Company Registration No. 09177174 (England and Wales)
Incisive Business Media (IP) Limited
Annual report and financial statements
for the year ended 31 December 2022
Incisive Business Media (IP) Limited
Company information
Directors
Leighton Newbury
Jonathon Whiteley
Simon Foster
(Appointed 30 June 2022)
Company number
09177174
Registered office
New London House
172 Drury Lane
London
WC2B 5QR
Independent auditor
BDO LLP
55 Baker Street
London
W1U 7EU
Bankers
HSBC Bank plc
69 Pall Mall
London
SW1Y 5EY
Incisive Business Media (IP) Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
Incisive Business Media (IP) Limited
Strategic report
For the year ended 31 December 2022
Page 1

The directors present the strategic report for the year ended 31 December 2022.

Review of the business

The principal activity of the Company was that of an intermediate holding company which holds IP licensed and used by its subsidiary company Incisive Business Media Limited.

 

Dividend income for the year was £25,874,091 (2021: £nil) with a net profit of £25,460,159 achieved (2021: £197,111 loss). During the year, Incisive Business Media (IP) Limited disposed of some intellectual property with a NBV amounting to £318,204 for consideration of £318,204 settled in equity shares to its subsidiary entity, Incisive Business Media Limited. Subsequently, this intellectual property was transferred to The Channel Company EMEA Limited (TCCE), a new subsidiary within the group on 31 May 2022. On 30 June 2022, TCCE was sold to The Channel Company International Limited with funds received remunerated back through the group structure to the investing parent entity by virtue of a dividend.

 

At the balance sheet date, the Company had net assets of £5,465,425 (2021: £5,879,357).

Principal risks and uncertainties

As an intermediate holding company of the Arc Group, that does not trade, the Directors do not review principal risks and uncertainties in isolation, but together with the results of the trading companies.

 

Interest rate risk – The interest charged on the Group’s banking facilities is monitored on a regular basis and the rate negotiated where necessary in order to minimise the interest payable.

 

Liquidity risk – Liquidity needs to be maintained in order to assist the Group's working capital. The time lag between the performance of work and the receipt of cash from customers could potentially pose a threat to the continued trade. Tight credit control is in place to mitigate this risk.

Key performance indicators

The financial results of The Company are reported on page 9 of the financial statements.

 

The directors do not believe there are any Key Performance Indicators for the Company as an investment holding company that only generates dividend income from its Group.

On behalf of the board

Simon Foster
Director
2 November 2023
Incisive Business Media (IP) Limited
Directors' report
For the year ended 31 December 2022
Page 2

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of a holding company, managing and protecting intellectual property rights.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £25,874,091 classed as interest receivables and similar income on the Statement of Comprehensive Income. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Leighton Newbury
Jonathon Whiteley
Simon Foster
(Appointed 30 June 2022)
Timothy Weller
(Resigned 31 March 2022)
James Campbell-Harris
(Resigned 31 March 2022)
Auditor

The auditor, BDO LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Incisive Business Media (IP) Limited
Directors' report (continued)
For the year ended 31 December 2022
Page 3

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The Company is in a net asset position and meets its day to day working capital requirements through the performance of its investments and intercompany balances. In respect of the intercompany loan balance of £2,787,000 due to Group Undertakings (Incisive Media Group Holdings Limited and Incisive Business Media Limited) confirmation has been obtained that repayment of the balance will not be demanded or sought unless the company has the financial resources available to do so. On the basis of this assessment, the directors consider that the company has adequate resources to operate for the foreseeable future, and as such, has adopted the going concern basis in preparing these financial statements.

On behalf of the board
Simon Foster
Director
2 November 2023
Incisive Business Media (IP) Limited
Independent auditor's report
To the members of Incisive Business Media (IP) Limited
Page 4
Opinion

In our opinion the financial statements:

 

We have audited the financial statements of Incisive Media Business (IP) Limited (“the Company”) for the year ended 31 December 2022 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Incisive Business Media (IP) Limited
Independent auditor's report (continued)
To the members of Incisive Business Media (IP) Limited
Page 5

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Incisive Business Media (IP) Limited
Independent auditor's report (continued)
To the members of Incisive Business Media (IP) Limited
Page 6
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Non-compliance with laws and regulations

 

Based on:

 

we considered the significant laws and regulations to be Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the Companies Act of 2006, Data Protection Act 2018, General Data Protection Regulation (GDPR), and UK tax legislation.

 

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be regulations such as National Insurance and VAT requirements.

 

Our procedures in respect of the above included:

Incisive Business Media (IP) Limited
Independent auditor's report (continued)
To the members of Incisive Business Media (IP) Limited
Page 7

Fraud

 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

 

Based on our risk assessment, we considered the area most susceptible to fraud to be management override of controls.

 

Our procedures in respect of the above included:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Incisive Business Media (IP) Limited
Independent auditor's report (continued)
To the members of Incisive Business Media (IP) Limited
Page 8

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Smithson (Senior Statutory Auditor)
3 November 2023
For and on behalf of BDO LLP
Chartered Accountants
Statutory Auditors
55 Baker Street
London
W1U 7EU
Incisive Business Media (IP) Limited
Statement of comprehensive income
For the year ended 31 December 2022
Page 9
2022
2021
Notes
£'000
£'000
Administrative expenses
(355)
(185)
Exceptional item
3
-
0
(12)
Operating loss
4
(355)
(197)
Interest receivable and similar income
6
25,874
-
0
Profit/(loss) before taxation
25,519
(197)
Tax on profit/(loss)
7
(59)
-
0
Profit/(loss) for the financial year
25,460
(197)

The income statement has been prepared on the basis that all operations are continuing operations.

 

There was no other comprehensive income for 2022 (2021: £nil).

The notes on pages 12 to 21 form part of these financial statements.

 

Incisive Business Media (IP) Limited
Statement of financial position
As at 31 December 2022
Page 10
2022
2021
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
9
76
494
Investments
10
8,196
8,139
8,272
8,633
Current assets
Cash at bank and in hand
39
3,204
Creditors: amounts falling due within one year
12
(2,846)
(5,958)
Net current liabilities
(2,807)
(2,754)
Net assets
5,465
5,879
Capital and reserves
Called up share capital
13
-
0
-
0
Share premium account
2,967
2,967
Profit and loss reserves
2,498
2,912
Total equity
5,465
5,879

The notes on pages 12 to 21 form part of these financial statements.

 

The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
Simon Foster
Director
Company Registration No. 09177174
Incisive Business Media (IP) Limited
Statement of changes in equity
For the year ended 31 December 2022
Page 11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2021
-
0
2,967
3,109
6,076
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(197)
(197)
Balance at 31 December 2021
-
0
2,967
2,912
5,879
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
25,460
25,460
Dividends
8
-
-
(25,874)
(25,874)
Balance at 31 December 2022
-
0
2,967
2,498
5,465

The notes on pages 12 to 21 form part of these financial statements.

 

Incisive Business Media (IP) Limited
Notes to the financial statements
For the year ended 31 December 2022
Page 12
1
Accounting policies
Company information

Incisive Business Media (IP) Limited is a private company limited by shares incorporated in England and Wales. The registered office is New London House, 172 Drury Lane, London, WC2B 5QR. The principal activities are set out in the strategic report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Incisive Business Media (IP) Limited is a wholly owned subsidiary Incisive Media Group Holdings Limited and the results of Incisive Business Media (IP) Limited are included in the consolidated financial statements of Arc Investco Limited as at 31 December 2022 which are available from Unit 4 Fulwood Park, Caxton Road, Fulwood, Preston, PR2 9NZ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 13
1.2
Going concern

The Company is in a net asset position and meets its day to day working capital requirements through the performance of its investments and intercompany balances. trueThe company is financially supported by Arc Investco Limited, which has confirmed that it will continue to provide ongoing financial support for the foreseeable future and a period of at least 12 months plus one day from the issuance of the financial statements.

In respect of the intercompany loan balance of £2,787,000 due to Group Undertakings (Incisive Media Group Holdings Limited and Incisive Business Media Limited) confirmation has been obtained that repayment of the balance will not be demanded or sought unless the company has the financial resources available to do so. On the basis of this assessment, the directors consider that the company has adequate resources to operate for the foreseeable future, and as such, has adopted the going concern basis in preparing these financial statements.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property
10 years
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 14
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 15
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 16
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of intangible assets

Determine whether there are indicators of impairment of the company's intangible assets. Where an indication of impairment is identified, management are required to estimate the recoverable value of the cash generating units (CGUs) and also selected cash flows, using appropriate discount rates in order to calculate the net present value of those cash flows.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investments

Judgements are required in assessing the recoverable value of the company's investments. Where indications of impairment exist the company reviews the carrying value of its investments for principal impairment based on their recoverable values, being the higher of the investments value in use and fair value less costs to sell.

3
Exceptional item
2022
2021
£'000
£'000
Expenditure
Expenditure relating to reorganising and restructuring
-
0
12
Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 17
4
Operating loss
2022
2021
Operating loss for the year is stated after charging:
£'000
£'000
Fees payable to the company's auditor for the audit of the company's financial statements
48
-
0
Amortisation of intangible assets
100
179
Write off of investment
256
-
5
Employees

The company has no employees other than the directors, who did not receive any remuneration through this company. The directors were remunerated by other group entities.

6
Interest receivable and similar income
2022
2021
£'000
£'000
Income from fixed asset investments
Income from shares in group undertakings
25,874
-
0

During the year, the company received a dividend from its subsidiary company amounting to £25,874,091 (2021: £nil).

7
Taxation
2022
2021
£'000
£'000
Current tax
UK corporation tax on profits for the current period
59
-
0
Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
7
Taxation (continued)
Page 18

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£'000
£'000
Profit/(loss) before taxation
25,519
(197)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
4,849
(37)
Tax effect of expenses that are not deductible in determining taxable profit
126
3
Tax effect of income not taxable in determining taxable profit
(4,916)
-
0
Group relief
-
0
1
Deferred tax not recognised
-
0
33
Taxation charge for the year
59
-

Factors that may affect future tax charges

 

The Finance Act 2021 was substantively enacted in May 2021 and increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. As this increase in rate was not enacted at the reporting date, there is no impact on the calculation of tax at the reporting date.

8
Dividends
2022
2021
£'000
£'000
Interim paid
25,874
-
0

During the year, the Company declared and paid a dividend to its shareholders of £25,874,091 (2021: £nil). No amounts were outstanding in respect of this dividend at the year end (2021: £nil).

Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 19
9
Intangible fixed assets
Intellectual property
£'000
Cost
At 1 January 2022
1,802
Disposals
(1,364)
At 31 December 2022
438
Amortisation and impairment
At 1 January 2022
1,308
Amortisation charged for the year
100
Disposals
(1,046)
At 31 December 2022
362
Carrying amount
At 31 December 2022
76
At 31 December 2021
494

During the year, the Company disposed of some intellectual property with a NBV amounting to £318,204 for consideration of £318,204 settled in equity shares. As a result, no profit/loss on disposal arose on the sale.

10
Fixed asset investments
2022
2021
Notes
£'000
£'000
Investments in subsidiaries
11
8,196
7,878
Unlisted investments
-
0
261
8,196
8,139
Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
10
Fixed asset investments (continued)
Page 20
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£'000
£'000
£'000
Cost or valuation
At 1 January 2022
7,878
261
8,139
Additions
318
-
318
Disposals
-
(261)
(261)
At 31 December 2022
8,196
-
8,196
Carrying amount
At 31 December 2022
8,196
-
8,196
At 31 December 2021
7,878
261
8,139

On 31 May 2022 the right to any intellectual property licenses relating to the Tech brands were transferred from Incisive Business Media (IP) Limited to Incisive Business Media Limited in exchange for a share in Incisive Business Media Limited. This transaction was undertaken at book value, resulting in additions to investments of £318,204.

 

Additionally, the shareholdings held within Gambit Media Limited and AE3 Media Limited, disclosed as other investments, were disposed of during the year.

11
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of shares held
% Held
Direct
Indirect
Incisive Business Media Limited
New London House, 172 Drury Lane, London, WC2B 5QR
Ordinary
100.00
-
Incisive Business Media (IP) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 21
12
Creditors: amounts falling due within one year
2022
2021
£'000
£'000
Amounts owed to group undertakings
2,787
5,959
Corporation tax
59
-
0
2,846
5,959

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

13
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
8 Ordinary shares of £1.00 each
8
8
-
-

Each share has full rights in the company with respect to voting, dividends and distributions.

14
Events after the reporting date

In September 2023, the Company received a dividend of £6.0m from its subsidiary, Incisive Business Media Limited.

In September 2023, Incisive Business Media (IP) Limited ('the Company') paid a dividend of £6.0m to its immediate parent company, Incisive Media Group Holdings Limited. The dividend has been settled by way of a cancellation of a loan balance between the Company and Incisive Media Group Holdings Limited.

15
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.

16
Ultimate controlling party

The immediate parent undertaking is Incisive Media Group Holdings Limited, a company incorporated in England and Wales.The ultimate parent company is Arc Investco Limited. This is the only group of which the company is a member for which group financial statements are prepared. Copies of the group financial statements are available from the company's registered office at Unit 4 Fulwood Park, Caxton Road, Fulwood, Preston, England, PR2 9NZ.

 

There is no ultimate controlling party.

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