REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
SLEEPER MEDIA LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
SLEEPER MEDIA LIMITED |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SLEEPER MEDIA LIMITED |
Company Information |
for the year ended 31 December 2021 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Statement of Financial Position |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 9 |
Share premium |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Statement of Financial Position - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
Sleeper Media Limited is a |
2. | Statement of compliance |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
3. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The company is dependent, in the absence of other funding, on the continued financial support from it's parent company. The parent company has confirmed its commitment to provide the necessary support by providing adequate facilities. |
On that basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Sleeper Media Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
In preparing these financial statements, the directors have had to make the following judgements: |
Determine whether there are indicators of impairment of the company's investments and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Advertising revenue is recognised upon publication of the magazine. |
Subscription revenue is recognised in full upon invoice. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | Employees and directors |
The average number of employees during the year was |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
5. | Intangible fixed assets |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Amortisation |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
6. | Fixed asset investments |
Subsidiary undertakings |
The following was a subsidiary undertaking of the company: |
Name | Class of shares | Holding | Principle activity |
Innspec Digital Limited | Ordinary | 80% | Dormant Company |
Sleeper Sessions Limited | Ordinary | 80% | Publishing |
The registered office of both of the above is Waterloo Place, Watson Square, Stockport, United Kingdom, SK1 3AZ. |
Associated undertakings |
The following was an associated undertaking of the company: |
Name | Class of shares | Holding | Principle activity |
Tophotelprojects GmbH | Ordinary | 40% | Publishing |
Tophotelprojects GmbH is a German limited liability company registered in Rotenburg, Germany. |
7. | Debtors |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by associates |
Other debtors |
SLEEPER MEDIA LIMITED (REGISTERED NUMBER: 06637145) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
7. | Debtors - continued |
2021 | 2020 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
8. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Other creditors |
Accruals and deferred income |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 315,790 | 315,790 |
10. | Related party disclosures |
At year end, included in amounts owed to group undertakings was £279,221 which related to loans owed to the parent entity. These loans were repayable on demand and charged interest of 2.75% and 1.5%. |
The company also gave a loan of £250,000 to a subsidiary company. Annual interest has been charged of 1.50% and the loan is due to be repaid in full in 3 years. The amount due greater than one year as at the balance sheet date was £250,000. |
At the year end, the company had loan owed by an associate amounting to £41,862. This loan was interest free and repayable on demand. |
11. | Ultimate parent undertaking and controlling party |
The immediate and ultimate parent undertaking of the company is Mondiale Media Limited, incorporated in England and Wales. Their registered office is Waterloo Place, Watson Square, Stockport, SK1 3AZ. |
Mondiale Media is controlled by D S Walsh by virtue of his majority shareholdings in the ultimate parent company. |