Company registration number 12250363 (England and Wales)
PRODUCTION PARK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PRODUCTION PARK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A Brooks
B H Brooks
L R Brooks
M R Tucknott
Company number
12250363
Registered office
Unit 53 Lidgate Crescent
Langthwaite Business Park
South Kirkby
Pontefract
West Yorkshire
WF9 3NR
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
PRODUCTION PARK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 40
PRODUCTION PARK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The directors are pleased with the progress achieved by our group of companies in 2024; in continuing to create the true home of live events and entertainment technology in the UK.
Our environment
2024 marked the second full year of trading of our completed second generation campus in Wakefield, West Yorkshire as well as a number of market firsts for our education, services and innovation divisions. Our market has continued to benefit from the strong growth of live events and a cultural tailwind for exceptional collective entertainment experiences, whilst film production was negatively impacted by the SAG-AFTRA strikes over the second half of 2023 and into 2024. Despite this, the group has been able to deliver strong results underpinning the growth of our activities and services, inline with our Second Decade Plan.
Our team
Production Park is built on the creative talent, adaptability and energy of our people. We believe in supporting artists, sponsors, productions and practitioners to realise their absolute best results; by removing barriers and supporting their endeavors. This requires a dynamic and determined approach and demands that we look after our team, respecting their work and their personal selves in equal measure. Investment in our people has continued in 2024 with the group headcount passing a milestone of 100 valued team members. We annually review remuneration and benefit packages and have been able to provide pay increases in line with the increased cost of living. Equally, we have been able to deliver 16 internal promotions in the year. Finally we continued to deliver a commitment to being a great place to work through our free lunches, diversified educational opportunities and speaker events.
Our passion
Over 2024 Production Park has again hosted in excess of 100 productions ranging from theatre shows to expansive global stadium tours.
This year has presented a landmark moment, with the release of Adolescence as by far the most watched TV show on Netflix globally in 2025; with over 145 million views. Adolescence was physically produced on Production Park and in the surrounding environs. Our leadership and team were extremely proud of being part of this mega success story and in proving the capabilities of the campus to host world class film making in addition to our respected concert touring specialisms.
Our performance
2024 group performance continued to be affected by the actor, writer and crew strikes which started in 2023. In a period where the BFI estimated an increased UK film production activity, we are reassured that our diversified revenue focuses have allowed us to close the year within 20% of our prior year turnover. Furthermore, the group was able to achieve an increased profit of £3.793m, reflecting the strength of our continued focus on investment and return from the Wakefield, UK campus.
At the time of writing and with a return of normality to global film labour markets, the directors are confident of continued growth across our operations into and through 2025. Accordingly we continue to prepare the business for further expansion and physical investment.
Our community
The nurturing of future talent has been a core priority of Production Park over the last decade, epitomised by the continual investment in the Academy for Live Technology (ALT). ALT, since its founding in 2011, has seen more than 1,000 students graduate directly into the entertainment technology industry, many of whom are now notable in their field as production managers, designers and systems engineers.
In 2024 we opened the landmark second campus at ALT USA on Rock Lititz. This ground breaking partnership with Rock Lititz and Pennsylvania College of Art and Design (PCAD) for the first time exports our unique approach to ‘mind and hands’ industry embedded education to America’s foremost live events campus.
PRODUCTION PARK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties
The directors approve expenditure on a daily basis and various reports are produced on a regular basis to monitor the performance of the group. Management accounts are produced promptly each month and circulated to all board members. The board considers cash flow and balances on both a weekly and monthly basis. The target of the board is to improve the financial position of the group compared to the previous year and to maintain a significant level of net assets.
Financial key performance indicators
The directors consider turnover, gross profit margin, profit before tax and net assets to be key performance indicators. The directors are satisfied with the performance and position of the group based upon these metrics at the year end.
Other performance indicators
The directors consider client retention and client satisfaction key performance indicators.
L R Brooks
Director
31 July 2025
PRODUCTION PARK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group is that of providing a complete service to customers involved in the live events industry. This incorporates; design and construction of staging, provision of rehearsal studios, rental of assets and provision of educational facilities to the live events industry.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Brooks
B H Brooks
L R Brooks
M R Tucknott
Qualifying third party indemnity provisions
The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Research and development
The group engages in research and development activities in relation to product development used by the music industry in staging assets.
Auditor
BHP LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
PRODUCTION PARK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
L R Brooks
Director
31 July 2025
PRODUCTION PARK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRODUCTION PARK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRODUCTION PARK HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of Production Park Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
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.
PRODUCTION PARK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRODUCTION PARK HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
PRODUCTION PARK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRODUCTION PARK HOLDINGS LIMITED
- 8 -
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Baldwin (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
31 July 2025
PRODUCTION PARK HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
20,192,770
24,741,796
Cost of sales
(8,083,060)
(9,995,260)
Gross profit
12,109,710
14,746,536
Distribution costs
(108,755)
(196,897)
Administrative expenses
(10,689,021)
(10,597,713)
Other operating income
479,403
661,600
Operating profit
4
1,791,337
4,613,526
Share of profits of associates
3,985
202,055
Interest receivable and similar income
7
4,067
1,962
Interest payable and similar expenses
8
(1,999,716)
(1,928,385)
Fair value gains and losses on investment properties
12
4,726,432
116,817
Profit before taxation
4,526,105
3,005,975
Tax on profit
9
(718,151)
(778,264)
Profit for the financial year
26
3,807,954
2,227,711
Profit for the financial year is attributable to:
- Owners of the parent company
3,613,022
1,477,292
- Non-controlling interests
194,932
750,419
3,807,954
2,227,711
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,613,022
1,477,292
- Non-controlling interests
194,932
750,419
3,807,954
2,227,711
PRODUCTION PARK HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,292,761
3,767,699
Other intangible assets
10
9,568
Total intangible assets
3,302,329
3,767,699
Tangible assets
11
26,689,028
27,969,359
Investment property
12
30,837,206
17,080,282
Investments
13
498,064
247,246
61,326,627
49,064,586
Current assets
Stocks
16
129,143
113,023
Debtors
17
5,791,136
5,538,247
Cash at bank and in hand
2,055,436
2,336,555
7,975,715
7,987,825
Creditors: amounts falling due within one year
18
(11,562,250)
(8,572,022)
Net current liabilities
(3,586,535)
(584,197)
Total assets less current liabilities
57,740,092
48,480,389
Creditors: amounts falling due after more than one year
19
(38,290,204)
(33,451,023)
Provisions for liabilities
Deferred tax liability
22
4,844,076
4,034,392
(4,844,076)
(4,034,392)
Net assets
14,605,812
10,994,974
Capital and reserves
Called up share capital
25
4,954,107
4,954,107
Share premium account
26
1,313,253
1,313,253
Revaluation reserve
26
776,592
776,592
Profit and loss reserves
26
5,055,194
1,442,172
Equity attributable to owners of the parent company
12,099,146
8,486,124
Non-controlling interests
2,506,666
2,508,850
Total equity
14,605,812
10,994,974
PRODUCTION PARK HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
31 July 2025
L R Brooks
Director
Company registration number 12250363 (England and Wales)
PRODUCTION PARK HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
12
9,728,433
Investments
13
5,732,748
5,732,748
15,461,181
5,732,748
Current assets
Debtors falling due after more than one year
17
5,108,895
6,790,688
Debtors falling due within one year
17
5,825,395
5,706,300
10,934,290
12,496,988
Creditors: amounts falling due within one year
18
(354,608)
(26,906)
Net current assets
10,579,682
12,470,082
Total assets less current liabilities
26,040,863
18,202,830
Creditors: amounts falling due after more than one year
19
(18,185,617)
(8,429,844)
Net assets
7,855,246
9,772,986
Capital and reserves
Called up share capital
25
4,954,107
4,954,107
Share premium account
26
1,313,253
1,313,253
Other reserves
26
4,998,410
4,998,410
Profit and loss reserves
26
(3,410,524)
(1,492,784)
Total equity
7,855,246
9,772,986
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,917,740 (2023 - £587,385 loss).
The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
31 July 2025
L R Brooks
Director
Company registration number 12250363 (England and Wales)
PRODUCTION PARK HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2023
4,953,890
776,592
(35,120)
5,695,362
2,256,693
7,952,055
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,477,292
1,477,292
750,419
2,227,711
Issue of share capital
25
217
666,557
-
-
666,774
-
666,774
Dividends
-
-
-
-
-
(498,262)
(498,262)
Arising on acquisition
-
646,696
-
-
646,696
-
646,696
Balance at 31 December 2023
4,954,107
1,313,253
776,592
1,442,172
8,486,124
2,508,850
10,994,974
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
3,613,022
3,613,022
194,932
3,807,954
Dividends
-
-
-
-
-
(197,116)
(197,116)
Balance at 31 December 2024
4,954,107
1,313,253
776,592
5,055,194
12,099,146
2,506,666
14,605,812
PRODUCTION PARK HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
4,953,890
4,998,410
(905,399)
9,046,901
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(587,385)
(587,385)
Issue of share capital
25
217
666,557
-
-
666,774
Other movements
-
646,696
-
-
646,696
Balance at 31 December 2023
4,954,107
1,313,253
4,998,410
(1,492,784)
9,772,986
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
(1,917,740)
(1,917,740)
Balance at 31 December 2024
4,954,107
1,313,253
4,998,410
(3,410,524)
7,855,246
PRODUCTION PARK HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
8,916,129
7,987,688
Interest received
4,067
1,962
Interest paid
(1,999,716)
(1,928,385)
Income taxes (paid)/refunded
(118,506)
1,438
Net cash inflow from operating activities
6,801,974
6,062,703
Investing activities
Purchase of intangible assets
(10,072)
-
Purchase of tangible fixed assets
(1,403,567)
(6,531,311)
Proceeds from disposal of tangible fixed assets
57,000
328,954
Purchase of investment property
(9,760,492)
(515,792)
Proceeds from disposal of investment property
730,000
-
Purchase of subsidiaries, net of cash acquired
(27,878)
-
Proceeds from disposal of associates
-
1,502
Purchase of joint ventures
(121,833)
(40,691)
Repayment of loans
(53,621)
(3,663)
Net cash used in investing activities
(10,590,463)
(6,761,001)
Financing activities
Proceeds from issue of shares
-
666,667
Proceeds from borrowings
5,075,000
-
Repayment of borrowings
(1,328,506)
(1,526,534)
Proceeds from new bank loans
700,000
-
Repayment of bank loans
(674,570)
(240,000)
Payment of finance leases obligations
(53,206)
(5,439)
Dividends paid to non-controlling interests
(197,116)
(498,262)
Net cash generated from/(used in) financing activities
3,521,602
(1,603,568)
Net decrease in cash and cash equivalents
(266,887)
(2,301,866)
Cash and cash equivalents at beginning of year
2,322,323
4,624,189
Cash and cash equivalents at end of year
2,055,436
2,322,323
Relating to:
Cash at bank and in hand
2,055,436
2,336,555
Bank overdrafts included in creditors payable within one year
-
(14,232)
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Production Park Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 53 Lidgate Crescent, Langthwaite Business Park, South Kirkby, Pontefract, West Yorkshire, WF9 3NR.
The group consists of Production Park Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The 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 for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Production Park Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared forecasts and cashflows to 31 December 2027 which show that the company is able to operate and pay its debts as they fall due in this period. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line basis
1.9
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not depreciated
Leasehold land and buildings
over the period of the lease
Plant and equipment
20 - 33.33% straight line
Fixtures and fittings
20 - 33.33% straight line
Computers
33.33% straight line
Motor vehicles
25% straight line
Other equipment
33.33% straight line
Office equipment
20% straight line
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 recognised in the profit and loss account.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the financial year end date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Although this accounting policy is in accordance with the applicable accounting standard, FRS102 "The Financial Reporting Standard", it is a departure from the general requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated.
The accounting policy adopted is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.10
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.11
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.13
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.14
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.16
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.17
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.18
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.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.20
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.21
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.22
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 group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.
Key sources of estimation uncertainty
Determining useful economic lives of tangibles
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
Determining useful economic lives of intangibles
Intangible assets have arisen due to historic acquisitions of subsidiary companies. The directors separately identified the intangible assets acquired on the acquisition. The directors have had to apply judgement as to how long they estimate the useful life to be. The factors involved in making the decision will vary for each type of intangible asset. The directors consider the useful lives on an annual basis and make adjustments as they consider appropriate.
Fair value of investment and freehold property
Production Park Limited (entity) holds investment property which is rented to other group companies. The property in question is held at fair value, the fair value is determined where possible by a current market valuation and adjusted for any significant changes in market conditions. The latest valuation was undertaken during October 2023 and is incorporated in these accounts.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rental of assets
16,863,399
21,701,165
Education
3,303,849
2,828,529
Product sales
25,522
212,102
20,192,770
24,741,796
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,821,391
24,173,279
Rest of World
371,379
568,517
20,192,770
24,741,796
2024
2023
£
£
Other revenue
Interest income
4,067
1,962
Grants received
370,033
370,033
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
50,130
(104,750)
Government grants
(370,033)
(370,033)
Depreciation of owned tangible fixed assets
2,590,697
2,710,429
Depreciation of tangible fixed assets held under finance leases
21,131
34,449
Loss/(profit) on disposal of tangible fixed assets
15,070
(147,547)
Amortisation of intangible assets
475,442
474,938
Operating lease charges
861,753
653,206
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
115
94
0
0
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,578,502
3,886,893
299,293
272,605
Social security costs
481,764
374,537
34,562
8,572
Pension costs
100,662
114,047
9,682
5,901
5,160,928
4,375,477
343,537
287,078
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
417,700
287,615
Company pension contributions to defined contribution schemes
16,114
12,100
433,814
299,715
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
122,700
110,655
Company pension contributions to defined contribution schemes
6,135
6,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,067
1,962
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,453,541
1,559,826
Interest on finance leases and hire purchase contracts
6,574
6,605
Other interest
539,601
361,954
Total finance costs
1,999,716
1,928,385
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(91,533)
Adjustments in respect of prior periods
(1,147,683)
Total current tax
(91,533)
(1,147,683)
Deferred tax
Origination and reversal of timing differences
809,684
1,925,947
Total tax charge
718,151
778,264
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 28 -
The actual charge 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
4,526,105
3,005,975
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,131,526
707,005
Tax effect of expenses that are not deductible in determining taxable profit
175,513
180,009
Tax effect of income not taxable in determining taxable profit
(1,210,774)
Gains not taxable
(30,621)
Change in unrecognised deferred tax assets
(722,460)
1,043,556
Adjustments in respect of prior years
(1,147,683)
Group relief
46,093
Other permanent differences
12
Deferred tax adjustments in respect of prior years
68,357
(18,480)
Effect of change in deferred tax rate
53,313
Other tax adjustments, reliefs and transfers
2,542
OCI tax adjustment
(91,533)
Chargeable gains/(losses)
1,321,263
Fixed asset differences
166
(11,389)
Taxation charge
718,151
778,264
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
10
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
4,831,096
4,831,096
Additions
10,072
10,072
At 31 December 2024
4,831,096
10,072
4,841,168
Amortisation and impairment
At 1 January 2024
1,063,397
1,063,397
Amortisation charged for the year
474,938
504
475,442
At 31 December 2024
1,538,335
504
1,538,839
Carrying amount
At 31 December 2024
3,292,761
9,568
3,302,329
At 31 December 2023
3,767,699
3,767,699
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Other equipment
Office equipment
Total
£
£
£
£
£
£
£
£
£
Cost/Valuation
At 1 January 2024
13,219,114
514,664
20,252,810
2,866,463
365,646
774,330
536,743
115,355
38,645,125
Additions
25,281
17,250
989,556
115,647
83,405
125,936
46,492
1,403,567
Disposals
(93,000)
(93,000)
At 31 December 2024
13,244,395
531,914
21,242,366
2,982,110
449,051
807,266
583,235
115,355
39,955,692
Depreciation and impairment
At 1 January 2024
9,825
78,031
8,228,930
1,305,636
326,355
314,054
354,574
58,361
10,675,766
Depreciation charged in the year
48,417
1,871,587
449,748
30,032
88,604
98,436
25,004
2,611,828
Eliminated in respect of disposals
(20,930)
(20,930)
At 31 December 2024
9,825
126,448
10,100,517
1,755,384
356,387
381,728
453,010
83,365
13,266,664
Carrying amount
At 31 December 2024
13,234,570
405,466
11,141,849
1,226,726
92,664
425,538
130,225
31,990
26,689,028
At 31 December 2023
13,209,289
436,633
12,023,880
1,560,827
39,291
460,276
182,169
56,994
27,969,359
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 31 -
Freehold property is carried at the current market value, the last valuation incorporated within these financial statements was undertaken in December 2021 by an external valuer Colliers International Property Consultants Limited. The directors are satisfied that this valuation was appropriate as at 31 December 2024.
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
17,080,282
-
Additions through external acquisition
9,783,986
9,728,433
Disposals
(753,494)
-
Net gains or losses through fair value adjustments
4,726,432
-
At 31 December 2024
30,837,206
9,728,433
Investment property is carried at the current market value, the last professional valuation incorporated within these financial statements was undertaken in February 2025 by an external valuer Colliers International Property Consultants Limited. The directors have updated this valuation based on their knowledge and expertise as at 31 December 2024.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
5,646,898
5,646,898
Investments in associates
15
331,040
202,055
85,850
85,850
Investments in joint ventures
162,524
40,691
Unlisted investments
4,500
4,500
498,064
247,246
5,732,748
5,732,748
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Group
Shares in associates and joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
244,248
4,500
248,748
Additions
250,818
-
250,818
At 31 December 2024
495,066
4,500
499,566
Impairment
At 1 January 2024 and 31 December 2024
1,502
-
1,502
Carrying amount
At 31 December 2024
493,564
4,500
498,064
At 31 December 2023
242,746
4,500
247,246
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2024 and 31 December 2024
5,732,748
Carrying amount
At 31 December 2024
5,732,748
At 31 December 2023
5,732,748
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sit Down Limited
UK
Ordinary
100.00
-
Academy of Live Technology Limited
UK
Ordinary
0
100.00
Cato Music Limited
UK
Ordinary
0
100.00
Production Park Campus Limited
UK
Ordinary
0
100.00
Full3Sixty Limited
UK
Ordinary
0
80.00
Blitz Rigging Limited
UK
Ordinary
95.00
-
Production Park Limited
UK
Ordinary
0
100.00
Blitz Hire Limited
UK
Ordinary
0
75.00
The address of the registered office of all subsidiary undertakings is Unit 53, Lidgate Crescent, South Kirkby, Pontefract, WF9 3NR.
15
Associates
Details of associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sixty82 BV
Netherlands
Ordinary
32
Hive Media Control Limited
UK
Ordinary
5
The address of the registered office of Sixty82 BV is Amperelaan 9, 9207 AM Drachten.
The address of the registered office of Hive Media Control Limited is Unit 2 Riverside House, Sedgwick Lane, Horsham, West Sussex, England, RH13 6QE.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
80,000
80,000
-
-
Finished goods and goods for resale
49,143
33,023
129,143
113,023
-
-
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,745,336
2,482,497
28,864
Corporation tax recoverable
258,310
48,271
Amounts owed by group undertakings
-
-
5,708,560
5,706,300
Amounts owed by undertakings in which the company has a participating interest
942,064
939,927
-
-
Other debtors
458,110
703,492
9,641
Prepayments and accrued income
1,387,316
1,364,060
78,330
5,791,136
5,538,247
5,825,395
5,706,300
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
5,108,895
6,790,688
Total debtors
5,791,136
5,538,247
10,934,290
12,496,988
Amounts owed by group undertakings are subject to interest at market rate and are repayable on demand.
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
21,453
254,232
Obligations under finance leases
21
35,036
54,296
Other borrowings
20
5,944,202
1,537,723
309,452
Trade creditors
1,215,193
2,119,895
Amounts owed to group undertakings
45,156
26,906
Other taxation and social security
791,287
462,998
-
-
Deferred income
23
462,000
410,885
Other creditors
253,709
960,634
Accruals and deferred income
2,839,370
2,771,359
11,562,250
8,572,022
354,608
26,906
Included in other borrowings is a dual facilities agreement from Shawbrook Bank Limited with interest rates of 5.3% and 6.6%. Also included in other borrowings is a loan from the Arts Council of England with an interest rate of 2%. The group's bankers hold a first legal charge over all freehold property and a debenture incorporating a fixed and floating charge over all present and future assets of the group.
Obligations under hire purchase and finance leases are secured on the related assets.
Interest on the bank loan is charged at between 2% and 3.99% over the Bank of England base rate.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
663,977
420,000
Obligations under finance leases
21
54,951
88,897
Other borrowings
20
21,474,278
22,134,263
4,765,548
Other creditors
14,267,521
9,610,528
11,590,592
7,232,509
Accruals and deferred income
1,829,477
1,197,335
1,829,477
1,197,335
38,290,204
33,451,023
18,185,617
8,429,844
Included in other borrowings is a loan from FDC Debt LP with a 6.5% interest rate, a dual facilities agreement from Shawbrook Bank Limited with interest rates of 5.3% and 6.6% respectively. Also included in other loans is loan from the Arts Council of England with an interest rate of 2% and a loan from Aldermore Commercial Mortgages with an interest rate of 5.6%. The group's bankers hold a first legal charge over all freehold property and a debenture incorporating a fixed and floating charge over all present and future assets of the group.
Obligations under hire purchase and finance leases are secured on the related assets.
Interest on the bank loans is charged at between 2% and 3.99% over the Bank of England base rate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
10,355,860
12,168,223
-
-
Payable other than by instalments
1,445,519
1,632,019
-
-
11,801,379
13,800,242
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
685,430
660,000
Bank overdrafts
14,232
Other loans
27,418,480
23,671,986
5,075,000
28,103,910
24,346,218
5,075,000
-
Payable within one year
5,965,655
1,791,955
309,452
Payable after one year
22,138,255
22,554,263
4,765,548
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Loans and overdrafts
(Continued)
- 36 -
Included in other loans is a £3.1m (2023: £3.1m) loan from FDC Debt LP with a 6.5% interest rate, a dual facilities agreement from Shawbrook Bank Limited with an outstanding liability £4.9m (2023: £5.5m) and interest rates of 5.3% and 6.6%. Also included in other loans is a £10.3m (2023: £11.1m) loan from the Arts Council of England with an interest rate of 2% and a £3.9m (2023: £3.9m) loan from Aldermore Commercial Mortgages with an interest rate of 5.6%. The group's bankers hold a first legal charge over all freehold property and a debenture incorporating a fixed and floating charge over all present and future assets of the group.
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
35,036
54,296
In two to five years
54,951
88,897
89,987
143,193
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
3,263,477
3,513,768
Tax losses
(250,250)
(148,826)
Revaluations
1,874,029
669,450
Short term timing differences
(43,180)
-
4,844,076
4,034,392
The company has no deferred tax assets or liabilities.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 37 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
4,034,392
-
Charge to profit or loss
809,684
-
Liability at 31 December 2024
4,844,076
-
The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and unrealised chargeable gains.
23
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
462,000
410,855
-
-
Other deferred income
-
30
-
-
462,000
410,885
-
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,662
114,047
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
168,482
168,482
1,685
1,685
C Ordinary shares of 1p each
8,600
8,600
86
86
D Ordinary shares of 1p each
3,600
3,600
36
36
180,682
180,682
1,807
1,807
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
Share capital
(Continued)
- 38 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £100 each
49,523
49,523
4,952,300
4,952,300
Preference shares classified as equity
4,952,300
4,952,300
Total equity share capital
4,954,107
4,954,107
26
Reserves
Profit and loss reserves
The profit and loss reserve represents accumulated profit and losses less dividends paid on equity capital.
27
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
839,460
951,892
-
-
Between two and five years
2,380,488
2,606,765
-
-
In over five years
2,306,250
3,206,633
-
-
5,526,198
6,765,290
-
-
28
Events after the reporting date
On 21 January 2025, Blitz Rigging Limited acquired 100% of the issued share capital of BTS Worldwide Limited, a company registered in England and Wales.
On 21 February 2025, Blitz Rigging Limited acquired 100% of the issued share capital of MTRS Hire Limited, a company registered in England and Wales.
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
29
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Other related parties
72,938
988,194
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
942,064
941,020
Company
Entities over which the company has control, joint control or significant influence
1,177,656
-
30
Directors' transactions
Loans have been granted by directors to the group as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director 1 Loan 1
5.00
2,277,083
-
109,473
(178,064)
2,208,492
Director 1 Loan 2
10.00
-
2,018,318
29,196
-
2,047,514
Director 3 Loan 2
10.00
-
1,000,000
14,465
-
1,014,465
Director 3 Loan 1
5.00
1,751,928
-
87,988
(48,656)
1,791,260
Director 2 Loan 1
5.00
2,170,442
-
100,425
(236,826)
2,034,041
Director 2 Loan 2
10.00
-
1,000,000
14,465
-
1,014,465
Director 4 Loan 2
10.00
-
100,000
1,447
-
101,447
Director 4 Loan 1
5.00
190,242
-
8,964
(19,836)
179,370
6,389,695
4,118,318
366,423
(483,382)
10,391,054
PRODUCTION PARK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
31
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,807,954
2,227,711
Adjustments for:
Share of results of associates and joint ventures
(3,985)
(202,055)
Taxation charged
718,151
778,264
Finance costs
1,999,716
1,928,385
Investment income
(4,067)
(1,962)
Loss/(gain) on disposal of tangible fixed assets
15,070
(147,547)
Fair value gain on investment properties
(4,726,432)
(116,817)
Amortisation and impairment of intangible assets
475,442
474,938
Depreciation and impairment of tangible fixed assets
2,611,828
2,744,878
Movements in working capital:
Increase in stocks
(16,120)
(80,382)
Decrease in debtors
10,771
306,049
Increase/(decrease) in creditors
3,976,686
(148,159)
Increase in deferred income
51,115
224,385
Cash generated from operations
8,916,129
7,987,688
32
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,336,555
(281,119)
2,055,436
Bank overdrafts
(14,232)
14,232
2,322,323
(266,887)
2,055,436
Borrowings excluding overdrafts
(24,331,986)
(3,771,924)
(28,103,910)
Obligations under finance leases
(143,193)
53,206
(89,987)
(22,152,856)
(3,985,605)
(26,138,461)
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