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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
COMPANY INFORMATION
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PRODUCTION BUREAU LIMITED
CONTENTS
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PRODUCTION BUREAU LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Strategic Report for the year ended 31 December 2024.
Production Bureau Ltd (Pb) is a dynamic multi-service production agency that enables our clients to creatively connect with their audiences, colleagues, or the world at large. Our services span across creative design, motion, digital, technical and production services, virtual, hybrid and live events, exhibition and spatial design, construction and delivery, all of which are delivered using our own in-house expertise.
We aim to present a balanced and comprehensive analysis of the Company’s activity during the year and the position of the Company’s business at the year end consistent with the size and complexity of the operation.
The Directors report that turnover increased in 2024 to £12,479,065 compared to £11,958,939 for the previous year. Gross profit for the year ended 31 December 2024 increased by £119,821 to £6,323,085 with the margin decreasing from 51.9% in 2023 to 50.7% in 2024. Operating profit before tax has increased from £345,254 in 2023 to £506,191 in 2024.
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PRODUCTION BUREAU LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Looking to 2025, and beyond, the labour market continues to be ever changing. Our freelance team continues to have choice and opportunities due to the reduction in freelance numbers in a post-Covid world, however, we are generally seeing an increased number of applicants for our full-time vacancies. There continues to be a need to provide flexible working practices, and hybrid solutions, and with the Government's current review on working conditions for employees, we remain vigilant into how the recommendations and subsequent legislation may impact our business operation.
The impact of climate change and more specifically the design and creation of sustainable events, continues to be a hot topic with our clients and across the events industry. In 2024, we undertook a survey of key members of our supply chain, investigated our own working practices with the planet in mind, and reported publicly on our carbon emissions. Our October submission to EcoVadis www.ecovadis.com resulted in a score of 67% and a silver medal showing good year-on-year improvement (+3%). We continue to set out a clear set of targets for our business operations with ESG considerations in mind, and will report on those during the course of the year. Client confidence in an uncertain political and economic world in 2024 was fragile and we saw shorter lead times for our projects and contingency planning, to be the hallmarks of the year. We have, however, seen in the latter stages of 2024, extended timelines, and increased client confidence to commit to projects, but we also see a trend to consolidate travel budgets and overall cost bases. In post-election Britain, despite economic uncertainty, we are seeing a little more confidence in lead times for client bookings with the need to secure the event space being the primary driver of the change. Once venues are secured, clients are then keen to secure and lock down budgets, which in turn focusses their attention on securing the right partner for the event. Our customer loyalty levels remain high, their service expectations continue to be at the same high level, and the need for assurances on our governance and security procedures continue to be a focus area for them and for ourselves. Cybercrime, and the protection of our data and our customers' data is of paramount importance in our evolving digital world. We have robust processes and protocols in place to retain our privacy online and are constantly vigilant of the threats to our cyber security and for those we partner with. We now have a dedicated role within the Company with specific responsibilities for governance. Our approach to AI and its use in our business continues to be one of caution, as intellectual property and the protection of data, regardless of its source, remains a priority. In 2024, we were again awarded our Cyber Essentials plus recognition Our supply continues to be challenged by economic forces, but our local and regional supply network continues to support our business activities, and we continue to find new partners, who can match our clients' expectations. The integrity of our supply chain remains important to us, and our clients, and we continue to review our working practices in this area. The Company’s approach to risk management is to minimise the effects of adverse external conditions and the Directors believe the Company is well placed to manage the conditions.
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PRODUCTION BUREAU LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The key financial measures of turnover of £12,479,065 (2023: £11,958,939) and profit before tax of £445,287 (2023: £290,936) are reflective of the hard work and dedication of all the staff as well as the strategic decisions taken by the business.
We take our responsibility for the community in which we live seriously, and we partner with a number of local charity groups and individuals to support areas of sport, creative industry education, disadvantaged groups, and our local community. We believe this is an important part of being a good business and we continue to evaluate partnerships where we believe there are areas of need which align with our business ethos. We also continue to participate in a number of creative industry groups, where we give our time, expertise and energy to support new talent, build communities of good practice, and gain and share industry insights. The Company will continue to invest in appropriate resources to maintain current business activity and support planned and opportunistic growth in the future.
The Company uses non financial areas of the business such as customer service, staff retention and absence monitoring and wellbeing indicators which are considered key to the business and are also monitored using KPl's.
This report was approved by the board and signed on its behalf.
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PRODUCTION BUREAU LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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.
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 to 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.
The profit for the year, after taxation, amounted to £331,890 (2023 - £203,335).
Dividends paid during the year amounted to £200,000 (2023 - £450,000).
The directors who served during the year were:
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PRODUCTION BUREAU LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company regularly reviews the product offering and seeks to innovate and adapt to the changing needs of our clients and the marketplace. Sustainable practices will guide our future business thinking as our clients now demand so much more of us in this area.
Our growing experience in large scale events will also encourage us to think more widely of business opportunities in this area. The events industry is built on relationships, and continued investment in our people both existing and new talent, will be a priority, ensuring the teams who represents the Company with our clients, are the best they can be in knowledge, skills, and attitude. The above will contribute to the continued business growth and profitability of the Company in the future.
There have been no significant events affecting the Company since the year end.
The auditors, MA Partners Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PRODUCTION BUREAU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCTION BUREAU LIMITED
We have audited the financial statements of Production Bureau Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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PRODUCTION BUREAU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCTION BUREAU LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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PRODUCTION BUREAU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCTION BUREAU LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company. Our approach was as follows:
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
7 The Close
Norfolk
NR1 4DJ
13 May 2025
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PRODUCTION BUREAU LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
REGISTERED NUMBER: 04115489
BALANCE SHEET
AS AT 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
REGISTERED NUMBER: 04115489
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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PRODUCTION BUREAU LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The entity is a Company limited by shares, incorporated in the United Kingdom. The registered office address of the Company is Hall Farm, Gowthorpe Lane, Swardeston, Norwich, Norfolk, NR14 8DS.
The principal activities of the Company continue to be those of communications, events production and design.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All assets costing more than £500 are capitalised.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Useful economic lives of tangible fixed assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the tangible assets and note 2.8 for the useful economic lives for each class of assets.
The whole of the turnover is attributable to the principal activities.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The bank loan is secured by a debenture and a legal charge over freehold property owned by Bloomcrown Ltd.
Hire purchase and finance lease obligations are secured on the assets financed.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The bank loan is secured by a debenture and a legal charge over freehold property owned by Bloomcrown Ltd.
Hire purchase and finance lease obligations are secured on the assets financed.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £142,884 (2023 - £157,151). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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PRODUCTION BUREAU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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