
(3,706,927)
(9,634,184)
Net current assets
3,620,865
3,836,715
Capital and reserves
Called up share capital
15
2
2
Profit and loss reserves
3,620,863
3,836,713
Total equity
3,620,865
3,836,715
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Diarmuid McKeown
Director
Company Registration No. 05040196 (England and Wales)
Blueprint Pictures Limited
Company statement of financial position
As at 31 March 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
4
4
Current assets
Debtors
12
1,802,723
2,638,870
Cash at bank and in hand
2,009,394
946,198
3,812,117
3,585,068
Creditors: amounts falling due within one year
13
(573,154)
(548,906)
Net current assets
3,238,963
3,036,162
Net assets
3,238,967
3,036,166
Capital and reserves
Called up share capital
15
2
2
Profit and loss reserves
3,238,965
3,036,164
Total equity
3,238,967
3,036,166

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £202,801(2023: £2,301,334 ).

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Diarmuid McKeown
Director
Company registration number 05040196 (England and Wales)
Blueprint Pictures Limited
Group statement of changes in equity
For the year ended 31 March 2024
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
2
3,831,162
3,831,164
Year ended 31 March 2023:
Profit and total comprehensive income
-
2,853,132
2,853,132
Dividends
9
-
(2,847,581)
(2,847,581)
Balance at 31 March 2023
2
3,836,713
3,836,715
Year ended 31 March 2024:
Profit and total comprehensive income
-
772,471
772,471
Adjustment to opening reserves
-
(988,321)
(988,321)
Balance at 31 March 2024
2
3,620,863
3,620,865
Blueprint Pictures Limited
Company statement of changes in equity
For the year ended 31 March 2024
12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
2
3,582,412
3,582,414
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
2,301,333
2,301,333
Dividends
9
-
(2,847,577)
(2,847,577)
Balance at 31 March 2023
2
3,036,164
3,036,166
Year ended 31 March 2024:
Profit and total comprehensive income
-
202,801
202,801
Balance at 31 March 2024
2
3,238,965
3,238,967
Blueprint Pictures Limited
Group statement of cash flows
For the year ended 31 March 2024
13
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(3,795,518)
2,545,020
Income taxes refunded/(paid)
3,682,453
(614,334)
Net cash (outflow)/inflow from operating activities
(113,065)
1,930,686
Financing activities
Dividends paid to equity shareholders
-
0
(2,938,724)
Net cash used in financing activities
-
(2,938,724)
Net decrease in cash and cash equivalents
(113,065)
(1,008,038)
Cash and cash equivalents at beginning of year
3,605,530
4,613,568
Cash and cash equivalents at end of year
3,492,465
3,605,530
Relating to:
Cash at bank and in hand
3,492,594
3,605,655
Bank overdrafts included in creditors payable within one year
(129)
(125)
Blueprint Pictures Limited
Notes to the group financial statements
For the year ended 31 March 2024
14
1
Accounting policies
Company information

Blueprint Pictures Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 10-12 Russell Square, 6th Floor, London, WC1B 5EH.

 

The group consists of Blueprint Pictures Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Blueprint Pictures Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
15

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Blueprint Pictures (Strangers) Limited prepared accounts for the 7 month period from 28 August 2023 to 31 March 2024. As part of the consolidation, adjustments were made to align the results with the reporting period of the group. All other subsidiaries prepared accounts for the same reporting period.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Company

Company turnover represents amounts receivable for the development, distribution and exploitation of television projects and television production activities net of VAT and trade discounts.

 

Revenue from contract for the development of television projects is recognised dependent on the nature of the ownership of the underlying rights to the programme being produced. Where the company owns the underlying rights the revenue is recognised only on delivery of the programme. Where the underlying rights are owned by a third party and the company is producing the programme on a 'work-for-hire' basis then revenue is recognised with reference to stage of completion of the programme.

 

Production fees in relation to the development of television projects are recognised by reference to the stage of completion. Stage of completion in this case is based on the time spent on each service provided as part of the contracted production fee.

 

Group

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

 

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
16
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
17
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
18
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently receivable 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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

The tax currently recoverable is based on relievable losses arising in the period as the result of Film and High End Television tax relief legislation. Relievable losses differ from net losses as reported in the statement of comprehensive income because they include an additional deduction relating to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other periods, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
19
Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

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

 

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

 

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

1.13
Retirement benefits

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

1.14
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 leased asset are consumed.

1.15
Foreign exchange

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

2
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 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.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
20
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.

Tax credit estimate

The key accounting estimate within the financial statements for the company is the valuation of the Film and High End Television tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

 

In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
77,740
(162,551)
Research and development costs
5,787
6,904
Operating lease charges
92,594
85,458
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
29,950
29,250
Audit of the financial statements of the company's subsidiaries
71,733
31,250
101,683
60,500
5
Turnover
2024
2023
As restated
£
£
Turnover analysed by class of business
Film & Television Production
2,845,265
17,197,518
Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
5
Turnover (continued)
21
2024
2023
As restated
£
£
Turnover analysed by geographical market
United States of America
2,595,591
15,783,979
United Kingdom
(150,326)
1,013,539
France
400,000
400,000
2,845,265
17,197,518

Note that in the prior year the geographical split was not correct, therefore the comparative figures have been restated.

6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
26
29
10
9

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,368,844
1,644,737
673,043
692,853
Social security costs
165,849
196,741
78,214
77,538
Pension costs
9,125
17,747
7,103
16,811
1,543,818
1,859,225
758,360
787,202
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
215,722
521,452
Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
7
Directors' remuneration (continued)
22
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
215,722
220,322
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
(2,891,835)
(1,846,544)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(2,119,364)
1,006,588
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(529,841)
191,252
Tax effect of expenses that are not deductible in determining taxable profit
30,997
-
0
Tax effect of income not taxable in determining taxable profit
-
0
(85)
Movement in deferred tax not recognised
401
-
0
Group relief
(14,307)
-
0
Enhanced losses arising from the film tax credit
(2,388,419)
(1,051,241)
Difference between the rate of corporation tax and the rate of relief under the film tax credit
-
(443,071)
Losses carried forward
9,334
(543,399)
Taxation credit
(2,891,835)
(1,846,544)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
2,847,541
Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
23
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
4
4
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Blueprint Pictures (Billboards) Limited
Film production
A
100
Blueprint Pictures (Banshees) Limited
Film production
A
100
Blueprint Pictures (Game) Limited
Film production
A
100
Blueprint Pictures (Strangers) Limited
Film production
A
100
Registered Office address:
All subsidiaries have a registered office of 10-12 Russell Square, 6th Floor, London, WC1B 5EH.
All subsidiaries are directly owned by Blueprint Pictures Limited and all are included in these consolidated accounts.
Post year end two additional subsidiaries have been incorporated post yearend, details are in note 16. These are directly owned by Blueprint Pictures Limited and have share capital of £1 each.
12
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
23,142
43,051
23,142
43,051
Corporation tax recoverable
1,587,131
3,366,070
-
0
-
0
Amounts owed by group undertakings
-
-
464,628
2,411,961
Other debtors
945,987
5,914,351
36,015
7,086
Prepayments and accrued income
1,278,938
541,772
1,278,938
176,772
3,835,198
9,865,244
1,802,723
2,638,870
Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
24
13
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
14
129
125
-
0
-
0
Trade creditors
440,380
1,580,817
36,447
35,399
Amounts owed to group undertakings
-
0
-
0
14,810
-
0
Corporation tax payable
-
0
-
0
-
0
505,738
Other taxation and social security
27,926
-
160,338
23,510
Other creditors
2,701,903
6,863,257
1,604
489,998
Accruals and deferred income
536,589
1,189,985
359,955
-
0
3,706,927
9,634,184
573,154
1,054,645
14
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
129
125
-
0
-
0
Payable within one year
129
125
-
0
-
0
15
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
16
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a of FRS102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

Blueprint Pictures Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2024
25
17
Events after the reporting date

On 17 April 2024, Blueprint Pictures (Bebe) Ltd was incorporated. The company has 1 ordinary share with a nominal value of £1, and is 100% owned by Blueprint Pictures Ltd.

 

On 28 August 2024, Blueprint Pictures (EI) Ltd was incorporated. The company has 1 ordinary share with a nominal value of £1, and is 100% owned by Blueprint Pictures Ltd.

 

Both subsidiaries have a registered office of 10-12 Russell Square, 6th Floor, London, England, WC1B 5EH.

 

On 5 August 2024, an interim dividend was declared for the year ended 31 March 2025. The declared dividend amounted to £1,303,630.

18
Controlling party

There is no single controlling party.

19
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
772,471
2,853,132
Adjustments for:
Taxation credited
(2,891,835)
(1,846,544)
Movements in working capital:
Decrease in debtors
4,251,107
1,645,285
Decrease in creditors
(5,927,261)
(197,997)
Cash (absorbed by)/generated from operations
(3,795,518)
2,453,876
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Graham BroadbentPeter CzerninDiarmuid McKeownfalsefalse050401962023-04-012024-03-3105040196bus:Director12023-04-012024-03-3105040196bus:Director22023-04-012024-03-3105040196bus:Director32023-04-012024-03-3105040196bus:RegisteredOffice2023-04-012024-03-3105040196bus:Consolidated2024-03-31050401962024-03-3105040196bus:Consolidated2023-04-012024-03-3105040196bus:Consolidated2022-04-012023-03-31050401962022-04-012023-03-3105040196core:ShareCapitalbus:Consolidated2024-03-3105040196core:ShareCapitalbus:Consolidated2023-03-3105040196core:ShareCapital2024-03-3105040196core:ShareCapital2023-03-3105040196core:RetainedEarningsAccumulatedLosses2024-03-3105040196core:ShareCapitalbus:Consolidated2022-03-3105040196core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3105040196core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3105040196core:ShareCapital2022-03-3105040196core:RetainedEarningsAccumulatedLosses2023-03-31050401962023-03-3105040196bus:Consolidated2023-03-3105040196bus:Consolidated2022-03-3105040196bus:Consolidateddirep:SexPreferNotToDisclose2023-03-3105040196core:UKTaxbus:Consolidated2023-04-012024-03-3105040196core:UKTaxbus:Consolidated2022-04-012023-03-3105040196bus:Consolidated12022-04-012023-03-3105040196bus:Consolidated22022-04-012023-03-3105040196bus:Consolidated32022-04-012023-03-3105040196core:CurrentFinancialInstruments2024-03-3105040196core:CurrentFinancialInstruments2023-03-3105040196core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3105040196core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3105040196core:WithinOneYearbus:Consolidated2024-03-3105040196core:WithinOneYearbus:Consolidated2023-03-3105040196core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105040196core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105040196core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3105040196core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3105040196bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105040196bus:FRS1022023-04-012024-03-3105040196bus:Audited2023-04-012024-03-3105040196bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3105040196bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP