m e d i a
DCD
Annual Report and Accounts 
2007
DCD Media plc                                                                                     Annual Report and Accounts 2007
m e d i a
DCD
DCD Media plc 
151 Wardour Street, London  W1F 8WE
t +44 20 7297 8000  f +44 20 7297 8001
info@dcdmedia.co.uk
www.dcdmedia.co.uk
74578 COVER  15/11/07  15:18  Page 1 media
DCD
Cover: Reality wedding series ‘Bridezillas’ the all-time highest rated show on WE Network (USA)
DCD Media is one of the UK’s largest
independent production and distribution
groups making and delivering high quality
audiovisual programming for television,
DVD and new media worldwide.
contents
1 The Group   2-3 Group Structure   4 Year’s Highlights   5 Letter from our Chairman   6-7 The Last Enemy
8-11 Chief Executive’s Review   12-13 Review of Divisions - Production   14-15
16-17 Review of Divisions – Production  18-19 The Cooks! Series   20-21 Review of Divisions - Production
22-23 Review of Divisions - Distribution   24-25 Board of Directors   26-28 Report of the Directors   
29 Independent Auditor’s Report   30 Consolidated Profit and Loss Account   
31 Consolidated and Company Balance Sheets   32 Consolidated Cash Flow Statement   
32 Consolidated Statement of Total Recognised Gains and Losses   33-49 Notes to the Financial Statements   
50 Corporate Information   51-52 Notice of Annual General Meeting   55-56 Form of Proxy
welcome
This product is printed on a paper which is totally chlorine free, fully recyclable
and processed from a sustainable forest
©DCD Media plc 2007
74578 COVER  15/11/07  15:18  Page 3
The Victoria’s Secret Fashion Show Since its flotation on the AIM market in 1999 DCD Media has transformed
itself organically and by acquisition; the group now comprises 8 operating
divisions with offices in London, Bristol, Cardiff, New York and Los Angeles.
In the last 12 months DCD Media has nearly doubled its size, further
diversified its business, expanded further into the lucrative US markets
and attracted additional creative talent to the group, all paving the way
to becoming a leading European player in the audio-visual media sector .
Our focus is the creation, distribution and exploitation of high quality content to
meet the ever-evolving demand of a widening base of clients around the world,
enabling them to achieve high audience satisfaction and ratings.
our goal
our focus
1
one of the UK’ s
*
*
One of the UK’s top ten
independent production companies 
74578 DCD PRE 1  15/11/07  15:32  Page 1 The group generates multi-genre content through the
activities of its production companies each of which is
an established brand led by internationally recognized
creative directors, who also operate across the group
to exploit cross-business opportunities.
75%
production
Group Structure - What’s in the mix
share of group turnover:
Documentaries
West Park Pictures
The specialist in high-end international
documentary content with established
links with UK presenter personalities
Based in London
Post year-end acquisition
Stephen Fry: HIV & Me, Tallest Tower,
Stephen Fry’s In America, Stairway To Heaven
Drama
Box TV
The award-winning producer of high-
impact drama for film and television
Based in London
The Last Enemy, Affinity, The Wind In The
Willows, Bon Voyage, Sweeney Todd
Lifestyle and Factual
Prospect Pictures
One of the largest UK suppliers,
making more than 500 hours a year
of lifestyle programming
Based in London and Cardiff
Post year-end acquisition
Daily Cooks!, Saturday Cooks!, Christmas
Cooks!, Take Away My Take Away, Call Me
A Cabbie
Factual Entertainment
September Films
The specialist in primetime factual
entertainment, reality and formats 
in both the UK and US
Based in London and Los Angeles
Post year-end acquisition
Bridezillas, The Duchess, Hollywood Lives,
Beauty And The Geek
Arts and Entertainment
Iambic Productions
The specialist producer of high-end
arts, music and entertainment
documentaries and concerts
Based in Bristol
The Truth About Boy Bands, The Beatles 
In ‘LOVE’, Abba-Thank You For The Music
Music and Staged Events
Done and Dusted
One of the world’s foremost
independent producers of concert
and staged events
Located in London and New York
The Victoria’s Secret Fashion Show, The
Rolling Stones, Christina Aguilera, T4 On The
Beach, The Laureus World Sports Awards
74578 DCD PRE 1  15/11/07  15:32  Page 2 DCD Media’s vertically-integrated structure
takes advantage of the synergies within the
operating divisions optimizing the value of
current and future intellectual property
rights through its distribution arm.
DCD Media has shifted the weight of the
business towards higher-margin production
(now 75% of total revenues) rather than
distribution, to maximize revenues from the
opening up of the market for independent
producers.
The broader base of production and
distribution both spreads risks and creates
business opportunities.
how the structure works
The group sells rights of both DCD and third-party producers
via its wholly owned international distribution arm.  The
division markets not only to television and DVD but also to
emerging new media platforms. DCD also exploits ancillary
rights such as book publishing tie-ins, newspaper spin-off
features, interactive opportunities and advertiser funding.
25%
distribution
share of group turnover:
the group
>
sum of its parts
DVD Label
Digital Classics DVD
Own-brand label releasing music, arts,
documentaries, drama and classic
British comedy titles worldwide
Based in London
Ronnie Barker’s Futtocks End, The Rise And
Rise Of Michael Rimmer, Dice, Three
Legendary Tenors
Distribution
NBD TV
The international distribution arm of
DCD Media selling more than 3,500
hours of wholly-owned and third party
programming worldwide
Based in London
The Last Enemy, Stephen Fry: HIV & Me, 
T4 On The Beach, Christina Aguilera, 
Paul McCartney Ecce Cor Meum, Pink
3
74578 DCD PRE 1  15/11/07  15:32  Page 3 Year’s Highlights
Financial highlights
● Turnover increased to £26.8m (2006: £13.3m)
● Gross profit increased to £5.8m (2006: £3.1m)
● Adjusted Profit Before Tax
1
£1.36m (2006: loss £0.3m)
Operational highlights
● First full year of consolidated results from previously acquired companies
● Group turnover and gross profit accelerated year on year
● At the close of the year the group's management struck new deals to acquire three new
production divisions
Production divisions performed in line with expectations 
● Box TV secured significant prime time drama achieving high ratings and acclaim 
● Iambic achieved success with Beatles and Boy Bands documentaries for BBC One and ITV
● NBD TV catalogue substantially increased 
● Done & Dusted production growth led by its US event staging and filming business
● DVD division achieved a significant deal to supply content for worldwide distribution
Note 1: Pre tax result adjusted for non-cash items (amortization of goodwill and fair value acquisition costs, £1.2m, catalogue
amortization £0.26m, exceptional item, £0.3m)
Gross Profit
 (£m)
0
5
10
15
20
25
30
Turnover
 (£m)
0
5
10
15
20
25
30
Adjusted Profit
before tax
 (£m)
0
1
0
2
3
4
5
6
-0.3
0.0
0.3
0.6
0.9
1.2
1.5
2005      2006      2007 2005       2006        2007 2005      2006      2007
4
0
1
0
2
3
4
5
6
2005      2006      2007
-0.3
0.0
0.3
0.6
0.9
1.2
1.5
2005       2006        2007
74578 DCD PRE 1  15/11/07  15:32  Page 4 Letter from our Chairman
During 2006/7 DCD has fulfilled the board’s
expectations in terms of turnover and profit growth, and
shown that our acquisition and consolidation strategy
is soundly based. We are probably now the most broadly
based of all the UK quoted independent TV companies,
we have an exciting creative core and a strengthened
management team, who together make DCD Media a
key player in the TV production and distribution sector .
The current trading year should show further progress,
with the latest acquisitions bearing fruit.   
On behalf of the board, I am pleased to present the
annual results for the group for the year ended
June 30 2007.
During this financial year, DCD Media has set itself
two key targets: integration of the acquisitions
made in the previous year and preparation for
further enlargement of the group within a rapidly
consolidating sector.
Turnover in 2006/7 was more than double the
previous year, which in turn had seen a significant
increase on 2004/5. What was until recently a
£3.1m per annum turnover company is now a £26.8m
turnover company, and this is before any contribution
from the acquisitions made in the summer .
Each of the production entities within the
group has made significant contributions to
our outcome, and the distribution division has
capitalized on the availability of dramas delivered
by Box, such as The Wind In The Willows, 
Bon Voyage and The Last Enemy, as well as
documentaries from Iambic on Abba, The Beatles
and Boy Bands. Done and Dusted, which
specializes in filming live events, is also
generating opportunities for the distribution
division, with programmes such as T4 on the
Beach. The results reported here embrace the
results of Iambic, Done and Dusted, Box, our 
DVD label and the distribution specialist NBD TV.
Financial Review
With turnover doubling (from £13.3m in 2005/6
to £26.8m in 2006/7), the various measures of
profit reflected the enlarged scale of the business.
Gross profit increased from £3.1m (2005/6) to
£5.8m (2006/7), operating profit from a loss of
£1.0m (2005/6) to a positive figure of £0.4m before
an exceptional item, and adjusted profit before tax
from a loss of £0.3m (2005/6) to a profit of £1.36m
(2006/7). This outcome demonstrates our ability to
absorb new businesses, and encourages us to
continue on this track.
There were a number of one-off costs during
the year, such as moving all operating companies
into one office in order to rationalise the group.
This was also a period when we took a full year of
goodwill amortization from previous acquisitions
(£1.2m charge, compared with £0.7m in the
previous year).
Outlook
As the core of production entities within the
group enlarges, so the benefits of shared
overheads and creative synergy come to the fore.
Further acquisitions, made during August 2007
and described below, will accentuate these trends,
and place DCD Media firmly in the front rank of
listed production and distribution companies.
The UK production industry is a leading player
internationally, and the strategy of steadily
broadening our base whilst carefully controlling
central costs looks increasingly attractive. We
therefore expect to make further progress, on
all key metrics, during the 2007/8 trading year.
I would like to thank all my board colleagues for
their efforts, particularly the executive management
team led by CEO Chris Hunt and CFO John McIntosh.
David Elstein
Chairman
5
74578 DCD PRE 1  15/11/07  15:32  Page 5 74578 DCD PRE 1  19/11/07  15:39  Page 6 The new visionary thriller for BBC One (2008)
‘The Last Enemy is a shocking and compelling story about the real fears of the world
tomorrow, unravelling today’ Gub Neal, Producer
● Biggest-ever drama commission with an estimated turnover of £5.9m
● Starring multi-award winning Robert Carlyle, Max Beesley and Bafta-winner
Anamaria Marinca
● Pre-sold internationally by DCD Media’s distribution arm
A Box TV production
DCD
‘
people’
DCD works with some
of the best known
producers, directors and
writers in the industry
and has created the scope
to enlarge its pool of
talent and continue to
attract high-profile
creative individuals.
The Last Enemy
7
Image by Philip Volkers
74578 DCD PRE 1  19/11/07  22:11  Page 7 Chief Executive’s Review
For the financial year to June 2008 the
group is planning to continue its strong growth.
I am delighted with the early performance
of the three companies which DCD acquired
in August 2007, and I am confident that they
are on the road to deliver the added value
to shareholders that we had anticipated.
DCD has developed a stronger stable of top
class producers of content across a wide
range of genres and with a large and growing
number of clients, with extra benefit through
the vertical integration provided by our
in-house distributor.
The group is now recognised as a significant
independent media producer spanning the
entertainment, factual, drama, arts and media
event management sectors. In addition to
continuing organic growth, it remains part of 
the group’s strategy to continue to make further
acquisitions within other genres where it believes
commercial synergies will result.
DCD is strengthened by the acquisition of three
new businesses in August 2007, Prospect Pictures,
September Films and West Park Pictures, which
are all established in their respective production
genres – Prospect in lifestyle programmes,
September in factual entertainment and West 
Park in documentaries. DCD recognises that 
the industry is consolidating but its own rate of
growth means it will now be ranked within the
UK’s top ten independent producers by turnover.
This strengthens the ability of the group to drive
new revenue opportunities through:
● economies of scale through operating synergies
across the group
● recognition gained across a wide range of
television production genres
● new relationships being developed both in 
the UK and abroad from the contacts of the
acquired companies – the opening of the door 
to US broadcasters via September Films is
considered one of the most important factors 
in that acquisition
● maximisation of the benefits from vertical
integration by pushing more product through 
an expanded distribution division.
DCD has the capacity to sell its programmes to
online distributors and more such opportunities
will open up. It has a pool of talent which bears
comparison with the best any independent
8
74578 DCD PRE 1  15/11/07  15:33  Page 8 producer can offer, and will establish an
organisational structure to allow the creative
heads to think outside their normal remits to
develop new ideas and products.
Deal structure of acquisitions announced 
in August 2007
The group has acquired the entire issued share
capital of each of Prospect Pictures Limited,
September Holdings Limited and West Park
Pictures Limited. These companies operate in 
the areas of lifestyle TV, factual entertainment 
and international documentary TV production.
Completion of the acquisitions took place on 
7 August 2007.
In each case the vendors were the company’s
management, who all agreed to accept new
service agreements lasting at least three years,
and who all received half their consideration in
cash and half in DCD Media shares which were
locked in for two years (plus a third year through
an orderly market agreement with the group’s
brokers). The new subsidiaries are therefore run
by a highly incentivised management congruent
with DCD Media plc objectives to help it grow 
and prosper.
Funding of Acquisitions
Similar to the previous trio of acquisitions, each of
the companies acquired was bought on a multiple
of earnings before interest, tax, depreciation and
amortisation of nine times or less, based on
current and historic performance, with a forward
multiple of seven.
The aggregate consideration amounted to
approximately £19.1 million, comprising 
£9.37 million in cash, £0.18 million in loan notes
and £9.55 million in new Ordinary Shares. DCD
raised £8.5 million before expenses via a placing 
of 10,625,000 new Ordinary Shares with certain
institutional investors at 80 pence per share
following a planned 100 for 1 share consolidation.
In addition, the group raised £4 million of
convertible loan from institutional investors.
The board believes the acquisitions meet the
group’s criteria for growth by acquisition and will
help to capitalise on the opportunities becoming
available as the market consolidates.
● September Holdings Ltd
The total consideration for the acquisition was
£9.06 million, comprising £4.53 million in cash
and £4.53 million satisfied by 5,662,152 new
Ordinary Shares.
● Prospect Pictures Ltd
The total consideration for the acquisition was
£7.05 million, comprising £3.35 million in cash,
£0.18 million in loan notes and £3.52 million
satisfied by 4,406,250 new Ordinary Shares.
● West Park Pictures Ltd
The total consideration for the acquisition was
£2.96 million, comprising £1.48 million in cash
and £1.48 million satisfied by 1,850,391 new
Ordinary Shares.
Outlook
The outlook for the group is positive for a number
of reasons. It has acquired three new production
companies with only a minimal increase in central
costs, so that nearly all their contribution to cash
earnings flows through to the Operating Profit.
Each of these companies is growing in line with
expectations, and synergies are emerging.
The Directors are comfortable with the
performance of the pre-existing production 
and distribution divisions, which continue to 
deliver as anticipated. These have all been
successfully assimilated into the DCD group, 
and the seamless way in which this occurred 
has more recently been mirrored by the
consolidation of the new acquisitions.
9
74578 DCD PRE 1  15/11/07  15:33  Page 9 Chief Executive’s Review continued
The group is now a widely diversified entity, with a
number of successful brands but no over-reliance
on any one, and with a very wide client base in 
the UK and abroad. In the period under review 
no single client represented more than 10% of
turnover, and DCD had over 200 clients. With the
three acquisitions then joining, the list of clients
has broadened further.
A simple, vertically-integrated structure; 
the best talent locked in and incentivised; a 
diversified client base; the ability to create 
and own content across all media; and an
acquisition strategy built on immediate earnings
enhancement and the addition of shareholder
value: these are the watchwords by which DCD
Media is continuing to grow, and which will ensure
that the outlook remains favourable for some
distance into the future.
Despite recent industry hiccoughs at the BBC 
and ITV, the outlook for DCD is favourable as the
BBC has announced that it will focus on areas 
in which DCD is strong and is formalising 
WOCC (The Window of Creative Competition) 
which may lead to an expansion of the 
potential independent market of £250m, 
and ITV has pledged to continue to seek the 
best programming from whatsoever source.
The net effect of the changes that have ensued
there makes the prospects for DCD no less
favourable than before. DCD has remained 
unaffected by the recent ethics and phone
revenue problems at the BBC and ITV.
Further growth is anticipated, organically and by
acquisition. DCD Media plc is a work in progress,
but one which is already demonstrating the
benefits of its strategy.
Financial Overview 
Trading Results
Group turnover grew by 101% to £26.8m (2006:
£13.3m) with the group’s three acquisitions from
2006 contributing a full year of consolidated
contribution for the first time. In the prior year
these three acquisitions contributed to turnover 
for approximately six months out of that year 
of trading.
Gross profit increased by 88% to £5.8m (2006:
£3.1m). The gross margin has remained steady 
at 22% (2006: 23%), a slight decrease on the 
prior year due to the higher costs of set up and
manning a presence in the U.S.
The full year of additional contribution of new
businesses has driven central, administration,
sales and distribution costs to £5.4m up from
£4.1m in 2006. Consequently, administrative costs
now represent 20% of turnover, a significantly
reduced proportion compared with 31% in 2006.
This measure represents a significant indicator 
in driving efficiencies across the overall group.
Operating profit increased by £1.4m to £0.4m
before exceptional item (2006: Loss £1.0m)
reflecting the contribution of prior year
acquisitions, after an amortization charge 
on goodwill of £1.2m (2006: £0.7m).
The group’s management believes that a better
representation of earnings is by reference to
Adjusted Profit before Tax, taking account of 
non-cash deductions against operating profit.
Adjusted Profit before Tax stood at £1.36m up 
from a loss of £0.3m in 2006. 
10
74578 DCD PRE 1  15/11/07  15:33  Page 10 The board previously considered the alternative
measure of Earnings Before Interest Depreciation
and Amortisation (EBITDA). However, this measure
does not provide a satisfactory reflection of 
non-cash related normalised operating income
and expenditure. For information only, during 
the period of review, reported EBITDA rose to
£8.0m (2006: £2.2m).
Earnings per share is disclosed in note 2 below.
Balance Sheet
Net current assets increased to £2.0m (2006:
£1.4m) reflecting the delivery of programmes
during the period allowing a production loan to 
be repaid, and the value of new productions in
progress at the period end.
Net funds stand at £1.0m (2006: £1.5m) reflecting
increased net interest payments in the period of
£0.5m (2006: £0.2m) and timing differences due 
to funding of programme production towards the
end of the period.
Interest cost arises from the full year cost of 
long term debt, which at the year end, stood at
£7.3m (2006: £7.7m) and reflects a Convertible
Loan raised during the prior year to finance 
earlier acquisitions. 
Shareholder funds remain steady at £21.3m 
(2006: £21.3m) reflecting the result for the period.
Chris Hunt
Chief Executive
11
74578 DCD PRE 1  15/11/07  15:33  Page 11 Review of Divisions - Production
Founded in 2000 by award-winning producer Gub Neal,
formerly Head of Drama at Channel 4 and Controller of
Drama at Granada Television, Box TV produces event-drama
for film and television. In its first six years, the division has
overseen more than £50m of production. Box TV became part
of DCD Media in December 2005.
This division continued to grow its reputation in the large scale
drama sector. It delivered the BBC One Christmas hit ‘The
Wind In The Willows’ starring Matt Lucas and Bob Hoskins 
and award-winning mini-series ‘Bon Voyage’ for ITV1 both 
of which achieved high ratings and acclaim.
Its most recent addition to the creative department, executive
producer Adrian Bate, contributed a major ITV1 drama entitled
‘Affinity’, from the novel by the writer of ‘Tipping The Velvet’
and ‘Fingersmith’, while founder creative head Gub Neal won
Box TV’s biggest ever commission, for a 5 part thriller series
‘The Last Enemy’ for BBC One.
Box TV is expected to conclude ‘Affinity’ during the coming
period, with the premiere of the completed ‘The Last Enemy’
due to be announced shortly for primetime BBC airing. The
productions continue to derive sales in both UK and foreign
markets, and there is reason to anticipate further profits from
them, as well as the previous successes completed in the 
prior year. 
Box TV has a strong outlook, with a number of projects 
in development.
Affinity for ITV1 (2008)
The Last Enemy for BBC One (2008)
The Wind In The Willows for BBC One
Box TV
12
74578 DCD PRE 1  15/11/07  15:33  Page 12 Done and Dusted is widely recognized as one of the world’s
foremost independent producers of live and staged events
around the world from rock and pop concerts to major award
and stadium shows. Founded in 1998, the company became
part of DCD Media in February 2006.
The roster of the clientele which the company works with is 
an enviable list of the world’s most famous rock and pop acts,
from The Rolling Stones to Christina Aguilera. The company
has also retained the annual ‘Laureus World Sports Awards’
work and the burgeoning Channel 4 event ‘T4 On The Beach’. 
In the US Done and Dusted continues its march, retaining 
the stellar Victoria’s Secret event which it stages and films,
while opening an office in New York specifically to further 
its push into this market and winning new contracts such 
as the ‘Environmental Media Awards’.
Christina Aguilera ‘Back to Basics’ World Tour 2007
The Laureus World Sports Awards
T4 On The Beach for Channel 4 and E4
Done and Dusted
13
74578 DCD PRE 1  15/11/07  15:33  Page 13 74578 DCD PRE 1  15/11/07  15:33  Page 14 The Victoria’s Secret
Fashion Show
Combine the world’s leading top models marching
down the runway in designer underwear, dozens
of A-listers and a primetime slot on CBS TV and
you have The Victoria’s Secret Fashion Show.
● The biggest TV fashion programme in the US
● Turnover of c$5m
● 4th year of annual contract
A Done and Dusted production
DCD
‘
global’
An emerging player in 
the US market, DCD is
broadening its reach while
strengthening its creative
offering to customers around
the world and now has
offices in LA and New York 
as well as the UK.
15
74578 DCD PRE 1  15/11/07  15:33  Page 15 Review of Divisions - Production
Iambic Productions is a specialist in arts, music and
entertainment programmes. Since its creation in 1988 
Iambic has successfully produced a long string of major
documentaries and concerts, winning four Emmys and 
over fifty nominations and awards in most of the major 
TV festivals. Iambic Productions became part of the 
group in 2000.
The group’s original production unit has maintained a high
margin and consolidated its worldwide reputation for high
quality entertainment documentaries, with a mini-series for
ITV1 called ‘The Truth About Boy Bands’ and films about The
Beatles, Abba and Michael Jackson being aired on BBC One
and ITV1 respectively. Its arts output was maintained by two
classical music-based programmes, and it has a healthy
outlook in further arts and entertainment projects.
The Truth About Boy Bands for ITV1
Abba: Thank You For The Music for ITV1
Imagine: The Beatles In ‘LOVE’ for BBC One
Iambic Productions
16
74578 DCD PRE 1  15/11/07  15:33  Page 16 The company is a major producer of weekday entertainment
programmes featuring cookery and other lifestyle subjects. 
It has a high volume of low cost productions and recurring
output contracts, which provide stable and visible earnings.
Founded in 1988, Prospect Pictures (Prospect) joined DCD
Media in August 2007.
For the domestic market, Prospect specialises in live,
interactive lifestyle programming such as ‘The Cooks!’ series,
but it is also developing factual entertainment formats and
documentaries for the international market. A subsidiary of
Prospect Pictures, Cardiff-based Prospect Cymru Wales,
specialises in the creation and production of English and Welsh
language television programmes for Welsh based broadcasters
(such as BBC Wales and S4C). Among independent producers
Prospect is one of the largest suppliers, making over 500 hours
of television for UK broadcasters in 2006.
The company’s long standing specialism in food programming
persuaded ITV to contract Prospect for a two year period
to supply the channel with daytime food output. As a
consequence of this Prospect recently created its own
website, www.cooksforcooks.com, to exploit its extensive
archive in this genre.
Prospect Pictures has a healthy outlook, with a fourth series of
ITV’s ‘Daily Cooks!’ commissioned, ‘Saturday Cooks!’ currently
airing on ITV1 and a second series of ‘Christmas Cooks!’ due
to transmit on the same channel daily over the festive period.
Take Away My Take Away for Channel 4
The Cooks! Series for ITV1
Call Me A Cabbie for ITV1 and Sky Travel
Prospect Pictures
17
74578 DCD PRE 1  15/11/07  15:33  Page 17 The Cooks! Series
The popular ITV shows hosted by Antony Worrall Thompson
and his famous guests dishing out their cooking advice and
mouth-watering-meal ideas.
● Prospect Pictures was the largest independent
supplier of factual entertainment programming to UK
broadcasters in 2006 and 2005.
● Predictable revenues
● Long standing formats
A Prospect Pictures production
DCD
‘
scale’
Every day about
two hours of new
programmes are
produced, covering
a broad range of
commercial genres.
18 Saturday Cooks! images by
DD Design and Photographic, Photographer Richard Such
74578 DCD PRE 1  15/11/07  15:34  Page 18 74578 DCD PRE 1  15/11/07  15:34  Page 19 bridezilla n. bride exhibiting detrimental
behaviour due to stress; metamorphasis
meek to monster adj. bridezillaesque
metaphorically possessing qualities of classic
Japanese monster movie; depraved; without
decorum, unabashed adv. bridezillaness
The company is a major producer of factual entertainment,
reality and formats for media channels worldwide and is
headed by David Green, an internationally renowned
producer and director. An important part of the business 
of September Films is in the US, with a full time operating
office in Los Angeles. Founded in 1992, September Films
became part of DCD Media in August 2007.
Its credits include ‘Bridezillas’ soon to broadcast its fifth
season on the Women’s Entertainment channel in the US, 
and the ‘Hollywood’ brand recently transmitting its thirteenth
series for ITV1 and others. The company has produced
over 1,000 hours of primetime television during the last
fifteen years.
Following the engagement of an additional creative executive,
September Films has recently announced a double commission
for Five’s ‘Extraordinary People’ strand and has further
factual-based projects in the pipeline, all of which are in line
with the group’s expectations.
September Films retains the international rights to its
programmes; these are exploited through its dedicated sales
arm, September International, which has now been
consolidated into DCD’s distribution arm NBD Television.
Bridezillas for WE Network
The Duchess for HGTV
Hollywood Lives for ITV1
September Films
20
Review of Divisions - Production
74578 DCD PRE 1  19/11/07  17:07  Page 20 West Park Pictures is a producer of documentary content
with an international flavour; it has established links with
well known UK presenter personalities and also produces
works with Prince Charles’ artistic foundation. The company
was founded in 2000 by one of the UK’s most highly respected
film makers, Andre Singer and became part of DCD Media in
August 2007.
West Park Pictures has also made many of Werner Herzog’s
films including the 2005 sci-fi release The Wild Blue Yonder,
awarded the Critics Prize at the Venice Film Festival. 
Its recent broadcasts on BBC2, ‘Stephen Fry: HIV & Me’, which
attracted sizeable audiences and acclaim, will for instance be
followed by two more series presented by the same person:
‘Last Chance To See’, and ‘Stephen Fry’s In America’ which 
is currently being filmed.
Stairway To Heaven
A co-production with the Prince’s Charities
Events (2008)
West Park Pictures
Stephen Fry: HIV & Me for BBC Two
Stephen Fry’s In America for BBC One (2008)
21
74578 DCD PRE 1  15/11/07  15:34  Page 21 Review of Divisions - Distribution
The group sells rights of both DCD and third-party producers
via its wholly owned international distribution arm NBD
Television (NBD). Its portfolio covers the broad range of
genres from drama, music and entertainment to documentary
programming and formats. Founded in 1983, NBD joined 
DCD Media in December 2005.
During the period the distribution division recorded its highest-
ever sales at the world’s biggest television market, MIPTV in
Cannes, France, in April. NBD has successfully distributed
programmes produced by the group’s production divisions,
such as Done and Dusted’s ‘T4 On The Beach’, Box TV’s ‘The
Last Enemy’ and Iambic’s ‘The Beatles In LOVE’, and has
already made inroads into distributing the output of the new
acquisitions (the benefit of which will come into the results 
for 2008), including significant pre-sales for West Park
Pictures’ new documentary series with Stephen Fry. The
outlook for NBD includes increasing sales to new media.
Television sales in the group’s classical catalogue remain
steady. It is managed under the distribution arm and is
well-suited for exploitation in on-demand and broadband
delivery systems, which are in various stages of development
around the world.
The division markets not only to television and DVD but also 
to emerging new media platforms. DCD also exploits ancillary
rights such as book publishing tie-ins, newspaper spin-off
features, interactive opportunities and advertiser funding.
NBD Television 
Factual and Entertainment
Music and Arts
22 Drama
74578 DCD PRE 1  15/11/07  15:35  Page 22 Digital Classics DVD (DC DVD) specializes in music, arts,
documentaries, drama and classic British comedy both from
group companies and external clients.
The DVD label has exceeded expectations. While the titles sold
via the DC DVD website and retail are relatively small, a major
deal was achieved to boost the division, taking its content to
a wider audience through a deal with a major record company.
To further this objective the company has earmarked a
substantial number of additional comedy titles for distribution
which it is anticipated will broaden its appeal and generate
further regular revenue streams.
Digital Classics DVD 
23
74578 DCD PRE 1  15/11/07  15:35  Page 23 Board of Directors
21
56
34
78
24
74578 DCD PRE 1  15/11/07  15:35  Page 24 1 David Elstein (Non-executive Chairman)
David Elstein has spent over forty years in the media industry
and most recently his latest venture Sparrowhawk Media was
acquired by NBC Universal for £175m. David spent four years 
as Producer of ITV’s This Week, six years as Director of
Programmes at Thames TV, four years as Head of Programming
at BSkyB. He was CEO of Channel Five for four years having
launched the channel and took it to a valuation on his departure
of over £1 billion. David’s other directorships include being
chairman of XSN plc, Screen Digest, Luther Pendragon
Holdings, the British Screen Advisory Council and the
Broadcasting Policy Group and a board member of Virgin Media
Inc., Tele-Columbus Group (Germany) and Hardt Group UK.
2 Chris Hunt (Chief Executive)
Since founding the company in 1999 Chris Hunt has overseen
the transformation of DCD Media from a dot-com to one the
UK’s leading independent TV production and distribution groups.
Over the last 8 years Chris has managed a long series of
acquisitions including most recently September Films, Prospect
Pictures and West Park Pictures, taking the enlarged company
into the top ten super-indie league in the UK television sector.
Prior to that Chris Hunt founded Iambic Productions in 1988 
and grown it into one of the UK’s most respected independent
production companies in the field of arts and entertainment
programmes. The company was acquired in 2000 by DCD Media.
3 Michael Barton (Finance Director)
Michael Barton BSc,FCA, MIoD, has over 20 years experience
working with growth companies and specialises in fund raising,
business planning, acquisitions and disposals. He is a Past
President of the North West Society of Chartered Accountants
and Deputy Chairman of the Audit Registration Committee of 
the Institute of Chartered Accountants in England and Wales.
4 Justin Thomson-Glover (Director)
Justin Thomson-Glover has been Managing Director of DCD
Media drama subsidiary Box TV since its creation in 2000 during
which time he has executive produced, among others, The Last
Enemy, The Wind in the Willows and the multi-award-winning
No Direction Home – Bob Dylan directed by Martin Scorsese.
Prior to starting Box TV, Justin worked at FilmFour and Channel
4 where he was responsible for key deals on Sexy Beast,
Charlotte Gray and Queer as Folk. Previously Justin was a film
and television lawyer in private practice where he represented a
number of leading television and film companies.
5 Simon Pizey (Director)
Simon Pizey has been Managing Director of DCD Media’s
subsidiary Done and Dusted since 2000. He joined the BBC in
1995, first re-vamping the post production process of the Youth
and Entertainment Department then managing a variety of
programmes from The Travel Show to Standing Room Only. 
In 1997 Simon left the BBC to join MTV Europe working with 
directors Ian Stewart and Hamish Hamilton on a number of MTV
projects. Simon later took up the role of Head of Production,
MTV Networks Europe, overseeing production of three of MTV’s
annual awards and many of their other shows. 
6 Nicky Davies Williams (Director)
Nicky Davies Williams has worked in the record industry and
television distribution management for over 30 years. She was
founder (1983) and Chief Executive of NBD Television growing
the business until 2005 when the company was acquired by DCD
Media. She recently spearheaded the merging of Digital Classics
Distribution and NBD Television’s libraries to create an enlarged
single distribution operation NBD TV, with a strong base of
domestic and international sales.
7 Tarik Wildman (Non-executive Director)
Tarik Wildman has been involved in the financial industry for over
20 years. He was a Director at Credit Suisse First Boston and
Dillon Read and remains an adviser at UBS. He is also a partner
in the Madrid-based firm Forest Asset Management, and runs
his own enterprise Wildman & Company Limited, which finds
financial solutions for a wide variety of corporate clients. Tarik 
is currently Managing Director of PJ Investments and sits on 
the board of Red Letter Days and other companies associated
with Peter Jones. 
8 Richard Price MBE (Non-executive Director)
Richard Price was Chairman of what became Primetime plc
(1968-98) which included Britain’s largest independent television
distributor, Primetime Television Associates: its catalogue
contained over 7,500 hours of programming. His television
productions have won several BAFTAs and Emmys. He is a past
Chairman of BAFTA and a Fellow of the Royal Television Society.
He is currently Vice-Chairman of the national learning disability
charity, the Home Farm Trust, recently retired as Chairman
of the Watermill Theatre, Newbury  and is vice chairman of
the television writers’ charity TAPS and of the Charities Tax
Group. He has been involved financially in several West End
productions, including Mamma Mia!
DCD Media benefits from a management team with a strong
reputation as visionary key players in the media industry and 
a successful record of accomplishment in the management 
and transformation of a large media group.
25
74578 DCD PRE 1  15/11/07  15:36  Page 25 Report of the Directors
for the year ended 30 June 2007
The directors present their report together with the audited financial statements for the year ended 30 June 2007.
Principal Activity
The main activities of the group continued to be the production and distribution of programmes, through its subsidiary companies
Iambic Productions Limited, Box TV Limited, NBD Television Limited, Done and Dusted Group Limited and Digital Classics 
DVD Limited.
Since the year end, the group acquired three production companies, Prospect Pictures Limited, September Holdings Limited and
West Park Pictures Limited. The details of these acquisitions are covered in the Chief Executive’s review. 
A detailed review of the group’s business is contained in the Chairman’s letter and Chief Executive’s review on pages 5 to 11.
Results
There was a loss for the year after taxation amounting to £384,177 (2006: loss restated £1,238,829) that has been carried forward in
reserves. The directors do not propose to recommend the payment of a dividend.
Business Review
The group has indicated previously that growth in turnover is a significant indicator of performance as is the number of programmes
produced and distributed. Turnover has improved in the period due to the successful integration of the three companies acquired
during the prior year, namely Box TV Limited, NBD Television Limited and Done and Dusted Group Limited, which has increased the
number of programmes undertaken by the group. Year on year the group has seen 103% increase in turnover in line with the group
strategy. The remaining key indicators are group operating profit, which has increased by £1.1m to £0.1m (2006: loss restated £1.0m)
and normalised profit before tax as highlighted in the Chairman’s statement. 
Risks and uncertainties
In a rapidly consolidating market opportunities can appear quickly and be subject to frequent change. In order to be successful the
group’s management aims to minimise risk by developing a broad, balanced stable of production and distribution activity. Clear risk
assessment and strong financial management is essential to control and manage the group’s existing business and future growth.  
Acquisition Activity
It is a stated aim of the group to continue to look for suitable acquisition targets which will add value and enhance earnings. The
known risks of such a strategy can be summarized as: finding appropriate targets, integration risk of acquiring multiple targets, 
and, failure to achieve financial/operational synergies from those targets.
To minimize risk, the group uses its successful financial and operational diligence process, backed by an efficient legal diligence.
The group has already successfully integrated its three prior period acquisitions, which are regularly monitored through the group’s
internal control function. 
Production and distribution revenue
The group revenue tends to be seasonally cyclical with a significant element occurring in the second half of the year. Group revenue
arises from a number of broadcasters and distributors across the world. No single production or distribution sale which represents
more than 10% of group revenue. The group is continually looking to broaden its customer base to minimise any cyclical impact of
production on the group revenues.
Funding and Liquidity
Costs incurred during production are usually funded by the commissioning broadcaster. It is inherent in the production process that,
in the short term cash flows on productions can sometimes be negative initially. This is due to costs incurred, before contracted
sales have been received, in order to meet delivery and transmission dates. The group funds these initial outflows, when they occur,
in two ways: internally, ensuring that overall exposure is minimized; or, through a short term advance from a bank or finance house,
which will be underwritten by the contracted sale. The group regularly reviews the cost/benefit of such decisions in order to obtain
the optimum use from its working capital. The group’s cash at the end of the year was £1.0m (2006: £1.5m). The group has no debt
aside from a Convertible Loan used as part payment for the prior period acquisitions. Any advances received during the period for
the purpose of funding production activity were repaid during the period. Details of the Interest payable and a Convertible Loan are
disclosed in note 6 and note 16 to the financial statements, respectively.
26
74578 DCD PRE 2  15/11/07  17:41  Page 26 27
Capital Structure
The level of group gearing is under periodic review. Following this detailed assessment, the group was able to undertake its most
recent acquisitions having determined that the level of net debt could comfortably be serviced from operating cash flow.
Directors and their Interests
The directors of the company, and their beneficial interests in the share capital of the company, during the year were as follows:
At 30 June 2007 At 30 June 2006
Ordinary Deferred Ordinary Deferred
shares of shares of shares of shares of 
0.1p each 0.9p each 0.1p each 0.9p each
David Elstein 17,155,000 – 16,630,000 –
Chris Hunt 114,944,137 10,017,671 114,414,137 10,017,671
Michael Barton 3,683,728 293,728 3,158,728 293,728
Richard Price 9,850,000 978,762 9,337,095 978,762
Tarik Wildman 2,928,571 645,157 2,428,571 645,157
Justin Thomson-Glover 142,290,000 – 142,290,000 –
Nicola Davies Williams 77,562,500 – 77,562,500 –
Simon Pizey 241,145,211 – 240,625,000 –
Details of directors’ options are disclosed in note 5 to the financial statements.
Other than as disclosed in the notes to the financial statements, none of the directors had a material interest in any contract of any
significance with the company and its subsidiaries during or at the end of the financial year.
In accordance with the Company’s Articles of Association, D Elstein, C Hunt and T Wildman retire by rotation and offer themselves 
for re-election.
Substantial Shareholdings
As at 30 September 2007, the following notifications had been made by holders of beneficial interests in 3% or more of the
Company’s issued ordinary share capital as follows:
No. of 
10p ordinary shares %
Gartmore Investment Management 6,239,829 11.76
D Green 4,246,614 8.00
Universities Superannuation Scheme 2,674,706 5.04
MD Barnard & Co 2,601,900 4.98
S Pizey (director) 2,411,145 4.54
I Stewart 2,406,250 4.53
H Hamilton 2,406,250 4.53
Artemis Fund Managers 1,875,000 3.53
Marlborough Fund Managers 1,812,500 3.42
UBS Global Asset Management 1,693,150 3.19
Share Capital
Details of share capital are disclosed in note 18 to the financial statements.
Employment Involvement
The group’s policy is to encourage employee involvement at all levels as it believes this is essential for the success of the business.
There is significant competition for experienced and skilled creative staff and administrators. The directors are aware of this and
have looked to encourage and develop internal resources and to put in place succession plans. In addition, the group has adopted 
an open management style to encourage communication and give employees the opportunity to contribute on business issues.
74578 DCD PRE 2  15/11/07  17:41  Page 27 Report of the Directors continued
for the year ended 30 June 2007 
The group does not discriminate against anyone on any grounds. Criteria for selection and promotion are based on suitability 
of an applicant for the job. Applications for employment by disabled persons are always fully considered, bearing in mind the
respective aptitudes of the applicants concerned. In the event of members of staff becoming disabled, every effort will be made 
to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group 
that the training, career development and promotion of disabled persons should, as far as possible, be at least comparable with 
that of other employees.
Financial Instruments
Details of the use of financial instruments by the company are contained in notes 1, 16 and 17 of the financial statements.
Going Concern
The directors confirm that they have every expectation that the group will have adequate resources to continue in operational
existence for the foreseeable future. For this reason they continue to use the going concern basis in preparing the accounts.
Creditor Payment Policy
The group’s current policy and practice concerning the payment of suppliers is to agree terms of payment when agreeing the terms
of the transactions, varying them as may be agreed from time to time, and to ensure that the suppliers are aware of the terms and 
to abide by the agreed or varied terms. The company’s ‘creditor days’ at 30 June 2007 was 36 days (2006: 78 days).
Directors’ Responsibilities for the Financial Statements
Company law requires the directors to prepare financial statements for each financial year which 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 year. In preparing those financial statements,
the directors are required to:
– select suitable accounting policies and then apply them consistently;
– make judgements and estimates that are reasonable and prudent;
– state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained 
in the financial statements; and
– prepare the financial statements on the going concern basis unless it is inappropriate to presume the group will continue 
in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the
financial position of the group and to enable them to ensure that the financial statements comply with the Companies Act 1985. 
They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
International Financial Reporting Standards (IFRS)
The Group is required to adopt IFRS in the year ending 30 June 2008. Accordingly the first set of statements to be issued under IFRS
will be the interim results for the six month period ending 31 December 2007. The intention is to adopt IFRS at group level only.
Auditors
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information
needed by the company’s auditors for the purposes of their audit and to establish that the auditors are aware of that information. 
The directors are not aware of any relevant audit information of which the auditors are unaware.
A resolution to reappoint BDO Stoy Hayward LLP as auditors will be proposed at the Annual General Meeting.
By Order of the Board
C J Hunt
Director
4 November 2007
28
74578 DCD PRE 2  15/11/07  17:41  Page 28 Independent Auditor’s Report 
to the Shareholders of DCD Media plc
29
We have audited the group and parent company financial statements (the ‘’financial statements’’) of DCD Media plc for the year
ended 30 June 2007 which comprise the Consolidated Profit and Loss Account, the Consolidated and Company Balance Sheets, 
the Consolidated Cash Flow Statement, and the related notes. These financial statements have been prepared under the accounting
policies set out therein.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’
Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared 
in accordance with the Companies Act 1985 and whether the information given in the Directors’ Report is consistent with those
financial statements. We also report to you if, in our opinion, the company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit, or if information specified by law regarding directors’
remuneration and other transactions is not disclosed.
We read the Directors’ Report and consider the implications for our report if we become aware of any apparent misstatements
within it.
Our report has been prepared pursuant to the requirements of the Companies Act 1985 and for no other purpose. No person is
entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of 
the Companies Act 1985 or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept
responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices
Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation 
of the financial statements, and of whether the accounting policies are appropriate to the group’s and company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the
presentation of information in the financial statements.
Opinion
In our opinion: 
● the group financial statements  give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the group’s affairs as at 30 June 2007 and of its loss for the year then ended;
● the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted
Accounting Practice, of the state of the parent company’s affairs as at 30 June 2007;
● the financial statements  have been properly prepared in accordance with the Companies Act 1985; and
● the information given in the Directors’ Report is consistent with the financial statements.
BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors
Bristol
4 November 2007
74578 DCD PRE 2  15/11/07  17:41  Page 29 Consolidated Profit and Loss Account
for the year ended 30 June 2007
30
Note 2007 2006
restated
£ £
Group turnover 2 26,776,419 13,295,802
Cost of sales 3 (20,999,904) (10,217,162)
Gross profit/(loss) 5,776,515 3,078,640
Other operating charges 3 (5,373,343) (4,089,450)
Exceptional item 4 (297,400) –
Group operating profit/(loss) 105,772 (1,010,810)
Interest receivable and similar income 30,048 34,445
Interest payable and similar charges 6 (517,889) (240,833)
Loss on ordinary activities before taxation 2 (382,069) (1,217,198)
Tax on loss on ordinary activities 7 (2,108) (21,631)
Loss for the financial period (384,177) (1,238,829)
Basic and diluted loss per share 10 (1.27p) (7.50p)
The accompanying accounting policies and notes form an integral part of these financial statements.
The profit and loss account has been restated to reflect the adoption of FRS 20. See Note 1.
74578 DCD PRE 2  15/11/07  17:41  Page 30 Consolidated and Company Balance Sheets
as at 30 June 2007
31
Group Company
Note 2007 2006 2007 2006
£ £ £ £
Fixed assets
Intangible assets 11 26,331,356 27,351,526 321,051 348,819
Tangible assets 12 211,789 184,736 121,023 94,066
Investments in subsidiaries 13 – – 25,409,207 25,409,207
26,543,145 27,536,262 25,851,281 25,852,092
Current assets
Work in progress 1,076,160 27,420 – –
Debtors 14 7,280,893 8,363,564 4,158,830 3,511,167
Cash at bank and in hand 1,003,469 1,492,620 788 524,274
9,360,522 9,883,604 4,159,618 4,035,441
Creditors: amounts falling due within one year 15 (7,321,648) (8,445,837) (699,110) (697,643)
Net current assets 2,038,874 1,437,767 3,460,508 3,337,798
Creditors: amounts falling due
after more than one year 16 (7,314,855) (7,667,333) (7,307,710) (7,652,355)
Total net assets 21,267,164 21,306,696 22,004,079 21,537,535
Capital and reserves
Called up share capital 18 3,510,476 3,466,195 3,510,476 3,466,195
Share premium account 19 33,241,866 32,941,502 33,241,866 32,941,502
Merger reserve 19 6,355,556 6,355,556 – –
Profit and loss account 19 (21,840,734) (21,456,557) (14,748,263) (14,870,162)
Shareholders’ funds 20 21,267,164 21,306,696 22,004,079 21,537,535
The financial statements were approved and authorised for issue by the Board of Directors on 4 November 2007.
M Barton
Director
The accompanying accounting policies and notes form an integral part of these financial statements.
74578 DCD PRE 2  15/11/07  17:41  Page 31 Consolidated Cash Flow Statement
for the year ended 30 June 2007
32
Note 2007 2006
£ £
Net cash inflow/(outflow) from operating activities 27 8,885,480 96,112
Return on investments and servicing of finance
Interest received 30,048 34,445
Interest paid (517,889) (240,833)
Net cash inflow/(outflow) from returns on investments and servicing of finance (487,841) (206,388)
Taxation (2,108) (21,631)
Capital expenditure
Disposal of tangible fixed assets 255 –
Purchase of tangible fixed assets (138,362) (97,070)
Purchase of intangible fixed assets (6,722,853) (3,583,654)
Net cash outflow from capital expenditure (6,860,960) (3,680,724)
Acquisitions and disposals
Acquisition of subsidiary undertakings – (9,575,072)
Net cash acquired with subsidiary undertakings – 318,910
Expenses on acquisition of subsidiary undertakings – (1,282,893)
Net cash outflow from acquisitions – (10,539,055)
Financing
Issue of shares – 6,381,883
Expenses paid in connection with share issues – (278,287)
Repayment of loan (2,090,993) –
New loans – 9,743,348
Net cash (outflow)/inflow from financing (2,090,993) 15,846,944
(Decrease)/increase in cash (556,422) 1,495,258
Consolidated Statement of Total Recognised Gains and Losses
for the year ended 30 June 2007
2007 2006
£ £
Loss for the financial period (384,177) (1,238,829)
Total recognised gains and losses for the year as above (384,177) –
Prior period adjustment (note 1) (44,000) –
Total gains and losses recognised since the last annual report (428,177) –
The accompanying accounting policies and notes form an integral part of these financial statements.
74578 DCD PRE 2  15/11/07  17:41  Page 32 33
1 Principal accounting policies
These financial statements have been prepared in accordance with the historical cost convention and applicable accounting
standards, and on a going concern basis. Except for the adoption of FRS 20 noted below, the principal accounting policies 
have remained consistent with those adopted in the previous year. Consideration has been given to the principal accounting 
policies in the light of Financial Reporting Standard 18 “Accounting Policies” and no changes have been made.
Adoption of FRS 20
During the year the company adopted FRS 20 in accounting for its share options, and the new accounting policy is reflected below.
The effect of such adoption resulted in the increase in the prior year loss for the year of £44,000. The change in accounting policy
has no effect on the results for the current year.
Basis of Consolidation
The group financial statements consolidate those of the company and of its subsidiary undertakings drawn up to 30 June 2007.
Profits or losses on intra-group transactions are eliminated in full.
Turnover and attributable profit
Production turnover represents work carried out and amounts receivable in producing content and is recognised over the period 
of the production. Gross profit on production is recognised over the period of the production and in accordance with the underlying
contract. Recognition of turnover takes place when the contractual terms have been agreed, and when the substantive elements of
the production have taken place, including pre-production stage completion, shoot stage completion, post-production, availability 
for exploitation and delivery. Attributable profit is calculated by amortising programme costs in the proportion that actual revenue
recognised in the current period bears to estimated ultimate revenue, subject to an impairment review. Distribution turnover arises
from the distribution and exploitation of programme rights obtained from external parties or from within the group, as well as
external distribution programme rights held within the group. Distribution turnover is the amounts receivable from licence contracts
signed during the year. Turnover from sales of DVDs and other sales is the amounts receivable from invoiced sales during the year. All
turnover excludes value added tax.
Goodwill
Goodwill on consolidation, representing the excess of the fair value of the consideration paid over the fair value of the identifiable 
net assets of subsidiary undertakings at the date of acquisition, is capitalised. Goodwill is amortised on a straight line basis over 
its useful life which is estimated to be 20 years and is subject to an impairment review by the directors when considered necessary.
Research and development
Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and
amortised in line with expected sales. All other development costs are written off in the year of expenditure.
Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over
the expected useful economic lives on the following bases:
Short leasehold property straight line over the life of the lease
Office and technical equipment 25-33% straight line
Motor vehicles 20% straight line
Programme rights 
Programme rights are stated at the lower of cost, less accumulated amortisation, or net realisable value. Cost comprises the cost of
production and all other directly attributable costs incurred up to completion of the programme and all programme development costs.
Where programmes in development are not expected to proceed, the related costs are written off to the profit and loss account.
Amortisation of programme costs is charged in the ratio that actual revenue recognised in the current period bears to estimated
ultimate revenue, after making provision for anticipated losses. Programme costs of purchased catalogues are amortised on a straight
line basis over an appropriate period of the estimated useful economic life of the programmes, such period not to exceed 20 years.
At each balance sheet date, the directors review the carrying value of programme rights and consider whether a provision is
required to reduce the carrying value of the investment in programmes to net realisable value. Amortisation and any charge in
respect of writing down to net realisable value during the period is included in the profit and loss account as part of cost of sales.
Programme costs in respect of incomplete programmes are separately classified as work in progress.
Work in progress 
Work in progress has been valued at the lower of cost and net realisable value.
Notes to the Financial Statements
for the year ended 30 June 2007
74578 DCD NOTES  15/11/07  17:38  Page 33 Notes to the Financial Statements continued
for the year ended 30 June 2007
1 Principal accounting policies (continued)
Programme distribution advances 
Advances paid in order to secure distribution rights on third party catalogues or programmes are included within current assets.
Distribution rights entitle the company to license the programmes to broadcasters and DVD labels for a sales commission, 
whilst the underlying rights continue to be held by the programme owner. The advances are stated at the lower of the amounts
advanced to the rights’ owners less actual sales income to date, and the value of likely future sales income to be received against
those advances.
Financial instruments 
Financial assets are recognised in the balance sheet at the lower of cost and net realisable value. Provision is made for diminution
in value where appropriate. Income and expenditure arising on financial instruments is recognised on the accruals basis, and
credited or charged to the profit and loss account in the financial period to which it relates.
Deferred taxation 
Deferred tax is recognised on all timing differences where the transactions or events that give the group an obligation to pay more
tax in the future, or right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised
when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have been enacted or
substantively enacted by the balance sheet date. Deferred tax balances are not discounted.
Leasing 
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner
as other tangible fixed assets. The related obligations, net of  future finance charges, are included in creditors. Rentals payable
under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Pension costs 
The group operates pension schemes for the benefit of a number of its directors. The schemes are defined contribution schemes
and the contributions are charged against profits as they accrue.
Foreign currency 
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets 
and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Any differences are
taken to the profit and loss account.
Convertible debt 
The proceeds received on issue of the group’s convertible debt are allocated into their liability and equity components and presented
separately in the balance sheet.
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would 
be payable on a similar debt instrument that did not include an option to convert.
The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct
to equity and not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share
premium as appropriate.
Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in
proportion to the allocation of proceeds.
Share based payments 
When share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement
over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments
expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based
on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. 
As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are
satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
Where the terms and conditions of options are modified before they vest, the increase in fair value of the options, measured
immediately before and after the modification, is also charged to the income statement over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the income statement is charged with the fair value of
goods and services received.
The share options are exercisable from the grant date. 
34
74578 DCD NOTES  15/11/07  17:38  Page 34 35
2 Turnover and loss on ordinary activities before taxation
Class of business segments
Turnover
2007 2006
£ £
Programme production 20,240,237 9,749,864
Programme distribution 5,676,057 3,388,746
Internet/TV broadcasting 3,500 2,699
Educational music course 5,335 16,500
DVD sales 851,290 137,993
Total 26,776,419 13,295,802
Profit/(loss) before tax Net assets
2007 2006 2007 2006
restated restated
£ £ £ £
Programme production (111,141) 331,690 23,859,808 24,069,585
Programme distribution (8,201) (246,961) 3,905,794 6,574,158
Internet/TV broadcasting 3,500 2,699 276,426 348,819
Educational music course (13,119) (52,764) 20,990 20,122
DVD sales 110,374 (78,284) 650,409 29,455
Total (18,587) (43,620) 28,713,427 31,042,139
Common costs 124,359 (967,190)
Operating profit/(loss) 105,772 (1,010,810)
Net interest received/(paid) (487,841) (206,388)
Unallocated assets (7,446,263) (9,735,443)
Group loss before taxation (382,069) (1,217,198)
Group net assets 21,267,164 21,306,696
Geographical segments
All turnover arose in the United Kingdom. Turnover by destination was as follows:
2007 2006
£ £
United Kingdom 16,213,983 9,722,524
Rest of Europe 3,339,406 1,040,404
North and South America, including Canada 3,445,028 1,838,778
Australia/Far East 3,734,890 671,677
Africa 43,112 22,419
26,776,419 13,295,802
74578 DCD NOTES  15/11/07  17:38  Page 35 Notes to the Financial Statements continued
for the year ended 30 June 2007
36
2 Turnover and loss on ordinary activities before taxation (continued)
The loss on ordinary activities before taxation is stated after charging/(crediting):
2007 2006
restated
£ £
Auditors’ remuneration:
Fees payable to the company’s auditor:
For the audit of the company’s annual accounts 9,000 8,000
For the audit of other group companies 72,723 47,000
Fees payable to the company’s auditor and its associates for other services 5,450 146,000
Operating lease rentals:
Plant and machinery 214,730 9,090
Other 324,376 223,719
Finance leases and hire purchase agreements 7,833 4,569
(Profit)/loss on foreign exchange fluctuations 60,215 (14,578)
Share based payments – 44,000
Depreciation and amortisation:
Goodwill 1,178,973 710,131
Intangible fixed assets 6,564,050 2,363,403
Tangible fixed assets 111,054 150,061
3 Cost of sales and other operating charges
2007 2006
restated
£ £
Cost of sales 20,999,904 10,217,162
Other operating charges
Selling and distribution expenses 34,607 92,806
Administrative expenses 5,338,736 3,996,644
Other operating charges 5,373,343 4,089,450
4 Exceptional item
The exceptional item relates to a provision made by a subsidiary company against a television production contract.The directors have
taken the view that the decision by ITV not to broadcast certain programmes in the UK involving viewer phone-ins may have an
adverse effect on fulfillment of the contract, even though ITV have stated that the decision is temporary.
74578 DCD NOTES  15/11/07  17:38  Page 36 37
5 Directors and employees
Staff costs during the year, including directors, were as follows:
Group Company
2007 2006 2007 2006
£ £ £ £
Wages and salaries 2,448,074 1,591,043 543,611 331,795
Social security costs 286,338 162,468 53,541 39,042
Other pension costs 25,573 19,958 18,288 18,288
2,759,985 1,773,469 615,440 389,125
Other pension costs include contributions totalling £25,573 (2006: £18,288) to money purchase pension schemes in respect of 
two directors.
The average number of employees of the group and the company during the year was as follows:
Group Company
2007 2006 2007 2006
no. no. no. no.
Sales and distribution 8 7 – –
Production 17 21 – –
Directors and administration 20 19 6 10
45 47 6 10
Remuneration in respect of directors was as follows:
Payments to Money value
third parties of non-cash
for directors’ Pension benefits 2007 2006
Emoluments services Contributions received Total Total
£ £ £ £ £ £
D Elstein – 25,000 – – 25,000 25,000
C Hunt 140,000 – 18,288 10,478 168,766 188,766
M Barton – 55,990 – – 55,990 106,427
R Price – 20,000 – – 20,000 24,000
T Wildman – 20,000 – – 20,000 24,000
S Pizey 120,000 – 3,600 – 123,600 64,583
J Thomson-Glover 100,000 – – – 100,000 61,693
N Davies Williams 121,933 – – 3,274 125,207 70,455
2007 481,933 120,990 21,888 13,752 638,563 564,924
2006 354,111 179,427 18,288 13,098 564,924
74578 DCD NOTES  15/11/07  17:38  Page 37 Notes to the Financial Statements continued
for the year ended 30 June 2007
38
5 Directors and employees (continued)
Share options of Ordinary 0.1 pence shares held by directors or their related parties during the year were as follows:
At Granted Exercised Lapsed At Exercise Date from Expiry
1 July during the during the during the 30 June price which date
2006 year year year 2007 (pence) exercisable
D Elstein 3,750,000 – – – 3,750,000 0.8p 26.01.06 25.01.09
C Hunt 3,750,000 – – – 3,750,000 0.8p 26.01.06 25.01.09
M Barton 3,750,000 – – – 3,750,000 0.8p 26.01.06 25.01.09
R Price 2,500,000 – – – 2,500,000 0.8p 26.01.06 25.01.09
T Wildman 2,500,000 – – – 2,500,000 0.8p 26.01.06 25.01.09
S Pizey 3,750,000 – – – 3,750,000 0.8p 26.01.06 25.01.09
J Thomson-Glover 2,500,000 – – – 2,500,000 0.8p 26.01.06 25.01.09
N Davies Williams 3,750,000 – – – 3,750,000 0.8p 26.01.06 25.01.09
As detailed in Note 30 Post balance sheet events, on 6 August 2007 the ordinary shares of 0.1 pence each were consolidated into
new ordinary shares of 10 pence each.
6 Interest payable and similar charges
2007 2006
£ £
Bank overdraft 102 4,400
Convertible Loan Note 513,113 230,255
Other 4,674 6,178
517,889 240,833
7 Tax on loss on ordinary activities
The tax charge represents:
2007 2006
£ £
Loss on ordinary activities multiplied by standard
rate of corporation tax in the UK of 30% (2006: 30%) (114,621) (351,959)
Effects of:
Trading losses utilised (342,690) (159,698)
Expenses not deductible for tax purposes 7,066 84,443
Expenses not deductible for tax purposes - goodwill amortisation 411,861 213,039
Overseas withholding tax not recoverable 5,633 21,631
Depreciation in excess of capital allowances 33,582 57,503
Unrelieved tax losses (2,939) 162,672
Other timing differences – (6,000)
Current tax charge (2,108) 21,631
A deferred tax asset of £3,348,401, arising principally from losses in the group, has not been recognised (2006: £3,040,917). 
These losses can be offset against future trading profits generated. The directors believe at this stage that it is prudent not to
recognise the deferred tax asset within the financial statements.
74578 DCD NOTES  15/11/07  17:38  Page 38 39
8 Profit for the financial year
DCD Media plc has taken advantage of section 230 Companies Act 1985 and has not included its own profit and loss account 
in these financial statements. The company’s profit for the year after tax was £121,899 (2006: loss restated £1,191.633).
9 Dividends
No dividends have been paid or proposed in the year (2006: nil).
10 Loss per share
The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the average 
number of shares in issue during the year. The calculation of diluted loss per share is based on the basic loss per share, adjusted 
to allow for the issue of shares and the post tax effect of dividends and interest, on the assumed conversion of all other dilutive
options and other potential ordinary shares.
2007 2006
Weighted Weighted
average average
number of Per share Loss number of Per share
Loss shares amount restated shares amount
£ pence £ pence
Basic loss per share
Loss attributable to 
ordinary shareholders (384,177) 30,253,407 (1.27) (1,238,829) 16,526,899 (7.50)
Diluted loss per share
Loss attributable to 
ordinary shareholders (384,177) 30,253,407 (1.27) (1,238,829) 16,526,899 (7.50)
Share options outstanding at the year-end totalled 466,944 ordinary shares, and if the convertible loan was converted into ordinary
shares at 78p per share (the last conversion rate), the number of shares issued from the exercise of the loan conversion would be
9,368,859. However, the above figures have not been adjusted for such conversion as the effects would be anti-dilutive.
The calculation above is based on the number of ordinary shares in issue after the share consolidation into ordinary shares 
of 10 pence. As stated in Note 30 Post balance sheet events, the ordinary shares of 0.1 pence each were consolidated into new
ordinary shares of 10 pence each on 6 August 2007.
74578 DCD NOTES  15/11/07  17:38  Page 39 Notes to the Financial Statements continued
for the year ended 30 June 2007
11 Intangible fixed assets
Group Deferred 
Programme Goodwill on Development 
Rights consolidation Expenditure Total
££££
Cost
At 1 July 2006 10,373,147 30,441,534 161,412 40,976,093
Additions 6,493,109 229,744 – 6,722,853
Disposals (76,400) – – (76,400)
At 30 June 2007 16,789,856 30,671,278 161,412 47,622,546
Amortisation
At 1 July 2006 4,611,009 8,852,146 161,412 13,624,567
Provided in year 6,564,050 1,178,973 – 7,743,023
Disposals (76,400) – – (76,400)
At 30 June 2007 11,098,659 10,031,119 161,412 21,291,190
Net book value
At 30 June 2007 5,691,197 20,640,159 – 26,331,356
At 30 June 2006 5,762,138 21,589,388 – 27,351,526
The net book value of goodwill at 30 June 2007 represents goodwill on the acquisitions of Iambic Productions Limited, NBD Television
Holdings Limited, Box TV Limited and Done and Dusted Group Limited. This is being amortised over its estimated useful economic
life, which the directors consider to be 20 years. 
The additions to goodwill represent adjustments to the fair value of the acquisitions made in the previous year.
As stated in Note 30, Post balance sheet events, since 30 June 2007 the company acquired three television production companies for
a total cost of approximately £20.3 million. This will give rise to goodwill of approximately £19 million.
Company Programme
Rights Total
££
Cost
At 1 July 2006 2,345,589 2,345,589
Additions ––
At 30 June 2007 2,345,589 2,345,589
Amortisation
At 1 July 2006 1,996,770 1,996,770
Provided in year 27,768 27,768
At 30 June 2007 2,024,538 2,024,538
Net book value
At 30 June 2007 321,051 321,051
At 30 June 2006 348,819 348,819
40
74578 DCD NOTES  15/11/07  17:38  Page 40 41
12 Tangible fixed assets
Group Short Office and
leasehold technical Motor
property equipment Vehicles Total
££££
Cost
At 1 July 2006 172,983 819,652 34,678 1,027,313
Additions 52,432 85,930 – 138,362
Disposals (69,795) (100,021) – (169,816)
At 30 June 2007 155,620 805,561 34,678 995,859
Depreciation
At 1 July 2006 101,462 735,720 5,395 842,577
Provided in year 25,311 78,422 7,321 111,054
Disposed in year (69,795) (99,766) – (169,561)
At 30 June 2007 56,978 714,376 12,716 784,070
Net book value
At 30 June 2007 98,642 91,185 21,962 211,789
At 30 June 2006 71,521 83,932 29,283 184,736
The net book value of tangible fixed assets includes an amount of £21,962 (2006: £29,283) in respect of assets held under finance
leases and hire purchase contracts. The related depreciation charge on these assets for the year was £7,321 (2006: £5,395).
Company Short Office and
leasehold technical
property equipment Total
£££
Cost
At 1 July 2006 135,423 531,915 667,338
Additions 52,432 27,158 79,590
Disposals (68,225) – (68,225)
At 30 June 2007 119,630 559,073 678,703
Depreciation
At 1 July 2006 68,216 505,056 573,272
Provided in year 21,009 31,625 52,634
Disposed in year (68,225) – (68,225)
At 30 June 2007 21,000 536,681 557,681
Net book value
At 30 June 2007 98,630 22,392 121,022
At 30 June 2006 67,207 26,859 94,066
74578 DCD NOTES  15/11/07  17:38  Page 41 Notes to the Financial Statements continued
for the year ended 30 June 2007
13 Fixed asset investments
Company Shares in
subsidiary
undertakings
£
Cost
At 1 July 2006 27,239,486
Additions –
At 30 June 2007 27,239,486
Amounts written off
At 1 July 2006 1,830,279
Provided in year –
At 30 June 2007 1,830,279
Net book value
At 30 June 2007 25,409,207
At 30 June 2006 25,409,207
The principal operating subsidiary companies, which are all 100% owned, are as follows:
Iambic Productions Limited
Digital Classics Distribution Limited
Digital Classics Education Limited
Digital Classics DVD Limited
NBD Television Limited
Box TV Limited
Done and Dusted Group Limited
Iambic Productions Limited, Box TV Limited and Done and Dusted Group Limited are involved with the production of programmes
for television and other media.
Digital Classics Distribution Limited and NBD Television Limited sell programme rights worldwide to all media.
Digital Classics Education Limited sells an educational music course to schools.
Digital Classics DVD Limited produces and markets DVD’s to the retail market.
All the subsidiary companies are incorporated in England and Wales, except for Done and Dusted Incorporated which is
incorporated in New York, and Done and Dusted Production Incorporated which is incorporated in California. Both of those
companies are 100% owned by Done and Dusted Group Limited.
42
74578 DCD NOTES  15/11/07  17:38  Page 42 43
14 Debtors
Group Company
2007 2006 2007 2006
£ £ £ £
Trade debtors 2,537,385 2,629,185 – 57
Amounts owed by group undertakings – – 3,559,570 3,224,863
Other debtors 449,587 554,176 326,482 234,370
Distribution royalty advances 289,336 276,677 – –
Prepayments and accrued income 4,004,585 4,903,526 272,778 51,877
7,280,893 8,363,564 4,158,830 3,511,167
Included in group other debtors is £193,845 (2006: £193,845) which is due after more than one year.
The directors have confirmed that they will not seek repayment within one year of amounts owed to the company by group
undertakings at 30 June 2007.
15 Creditors: amounts falling due within one year
Group Company
2007 2006 2007 2006
£ £ £ £
Bank overdraft 67,290 19 67,210 –
Bank loans – 2,090,993 – –
Trade creditors 1,255,073 1,363,780 277,091 106,368
Amounts owed to group undertakings – – 63,275 162,167
Social security and other taxes 526,215 133,489 – –
Other creditors 1,198,458 1,385,527 56,330 44,000
Operating lease creditor 12,425 12,425 – –
Accruals and deferred income 4,262,187 3,459,604 235,204 385,108
7,321,648 8,445,837 699,110 697,643
Included in trade creditors, other creditors and accruals are amounts of £54,829, £11,800 and £21,566 respectively 
(2006: £22,109, £nil and £69,646) relating to unpaid directors’ remuneration. This has been accrued in accordance with the 
directors’ contracts of service.
74578 DCD NOTES  15/11/07  17:38  Page 43 Notes to the Financial Statements continued
for the year ended 30 June 2007
44
16 Creditors: amounts falling due after more than one year
Group Company
2007 2006 2007 2006
£ £ £ £
Finance lease rental 7,145 14,978 – –
Secured convertible loan 7,307,710 7,652,355 7,307,710 7,652,355
7,314,855 7,667,333 7,307,710 7,652,355
On 16 December 2005, the company entered into a convertible loan facility totalling £8,000,000, secured on the group’s assets. 
The loan is repayable by 14 December 2009, unless any of the conversion rights have been exercised prior to that date. Interest 
is chargeable at a variable rate based on 6 month sterling LIBOR, and was 7.24% as at 30 June 2007.
The company has drawn down the full facility, but the loan amount outstanding has been reduced by the exercise of conversion
rights on £692,290 of the loan. The basic conversion price is 90p, which is subject to adjustment under certain circumstances.
As detailed in Note 30 Post balance sheet events, the company issued a new long-term convertible loan of £4,000,000 after the 
year-end to assist with the purchase of three new subsidiary companies.
17 Financial instruments and risk management
The group’s financial instruments comprise cash, including short term deposits, trade debtors and trade creditors that arise directly
from its operations, and loan notes. The main risks arising from the group’s financial instruments are interest rate risk, liquidity
risk, and currency risk. The Board has reviewed and agreed  policies for managing each of these risks and they are summarised
below. Short-term debtors and creditors have been excluded from all the following disclosures, other than the currency risk
disclosure. The group has no financial assets other than debtors and cash at bank. The Balance Sheet values for the financial
assets and liabilities are not materially different from their fair values.
Interest rate risk
The group finances its operations at present through funds raised on the share placings, its convertible loan note and production
loan facilities provided by banks. The group manages its exposure to interest rate fluctuations by mixing the duration of its deposits
and borrowings to reduce the impact of interest rate fluctuations. The interest rate on the convertible loan referred to in Note 16 is
variable and is based on 6 month sterling LIBOR.
Liquidity risk
The group seeks to manage financial risk to ensure sufficient liquidity is available to meet forseeable needs and to invest cash
assets safely and profitably. The group’s policy throughout the year has been to ensure the continuity of funding. Short term
flexibility is provided through the availability of bank overdraft facilities.
Currency risk
The group operates in overseas markets and is subject to exposures on transactions undertaken during the year. The group’s
exposure to exchange rate fluctuations is small based on its revenue and cost base and its policy is not to hedge against foreign
currency transactions.
The sterling equivalent of the group’s net assets denominated in foreign currencies at 30 June 2007 was as follows:
2007 2006
£ £
US dollar 1,519,922 740,021
Euros 528,147 285,896
Other 239,240 82,286
Net assets 2,287,309 1,108,203
Credit risk
The group operates to ensure that the payment terms of customers are matched to the group’s own contractual obligations in terms
of delivery of programmes and rights. For new customers the group will check credit references.
74578 DCD NOTES  15/11/07  17:38  Page 44 45
18 Share capital
2007 2006
£ £
Authorised
5,000,000,000 (2006: 5,000,000,000) ordinary shares of 0.1p each 5,000,000 5,000,000
50,933,729 (2006: 50,933,729) deferred shares of 0.9p each 458,404 458,404
5,458,404 5,458,404
Allotted, called up and fully paid
3,052,070,842 (2006: 3,007,790,580) ordinary shares of 0.1p each 3,052,072 3,007,791
50,933,729 (2006: 50,933,729) deferred shares of 0.9p each 458,404 458,404
3,510,476 3,466,195
The deferred shares are not entitled to receive a dividend or other distribution, to attend or vote at any General Meeting and on a
return of capital on a winding up, shall only be entitled to receive the amount paid up on the shares after holders of the ordinary
shares have received £100,000 for each ordinary share.
As detailed in Note 30 Post balance sheet events, on 6 August 2007 the ordinary shares of 0.1 pence each were consolidated into
new ordinary shares of 10 pence each, a conversion rate of 100:1. At the same time, the company raised £8,500,000 through a
placing of 10,625,000 of the new ordinary shares of 10 pence each, for the purpose of acquiring three companies.
Under the terms of a convertible loan agreement (see Note 16), 44,282,051 ordinary shares were issued during the year at an
average price of 0.78p per share, raising a total consideration of £344,645 by way of conversion of long-term loan into share capital,
resulting in a premium on issue of £300,364 which has been credited to the share premium account. There were no expenses in
connection with the share issues.
19 Share premium account and reserves
Group Share Merger Profit and loss
premium reserve account Total
£ £ £ £
At 1 July 2006 32,941,502 6,355,556 (21,412,557) 17,884,501
FRS 20 adjustment for share based payments – – (44,000) (44,000)
At 1 July 2006 restated 32,941,502 6,355,556 (21,456,557) 17,840,501
Retained loss for the year – – (384,177) (384,177)
Share capital issued 300,364 – – 300,364
At 30 June 2007 33,241,866 6,355,556 (21,840,734) 17,756,688
Company Share Profit and loss
premium account Total
£ ££
At 1 July 2006 32,941,502 (14,826,162) 18,115,340
FRS 20 adjustment for share based payments – (44,000) (44,000)
At 1 July 2006 restated 32,941,502 (14,870,162) 18,071,340
Retained profit for the year – 121,899 121,899
Share capital issued 300,364 – 300,364
At 30 June 2007 33,241,866 (14,748,263) 18,493,603
74578 DCD NOTES  15/11/07  17:38  Page 45 Notes to the Financial Statements continued
for the year ended 30 June 2007
46
20 Reconciliation of movements in shareholders’ funds
2007 2006
restated
£ £
Loss for the financial year (384,177) (1,238,829)
Issue of shares 344,645 15,668,596
Net (decrease)/increase in shareholders’ funds (39,532) 14,429,767
Shareholders’ funds at 1 July 2006 restated 21,306,696 6,876,929
Shareholders’ funds at 30 June 2007 21,267,164 21,306,696
21 Sale and leaseback agreements
One subsidiary company has a liability to pay annual rentals under a sale and leaseback agreement until 2015. This obligation 
has not been recognised in the financial statements because at 30 June 2007 an amount of £565,997 (2006: £621,197) is held in 
a bank deposit account which may only be used to settle those rental obligations. The deposit is held with the same bank to whom
the rentals are paid, and full set-off is applicable in the event of the failure of the bank.
Other subsidiary companies have entered into sale and leaseback agreements where the obligations to pay rentals are guaranteed
by amounts payable from bank deposits. These obligations have not been recognised in the financial statements because the
contingent liability would only crystallise upon the failure of the bank holding the deposit. The liabilities from these agreements 
are as follows:
Due within Due within Due after
1 year 2 to 5 years 5 years Total
£ £ £ £
As at 30 June 2007 784,360 4,309,566 7,445,111 12,539,037
As at 30 June 2006 663,224 3,721,981 8,961,091 13,346,296
22 Capital commitments
There were no capital commitments at 30 June 2007 or 30 June 2006.
74578 DCD NOTES  15/11/07  17:38  Page 46 47
23 Share based payment
The company operates two equity-settled share based remuneration schemes for employees: a long term incentive scheme and an
unapproved scheme for non-executive directors and certain senior management. The options are awarded by the Board and are
governed by written rules.
Details of the company’s share options based on the ordinary shares of 0.1 pence each are as follows:
At Granted Exercised Lapsed At Exercise Date from
1 July during the during the during the 30 June price which Expiry
2006 year year year 2007 (pence) exercisable date
444,444 – – – 444,444 45 10.01.01 9.01.08
35,000,000 – – – 35,000,000 0.80 26.01.06 25.01.09
11,250,000 – – – 11,250,000 0.80 24.02.06 23.02.09
46,694,444 – – – 46,694,444
The company has determined the fair value of the the options as required by FRS 20, in order to establish the financial effect of
making these share based payments. As a result of the adoption of this accounting standard, an adjustment has been made to the
profit and loss account in the prior period when the options were granted.
As detailed in Note 30 Post balance sheet events, on 6 August 2007 the ordinary shares of 0.1 pence each were consolidated into
new ordinary shares of 10 pence each.
24 Transactions with directors and other related parties
Loans from directors
At 30 June 2007 there were no loans due to directors.
As stated in note 15 to the accounts a total of £88,195 (2006: £91,755) is due to the directors as unpaid remuneration.
Other transactions
During the year the following amounts were received from/(paid to) companies in which the directors have an interest:
Company Amount received/(paid)
2007 2006
Director £ £ Description
RPTA Limited R Price (1,862) (1,339) Royalties
The Performance Company R Price (2,668) (237) Royalties
Kazoo Communications Limited S Pizey (20,374) (20,855) Office charges
The balances outstanding at the year end were as follows:
Company Amount receivable/(payable)
2007 2006
Director £ £ Description
RPTA Limited R Price (3,220) (1,339) Net trading 
balance
The Performance Company R Price (4,965) (2,297) Net trading
balance
World Poker Masters Limited C Hunt – 200,000 Net trading 
balance
Kazoo Communications Limited S Pizey – (8,152) Net trading 
balance
The transactions above were all in the normal course of business.
74578 DCD NOTES  15/11/07  17:39  Page 47 Notes to the Financial Statements continued
for the year ended 30 June 2007
48
25 Pension costs
The group operates defined contribution pension schemes for the benefit of two directors. The assets of the schemes are
administered by trustees in funds independent from those of the group. The amount paid to the schemes during the year was
£21,888 (2006: £18,288). The annual commitment for contributions to the pension schemes amounts to £21,888.
26 Operating lease rental commitments
At 30 June 2007 the group had operating lease rental commitments as follows:
2007 2006
£ £
Leases expiring within one year:
Land and buildings – 69,783
Motor Vehicles 4,132 –
Leases expiring after more than one year but less than five years:
Land and buildings 341,950 208,945
Office refurbishment and equipment 196,821 –
Motor Vehicles 12,424 9,917
551,195 218,862
27 Reconciliation of operating profit/(loss) to operating cash flows
2007 2006
restated
£ £
Operating profit/(loss) 105,772 (1,010,810)
Depreciation and amortisation 7,854,077 3,223,595
FRS 20 share based payments charge – 44,000
(Increase)/decrease in work in progress (1,048,740) 141,673
(Increase)/decrease in debtors 1,082,671 (4,716,498)
(Decrease)/increase in creditors 891,700 2,414,152
Net cash inflow from operating activities 8,885,480 96,112
74578 DCD NOTES  15/11/07  17:39  Page 48 49
28 Reconciliation of net cash flow to movement in net debt
2007 2006
£ £
Increase/(decrease) in cash in the year (556,422) 1,495,258
(Inflow)/outflow from changes in debt in the year 2,090,993 (10,090,993)
Movement in net debt arising from cash flows 1,534,571 (8,595,735)
Conversion of loan stock 344,645 347,645
Movement in net debt 1,879,216 (8,248,090)
Opening net (debt)/funds (8,250,747) (2,657)
Net debt at 30 June 2007 (6,371,531) (8,250,747)
29 Analysis of changes in net debt
At 1 July Other non At 30 June
2006 Cash flow cash changes 2007
£ £ £ £
Cash at bank and in hand 1,492,620 (489,151) – 1,003,469
Bank overdraft (19) (67,271) – (67,290)
1,492,601 (556,422) – 936,179
Debt due within one year - Loan (2,090,993) 2,090,993 – –
Debt due after more than one year - Convertible Loan (7,652,355) 344,645 – (7,307,710)
Ordinary shares issued on exercise of Convertible Loan – (344,645) 344,645 –
Total (8,250,747) 1,534,571 344,645 (6,371,531)
During the year the group converted loan into shares valued at £344,645.
30 Post balance sheet events
On 6 August 2007, the company held an Extraordinary General Meeting at which a resolution was passed to consolidate every 
one hundred issued and unissued shares of 0.1 pence each into one new ordinary share of 10 pence each.
On 6 August 2007, the company issued 10,625,000 New Ordinary Shares of 10p per share through a placing for a consideration 
of £8,500,000.
The company also issued a new convertible loan note for a consideration of £4,000,000. The net proceeds of these funds, 
together with an issue of 11,918,793 new ordinary shares of 10 pence each, was used to purchase three companies involved 
in television production.
The total cost of the acquisitions was approximately £20.3 million.
The companies acquired were Prospect Pictures Limited, September Holdings Limited and West Park Pictures Limited.
74578 DCD NOTES  15/11/07  17:39  Page 49 Corporate Information
Company Advisers
Company Secretary & Registered Offices 
John Bottomley FCIS 
30 Farringdon Street 
London 
EC4A 4HJ
Nominated Adviser and Broker
Evolution Securities Ltd
100 Wood street
London
EC2V 7AN
www.evosecurities.com
Auditors
BDO Stoy Hayward 
Fourth Floor 
One Victoria Street 
Bristol 
BS1 6AA
www.bdo.co.uk
Registrars
Capita Registrars 
Northern House 
Woodsome Park 
Fenay Bridge 
Huddersfield 
HD8 0LA
www.capitaregistrars.com
Solicitors
Harbottle & Lewis LLP
Hanover House
14 Hanover Square
London
W1S 1HP
www.harbottle.com
Financial PR
Hansard Group
14 Kinnerton Place South 
London 
SW1X 8HE
T: 020 7245 1100
F: 020 7245 0909
www.hansardgroup.co.uk
Company Headquarters
DCD Media plc
151 Wardour Street
London 
W1F  8WE 
T +44 (0)20 7297 8000
F +44 (0) 20 7297 8001
info@dcdmedia.co.uk
www.dcdmedia.co.uk
Investor & Media Relations
Nahid Burke
T +44 (0)20 7297 8008
F +44 (0) 20 7297 8001
ir@dcdmedia.co.uk
www.dcdmedia.co.uk
DCD Media plc is a public limited company incorporated,
domiciled and registered in England (registration No. 3393610)
which is also its main country of operation.
50
74578 DCD NOTES  15/11/07  17:39  Page 50
Adam Reynolds 51
Notice is hereby given that the 2007 Annual General Meeting of DCD Media plc will be held at the offices of Sprecher Grier Halberstam
LLP, 2nd Floor, 30 Farringdon Street, London EC4A 4HJ on Monday 17 December 2007 at 11 am for the following purposes:-
Ordinary Business
1. To receive and adopt the report of the directors and the financial statements for the year ended 30 June 2007 and the report 
of the auditors thereon.
2. To re-appoint, as a director of the company, Mr David Elstein who retires in accordance with Article 82 of the Company’s Articles 
of Association and offers himself for re-election.
3. To re-appoint, as director of the company, Mr Christopher Hunt, who retires in accordance with Article 82 of the Company’s Articles
of Association and offers himself for re-election.
4. To re-appoint, as director of the company, Mr Tarik Wildman, who retires in accordance with Article 82 of the Company’s Articles 
of Association and offers himself for re-election.
5. To re-appoint BDO Stoy Hayward LLP as auditors and to authorise the directors to determine their remuneration.
6. To authorise the company generally and unconditionally to use electronic communications with its shareholders and in particular 
to authorise the company to send or supply documents or information to its shareholders by making them available on a website.
Special Business
7. To consider, and if thought fit, to pass the following Resolution which is proposed as an Ordinary Resolution:-
THAT the directors be and they are hereby generally and unconditionally authorised pursuant to Section 80 of the Companies Act
1985 (“the Act”), in substitution for all previous powers granted to them, to exercise all the powers of the company to allot and make
offers to allot relevant securities (within the meaning of Section 80(2) of the Act) up to an aggregate nominal amount of £2,768,816;
such authority shall, unless previously revoked or varied by the company in general meeting, expire on the conclusion of the Annual
General Meeting of the company to be held in 2008 provided that the company may, at any time before such expiry, make an offer or
enter into an agreement which would or might require relevant securities to be allotted after such expiry and the cirectors may allot
relevant securities pursuant to any such offer or agreement as if the authority conferred hereby had not expired.
8. To consider, and if thought fit, to pass the following Resolution which is proposed as a Special Resolution:-
THAT the directors be and they are hereby empowered pursuant to Section 95 of the Act to allot equity securities (as defined in
Section 94(2) of the Act) pursuant to the authority conferred by Resolution 7 above as if Section 89(1) of the Act did not apply to 
any such allotment, provided that this power shall be in substitution for any previous powers conferred on the directors pursuant 
to the said Section 95 and shall be limited to:-
(a) the allotment of equity securities in connection with an issue in favour of shareholders where the equity securities respectively
attributable to the interests of all such shareholders are proportionate (or as nearly as may be practicable) to the respective
number of Ordinary Shares in the capital of the company held by them on the record date for such allotment, but subject to
such exclusions or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements
or legal or practical problems under the laws of, or the requirements of, any recognised regulatory body or any stock exchange,
in any territory; and
(b) the allotment (otherwise than pursuant to sub-paragraph (a) above) of further equity securities up to an aggregate nominal
amount of £1,530,645;
provided that the power in this Resolution 8 shall expire at the conclusion of the Annual General Meeting of the company to be held
in 2008 save that the company may make an offer or agreement before the expiry of this power which would or might require equity
securities to be allotted otherwise than in accordance with Section 89 of the said Act after such expiry and the directors may allot
equity securities pursuant thereto as if the power conferred hereby had not expired.
BY ORDER OF THE BOARD
J M Bottomley, 30 Farringdon Street
Company Secretary London EC4A 4HJ
23 November 2007
Notice of Annual General Meeting
74578 DCD NOTES  15/11/07  17:39  Page 51 Notice of Annual General Meeting continued
Notes
1. Members are entitled to appoint a proxy to exercise all or any of their rights to attend and to speak and vote on their behalf at the
meeting. A proxy need not be a shareholder of the company. A shareholder may appoint more than one proxy in relation to the
Annual General Meeting provided that each proxy is appointed to exercise the rights attached to a different share or shares held by
that shareholder. Should you wish to appoint more than one proxy please return this form and attach to it a schedule detailing the
names of the proxies you wish to appoint, the number of shares each proxy will represent and the way in which you wish them to
vote on the resolutions that are to be proposed.
2. To be valid, the form of proxy and the power of attorney or other authority (if any) under which it is signed or a certified copy of such
power or authority must be lodged at the offices of the company’s Registrars, Capita Registrars, The Registry, 34 Beckenham Road,
Beckenham, Kent BR3 4TU by hand, or sent by post, so as to be received not less than 48 hours before the time fixed for 
the holding of the meeting or any adjournment thereof (as the case may be).
3. The completion and return of a form of proxy will not preclude a member from attending in person at the meeting and voting 
should he wish to do so.
4. Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, the company has specified that only those members
entered on the register of members at 6 pm on 15 December 2007 shall be entitled to attend and vote at the meeting in respect of
the number of ordinary shares of £0.10 each in the capital of the company held in their name at that time. Changes to the register
after 6 pm on 15 December 2007 shall be disregarded in determining the rights of any person to attend and vote at the meeting.
5. Resolutions 2 - 4 – Article 82 of the Company’s Articles of Association require that one third of the directors of the company, who have
held office since the last Annual General Meeting, must retire and, if they are eligible, may offer themselves for re-appointment.
6. Resolution 6 – The Company’s Articles of Association provide that the company is permitted to communicate with shareholders
using electronic means, provided that individual shareholders give their specific consent. This regime has been enhanced and
revised through Schedule 5 of the Companies Act 2006 (‘Schedule 5’), which came into force earlier this year, and by amendments 
to the Disclosure Rules and Transparency Rules of the Financial Services Authority made in December 2006. Previously,
shareholders had to ask for information to be communicated to them electronically. The new regime makes it possible for 
electronic communication to become the default method of communication, so shareholders must then specify if they wish to
receive communications in paper form (hard copy). To enable the company to benefit from this opportunity to provide for electronic
communication as the default method of communication, the company is proposing resolution 6 to authorise the use of its website
as a means of communicating with shareholders who do not request documentation in paper form. If approved by shareholders, the
new regime will require that the company consult with its shareholders individually as to whether they wish to receive information
through the company’s website. If deemed appropriate the company will consult shareholders in due course. If a shareholder
agrees, then future communications with that shareholder will be by electronic means. If a shareholder fails to respond to the
consultation within 28 days, then such a shareholder is deemed to have agreed to receive communications by electronic means.
Notwithstanding any prior request or deemed consent to receive communications electronically, a shareholder may at any time tell
the company that he or she wishes to receive all or specific information in paper form (hard copy). In addition, the company has to
notify shareholders who receive information in electronic form when certain key information is available on the company’s website.
This notification will, typically, be sent around the time of the company’s Annual General Meeting. The overall effect of resolution 6
will be to allow the company to increase its use of electronic communications with shareholders. However, as indicated above, the
rights of those shareholders who wish to receive documents in paper form (hard copy) will be fully protected. The company sees 
a positive benefit in the increase in electronic communications, in terms of the saving of paper and production expenses.
7. Resolution 7 – As required by the Companies Act 1985, this resolution, to be proposed as an Ordinary Resolution, relates to the
grant to the directors of authority to allot unissued Ordinary Shares until the conclusion of the Annual General Meeting to be 
held in 2008, unless the authority is renewed or revoked prior to such time. This authority is limited to a maximum of 27,688,160
Ordinary Shares.
8. Resolution 8 – Section 89(1) of the Companies Act 1985 requires that if the directors decide to allot unissued Ordinary Shares 
in the company the shares proposed to be issued be first offered to existing shareholders in proportion to their existing holdings.
This is known as shareholders’ pre-emption rights. However, to act in the best interests of the company the directors may require
flexibility to allot shares for cash without regard to the provisions of Section 89(1). Therefore this resolution, to be proposed as 
a Special Resolution seeks authority to enable the directors to allot equity securities up to a maximum of 15,306,450 Ordinary
Shares. This authority expires at the conclusion of the Annual General Meeting to be held in 2008.
52
74578 DCD NOTES  15/11/07  17:39  Page 52 53
Shareholder Notes
74578 DCD NOTES  15/11/07  17:39  Page 53 Shareholder Notes
54
74578 DCD NOTES  15/11/07  17:39  Page 54 55
DCD MEDIA PLC
I/We ...........................................................................................................................................................................................................................
of.................................................................................................................................................................................................................................
being a member of the company, hereby appoint ...................................................................................................................................................
of.................................................................................................................................................................................................................................
or failing him, the Chairman of the Meeting............................................................................................................................................................
As my/our proxy to attend and vote for me/us on my/our behalf at the Annual General Meeting of the company to be held at 
11 am on 17 December 2007 and at any adjournment thereof.
I/We direct my/our vote as indicated below in respect of the resolutions which are referred to in the Notice convening the Meeting 
(see note 1 below).
Ordinary Resolutions FOR AGAINST
Resolution 1 To receive the Financial Statements for the year ended 30 June 2007
Resolution 2 To re-appoint Mr David Elstein as director of the company.
Resolution 3 To re-appoint Mr Christopher Hunt as director of the company.
Resolution 4 To re-appoint Mr Tarik Wildman as director of the company.
Resolution 5 To re-appoint BDO Stoy Hayward LLP as auditors.
Resolution 6 To authorise the company generally and unconditionally to use 
electronic communications with its shareholders.
Resolution 7 To empower the directors to allot relevant securities pursuant to 
Section 80 of the Companies Act 1985.
Special Resolution
Resolution 8 To empower the directors to allot equity securities pursuant to 
Section 95 of the Companies Act 1985.
Date ......................................................................................... Signature .............................................................................................................
Notes
1. Members are entitled to appoint a proxy to exercise all or any of their rights to attend and to speak and vote on their behalf at the meeting. A proxy
need not be a shareholder of the company. A shareholder may appoint more than one proxy in relation to the Annual General Meeting provided that
each proxy is appointed to exercise the rights attached to a different share or shares held by that shareholder. Should you wish to appoint more than
one proxy please return this form and attach to it a schedule detailing the names of the proxies you wish to appoint, the number of shares each proxy
will represent and the way in which you wish them to vote on the resolutions that are to be proposed.
2. To be valid, the form of proxy and the power of attorney or other authority (if any) under which it is signed or a certified copy of such power or authority
must be lodged at the offices of the company’s Registrars, Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU by
hand, or sent by post, so as to be received not less than 48 hours before the time fixed for the holding of the meeting or any adjournment thereof 
(as the case may be).
3. The completion and return of a form of proxy will not preclude a member from attending in person at the meeting and voting should he wish to do so.
4. In the case of a corporation, the form of proxy must be executed under its common seal or the hand of an officer or attorney duly authorised.
5. A member may appoint a proxy of its own choice. If the name of the member’s choice is not entered in the space provided on the form of proxy, the
return of the form of proxy duly signed will authorise the Chairman of the meeting to act as that member’s proxy.
6. Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, the company has specified that only those members entered on the
register of members at 6 pm on 15 December 2007 shall be entitled to attend and vote at the meeting in respect of the number of ordinary shares 
of £0.10 each in the capital of the company held in their name at that time. Changes to the register after 6 pm on 15 December 2007 shall be
disregarded in determining the rights of any person to attend and vote at the meeting.
✂
Form of Proxy
74578 DCD NOTES  15/11/07  17:39  Page 55 BUSINESS REPLY SERVICE
Licence No. MB 122
SECOND FOLD
THIRD FOLD
FIRST FOLD
Capita Registrars
Proxies Department
PO Box 25
Beckenham
Kent
BR3 4BR
1 1
74578 DCD NOTES  15/11/07  17:39  Page 56 media
DCD
Cover: Reality wedding series ‘Bridezillas’ the all-time highest rated show on WE Network (USA)
DCD Media is one of the UK’s largest
independent production and distribution
groups making and delivering high quality
audiovisual programming for television,
DVD and new media worldwide.
contents
1 The Group   2-3 Group Structure   4 Year’s Highlights   5 Letter from our Chairman   6-7 The Last Enemy
8-11 Chief Executive’s Review   12-13 Review of Divisions - Production   14-15
16-17 Review of Divisions – Production  18-19 The Cooks! Series   20-21 Review of Divisions - Production
22-23 Review of Divisions - Distribution   24-25 Board of Directors   26-28 Report of the Directors   
29 Independent Auditor’s Report   30 Consolidated Profit and Loss Account   
31 Consolidated and Company Balance Sheets   32 Consolidated Cash Flow Statement   
32 Consolidated Statement of Total Recognised Gains and Losses   33-49 Notes to the Financial Statements   
50 Corporate Information   51-52 Notice of Annual General Meeting   55-56 Form of Proxy
welcome
This product is printed on a paper which is totally chlorine free, fully recyclable
and processed from a sustainable forest
©DCD Media plc 2007
74578 COVER  15/11/07  15:18  Page 3
The Victoria’s Secret Fashion Show m e d i a
DCD
Annual Report and Accounts 
2007
DCD Media plc                                                                                     Annual Report and Accounts 2007
m e d i a
DCD
DCD Media plc 
151 Wardour Street, London  W1F 8WE
t +44 20 7297 8000  f +44 20 7297 8001
info@dcdmedia.co.uk
www.dcdmedia.co.uk
74578 COVER  15/11/07  15:18  Page 1