EG Media Limited
Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 05370981 (England and Wales)
EG Media Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
EG Media Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
765
1,631
Current assets
Debtors
5
354,182
313,842
Cash at bank and in hand
61,228
104,615
415,410
418,457
Creditors: amounts falling due within one year
6
(191,285)
(199,938)
Net current assets
224,125
218,519
Net assets
224,890
220,150
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
224,790
220,050
Total equity
224,890
220,150
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
I Fry
Director
Company Registration No. 05370981
EG Media Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
100
278,060
278,160
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
61,990
61,990
Dividends
-
(120,000)
(120,000)
Balance at 30 June 2022
100
220,050
220,150
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
104,740
104,740
Dividends
-
(100,000)
(100,000)
Balance at 30 June 2023
100
224,790
224,890
EG Media Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 3
1
Accounting policies
Company information
EG 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 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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
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
1.3
Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
Fee income is recognised on a straight line basis over the term of the contract. Income in respect of media buying and planning and media commissions is recognised according to the date the respective media airs.
1.4
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:
Fixtures, fittings & equipment
3 -10 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.
1.5
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.
EG Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 4
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.
1.6
Cash at bank and in hand
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.
1.7
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
EG Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Directors' remuneration
2023
2022
£
£
Directors' aggregate emoluments
176,345
173,937
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
EG Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
3,254
Depreciation and impairment
At 1 July 2022
1,623
Depreciation charged in the year
866
At 30 June 2023
2,489
Carrying amount
At 30 June 2023
765
At 30 June 2022
1,631
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
344,749
300,525
Other debtors
7,385
9,799
Prepayments and accrued income
2,048
3,518
354,182
313,842
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,129
4,765
Amounts owed to group undertakings
36,565
Corporation tax
29,256
18,021
Other taxation and social security
54,934
63,387
Other creditors
24,341
67,263
Accruals and deferred income
43,060
46,502
191,285
199,938
EG Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 7
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
45 ordinary A shares of £1 each
45
45
55 ordinary B shares of £1 each
55
55
100
100
The A shares and the B shares rank pari passu in all respects with the exception of voting. The A and B shares shall be entitled on a poll or written resolution to 50% of the votes attaching to all of the shares.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jamie Seaford
Statutory Auditor:
Moore Kingston Smith LLP
EG Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 8
9
Related party transactions
During the year, the company had sales of £781,731 (2022: £742,011) and purchases of £110,153 (2022: £74,673) with Space & Time Media Limited, which owns 45% of the share capital of the company. As at 30 June 2023, there were net amounts outstanding of £323,086 (2022: £300,525) due from Space & Time Media Limited. During the year, the company declared dividends to Space & Time Media Limited totalling £45,000 (2022: £54,000).
During the year, the company had purchases of £28,325 (2022: £37,692) with Space & Time Group Limited, which is the ultimate parent company of Space and Time Media Limited. As at 30 June 2023, there were net amounts outstanding of £36,565 (2022: £nil) due to Space & Time Group Limited.
During the year, the company had purchases of £3,116 (2022: £32,601) with Adgenda Media International Limited, a related party under common directorship. As at 30 June 2023, there were net amounts outstanding of £21,261 (2022: £nil) due from Adgenda Media International Limited.
All of the above transactions were at arm's length and no amounts were provided for or written off during the period.
10
Directors' transactions
During the year, dividends totalling £45,000 (2022: £54,000) were declared to I Fry, a director of the company. This dividend was unpaid at year end.
During the year, repayments of £31,193 (2022: £2,200) were made on a loan advanced to I Fry, whilst an additional amount of £26,000 (2022: £5,000) was loaned during the year. This leaves a loan balance owed to the company of £4,607 (2022: £9,799).
During the year, dividends totalling £10,000 (2022: £12,000) were declared to M Williams, a relative of I Fry.