Blackmagic Design (Technology) Limited - Limited company accounts 25.1

REGISTERED NUMBER: 07892813 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

BLACKMAGIC DESIGN (TECHNOLOGY) LIMITED

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

G Petty

REGISTERED OFFICE:

Russell House

Oxford Road

Dorset

BH8 8EX

REGISTERED NUMBER:

07892813 (England and Wales)

AUDITORS:

Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

The director presents his report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of engineering services to its parent company.

DIRECTOR

G Petty held office during the whole of the period from 1 July 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Burnside, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G Petty - Director

7 October 2025

Opinion

We have audited the financial statements of Blackmagic Design (Technology) Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework.

No significant instances of fraud, non-compliance with laws and regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities.

Due to the size and nature of the entity its susceptibility to material misstatement resulting from fraud, non-compliance with laws and regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Stephen Burnside (Senior Statutory Auditor)

for and on behalf of Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

7 October 2025

TURNOVER

3

2,148,150

2,569,000

Cost of sales

1,553,634

1,894,889

GROSS PROFIT

594,516

674,111

Administrative expenses

435,222

490,798

159,294

183,313

Other operating income

270,105

309,536

OPERATING PROFIT

429,399

492,849

Interest receivable and similar income

3,718

-

433,117

492,849

Interest payable and similar expenses

5

1,884

4,239

PROFIT BEFORE TAXATION

6

431,233

488,610

Tax on profit

7

114,229

120,054

PROFIT FOR THE FINANCIAL YEAR

317,004

368,556

PROFIT FOR THE YEAR

317,004

368,556

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

317,004

368,556

FIXED ASSETS

Tangible assets

9

60,494

159,084

CURRENT ASSETS

Debtors

10

2,078,364

1,301,011

Cash at bank

321,601

723,148

2,399,965

2,024,159

CREDITORS

Amounts falling due within one year

11

255,837

276,949

NET CURRENT ASSETS

2,144,128

1,747,210

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,204,622

1,906,294

CREDITORS

Amounts falling due after more than one
year

12

(20,000

)

(39,581

)

PROVISIONS FOR LIABILITIES

15

(6,534

)

(5,629

)

NET ASSETS

2,178,088

1,861,084

CAPITAL AND RESERVES

Called up share capital

16

2

Retained earnings

17

2,178,086

1,861,082

SHAREHOLDERS' FUNDS

2,178,088

1,861,084

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

The financial statements were approved by the director and authorised for issue on 7 October 2025 and were signed by:

G Petty - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 July 2023

2

1,492,526

1,492,528

Changes in equity

Total comprehensive income

-

368,556

Balance at 30 June 2024

2

1,861,082

1,861,084

Changes in equity

Total comprehensive income

-

317,004

Balance at 30 June 2025

2

2,178,086

2,178,088

1.	STATUTORY INFORMATION

Blackmagic Design (Technology) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The director has considered the operations of the company and its financial position, and considers that it is reasonable for them to believe that the company will be operating 12 months from the date of the approval of the accounts. The accounts have therefore been prepared on the going concern basis.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91
and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115,
118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present
comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1; and

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111
and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions
entered into between two or more members of a group;

Turnover

Turnover represents engineering services to provide research and development to the company's parent company. The income is recognised as the services are provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

1,274,504

1,575,159

Social security costs

134,954

157,833

Other pension costs

74,347

91,449

1,483,805

1,824,441

The average number of employees during the year was as follows:

2025

2024

Software engineers

21

27

2025

2024

£

Director's remuneration

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Lease interest

1,884

4,239

6.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

2025

2024

£

Cost of inventories recognised as expense

1,553,634

1,894,889

Depreciation - owned assets

121,518

162,083

Auditors' remuneration

7,150

6,700

Aggregate costs to undertake research and development, including
staff costs

1,350,526

1,547,682

7.

TAXATION

Analysis of tax expense

2025

2024

£

Current tax:

Tax

106,905

131,891

Tax for previous years

6,419

(10,225

)

Total current tax

113,324

121,666

Deferred tax

905

(1,612

)

Total tax expense in income statement

114,229

120,054

Factors affecting the tax expense

The tax assessed for the year is higher (2024 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

Profit before income tax

431,233

488,610

Profit multiplied by the standard rate of corporation tax in the UK of
25% (2024 - 25%)

107,808

122,153

Effects of:

Expenses not deductible

(903

)

9,738

Development tax credit

Tax adjustments for previous years

6,419

(10,225

)

Movement on deferred tax recognised

905

(1,612

)

Tax expense

114,229

120,054

8.	PRIOR YEAR ADJUSTMENT

In the year ended 30 June 2025, the Company has presented income in relation to R&D tax credits within Other operating income. In previously submitted accounts for the year ended 30 June 2024, this income was included within Tax on profit.

The comparative figures for the year ended 30 June 2024 have been restated accordingly.

There has been no impact on the profit for the year or on the net assets of the Company as a result of this reclassification.

9.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

COST

At 1 July 2024

603,166

35,593

214,364

853,123

Additions

-

22,928

Disposals

-

(6,616

)

(6,616

)

At 30 June 2025

603,166

35,593

230,676

869,435

DEPRECIATION

At 1 July 2024

466,605

34,823

192,611

694,039

Charge for year

102,204

566

18,748

121,518

Eliminated on disposal

-

(6,616

)

(6,616

)

At 30 June 2025

568,809

35,389

204,743

808,941

NET BOOK VALUE

At 30 June 2025

34,357

204

25,933

60,494

At 30 June 2024

136,561

770

21,753

159,084

Included within tangible fixed assets are right-of-use assets recognised under IFRS 16. Further details, including the breakdown of right-of-use assets, lease liabilities and related disclosures, are provided in Note 13 (Leases).

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

1,582,991

857,364

Other debtors

71,680

Prepayments

64,531

26,323

Tax

340,846

327,370

VAT

18,316

18,274

2,078,364

1,301,011

Included within Debtors: amounts falling due within one year is a balance of £1,582,991 (2024: £857,364) owed by the parent company, Blackmagic Design Pty Ltd. The balance is interest free, unsecured and repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Leases (see note 13)

19,581

113,516

Trade creditors

53,315

50,756

Social security and other taxes

36,371

-

Accrued expenses

146,570

112,677

255,837

276,949

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Leases (see note 13)

-

19,581

Other creditors

20,000

39,581

13.

FINANCIAL LIABILITIES - BORROWINGS

2025

2024

£

Current:

Leases (see note 14)

19,581

113,516

Non-current:

Leases (see note 14)

-

19,581

Terms and debt repayment schedule

1 year or

less

£

Leases

19,581

14.

LEASING

Lease liabilities

Minimum lease payments fall due as follows:

2025

2024

£

Gross obligations repayable:

Within one year

19,831

117,755

Between one and five years

-

21,564

19,831

139,319

Finance charges repayable:

Within one year

250

4,239

Between one and five years

-

1,983

250

6,222

Net obligations repayable:

Within one year

19,581

113,516

Between one and five years

-

19,581

133,097

Lease liabilies are effectively secured as the rights to the leased asset revert to the lessor in the event of default.

£

COST

At 1 July 2024

133,097

Additions

-

Disposals

-

Interest charged

1,884

Lease payments

(115,400

)

At 30 June 2025

19,581

The present value of lease liabilities by repayment date is as follows.

£

Lease liabiliites are repayable:

In not more than 3 months

19,581

In not more than 3 months but less than 1 year

-

In not more than 1 year but less than 5 years

-

In more than 5 years

-

19,581

The discount rate for the lease disclosed above was 2.08%. The company has a lease contract that includes termination options, through a break clause. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and adapt to the company's business needs. Management exercises judgement in determining whether these termination options are reasonably certain to be exercised.

15.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

Accelerated capital allowances

5,629

Deferred tax

905

-

6,534

5,629

Deferred

tax

£

Balance at 1 July 2024

5,629

Charge to Income Statement during year

905

Balance at 30 June 2025

6,534

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

2

Ordinary

£1

2

17.

RESERVES

Retained

earnings

£

At 1 July 2024

1,861,082

Profit for the year

317,004

At 30 June 2025

2,178,086

18.	RELATED PARTY DISCLOSURES

The company sold engineering services to Blackmagic Design PTY Limited, its parent company, for the sum of £2,148,150 (2024 - £2,569,000) during the year. At the year end the company was owed £1,582,991 (2024 - £857,364) by its parent company in respect of these services.

19.	ULTIMATE CONTROLLING PARTY

The company is controlled by its parent company and ultimate parent company, Blackmagic Design PTY Limited, a company incorporated in Australia. the parent company's registered office is:

180 Bank St,

South Melbourne,

VIC 3205 Australia

The company's accounts are consolidated in the accounts of Blackmagic Design PTY Limited.