Company registration number 10611522 (England and Wales)
MEDIA CHAIN GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MEDIA CHAIN GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MEDIA CHAIN GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
53,054
56,697
Tangible assets
5
5,595
7,434
58,649
64,131
Current assets
Debtors
6
171,077
361,940
Cash at bank and in hand
105,296
19,386
276,373
381,326
Creditors: amounts falling due within one year
7
(1,683,720)
(1,622,269)
Net current liabilities
(1,407,347)
(1,240,943)
Total assets less current liabilities
(1,348,698)
(1,176,812)
Provisions for liabilities
-
0
799,176
Net liabilities
(1,348,698)
(377,636)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(1,348,699)
(377,637)
Total equity
(1,348,698)
(377,636)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MEDIA CHAIN GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
C T P Grobel
Director
Company registration number 10611522 (England and Wales)
MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Media Chain Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 335 Kennington Road, London, SE11 4QE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on a going concern basis. In determining the appropriate basis of preparation of the financial statements, the Directors have considered whether the Company can continue in operational existence for the foreseeable future. The Directors have considered the principal risks and uncertainties with respect to their assessment of going concern, none of which in the opinion of the Directors give rise to specific risk to the going concern status of the company. true

 

In particular reliance on key individuals and relationships with social media platforms do not give rise to any concerns with respect to projected trading in the forthcoming 12 months. We will continue to monitor the increased inflation rate and potential economic downturn and the impact this may have on the Group. Whilst acknowledging the negative impact that the covid-19 pandemic had and may continue to have on the UK economy in 2023 and beyond, having consulted with stakeholders extensively during the last few years the Directors consider the Company to be in a strong and well-prepared position and are confident in the market outlook. Given the cash reserves within the Group, and the support from shareholders, and the current lack of any indebtedness there is not considered to be a plausible scenario where the Group would cease to trade as a going concern within 12 months of the date of these financial statements.

1.3
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, this is when costs incurred and costs to complete can be estimated reliably. At this point it is also probable that the economic benefits associated with the transaction will flow to the entity.

 

Each contract is identifiable and performance obligations are assessed across each revenue stream within a contract, Management have identified several typed of revenue stream within the contract, that contribute to the identification of performance obligations and therefore, distinct recognition criteria. There can be several revenue streams within any given contract.

MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
5% on cost
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 improvements
10% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

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

Basic financial liabilities, including creditors and loans from fellow group companies 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.

MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.9
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.

1.10
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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

3
Employees

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

2022
2021
Number
Number
Total
35
35
4
Intangible fixed assets
Patents & licences
£
Cost
At 1 January 2022 and 31 December 2022
72,857
Amortisation and impairment
At 1 January 2022
16,160
Amortisation charged for the year
3,643
At 31 December 2022
19,803
Carrying amount
At 31 December 2022
53,054
At 31 December 2021
56,697
MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
3,575
73,005
76,580
Additions
-
0
1,623
1,623
At 31 December 2022
3,575
74,628
78,203
Depreciation and impairment
At 1 January 2022
1,208
67,938
69,146
Depreciation charged in the year
358
3,104
3,462
At 31 December 2022
1,566
71,042
72,608
Carrying amount
At 31 December 2022
2,009
3,586
5,595
At 31 December 2021
2,367
5,067
7,434
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
14,843
228,272
Amounts owed by group undertakings
52,853
65,020
Other debtors
103,381
68,648
171,077
361,940
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
29,220
73,406
Amounts owed to group undertakings
1,498,628
1,142,490
Taxation and social security
116,504
219,500
Other creditors
39,368
186,873
1,683,720
1,622,269
MEDIA CHAIN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
9
Financial commitments, guarantees and contingent liabilities

National Westimister Bank PLC holds a fixed and floating charge over the property and undertakings of the company. This charge was satisfied on the 8 August 2023.

10
Events after the reporting date

In 2023, group restructuring resulted in the write-off of some intercompany loans. These were reflected in the financial statements for the year ending 31 December 2021 and 31 December 2022.

 

As of 24 August 2023, the new ultimate controlling party is C. Grobel.

11
Parent company

The ultimate controlling party is The Social Chain AG at 31 December 2022.

The Social Chain AG is a listed entity registered in Berlin, Germany.

2022-12-312022-01-01false20 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityC T P GrobelC RaheH Hansen106115222022-01-012022-12-31106115222022-12-31106115222021-12-3110611522core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3110611522core:PatentsTrademarksLicencesConcessionsSimilar2021-12-3110611522core:LandBuildings2022-12-3110611522core:OtherPropertyPlantEquipment2022-12-3110611522core:LandBuildings2021-12-3110611522core:OtherPropertyPlantEquipment2021-12-3110611522core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110611522core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3110611522core:CurrentFinancialInstruments2022-12-3110611522core:CurrentFinancialInstruments2021-12-3110611522core:ShareCapital2022-12-3110611522core:ShareCapital2021-12-3110611522core:RetainedEarningsAccumulatedLosses2022-12-3110611522core:RetainedEarningsAccumulatedLosses2021-12-3110611522bus:Director12022-01-012022-12-3110611522core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110611522core:PatentsTrademarksLicencesConcessionsSimilar2022-01-012022-12-3110611522core:LeaseholdImprovements2022-01-012022-12-3110611522core:FurnitureFittings2022-01-012022-12-3110611522core:ComputerEquipment2022-01-012022-12-31106115222021-01-012021-12-3110611522core:PatentsTrademarksLicencesConcessionsSimilar2021-12-3110611522core:LandBuildings2021-12-3110611522core:OtherPropertyPlantEquipment2021-12-31106115222021-12-3110611522core:LandBuildings2022-01-012022-12-3110611522core:OtherPropertyPlantEquipment2022-01-012022-12-3110611522core:WithinOneYear2022-12-3110611522core:WithinOneYear2021-12-3110611522bus:PrivateLimitedCompanyLtd2022-01-012022-12-3110611522bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3110611522bus:FRS1022022-01-012022-12-3110611522bus:AuditExemptWithAccountantsReport2022-01-012022-12-3110611522bus:Director22022-01-012022-12-3110611522bus:Director32022-01-012022-12-3110611522bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP