THE LEISURE MEDIA COMPANY LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2022 |
THE LEISURE MEDIA COMPANY LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST DECEMBER 2022 |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE LEISURE MEDIA COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Woburn Court, 2 Railton Rd |
Woburn Road Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
BALANCE SHEET - continued |
31ST DECEMBER 2022 |
The financial statements were approved by the director and authorised for issue on |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | STATUTORY INFORMATION |
The Leisure Media Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents net invoiced sales of advertising space, magazine subscriptions and ancillary services, excluding value added tax. Invoiced sales are deferred where the services provided to the customer have not yet been supplied. Deferred income is released as turnover n the period in which the service is supplied. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2022 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
5. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 74,944 | 32,944 |
Other debtors |
Directors' current accounts | - | 5 |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | 17,683 | 24,007 |
Other creditors |
Subscriptions in advance | 61,752 | 40,165 |
Directors' current accounts | 3,112 | - |
Accrued expenses |
Security is provided to the company's bankers, Barclays Bank Plc by a deed of charge over debtors registered 12th March 1997. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (CIBLS) (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans (CIBLS) |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
9. | LOANS - continued |
2022 | 2021 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years (CIBLS) |
The bank loan with Barclays has a floating interest rate with a margin of 3.39%. The loan maturity date is July 2026. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans (CIBLS) |
Barclays registered a fixed and floating charge in September 2020 over all property or undertaking of the company. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st December 2022 and 31st December 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
THE LEISURE MEDIA COMPANY LIMITED (REGISTERED NUMBER: 02135800) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date, included within debtors, is the following non interest bearing loan made to a related company: |
31/12/22 | 31/12/21 |
£ | £ |
Cybertrek Limited | 74,944 | 32,944 |
During the year, management fees totalling £10,200 (2021: £10,020) and royalties of £14,200 (2021: £24,000) were also paid to the company. Licences fees totalling £49,650 (2021:£82,518l) were paid to Leisure Media Global Limited, another related company. |