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REGISTERED NUMBER: 06980471 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

GFC Media Group Limited

GFC Media Group Limited (Registered number: 06980471)






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 4


GFC Media Group Limited

Company Information
for the year ended 30 June 2023







DIRECTORS: Mr E P A Bearne
Mr M R Eisenstadt
Mr A Johnson
Mr A Prasad
Mrs R Promitzer





REGISTERED OFFICE: 16 Great Queen Street
Covent Garden
London
United Kingdom
WC2B 5AH





REGISTERED NUMBER: 06980471 (England and Wales)





ACCOUNTANTS: Flinder Effect Limited
Certified Chartered Accountants (ACCA)
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

GFC Media Group Limited (Registered number: 06980471)

Statement of Financial Position
30 June 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 18,859 17,362
18,859 17,362

CURRENT ASSETS
Debtors 7 3,038,720 993,670
Cash at bank 2,153,234 3,165,455
5,191,954 4,159,125
CREDITORS
Amounts falling due within one year 8 (2,427,848 ) (2,753,697 )
NET CURRENT ASSETS 2,764,106 1,405,428
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,782,965

1,422,790

CAPITAL AND RESERVES
Called up share capital 217 205
Share premium 354,049 90,649
Retained earnings 2,428,699 1,331,936
2,782,965 1,422,790

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.

GFC Media Group Limited (Registered number: 06980471)

Statement of Financial Position - continued
30 June 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





Mr E P A Bearne - Director


GFC Media Group Limited (Registered number: 06980471)

Notes to the Financial Statements
for the year ended 30 June 2023

1. STATUTORY INFORMATION

GFC Media Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 4 years
Computer equipment - Straight line over 4 years

GFC Media Group Limited (Registered number: 06980471)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

3. ACCOUNTING POLICIES - continued

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 consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial instruments
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
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 constitute and financing transaction, where the debt instrument is measured at the present value of 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 creditor 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 at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


GFC Media Group Limited (Registered number: 06980471)

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 July 2022
and 30 June 2023 36,498
AMORTISATION
At 1 July 2022
and 30 June 2023 36,498
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

GFC Media Group Limited (Registered number: 06980471)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 July 2022 69,241 112,275 181,516
Additions - 13,287 13,287
At 30 June 2023 69,241 125,562 194,803
DEPRECIATION
At 1 July 2022 69,241 94,913 164,154
Charge for year - 11,790 11,790
At 30 June 2023 69,241 106,703 175,944
NET BOOK VALUE
At 30 June 2023 - 18,859 18,859
At 30 June 2022 - 17,362 17,362

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 1,119,215 950,866
Other debtors 1,919,505 42,804
3,038,720 993,670

Within other debtors are shareholder loans totalling £1,600,000 (2022: £0). The balances have been repaid in full between the year end and date of filing, within 9 months of the Company year end.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 86,021 69,705
Taxation and social security 478,921 676,043
Other creditors 1,862,906 2,007,949
2,427,848 2,753,697

9. PENSION COMMITMENTS

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £41,753 (2022: £41,869). Contributions totalling £18,508 (2022: £29,402) were payable to the fund at the balance sheet date and were included in creditors.

10. RELATED PARTY DISCLOSURES

During the period the Company was charged £58,012 (2022: £48,512) by directors for consultancy services. At the year end, £60,000 (2022: £280,000) was accrued for the directors annual bonus, this amount is included in accruals and was paid in full in July 2023.

GFC Media Group Limited (Registered number: 06980471)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

11. SHARE-BASED PAYMENT TRANSACTIONS

The Company operates an Approved EMI Share Option Plan where certain employees are granted options to purchase shares in the Company. On exercise of the options by the employee, the Company issues new shares. In the year ended 30 June 2023, twelve options were exercised at an exercise price of £21,951 per share.

All Options issued to date are over B Ordinary Shares, at an exercise price of £21,951.

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the Approved EMI Share Option Plan.

2023202320222022
No.WAEP (£)No.WAEP (£)

Outstanding as at 1 July2121,951--
Granted during the year--2121,951
Exercised during the year1221,951
Outstanding as at 30 June921,9512121,951

Exercisable as at 30 June-21,9511221,951

The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place. Since the options are granted to employees at higher than the fair market value at the time of grant, the fair value as calculated using the Black-Scholes model is entirely immaterial to the users of the financial statements and as such the Directors have taken the decision not to reflect any charge to profit for the grant of EMI options.