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Registered number: 04115489









PRODUCTION BUREAU LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PRODUCTION BUREAU LIMITED
 
 
COMPANY INFORMATION


Directors
I M Greenfield 
S A Edmonds 
E C Snowling 
R G Greenfield 
A J Frantom 
A D Mayes 




Registered number
04115489



Registered office
Hall Farm
Gowthorpe Lane

Swardeston

Norwich

Norfolk

NR14 8DS




Independent auditors
MA Partners Audit LLP
Chartered Accountants and Statutory Auditors

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PRODUCTION BUREAU LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 8
Statement of comprehensive income
 
 
9
Balance sheet
 
 
10 - 11
Statement of changes in equity
 
 
12
Statement of cash flows
 
 
13
Analysis of net debt
 
 
14
Notes to the financial statements
 
 
15 - 28

 
PRODUCTION BUREAU LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
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.

Business review
 
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.

Page 1

 
PRODUCTION BUREAU LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
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. 

Page 2

 
PRODUCTION BUREAU LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
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. 

Other key performance indicators
 
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.







I M Greenfield
Director

Date: 13 May 2025
Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

I M Greenfield 
S A Edmonds 
E C Snowling 
R G Greenfield 
A J Frantom 
A D Mayes 

Page 4

 
PRODUCTION BUREAU LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMA Partners Audit LLPwill 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.
 







I M Greenfield
Director

Date: 13 May 2025
Page 5

 
PRODUCTION BUREAU LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCTION BUREAU LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Conclusions relating to going concern


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


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


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


Page 6

 
PRODUCTION BUREAU LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCTION BUREAU LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
PRODUCTION BUREAU LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCTION BUREAU LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.







Alistair Fish FCA (Senior statutory auditor)
  
for and on behalf of
MA Partners Audit LLP
 
Chartered Accountants and Statutory Auditors
  
7 The Close
Norwich
Norfolk
NR1 4DJ


13 May 2025
Page 8

 
PRODUCTION BUREAU LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,479,065
11,958,939

Cost of sales
  
(6,155,980)
(5,755,675)

Gross profit
  
6,323,085
6,203,264

Administrative expenses
  
(5,816,894)
(5,858,010)

Operating profit
  
506,191
345,254

Interest receivable and similar income
 8 
-
11,358

Interest payable and similar expenses
 9 
(60,904)
(65,676)

Profit before tax
  
445,287
290,936

Tax on profit
 10 
(113,397)
(87,601)

Profit for the financial year
  
331,890
203,335

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 28 form part of these financial statements.

Page 9

 
PRODUCTION BUREAU LIMITED
REGISTERED NUMBER: 04115489

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,602,010
2,726,732

  
2,602,010
2,726,732

Current assets
  

Stocks
  
34,275
34,275

Debtors: amounts falling due within one year
 13 
2,183,173
2,551,733

Cash at bank and in hand
  
1,508,567
765,987

  
3,726,015
3,351,995

Creditors: amounts falling due within one year
 14 
(3,514,677)
(2,945,630)

Net current assets
  
 
 
211,338
 
 
406,365

Total assets less current liabilities
  
2,813,348
3,133,097

Creditors: amounts falling due after more than one year
 15 
(355,004)
(626,399)

Provisions for liabilities
  

Deferred tax
 19 
(154,915)
(185,159)

  
 
 
(154,915)
 
 
(185,159)

Net assets
  
2,303,429
2,321,539


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account
 21 
2,303,427
2,321,537

  
2,303,429
2,321,539


Page 10

 
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: 






I M Greenfield
Director

Date: 13 May 2025

The notes on pages 15 to 28 form part of these financial statements.

Page 11

 
PRODUCTION BUREAU LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
2
2,568,202
2,568,204


Comprehensive income for the year

Profit for the year
-
203,335
203,335


Contributions by and distributions to owners

Dividends: Equity capital
-
(450,000)
(450,000)



At 1 January 2024
2
2,321,537
2,321,539


Comprehensive income for the year

Profit for the year
-
331,890
331,890


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)


At 31 December 2024
2
2,303,427
2,303,429


The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
PRODUCTION BUREAU LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
331,890
203,335

Adjustments for:

Depreciation of tangible assets
402,691
423,873

Loss on disposal of tangible assets
(11,800)
21,429

Interest paid
60,904
65,676

Interest received
-
(11,358)

Taxation charge
113,397
87,601

Decrease/(increase) in debtors
368,558
(393,502)

Increase in creditors
581,796
223,966

Corporation tax (paid)
(144,021)
(41,840)

Net cash generated from operating activities

1,703,415
579,180


Cash flows from investing activities

Purchase of tangible fixed assets
(320,169)
(73,153)

Sale of tangible fixed assets
54,000
301

Interest received
-
11,358

HP interest paid
(11,339)
(13,404)

Net cash from investing activities

(277,508)
(74,898)

Cash flows from financing activities

Repayment of loans
(190,883)
(185,901)

Repayment of/new finance leases
(92,879)
(60,647)

Dividends paid
(350,000)
(450,000)

Interest paid
(49,565)
(52,272)

Net cash used in financing activities
(683,327)
(748,820)

Net increase/(decrease) in cash and cash equivalents
742,580
(244,538)

Cash and cash equivalents at beginning of year
765,987
1,010,525

Cash and cash equivalents at the end of year
1,508,567
765,987


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,508,567
765,987

1,508,567
765,987


Page 13

 
PRODUCTION BUREAU LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

765,987

742,580

1,508,567

Debt due after 1 year

(527,544)

194,049

(333,495)

Debt due within 1 year

(191,316)

(3,166)

(194,482)

Finance leases

(159,654)

92,879

(66,775)


(112,527)
1,026,342
913,815

The notes on pages 15 to 28 form part of these financial statements.
Page 14

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 16

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

All assets costing more than £500 are capitalised.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Leasehold property
-
5% straight line
Technical equipment
-
20% - 33% straight line / reducing balance
Operations
-
25% reducing balance
Other equipment
-
20% straight line
IT equipment
-
20% straight line

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 17

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

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.

Page 18

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the next financial year.
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.


4.


Turnover

The whole of the turnover is attributable to the principal activities.


5.


Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,836,887
3,736,632

Social security costs
387,492
372,487

Cost of defined contribution scheme
142,884
157,151

4,367,263
4,266,270


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
99
102


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
476,908
440,425

Company contributions to defined contribution pension schemes
59,562
38,795

536,470
479,220


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £119,463 (2023 - £110,650).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,750 (2023 - £10,000).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
11,358

-
11,358

Page 20

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
49,565
52,272

Finance leases and hire purchase contracts
11,339
13,404

60,904
65,676


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
143,167
143,547

Adjustments in respect of previous periods
474
54


Total current tax
143,641
143,601

Deferred tax


Origination and reversal of timing differences
(30,244)
(56,000)

Total deferred tax
(30,244)
(56,000)


Taxation on profit on ordinary activities
113,397
87,601
Page 21

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
445,287
290,936


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
111,322
72,734

Effects of:


Expenses not deductible for tax purposes
14,875
14,301

Capital allowances for year in excess of depreciation
16,970
65,542

Adjustments to tax charge in respect of prior periods
474
54

Short-term timing difference leading to a (decrease) / increase in taxation
(30,244)
(56,000)

A change in the future rate of tax
-
(9,030)

Total tax charge for the year
113,397
87,601


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends
350,000
450,000

350,000
450,000

Page 22

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Leasehold property
Technical equipment
Operations
IT equipment
Other equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
2,936,786
811,406
372,135
891,873
106,500
5,118,700


Additions
6,529
135,121
96,358
82,161
-
320,169


Disposals
-
-
(107,000)
-
-
(107,000)



At 31 December 2024

2,943,315
946,527
361,493
974,034
106,500
5,331,869



Depreciation


At 1 January 2024
842,046
700,710
208,122
558,245
82,843
2,391,966


Charge for the year on owned assets
147,126
65,889
30,734
112,595
17,714
374,058


Charge for the year on financed assets
-
-
18,194
10,441
-
28,635


Disposals
-
-
(64,800)
-
-
(64,800)



At 31 December 2024

989,172
766,599
192,250
681,281
100,557
2,729,859



Net book value



At 31 December 2024
1,954,143
179,928
169,243
292,753
5,943
2,602,010



At 31 December 2023
2,094,739
110,696
164,013
333,627
23,657
2,726,732

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
54,581
119,962

Other fixed assets
25,493
48,628

80,074
168,590

Page 23

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Debtors

2024
2023
£
£


Trade debtors
1,387,397
2,062,404

Other debtors
9,445
8,555

Prepayments and accrued income
786,331
480,774

2,183,173
2,551,733



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
194,482
191,316

Trade creditors
479,057
469,184

Corporation tax
143,167
143,547

Other taxation and social security
526,134
567,319

Obligations under finance lease and hire purchase contracts
45,265
60,799

Other creditors
394,700
88,423

Accruals and deferred income
1,731,872
1,425,042

3,514,677
2,945,630


The following liabilities were secured:

2024
2023
£
£


Bank loans
194,482
191,316

Obligations under finance lease and hire purchase contracts
45,265
60,799

Details of security provided:

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.

Page 24

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
333,495
527,544

Net obligations under finance leases and hire purchase contracts
21,509
98,855

355,004
626,399


The following liabilities were secured:

2024
2023
£
£



Bank loans
333,495
527,544

Obligations under finance lease and hire purchase contracts
21,509
98,855

355,004
626,399

Details of security provided:

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.


16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
194,482
191,316

Amounts falling due 1-2 years

Bank loans
200,064
194,482

Amounts falling due 2-5 years

Bank loans
133,431
296,129

Amounts falling due after more than 5 years

Bank loans
-
36,933

527,977
718,860


Page 25

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
45,265
60,799

Between 1-5 years
21,509
98,855

66,774
159,654


18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
3,073,939
2,914,648


Financial liabilities


Financial liabilities measured at amortised cost
(1,389,712)
(1,596,330)


Financial assets measured at amortised cost comprise cash and cash equivalents, trade debtors, amounts owed by group undertakings, other debtors and accrued income.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, finance lease payables, accruals and bank borrowings.
Page 26

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation




2024


£






At beginning of year
(185,159)


Charged to profit or loss
30,244



At end of year
(154,915)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(154,915)
(185,159)

(154,915)
(185,159)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 Ordinary shares shares of £1.00 each
2
2



21.


Reserves

Profit and loss account

The profit and loss account reserve represents cumulative profits net of dividends paid and other adjustments.


22.


Pension commitments

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.

Page 27

 
PRODUCTION BUREAU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
77,763
103,763

Later than 1 year and not later than 5 years
311,052
311,052

Later than 5 years
638,545
716,308

1,027,360
1,131,123


24.


Controlling party

As at 31 December 2024, the ultimate parent undertaking is Bloomcrown Limited. Bloomcrown Limited is controlled by a director, IM Greenfield.
 
Page 28