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Company No: 05906155 (England and Wales)

OAKWOOD MEDIA GROUP LIMITED

Unaudited Financial Statements
For the financial period from 01 May 2022 to 31 July 2023
Pages for filing with the registrar

OAKWOOD MEDIA GROUP LIMITED

Unaudited Financial Statements

For the financial period from 01 May 2022 to 31 July 2023

Contents

OAKWOOD MEDIA GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
OAKWOOD MEDIA GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 31.07.2023 30.04.2022
£ £
Fixed assets
Intangible assets 3 0 153,977
Tangible assets 4 43,755 63,858
Investments 5 0 1
43,755 217,836
Current assets
Debtors 6 892,983 1,530,849
Cash at bank and in hand 274,167 237,317
1,167,150 1,768,166
Creditors: amounts falling due within one year 7 ( 790,317) ( 492,085)
Net current assets 376,833 1,276,081
Total assets less current liabilities 420,588 1,493,917
Creditors: amounts falling due after more than one year 8 ( 8,664) ( 32,080)
Provision for liabilities 9 ( 99,007) ( 99,007)
Net assets 312,917 1,362,830
Capital and reserves
Called-up share capital 10 3,157 3,157
Share premium account 0 828,740
Profit and loss account 309,760 530,933
Total shareholder's funds 312,917 1,362,830

For the financial period ending 31 July 2023 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 Oakwood Media Group Limited (registered number: 05906155) were approved and authorised for issue by the Director on 15 November 2023. They were signed on its behalf by:

Mr N D A Sims
Director
OAKWOOD MEDIA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2022 to 31 July 2023
OAKWOOD MEDIA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2022 to 31 July 2023
1. Accounting policies

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

General information and basis of accounting

Oakwood Media Group 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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 7 Park Street, Bristol, BS1 5NF.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The period of the financial statements is more than twelve months as during the year the Company's year end was extended to 31 July 2023. The comparative amounts presented in the financial statements, including the related notes, are therefore not entirely comparable.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement 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.

Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

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:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 8 years straight line
Computer equipment 3 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Period from
01.05.2022 to
31.07.2023
Year ended
30.04.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 26 26

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2022 755,727 755,727
Disposals ( 755,727) ( 755,727)
At 31 July 2023 0 0
Accumulated amortisation
At 01 May 2022 601,750 601,750
Charge for the financial period 153,977 153,977
Disposals ( 755,727) ( 755,727)
At 31 July 2023 0 0
Net book value
At 31 July 2023 0 0
At 30 April 2022 153,977 153,977

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 May 2022 138,912 304,588 443,500
Additions 4,907 25,049 29,956
Disposals ( 23,700) ( 131,277) ( 154,977)
At 31 July 2023 120,119 198,360 318,479
Accumulated depreciation
At 01 May 2022 133,246 246,396 379,642
Charge for the financial period 1,963 39,054 41,017
Disposals ( 21,303) ( 124,632) ( 145,935)
At 31 July 2023 113,906 160,818 274,724
Net book value
At 31 July 2023 6,213 37,542 43,755
At 30 April 2022 5,666 58,192 63,858

5. Fixed asset investments

Investments in subsidiaries

31.07.2023
£
Cost
At 01 May 2022 1
Additions 339,375
Disposals ( 339,376)
At 31 July 2023 0
Carrying value at 31 July 2023 0
Carrying value at 30 April 2022 1

During the period, the company purchased an additional 339,375 Ordinary shares of £1 each in Mischievous Wolf Limited via a dividend-in-specie and subsquently sold the entire holding to Oakwood Media Holdco Limited via a dividend-in-specie.

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.07.2023
Ownership
30.04.2022
Mischievous Wolf Limited 7 Park Street, Bristol, BS1 6FL Dormant Ordinary 0.00% 100.00%

6. Debtors

31.07.2023 30.04.2022
£ £
Trade debtors 316,201 542,639
Amounts owed by Group undertakings 0 391,978
Prepayments and accrued income 133,302 152,851
Other debtors 443,480 443,381
892,983 1,530,849

7. Creditors: amounts falling due within one year

31.07.2023 30.04.2022
£ £
Trade creditors 109,137 133,922
Amounts owed to Group undertakings 0 1
Amounts owed to director 12,350 36,577
Other loans 335,000 0
Accruals and deferred income 164,038 170,603
Taxation and social security 144,994 129,975
Obligations under finance leases and hire purchase contracts (secured) 24,798 21,007
790,317 492,085

Amounts shown within obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

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

31.07.2023 30.04.2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 8,664 32,080

Amounts shown within obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

9. Provision for liabilities

31.07.2023 30.04.2022
£ £
Other provisions 99,007 99,007

The above amount relates to a provision for dilapidations.

10. Called-up share capital

31.07.2023 30.04.2022
£ £
Allotted, called-up and fully-paid
3,157 Ordinary shares of £ 1.00 each 3,157 3,157

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.07.2023 30.04.2022
£ £
within one year 64,464 110,000
between one and five years 2,830 293,333
67,294 403,333

12. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemption in Section 1AC.35 of FRS 102 and not disclosed related party transactions with companies within the group.

Transactions with the entity's director

31.07.2023 30.04.2022
£ £
Amounts owed to directors 12,350 36,577

The loans are interest free and there is no fixed date for repayment.