Silverfin false 31/12/2022 01/01/2022 31/12/2022 D Collier 17/11/2015 07 November 2023 The principal activity of the Company during the financial year was that of marketing all types of XR content and solutions to brands and businesses. 09874938 2022-12-31 09874938 bus:Director1 2022-12-31 09874938 2021-12-31 09874938 core:CurrentFinancialInstruments 2022-12-31 09874938 core:CurrentFinancialInstruments 2021-12-31 09874938 core:Non-currentFinancialInstruments 2022-12-31 09874938 core:Non-currentFinancialInstruments 2021-12-31 09874938 core:ShareCapital 2022-12-31 09874938 core:ShareCapital 2021-12-31 09874938 core:SharePremium 2022-12-31 09874938 core:SharePremium 2021-12-31 09874938 core:OtherCapitalReserve 2022-12-31 09874938 core:OtherCapitalReserve 2021-12-31 09874938 core:RetainedEarningsAccumulatedLosses 2022-12-31 09874938 core:RetainedEarningsAccumulatedLosses 2021-12-31 09874938 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 09874938 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09874938 core:ComputerEquipment 2021-12-31 09874938 core:ComputerEquipment 2022-12-31 09874938 2022-01-01 2022-12-31 09874938 bus:FullAccounts 2022-01-01 2022-12-31 09874938 bus:SmallEntities 2022-01-01 2022-12-31 09874938 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 09874938 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09874938 bus:Director1 2022-01-01 2022-12-31 09874938 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-01-01 2022-12-31 09874938 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 09874938 core:ComputerEquipment core:TopRangeValue 2022-01-01 2022-12-31 09874938 2021-01-01 2021-12-31 09874938 core:ComputerEquipment 2022-01-01 2022-12-31 09874938 core:CurrentFinancialInstruments 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Company No: 09874938 (England and Wales)

BLEND MEDIA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

BLEND MEDIA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

BLEND MEDIA LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
BLEND MEDIA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTOR D Collier
REGISTERED OFFICE 35 Craigweil Avenue
Radlett
WD7 7ET
England
United Kingdom
COMPANY NUMBER 09874938 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLEND MEDIA LIMITED

For the financial year ended 31 December 2022

ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLEND MEDIA LIMITED (continued)

For the financial year ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blend Media Limited for the financial year ended 31 December 2022 which comprise the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that Blend Media Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Blend Media Limited. You consider that Blend Media Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Blend Media Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of Blend Media Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Blend Media Limited and state those matters that we have agreed to state to the director of Blend Media Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blend Media Limited and its Director as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

07 November 2023

BLEND MEDIA LIMITED

BALANCE SHEET

As at 31 December 2022
BLEND MEDIA LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 18,483 112,608
Tangible assets 4 1,614 5,668
20,097 118,276
Current assets
Debtors 5 576,063 279,207
Cash at bank and in hand 1,247,109 455,981
1,823,172 735,188
Creditors: amounts falling due within one year 6 ( 1,530,015) ( 337,949)
Net current assets 293,157 397,239
Total assets less current liabilities 313,254 515,515
Creditors: amounts falling due after more than one year 7 ( 25,000) ( 35,000)
Net assets 288,254 480,515
Capital and reserves
Called-up share capital 3 3
Share premium account 4,788,522 4,788,522
Other reserves 59,385 59,434
Profit and loss account ( 4,559,656 ) ( 4,367,444 )
Total shareholders' funds 288,254 480,515

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Blend Media Limited (registered number: 09874938) were approved and authorised for issue by the Director on 07 November 2023. They were signed on its behalf by:

D Collier
Director
BLEND MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
BLEND MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Blend Media Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Craigweil Avenue, Radlett, WD7 7ET, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the Company was loss making but has been cash generative in the year due to the receipt of income in advance and that the Company has strong cash reserves.

Based on this, the director believes that the Company has adequate resources to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Therefore, the director continues to prepare the financial statements on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered. For contracts where costs are spread evenly and content is used evenly over the life of the contract, the revenue is recognised on a time basis over the life of the contract. Payments in advance are deferred in the balance sheet.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of an appropriate pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit as noted above. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 9

3. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2022 400,802 400,802
At 31 December 2022 400,802 400,802
Accumulated amortisation
At 01 January 2022 288,194 288,194
Charge for the financial year 94,125 94,125
At 31 December 2022 382,319 382,319
Net book value
At 31 December 2022 18,483 18,483
At 31 December 2021 112,608 112,608

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2022 65,149 65,149
At 31 December 2022 65,149 65,149
Accumulated depreciation
At 01 January 2022 59,481 59,481
Charge for the financial year 4,054 4,054
At 31 December 2022 63,535 63,535
Net book value
At 31 December 2022 1,614 1,614
At 31 December 2021 5,668 5,668

5. Debtors

2022 2021
£ £
Trade debtors 26,901 218,961
Corporation tax 159,425 55,000
Other debtors 389,737 5,246
576,063 279,207

Other debtors includes unpaid share capital of £1 (2021: £1).

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 10,000 10,000
Trade creditors 44,713 72,455
Accruals and deferred income 1,457,946 226,533
Other taxation and social security 14,694 28,961
Other creditors 2,662 0
1,530,015 337,949

Included within Accruals and deferred income is deferred income of £1,324,842 (2021: £1,100).

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 25,000 35,000

8. Related party transactions

Remuneration of £133,333 (2021: £100,000) was paid to the director during the year. The director is the only key management personnel of this Company.

9. Ultimate controlling party

There is no individual ultimate controlling party.