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Registered number: 07660599









BLINK ENTERTAINMENT DISTRIBUTION LTD









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
COMPANY INFORMATION


Directors
D J Chambers 
J Kershaw 
M T Fleming 
U Streib 




Company secretary
J Kershaw



Registered number
07660599



Registered office
Bankstock Building 2nd Floor
42-44 De Beauvoir Crescent

London

N1 5SB




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditors

3rd Floor Waverley House

7-12 Noel Street

London

W1F 8GQ





 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 8


 
BLINK ENTERTAINMENT DISTRIBUTION LTD
REGISTERED NUMBER: 07660599

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Restated
2023
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 6 
1,007
519

Bank and cash balances
  
45
161

  
1,052
680

Creditors: amounts falling due within one year
 7 
(579)
(204)

Net current assets
  
 
 
473
 
 
476

Total assets less current liabilities
  
473
476

  

Net assets
  
473
476


Capital and reserves
  

Called up share capital 
 8 
-
-

Profit and loss account
  
473
476

  
473
476


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2025.



M T Fleming
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Blink Entertainment Distribution Limited is a private Company limited by shares incorporated in England and Wales, registration number 07660599. The registered office is Bankstock Building, 2nd floor, 42-44 De Beauvoir Crescent, N1 5SB.
The principal activity of the Company is the provision of TV production and distribution services. 

2.Accounting policies

 
2.1

Basis of preparation of 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 as applicable to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 
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 £1,000. 
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

  
2.2

Going concern

The Company made a loss for the year of £3,000 (2023 – profit of £41,000) and has net assets of £473,000 (2023 – net assets of £476,000). The directors are satisfied that the Company is able to meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements, and therefore consider it appropriate that these financial statements be prepared on the going concern basis.

Page 2

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable from customers, net of trade discounts, VAT and other sales related taxes. 
Production revenue comprises broadcaster licence fees and other pre-sales receivables for work carried out in producing television programmes.
To the extent that they meet the requirements of FRS102 certain customer-specific production contracts are reported using the percentage-of-completion method.
In this method, revenues and gains on customer-specific contracts are recognised based on the stage of completion of the respective project concerned. The percentage of completion is calculated as the ratio of the contract costs incurred up until the end of the year to the total estimated project cost (cost-to-cost method). Irrespective of the extent to which a project has been completed, losses resulting from customer-specific contracts are immediately recognised in full in the year in which the loss is identified. Gross profit on production activity is recognised over the year of the production.
Overspends on production are recognised as they arise and underspends are recognised on completion of the productions. 
Distribution revenue includes sums receivable from the exploitation of programmes in which the Company owns rights and is recognised when all the following criteria have been met:
i) an agreement has been executed by both parties;
ii) the programme is available for delivery; and
iii) the arrangements are fixed and determinable.
Revenue from the exploitation of programme rights is recognised when receivable. The associated costs are recognised in cost of sales at the same point. 

  
2.4

Production costs

In most cases, when the Company is commissioned to make a programme by a broadcaster, the broadcaster pays a licence fee for the programme in their own territory and the Company retains the right to exploit the programme elsewhere.
Where the license fee exceeds the cost of production, then due to the uncertain nature of otehr future future revenues, the Company writes off 100%of the production cost against the licence fee income.

Page 3

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.5

Foreign Currency Translation

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction. 

Monetary assets and liabilities denominated in foreign currencies are translates at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined. 

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. Translation differences on the assets and liabilities of overseas subsidiaries are recognised in other comprehensive income.

  
2.6

Financial instruments

The Group has elected to apply the provisions of Section 11, 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. 
Financial instruments are recognised 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. 
Basic financial assets
Basic financial assets which include trade and other receivables, and cash and bank balances, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.  

Impairment of financial assets 
Financial assets other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date. 
 
Financial assets are impaired when there is objective evidence that, because 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. 


 
Page 4

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.


  
2.7

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. 
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. 
Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it includes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Revenue recognition
Management continually assess the projected total costs of each production. On the basis of these estimates, revenue is recognised.  Where productions are in progress at the period end and where billing exceeds the value of the work done, the excess is classified as deferred income. Where billing is less than the value of work done, the excess is classified as accrued income.
Creative tax credit estimate
The key accounting estimate within these financial statements relates to the value of the high-end elevision tax credit. The estimate is based on the assessment of the value of qualifying expenditure in accordance with HMRC legislation and guidance and those expenditures eligible for the tax relief.

Page 5

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Employees

The average monthly number of employees during the year was 2 (2023 - 0).





5.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
Restated
2023
£000
£000


(Loss)/profit on ordinary activities before tax
(3)
41


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
-
10

Effects of:


Group relief
-
(10)

Total tax charge for the year
-
-

The Company is responsible for the production and delivery of "Fred West Tapes", a programme that qualifies for high-end television tax relief for corporation tax.  The total estimated tax credit recoverable is expected to be £514,000 (2023 - £23,000) which is shown within Note 6 of these financial statements, with the corresponding amount recorded within the Statement of Comprehensive Income within turnover.  
The Company has opted to restate the prior year tax computations and returns to claim for eligible expenditure under the high-end television tax credit scheme. The prior period financial statements reflect a tax recoverable amount of £23,000. As at 31 December 2024 there is therefore a total tax recoverable amount of £514,000.  An accrual has also been recognised in the prior year to reflect a commission payment due as a result of the underlying production agreements.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 6

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
Restated
2023
£000
£000


Amounts owed by group undertakings
493
466

Tax recoverable
514
23

Prepayments and accrued income
-
30

1,007
519


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2024
Restated
2023
£000
£000

Trade creditors
11
12

Other taxation and social security
9
9

Other creditors
514
23

Accruals and deferred income
45
160

579
204


Included within Other creditors at the year end is an unsecured interest free production advance totalling £514,000 (2023 - £23,000) from the commissioner of the production 'Fred West Tapes' which is repayable on the receipt of a television tax credit. 


8.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
-
-

Ordinary Share Rights
The Company's ordinary shares have attached to them voting, dividend and capital distribution (including
on winding up) rights but do not confer any rights of redemption.

Page 7

 
BLINK ENTERTAINMENT DISTRIBUTION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Prior year adjustment

Please see note 5 for details.


10.


Contingent liabilities

The Company is party to a composite guarantee with TC Loans (CBILS) Limited, under which there is an aggregate potential liability of £2,500,000.

TC Loans (CBILS) Limited holds a fixed and floating charge over all assets, property and undertaking of the Company in respect of a loan agreement entered into by the Company's parent. This charge has been fully satisfied on 9 January 2025. 


11.


Related party transactions

The Company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transactions is wholly owned by a member of that group.
Rockpool (Security Trustee Limited) has a fixed and floating charge over all the property or undertaking of the Company.


12.


Controlling party

The Company is a subsidiary of Blink Entertainment Limited, a Company registered in England & Wales.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 3 April 2025 by Kate Barekati (Senior statutory auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 8