Space & Time Media Limited
Annual Report and Financial Statements
For the year ended 30 June 2023
Company Registration No. 02660562 (England and Wales)
Space & Time Media Limited
Company Information
Directors
P Jones
S Gil
J Stracey
A Moore
E Hill
C Jones
S Harrington
H Connearn
Company number
02660562
Registered office
2nd Floor
2 Old Street Yard
London
EC1Y 8AF
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Bankers
Barclays Bank UK PLC
1 Churchill Place
London
E14 5HP
Space & Time Media Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 14
Statement of comprehensive income
15
Balance sheet
16
Statement of changes in equity
17
Notes to the financial statements
18 - 31
Space & Time Media Limited
Strategic Report
For the year ended 30 June 2023
Page 1

The directors present the strategic report and financial statements for Space & Time Media Limited (the company) for the twelve months ended 30 June 2023.

Review of the business

The business delivered a year of strong trading growth despite the challenges of the macroeconomic climate continuing to play its part. UK interest rates reached levels not seen since 2008, and house price inflation per annum slowed from 6.4% in June 2022 to 1.7% by June 2023. As anticipated, this led to increased levels of spending amongst our key property clients, who contributed to a 17% increase in turnover in the year to £87,272,463 (2022: £74,880,195). Furthermore, the business continued its strategic expansion into new sectors, a large proportion was driven by clients in the global healthcare and pharmaceuticals industry with spending growing 118% versus the previous year. This encouraging growth in activity led to Gross profit increasing in the year to £9,788,898 (2022: £8,551,282). RPI remained above 8% throughout the period however and this along with continued inflationary pressures within the labour market led to administration expenses, after other operating income, increasing year on year to £8,129,517 (2022: £7,446,186). Despite these exceptional cost pressures, the increased levels of business activity in the year meant the business delivered an overall 31% increase in profit before tax for the year of £1,806,195 (2022: £1,379,609).

 

Space & Time combines media and specialist technology solutions across the entire customer experience to create Growth Marketing outcomes for ambitious brand partners. During the year the company further evolved its strategy of providing technology-enabled solutions, launching several proprietary products to clients in the year and further developing its roadmap of relevant, first-to-market solutions.

 

The year ended 30 June 2023 was the second full year of trading of the agency’s repositioning, which was unveiled to clients through the spring and early summer of 2021 and to the wider market in August 2021. This repositioning saw the creation of our four divisions; Media, Technology, Performance Creative and Training, which innovate as specialist businesses with a raft of specialist solutions available to clients. These are interwoven by an operating model designed to maximise value to clients, ultimately led by our client experience team, overseeing our exemplary track record of building and retaining long-term client partnerships.

 

The anticipated commercial benefits of each of these changes have been realised through the year in facilitating deeper relationships with existing clients, additional value facilitated by the broader range of capabilities and solutions available, a large number of new business wins, and more robust profit margins spearheaded by our industry leading technology offering.

 

Our capability gives clients access to the entire customer experience by utilising our four strategic divisions:

 

Media

 

Our agnostic and omni-channel approach to media planning ensures we always create the most effective plans to deliver against our clients’ business needs and objectives. With fully in-house teams in Paid Search, Programmatic, Social Media, Amazon, Content, Research & Insights, Print, Audio/Visual and OOH, we are experts across all media channels, enabling clients to access the full extent of a client’s end customer journey.

 

Technology

 

Harnessing the power of tech and data, our specialist teams connect and visualise disparate data sources using a blend of artificial intelligence, machine learning and the company’s own intellectual property to create meaningful and actionable insights for clients to activate across their marketing campaigns and their entire technology ecosystem, accelerating business performance and intelligence at every level of a client’s organisation.

Review of the business (continued)
Space & Time Media Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 2

Performance Creative

 

Our team uses technology to drive enhanced campaign performance, personalised experiences, and increased automation through innovative and seamless creative production capability. We collaborate with existing creative partners, accelerate the performance of existing assets, or create ‘ground-up’ campaign ideation across Display, Social, DOOH, Video, Audio and Dynamic formats.

 

Training

 

We offer a range of bespoke training programmes to clients with in-house teams or brands looking to develop their own understanding of the marketing landscape. Programmes are delivered by our product specialists and held at the company’s offices, a 3rd party venue, remotely or at a client’s offices.

 

 

Awards won by the agency in 2022-23 were:

Prolific North Tech Awards – shortlisted

BIMA100

GENCFO Digital Finance Function Awards

 

 

Artificial Intelligence

 

As a proven early-stage adopter of many AI driven technologies and machine learning capability, Space & Time has a deep understanding of effective, equitable and responsible use AI.

 

In the year and in line with significantly increased global attention on the topic, the agency has accelerated its plan to develop a roadmap for AI into the future, focussing on GenAI, agency tooling, risk protection and measured performance implementation to ensure the technology is available to clients within a safe, commercial and scaleable framework.

 

 

Culture

 

The company places huge value on our talent and we have a number of initiatives that recognise this and enhance our staff’s general well-being and reiterates our commitment to social and environmental sustainability across the organisation.

 

Space & Time Media Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 3

 

Principal risks and uncertainties

 

The company regularly reviews business risk and aims to mitigate these risks wherever possible through its internal systems and controls and where appropriate, targeted staff training. The directors consider the company’s main commercial and financial risks to be:

 

 

Economic uncertainty

Whilst the macroeconomic climate has stabilised to some degree, in comparison with the significant number of economic shocks experienced in the previous financial year, sustained price inflation, continued labour market pressures and increased interest rates continue to present significant headwinds within the UK economy. The company has assessed the risks and the potential impact on the business as a result of these economic factors, and measures have been taken to mitigate such risks and their impact as far as possible. These include continued focus on sector diversification, reviews of commercial terms with existing clients to improve certainty around income streams, and ongoing prioritisation of internal talent development to improve staff retention and reduce costs. The company remains profitable since the year end and has sufficient cash resources for the foreseeable future. As a result, the directors believe that they have the ability to respond effectively to continued uncertainty and that the company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of the approval of these financial statements.

 

In common with all businesses, the performance of the company will be influenced by the general economic environment. We closely monitor leading market indicators particularly for sectors that our major clients and suppliers operate within. In addition, we work closely with all our clients and suppliers to ensure that we remain informed of how their businesses are performing and the key challenges that they face. The company reforecasts, at a minimum, on a quarterly basis and closely monitors its cash flow. It has historically and will continue to act promptly and decisively to address its business operations and cost base as and when trading or cash flow circumstances dictate.

 

Client retention

As a growth marketing agency, we enable our clients to secure optimal value from every part of the customer experience and their marketing investment. We form long-term partnerships through business empathy and commercial alignment, working across fully managed, hybrid or in-house models to deliver best-in-class expertise across media, technology, performance creative and training, driving market-beating long-term growth outcomes. We deliver this proactive approach every day, regularly monitoring and responding to our clients’ needs and their pre-agreed KPIs.

 

Credit and cash flow risk

The company, in common with all others, is potentially exposed to the risk of non-recovery of its debts. This risk is mitigated by credit checking and having credit limits in place for all customers. In addition, the company operates a robust credit control regime and wherever possible, credit insures its clients.

 

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet debts as they fall due. The company changed corporate banking partners from Lloyds to Barclays during the year, and now has a £6.5 million receivables finance facility in place with Barclays Bank PLC that provides appropriate working capital to meet the company’s day to day business needs. The company’s long-term business forecasts support the view that the company will have adequate resources to meet its debts as they fall due for the foreseeable future and for at least twelve months from the date of signing of these financial statements.

Space & Time Media Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 4

Exchange rate fluctuations

 

A significant part of the company’s activity is UK based but for its material overseas trade it mitigates exchange rate risk to a greater extent by ensuring that its overseas customers settle, and their related suppliers are paid, via the group’s US Dollar and Euro bank accounts wherever possible.

 

Key performance indicators

 

The key performance indicators monitored by the directors are those that best demonstrate the financial performance and strength of the company. Specifically, we look at year on year trends in the profit and loss account, in turnover and gross profit margin and on the balance sheet, the level of net current assets and cash balances to monitor the financial health and liquidity of the company. In common with most businesses, the global legacy impact of COVID–19 and other macroeconomic events have had a material impact on the company’s key performance indicators in the current and prior year.

 

The company saw a 17% increase in turnover in the year to £87,272,463 (2022: £74,880,195). Gross profit increased by 14%, to £9,788,898 (2022: £8,551,282), driven by revenue growth from existing clients, new business wins and continued diversification of the company’s client base specifically within the global healthcare and pharmaceuticals industry. Administration expenses, after other operating income, saw a 9% increase year on year to £8,129,517 (2022: £7,446,186), driven predominantly by persistent labour market challenges and increased RPI related cost pressures more generally. Interest receivable and similar income saw an 8% increase year on year to £347,500 (2022: £321,000) due to improved trading and resultant dividend income from the company’s subsidiary and associate undertakings. The overall improvement in trading in the year delivered an increase in profit before tax of 31% to reach £1,806,195 (2022: £1,379,609) as at the year end.

 

The tax charge for the year increased to £208,059 (2022: £119,682) as a result of the increased profit before tax.

 

This year-on-year improvement in trading increased the working capital requirements of the business and saw cash at bank and in hand decrease by £372,960 year on year to £2,119,882 (2022: £2,492,842). Encouragingly, the company’s net liabilities fell by 65% to £572,988 (2022: £1,630,405) as at 30 June 2023.

 

The board approved an intragroup dividend in the year to its ultimate parent of £575,000 (2022: £1,333,500), after this dividend, the company reported an increase in net assets of 67% to £2,550,218 (2022: £1,527,082) at its year-end).

 

The directors have been encouraged by the improvements in trading, financial strength and cash generation of the company in the months that have followed the year end and whilst the economic climate remains challenging, there are reasonable grounds to expect the financial strength of the business to continue to improve for the rest of the next financial year.

Future developments

 

The Board has a long-term growth strategy for the business to build strategic and commercial alignment with our clients’ own business objectives to ensure long-term value creation, growth and deeper partnerships. This coupled with our ubiquitous commercial approach means that we deliver for our clients truly integrated solutions designed to expedite and enhance growth opportunities across their entire marketing operation.

 

The company aims to be a highly relevant growth partner to its clients by ensuring our capability is aligned with the entire customer journey and the proprietary products offered significantly enhance their growth prospects, many of these being designed to be authentic to the specific industry and sector our clients operate in. This is a key component of the agency’s strategy to grow into new sectors and will play a key role in the Boards commitment to achieving future growth both organically and by acquisition.

Space & Time Media Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 5
Section 172 statement

The Board recognises the importance of the company’s wider stakeholders when performing their duties under Section 172(1) of the Companies Act and their duties to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:

 

 

The Board considers that all their decisions are taken with the long-term in mind, understanding that these decisions need to regard the interests of the company’s employees, its relationships with suppliers, customers, the communities and the environment in which it operates.

 

As a Board we fulfil our duties as follows:

 

Group repositioning

The company’s divisional restructure, implemented in Autumn 2021, is now embedded in our operational and reporting structures and has strengthened our strategic position for years to come. More recently, we have begun to target the consolidating of our market position in a number of industry verticals outside of the residential development sector, to support the ongoing diversification of our client portfolio, whilst ensuring that our property expertise is maintained.

 

Employees, Community and Environment

The company recognises the huge impact that our employees make and our commitment to other important initiatives. This is described fully in the ‘Culture’ paragraph, on Page 2 of these financial statements.

 

Clients & suppliers

Securing and retaining clients and suppliers is another core focus. Our approach to this is explained in the ‘Client Retention’ and Economic uncertainty paragraphs on Page 3 of these financial statements.

On behalf of the board

C Jones
Director
27 November 2023
Space & Time Media Limited
Directors' Report
For the year ended 30 June 2023
Page 6

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company in the year under review was that of a growth marketing agency, enabling clients to secure optimal value from every part of the customer experience and their marketing investment. The company focuses on creating close long-term partnerships with clients through business empathy and commercial alignment, working across fully managed, hybrid or in-house models, to deliver best-in-class expertise across media, technology, performance creative and training, driving market-beating long-term growth options.

Results and dividends

The results for the year are set out on page 15.

Ordinary dividends of £575,000 (2022: £1,333,500) were paid during the year. 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:

P Jones
S Gil
J Stracey
A Moore
E Hill
C Jones
S Harrington
H Connearn
Future developments

The company is looking to expand and new markets will feature strongly, whether that be through organic development of new relationships, new business, acquisition or by expanding our activities overseas.

 

We will continue to keep the business relevant in its market through a controlled investment in high quality employees, a strong management structure and innovative product creation.

 

The company is well positioned to deliver a strong performance in 2023/24.

Auditor

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

Space & Time Media Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 7
Energy and carbon report

We recognise the necessity that businesses contribute to reducing global emissions and we intend to play our part, by doing more than the legal minimum. We also recognise the increasing importance placed by our clients on the carbon in their supply chain, and we seek to add value for them here as we do everywhere else. We have therefore chosen to outperform the 2050 target set by the UK government in 2019, and we will work to make the change as swiftly as possible.

 

Carbon emissions are classified as Scope1, 2 or 3. Scope 1 includes direct emissions from burning fossil fuels in a gas boiler to heat company premises. Scope 2 is made up of indirect emissions that a company is directly responsible for, such as burning fossil fuels for the generation of electricity and emissions from public transport made on company business. Scope 3 are indirect emissions the company is indirectly responsible for up and down its value chain; it tends to be much wider and could include things such as emissions from the company’s use of cloud computing, employee commuting and home working.

 

During the reporting period the agency made significant progress on understanding its footprint, including modelling legacy emissions for each year back to 2019, improving data capture opportunities to allow for more granular reporting moving forwards, and fulfilling the SECR framework for the first time.

Emissions were up year on year, reflecting the return to more “normal” ways of working post-COVID, however the agency remains committed to a series of ambitious but realistic emissions pledges:

With the capacity to capture and analyse emissions data now in place, the focus for the business will shift towards roadmapping its way towards meeting these ambitious targets: engaging with staff, landlords and key suppliers to increase transparency, improve reporting and, ultimately, drive down emissions. 

 

With COVID still impacting on ways of working and with formal workplace restrictions in place for some of the period, emissions during Financial Year 2022 were artificially depressed, giving rise to an increase in emissions year on year. The increase seen in Financial Year 2023 represents the first full year with a return to more normal operating protocols concerning meeting clients in-person, in-office working, albeit on a 3/2 hybrid basis and increased travel between offices.

 

Off-setting some of this increase in Financial Year 2023 was the relocation of our London Head Office to premises powered by 100% renewable electricity. Additionally, this was the first full year in which we had no on-premises computer servers following our migration to cloud computing in the spring of 2022.

 

Utilities emissions below are presented using a market-based attribution excluding the newer London office's usage entirely and whilst reduction in usage will also be an objective, increasing the business’s use of renewable energy is intended as key means of reducing our overall emissions.

 

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
72,240
61,284
- Fuel consumed for transport
10,634
6,724
82,874
68,008
Space & Time Media Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 8
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
2.04
1.38
2.04
1.38
Scope 2 - indirect emissions
- Electricity purchased
15.00
14.30
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company (in-work travel)
9.30
6.20
- Fuel consumed for transport not owned by the company (commuting)
57.60
32.20
- Emissions resulting from hotel stays
1.20
1.40
- Emissions resulting from homeworking
7.80
18.00
Total gross emissions
92.94
73.48
Intensity ratio
Tonnes CO2e per employee
1.065
0.981
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 and 2022 UK Government’s Conversion Factors for Company Reporting.

 

Itemised within Scope 3 indirect emissions are commuting emissions and homeworking emissions, modelled using responses to a staff survey conducted between July and September of 2023, with the results provided by 80 respondents applied on a percentage basis to the entire workforce. Since this is the first time the data was collected, the same survey has been used to understand commuter emissions for both financial year '23 and financial year '22, with financial year '22 data adjusted further to take account of 116 days during the period where due to the prevailing COVID-19 rules of the day our offices were closed to staff other than by exception.

 

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m revenue, giving the business a scalable understanding of its performance on this core metric as its growth plans are realised over the coming years.

Space & Time Media Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 9
Measures taken to improve energy efficiency

Much of the focus during the period was on the capturing of more accurate and more granular data to facilitate the creation of a roadmap for carbon reduction. For example, the introduction of new fields for miles travelled or nights stayed within the coding tool for corporate credit cards, or securing regular meter readings from landlords. Progress has also been made concerning an algebraic reporting model for the upstream Scope 3 emissions of our clients' media investments.

 

In addition, the following energy efficiency measures have been taken:

 

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.

On behalf of the board
C Jones
Director
27 November 2023
Space & Time Media Limited
Directors' Responsibilities Statement
For the year ended 30 June 2023
Page 10

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). 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.

Space & Time Media Limited
Independent Auditor's Report
To the Members of Space & Time Media Limited
Page 11
Opinion

We have audited the financial statements of Space & Time Media Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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.

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.

Space & Time Media Limited
Independent Auditor's Report (Continued)
To the Members of Space & Time Media Limited
Page 12

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 set out on page 9, 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.

Space & Time Media Limited
Independent Auditor's Report (Continued)
To the Members of Space & Time Media Limited
Page 13
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Space & Time Media Limited
Independent Auditor's Report (Continued)
To the Members of Space & Time Media Limited
Page 14

Explanation as to what extent the audit was considered 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.

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.

Jamie Seaford
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
29 November 2023
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Space & Time Media Limited
Statement of Comprehensive Income
For the year ended 30 June 2023
Page 15
2023
2022
as restated
Notes
£
£
Turnover
3
87,272,463
74,880,195
Cost of sales
(77,483,565)
(66,328,913)
Gross profit
9,788,898
8,551,282
Administrative expenses
(8,739,192)
(8,016,582)
Other operating income
609,675
570,396
Operating profit
4
1,659,381
1,105,096
Interest receivable and similar income
7
347,500
321,000
Interest payable and similar expenses
8
(200,686)
(46,487)
Profit before taxation
1,806,195
1,379,609
Tax on profit
9
(208,059)
(119,682)
Profit for the financial year
1,598,136
1,259,927

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Space & Time Media Limited
Balance Sheet
As at 30 June 2023
Page 16
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
239,300
273,581
Investments
12
2,883,906
2,883,906
3,123,206
3,157,487
Current assets
Debtors
13
22,964,133
20,171,233
Cash at bank and in hand
2,119,882
2,492,842
25,084,015
22,664,075
Creditors: amounts falling due within one year
14
(25,657,003)
(24,294,480)
Net current liabilities
(572,988)
(1,630,405)
Net assets
2,550,218
1,527,082
Capital and reserves
Called up share capital
17
20,000
20,000
Profit and loss reserves
2,530,218
1,507,082
Total equity
2,550,218
1,527,082
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
C  Jones
Director
Company Registration No. 02660562
Space & Time Media Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Page 17
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
20,000
1,580,655
1,600,655
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
1,259,927
1,259,927
Dividends
10
-
(1,333,500)
(1,333,500)
Balance at 30 June 2022
20,000
1,507,082
1,527,082
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
1,598,136
1,598,136
Dividends
10
-
(575,000)
(575,000)
Balance at 30 June 2023
20,000
2,530,218
2,550,218
Space & Time Media Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 18
1
Accounting policies
Company information

Space & Time Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 2 Old Street Yard, London, EC1Y 8AF.

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

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

1.2
Exemptions for qualifying entities under FRS 102

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:

 

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.

 

Space & Time Media Limited is a wholly owned subsidiary of Space and Time Holdings Limited. The ultimate parent company is Space & Time Group Limited. The results of Space & Time Media Limited are included in the consolidated financial statements of Space & Time Group Limited which are available from 2nd Floor, 2 Old Street Yard, London, EC1Y 8AF.

1.3
Going concern

At the time of approving the financial statements, the directors have considered the fact that the group has continued to trade profitably throughout the period since its financial year end. In addition, the group’s long-term business forecasts support the view that the group will have adequate resources to continue its operations and to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. As a result, the directors believe it appropriate for the financial statements to be prepared on a going concern basis.true

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 19
1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Media revenue is recognised when charges are made to clients, principally when advertisements appear in the media. Fees are recognised over the period of relevant assignments or agreements.

 

When the outcome of the transaction can be estimated reliably, turnover from advertising space and management of media work is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to when services are rendered. Where the outcome cannot be measured reliably, turnover is recognised to the extent of expenses recognised that are recoverable.

 

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Leasehold property
Over the period of the lease
Fixtures, fittings & equipment
3-10 years straight line
Motor vehicles
4 years straight line

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.

1.6
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 20
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents

Cash and cash equivalents 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.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 21
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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, 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.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 22
1.11
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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 23
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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 estimates

The following estimates have had the most significant effect on amounts recognised in the financial statements.

Media accruals

In the normal course of business, the company makes an estimate of the amount and volume of media costs associated with each sale when the sale is ordered as well as any related rebates under the matching principle. These costs and rebates are reviewed periodically and adjusted where necessary.

Bad debt provision

The directors have completed a review of the trade debtor balances to determine balances which are unlikely to be received and a provision has been accounted for where necessary.

Impairment of investments

The investments held by the company are reviewed annually for impairment. If there is an indication of impairment, management will impair the asset to its recoverable amount.

Intercompany debtors

The Directors have considered the carrying value of intercompany debtors at the reporting date. In establishing an appropriate provision, they have considered the on-going trading and net asset position of the respective companies as well as the nature of intercompany transactions, the ability of the group to vary these to ensure full recovery and the profitability of the group as a whole.

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 24
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Media buying
87,272,463
74,880,195
2023
2022
£
£
Turnover analysed by geographical market
UK
81,182,381
69,420,583
Europe
5,707,760
3,852,407
North America
215,584
1,410,256
Asia
-
15,441
Africa
166,738
181,508
87,272,463
74,880,195
2023
2022
£
£
Other significant revenue
Dividends received
347,500
321,000
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
282
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
19,925
17,325
Depreciation of owned tangible fixed assets
76,630
52,448
Loss on disposal of tangible fixed assets
401
3,525
Operating lease charges
325,587
256,688
Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 25
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Media buying
108
108
Administration
16
18
Management
8
8
Total
132
134

Their aggregate remuneration comprised:

2023
2022
as restated
£
£
Wages and salaries
5,637,449
5,273,623
Social security costs
635,164
598,257
Pension costs
266,660
262,350
6,539,273
6,134,230
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
988,244
892,725
Company pension contributions to defined contribution schemes
79,445
76,920
1,067,689
969,645

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2022 - 7).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
181,679
169,455
Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 26
7
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
302,500
267,000
Income from participating interests - associates
45,000
54,000
Total income
347,500
321,000
8
Interest payable and similar expenses
2023
2022
as restated
£
£
Interest on bank overdrafts and loans
194,791
40,559
Other interest
5,895
5,928
200,686
46,487
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
208,059
119,682

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

2023
2022
£
£
Profit before taxation
1,806,195
1,379,609
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
370,196
262,126
Tax effect of expenses that are not deductible in determining taxable profit
12,290
8,161
Group relief
(101,688)
(74,173)
Permanent depreciation in excess of capital allowances
(1,516)
(15,442)
Dividend income
(71,223)
(60,990)
Taxation charge for the year
208,059
119,682
Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 27
10
Dividends
2023
2022
£
£
Interim paid
575,000
1,333,500
11
Tangible fixed assets
Leasehold property
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
365,610
209,431
67,723
642,764
Additions
21,361
20,988
-
0
42,349
Disposals
-
0
(7,260)
-
0
(7,260)
At 30 June 2023
386,971
223,159
67,723
677,853
Depreciation and impairment
At 1 July 2022
173,190
128,270
67,723
369,183
Depreciation charged in the year
51,366
25,264
-
0
76,630
Eliminated in respect of disposals
-
0
(7,260)
-
0
(7,260)
At 30 June 2023
224,556
146,274
67,723
438,553
Carrying amount
At 30 June 2023
162,415
76,885
-
0
239,300
At 30 June 2022
192,420
81,161
-
0
273,581
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
21
2,731,402
2,731,402
Investments in associates
23
152,504
152,504
2,883,906
2,883,906
Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 28
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,072,296
12,856,618
Corporation tax recoverable
3,925
-
0
Amounts owed by group undertakings
7,118,480
6,815,997
Other debtors
110,115
70,034
Prepayments and accrued income
659,317
428,584
22,964,133
20,171,233
14
Creditors: amounts falling due within one year
2023
2022
£
£
Loans and overdrafts
15
-
0
2,527,315
Trade creditors
8,621,338
8,157,676
Amounts due to fellow group undertakings
2,103,088
1,286,676
Corporation tax
-
0
3,622
Other taxation and social security
1,206,092
1,243,841
Other creditors
3,013,044
3,305,283
Accruals and deferred income
10,713,441
7,770,067
25,657,003
24,294,480

The company's bank holds a fixed and floating charge over all assets of the company in respect of an invoice discounting facility provided to the company.

15
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
-
0
2,527,315
Payable within one year
-
0
2,527,315
Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 29
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
266,660
262,350

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

At year end, the amounts outstanding in respect of pension contributions payable is £31,096 (2022: £31,200).

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
20,000
20,000
20,000
20,000
18
Operating lease commitments
Lessee

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
457,408
382,279
Between two and five years
982,738
1,322,019
In over five years
212,263
285,039
1,652,409
1,989,337
Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 30
19
Related party transactions

As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose

transactions with the immediate parent company and wholly owned fellow subsidiaries on the basis that group financial statements are prepared.

 

During the year, the company made sales of £26,572 (2022: £56,518) and purchases of £5,340,507 (2022: £4,924,051) with Adgenda Media International Limited, a company in which Space & Time Media Limited owns 55% of the share capital. As at 30 June 2023, there were amounts outstanding of £2,103,088 (2022: £1,325,947) due to Adgenda Media International Limited. During the year, Adgenda Media International Limited declared dividends to the company totalling £302,500 (2022: £267,000).

 

During the year, the company made sales of £110,153 (2022: £74,673) and purchases of £781,731 (2022: £742,011) with EG Media Limited, a company of which Space & Time Media Limited own 45% of the share capital. As at 30 June 2023, there were amounts outstanding of £323,086 (2022: £354,525) due to EG Media Limited. During the year, EG Media Limited declared dividends to the company totalling £45,000 (2022: £54,000).

20
Ultimate parent company and ultimate controlling party

The directors consider the immediate parent undertaking to be Space and Time Holdings Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Space & Time Group Limited, a company incorporated in England and Wales.

 

Space & Time Group Limited is the smallest and largest group for which consolidated financial statements including the company are prepared. The consolidated financial statements of Space & Time Group Limited are available from its registered office, 2nd Floor, 2 Old Street Yard, London, EC1Y 8AF.

At the balance sheet date, there was no ultimate controlling party.

21
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Adgenda Media International Limited
3rd Floor Cornwell House, 21 Clerkenwell Green, London, EC1R 0DX
Media Buying
Ordinary
55.00
22
Directors' transactions

As at 30 June 2022, there were amounts outstanding on the directors' current accounts of £44,849 (2022: £44,849).

No amounts were provided for or written off during the year.

Space & Time Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 31
23
Associates

Details of the company's associates at 30 June 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
EG Media Limited
2nd Floor, 2 Old Street Yard, London, England, EC1Y 8AF
Media Buying
Ordinary
45.00
24
Prior period adjustment

We have restated the prior year accounts for the reclassifications of intercompany wage recharges and bank interest payable. The reclassifications better reflect the substance of the transactions and hence provide more appropriate information for users of the financial statements.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2022
£
£
£
Net assets
1,527,082
-
1,527,082
Capital and reserves
Total equity
1,527,082
-
1,527,082
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 June 2022
£
£
£
Administrative expenses
(7,486,724)
(529,858)
(8,016,582)
Other operating income
-
570,396
570,396
Interest payable and similar expenses
(5,949)
(40,538)
(46,487)
Profit for the financial period
1,259,927
-
1,259,927
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