Company Registration No. 03960311 (England and Wales)
BLUE ZOO PRODUCTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
BLUE ZOO PRODUCTIONS LIMITED
COMPANY INFORMATION
Directors
A. Shaw
O. Hyatt
T. Box
D. Isman
Secretary
A. Shaw
Company number
03960311
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
BLUE ZOO PRODUCTIONS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
BLUE ZOO PRODUCTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report and financial statements for the year ended 31 August 2024.

Review of the business

The principal activity of the Company during the year was that of television production, broadcast, commercial and digital creators, producers and distributors and the exploitation of IPR the company owns and manages.

 

The Company had a good year this year, however, revenue decreased from last year owing to the slowdown in the economy and recalibration of the industry.

 

The Company made a profit after tax of £259,184 (2023 - £1,428,147) for the year on a turnover of £19,147,142 (2023 - £19,571,288).

 

The Company recognises performance is contingent upon maintaining good rapport with clients.

 

At 31 August 2024 the Company had net assets of £10,496,916 (2023 - £10,237,732).

 

The directors are satisfied with the performance of the business during the year and the position of the Company at the year end.

Principal risks and uncertainties

The Company manages its cash requirements, whilst ensuring that it has sufficient liquid resources to meet the operating needs of the business.

Our employees are our most valuable resource. Staff retention and recruitment is crucial to the Company’s success. The Company remains focused on providing a stimulating and safe environment for all its employees and offering both competitive remuneration and a rewarding career path in order to motivate and empower them.

Creative output must remain of the highest standard.

Key performance indicators

The directors produce and measure financial performance against quarterly management accounts. In addition, certain key performance indicators are used to manage the business.

 

These include but are not limited to the following:

 

Turnover: £19.15m (2023: £19.57m)

EBITDA: £1.96m (2023: £0.86m)

Current ratio: 3.88 (2023: 5.02)

 

Working capital: £9.84m (2023: £9.5m)

On behalf of the board

T. Box
Director
20 June 2025
BLUE ZOO PRODUCTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

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

Principal activities

The principal activity of the company continues to be that of computer animation for television and associated industries.

Directors

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

A. Shaw
O. Hyatt
T. Box
D. Isman
Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
T. Box
Director
20 June 2025
BLUE ZOO PRODUCTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BLUE ZOO PRODUCTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BLUE ZOO PRODUCTIONS LIMITED
- 4 -
Opinion

We have audited the financial statements of Blue Zoo Productions Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

BLUE ZOO PRODUCTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BLUE ZOO PRODUCTIONS LIMITED
- 5 -
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 and the directors' report.

 

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

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 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.

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

BLUE ZOO PRODUCTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BLUE ZOO PRODUCTIONS LIMITED
- 6 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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 company's member 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 member those matters we are required to state to them in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.

Russell Nathan (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
20 June 2025
BLUE ZOO PRODUCTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
19,147,142
19,571,288
Cost of sales
(13,760,795)
(14,503,974)
Gross profit
5,386,347
5,067,314
Administrative expenses
(5,343,175)
(4,862,470)
Other operating income
698,489
317,621
Operating profit
4
741,661
522,465
Interest receivable and similar income
8
174,148
155,642
Interest payable and similar expenses
9
(147,119)
(37,536)
Other gains and losses
10
(75)
-
Profit before taxation
768,615
640,571
Tax on profit
11
(509,431)
787,576
Profit for the financial year
259,184
1,428,147

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BLUE ZOO PRODUCTIONS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
696,834
862,136
Investments
14
54,336
44,869
751,170
907,005
Current assets
Debtors
17
10,244,918
9,260,418
Cash at bank and in hand
3,012,413
2,626,593
13,257,331
11,887,011
Creditors: amounts falling due within one year
18
(3,417,246)
(2,364,592)
Net current assets
9,840,085
9,522,419
Total assets less current liabilities
10,591,255
10,429,424
Provisions for liabilities
Deferred tax liability
19
94,339
191,692
(94,339)
(191,692)
Net assets
10,496,916
10,237,732
Capital and reserves
Called up share capital
21
612
612
Capital redemption reserve
173
173
Profit and loss reserves
10,496,131
10,236,947
Total equity
10,496,916
10,237,732
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
T. Box
Director
Company Registration No. 03960311
BLUE ZOO PRODUCTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
612
173
9,018,800
9,019,585
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
1,428,147
1,428,147
Dividends
12
-
-
(210,000)
(210,000)
Balance at 31 August 2023
612
173
10,236,947
10,237,732
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
259,184
259,184
Balance at 31 August 2024
612
173
10,496,131
10,496,916
BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
1
Accounting policies
Company information

Blue Zoo Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Blue Zoo Productions Limited is a wholly owned subsidiary of Blue Zoo Media Group Limited and the results of Blue Zoo Productions Limited are included in the consolidated financial statements of Blue Zoo Media Group Limited which are available from Acre House, 11-15 William Road, London, England, NW1 3ER.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

 

Amounts invoiced in excess of income are included within deferred income. Income recognised in excess of amounts invoiced is included within accrued income.

1.4
Tangible fixed assets

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

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 11 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
25% on reducing balance
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
10% on reducing balance or 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). An impairment loss is recognised immediately in profit or loss.

1.7
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors 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 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.

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
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.

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 company 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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 receipts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.10
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.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Rendering of services
19,144,680
19,465,375
Royalties
2,462
105,913
19,147,142
19,571,288
2024
2023
£
£
Other significant revenue
Interest income
108,961
155,642
Dividends received
65,187
-
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,110,338
14,837,713
Europe
4,500,004
4,700,355
Rest of world
536,800
33,220
19,147,142
19,571,288
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(4,087)
(6,290)
Depreciation of owned tangible fixed assets
283,767
337,650
Operating lease charges
382,121
477,809
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,000
33,205
BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
6
Employees

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

2024
2023
Number
Number
Permanent and fixed term production staff
267
281
Directors
4
4
Administration staff
1
1
Total
272
286

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
10,292,710
10,851,575
Social security costs
1,115,511
1,193,157
Pension costs
332,735
376,697
11,740,956
12,421,429
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
462,132
450,204
Company pension contributions to defined contribution schemes
41,245
49,971
503,377
500,175
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
120,290
120,079
Company pension contributions to defined contribution schemes
18,554
22,861
BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
388
118
Interest receivable from associate undertakings
108,573
155,524
Total interest revenue
108,961
155,642
Income from fixed asset investments
Income from shares in associate undertakings
65,187
-
0
Total income
174,148
155,642
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
37,536
Interest payable to group undertakings
147,119
-
0
147,119
37,536
10
Other gains and losses
2024
2023
£
£
Loss on disposal of fixed asset investment
(75)
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
606,784
(783,901)
Deferred tax
Origination and reversal of timing differences
(97,353)
(3,675)
Total tax charge/(credit)
509,431
(787,576)
BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Taxation
(Continued)
- 17 -

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

2024
2023
£
£
Profit before taxation
768,615
640,571
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
192,154
137,851
Tax effect of expenses that are not deductible in determining taxable profit
253,022
25,929
Adjustments in respect of prior years
185,405
-
0
Group relief
(60,338)
(77,481)
Research and development tax credit
(8,644)
(64,777)
Dividend income
(16,297)
-
0
Television production tax profit adjustment
-
0
(645,036)
Other tax adjustments, reliefs and transfers
(35,871)
(164,062)
Taxation charge/(credit) for the year
509,431
(787,576)
12
Dividends
2024
2023
£
£
Final paid
-
0
210,000

During the year there were no dividends paid out to the shareholders (2023: £210,000).

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
13
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2023
6,379
24,858
3,905,007
3,936,244
Additions
-
0
-
0
118,465
118,465
At 31 August 2024
6,379
24,858
4,023,472
4,054,709
Depreciation and impairment
At 1 September 2023
6,264
24,397
3,043,447
3,074,108
Depreciation charged in the year
24
104
283,639
283,767
At 31 August 2024
6,288
24,501
3,327,086
3,357,875
Carrying amount
At 31 August 2024
91
357
696,386
696,834
At 31 August 2023
115
461
861,560
862,136

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Computer equipment
-
0
20,244
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
863
838
Investments in associates
16
53,473
44,031
54,336
44,869
BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
14
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 September 2023
44,869
Additions
9,542
Disposals
(75)
At 31 August 2024
54,336
Carrying amount
At 31 August 2024
54,336
At 31 August 2023
44,869
15
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
AnimDojo Limited
1
Ordinary
75.00
-
Blue Pony Productions Limited
1
Ordinary
100.00
-
Blue Zoo Rights Limited
1
Ordinary
90.00
-
Blue Zoo Animation Studio Ltd
1
Ordinary
100.00
-
Mishmash Productions Limited
1
Ordinary
50.00
-
Big Tree City Limited
1
Ordinary
100.00
-
Blue Hex Productions Ltd
1
Ordinary
100.00
-
Brighton Zoo Limited
2
Ordinary
52.00
-
Blue Zoo Digital Limited
1
Ordinary
50.00
15.00
Blue Zoo Licensing Limited
1
Ordinary
75.00
7.50
Blue Eve Productions Ltd
1
Ordinary
100.00
-
-
-
-
-

Registered office addresses (all UK unless otherwise indicated):

1
Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER
2
New England House Unit E, Level 8 (North), New England Street, Brighton, East Sussex, United Kingdom, BN1 4GH
16
Associates

Details of the company's associates at 31 August 2024 are as follows:

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
16
Associates
(Continued)
- 20 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
VideoKid Games Limited
1
Ordinary
50.00
Alphablocks Limited
1
Ordinary
30.00
Forest Folk Production Limited
1
Ordinary
50.00
Blue Mojo Rights Ltd
2
Ordinary
50.00
Kazoo Animation
3
Ordinary
49.00

Registered office addresses (all UK unless otherwise indicated):

 

1 Acre House, 11/15 William Road, London, NW1 3ER

 

2 Bugsell Farm, Bugsell Lane, Robertsbridge, England, TN32 5EN

 

3 99A Boulevard Constantin Descat, 59200 Tourcoing, France

17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,794,760
2,496,061
Corporation tax recoverable
1,623,298
1,424,835
Amounts owed by group undertakings
1,722,733
1,630,630
Amounts owed by undertakings in which the company has a participating interest
2,697,176
2,364,854
Other debtors
159,448
149,760
Prepayments and accrued income
2,247,503
1,194,278
10,244,918
9,260,418
18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
560,908
514,808
Corporation tax
450,628
-
0
Other taxation and social security
800,779
612,891
Other creditors
847,582
77,113
Accruals and deferred income
757,349
1,159,780
3,417,246
2,364,592
BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
94,339
191,692
2024
Movements in the year:
£
Liability at 1 September 2023
191,692
Credit to profit or loss
(97,353)
Liability at 31 August 2024
94,339

The net deferred tax liability has been calculated at a tax rate of 25% (2023: 25%).

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
332,735
376,697

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
61,200
61,200
612
612

The ordinary shares have full voting, dividend and capital distribution rights with no rights to redemption.

 

22
Financial commitments, guarantees and contingent liabilities

The company forms part of an unlimited multilateral guarantee with one of its wholly owned subsidiaries, Blue Pony Productions Limited.

BLUE ZOO PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
104,914
327,997

Included in the operating lease commitment is an estimated amount for service charge, based on the charges in the year.

 

Blue Zoo Productions Limited were served notice by the landlord of their main office premises on 17 June 2024 to end the lease on 1 January 2025. A lease agreement was entered into by the parent company for a new office premises on 13 December 2024.

24
Related party transactions

As at 31 August 2024 £2,697,176 (2023: £2,364,854) was due from undertakings in which the company has a participating interests. During the year the company charged production costs of £5,512,160 (2023: £1,741,096) and management fees of £170,580 (2023: £142,550) to these entities. Interest is charged at 8% on loans of £1,179,457 (2023: £2,060,940), in respect of balances due from participating interests.

As at 31 August 2024 £775,971 (2023: owed £842,012) was due from subsidiaries that were not 100% wholly owned by the company. Expenses of £382,086 (2023: £94,545) were recharged to this company. Interest is charged at 8% on loans of £457,580 (2023: £nil) in respect of balances due to subsidiary that was not 100% wholly owned by the company.

25
Ultimate controlling party

The ultimate parent undertaking is Blue Zoo Media Group Limited, a company incorporated in the United Kingdom. The registered address is: Acre House, 11/15 William Road, London, NW1 3ER. The results of Blue Zoo Productions Limited are included within the consolidated financial statements of Blue Zoo Media Group Limited.

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