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REGISTERED NUMBER: 06637089 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

DARC MEDIA LIMITED

DARC MEDIA LIMITED (REGISTERED NUMBER: 06637089)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


DARC MEDIA LIMITED

Company Information
for the Year Ended 30 June 2023







Directors: A J Giles
D S Walsh
P A James





Registered office: Waterloo Place
Watson Square
Stockport
Cheshire
SK1 3AZ





Registered number: 06637089 (England and Wales)





Accountants: Haines Watts Manchester Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

DARC MEDIA LIMITED (REGISTERED NUMBER: 06637089)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 67,500 81,000

Current assets
Debtors 6 505,162 410,521
Cash at bank 1,125,350 490,442
1,630,512 900,963
Creditors
Amounts falling due within one year 7 1,049,952 472,676
Net current assets 580,560 428,287
Total assets less current liabilities 648,060 509,287

Capital and reserves
Called up share capital 8 300,000 300,000
Retained earnings 348,060 209,287
Shareholders' funds 648,060 509,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 November 2023 and were signed on its behalf by:





A J Giles - Director


DARC MEDIA LIMITED (REGISTERED NUMBER: 06637089)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. Statutory information

Darc Media Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Darc 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.

Turnover
Advertising revenue is recognised upon publication of the magazine.

Subscription revenue is recognised in full upon invoice.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

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.


DARC MEDIA LIMITED (REGISTERED NUMBER: 06637089)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. Accounting policies - continued
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.

4. Employees and directors

The average number of employees during the year was 10 (2022 - 9 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 July 2022
and 30 June 2023 270,000
Amortisation
At 1 July 2022 189,000
Charge for year 13,500
At 30 June 2023 202,500
Net book value
At 30 June 2023 67,500
At 30 June 2022 81,000

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 333,356 295,253
Other debtors 171,806 115,268
505,162 410,521

DARC MEDIA LIMITED (REGISTERED NUMBER: 06637089)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 79,073 68,404
Amounts owed to group undertakings 14,921 -
Taxation and social security 65,453 16,193
Other creditors 890,505 388,079
1,049,952 472,676

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300,000 Ordinary £1 300,000 300,000

9. Related party transactions

During the year, the company sold goods and services of the amount £7,805 (2022 - £9,176) to a subsidiary with a £nil resulting year end debtor balance (2022 - nil). During the year, the company also bought goods and services amounting to £788,011 (2022 - £781,441) from this subsidiary. Included in the creditors is a balance of £60,769 due to the subsidiary (2022 - £50,577). The company also paid out a dividend of £100,000 to the subsidiary (2022 - £nil).

10. 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 Limited is controlled by D S Walsh by virtue of his majority shareholdings in the ultimate parent company.