Mediatel Limited 01586169 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is supplying information to media agencies and media owners. Digita Accounts Production Advanced 6.30.9574.0 true true false false 01586169 2023-01-01 2023-12-31 01586169 2023-12-31 01586169 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-12-31 01586169 core:CurrentFinancialInstruments 2023-12-31 01586169 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01586169 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01586169 core:Goodwill 2023-12-31 01586169 core:OtherResidualIntangibleAssets 2023-12-31 01586169 core:CostValuation 2023-12-31 01586169 core:DisposalsDecreaseInInvestments 2023-12-31 01586169 core:FurnitureFittingsToolsEquipment 2023-12-31 01586169 core:LandBuildings 2023-12-31 01586169 bus:SmallEntities 2023-01-01 2023-12-31 01586169 bus:Audited 2023-01-01 2023-12-31 01586169 bus:FilletedAccounts 2023-01-01 2023-12-31 01586169 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01586169 bus:RegisteredOffice 2023-01-01 2023-12-31 01586169 bus:CompanySecretary1 2023-01-01 2023-12-31 01586169 bus:Director13 2023-01-01 2023-12-31 01586169 bus:Director15 2023-01-01 2023-12-31 01586169 bus:Director16 2023-01-01 2023-12-31 01586169 bus:Director17 2023-01-01 2023-12-31 01586169 bus:Director2 2023-01-01 2023-12-31 01586169 bus:Director6 2023-01-01 2023-12-31 01586169 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01586169 core:CustomerRelationships 2023-01-01 2023-12-31 01586169 core:Goodwill 2023-01-01 2023-12-31 01586169 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 01586169 core:FurnitureFittings 2023-01-01 2023-12-31 01586169 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 01586169 core:LandBuildings 2023-01-01 2023-12-31 01586169 core:LeaseholdImprovements 2023-01-01 2023-12-31 01586169 core:UKTax 2023-01-01 2023-12-31 01586169 1 2023-01-01 2023-12-31 01586169 countries:England 2023-01-01 2023-12-31 01586169 2022-12-31 01586169 core:Goodwill 2022-12-31 01586169 core:OtherResidualIntangibleAssets 2022-12-31 01586169 core:CostValuation 2022-12-31 01586169 core:ProvisionsForImpairmentInvestments 2022-12-31 01586169 core:FurnitureFittingsToolsEquipment 2022-12-31 01586169 core:LandBuildings 2022-12-31 01586169 2022-01-01 2022-12-31 01586169 2022-12-31 01586169 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2022-12-31 01586169 core:CurrentFinancialInstruments 2022-12-31 01586169 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01586169 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01586169 core:Goodwill 2022-12-31 01586169 core:OtherResidualIntangibleAssets 2022-12-31 01586169 core:FurnitureFittingsToolsEquipment 2022-12-31 01586169 core:LandBuildings 2022-12-31 01586169 core:UKTax 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 01586169

Mediatel Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Mediatel Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 14

 

Mediatel Limited

Company Information

Directors

R N Al-Khatib

N R Mullett

G C Grimmer

S J Cullingham

E P E Debuyck

A C Coste

Company secretary

N R Mullett

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Mediatel Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

6

509,716

-

Tangible assets

7

117,657

49,318

Investments

8

17,681

654,577

Other financial assets

9

1

1

 

645,055

703,896

Current assets

 

Debtors

10

2,515,867

1,792,107

Cash at bank and in hand

 

485,317

244,107

 

3,001,184

2,036,214

Creditors: Amounts falling due within one year

11

(2,008,162)

(1,225,958)

Net current assets

 

993,022

810,256

Total assets less current liabilities

 

1,638,077

1,514,152

Creditors: Amounts falling due after more than one year

11

(226,352)

(293,419)

Provisions for liabilities

(17,625)

(7,098)

Net assets

 

1,394,100

1,213,635

Capital and reserves

 

Called up share capital

11,176

11,176

Share premium reserve

135,749

135,749

Capital redemption reserve

2,492

2,492

Retained earnings

1,244,683

1,064,218

Shareholders' funds

 

1,394,100

1,213,635

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

Mediatel Limited

Statement of Financial Position as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................

G C Grimmer

Director

Company registration number: 01586169

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal place of business is:
114 St. Martin's Lane
Covent Garden
London
WC2N 4BE
United Kingdom

The principal activity of the company is supplying information to media agencies and media owners.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. Accordingly these financial statements show information about the company as an individual entity.

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Going concern

The company made a profit for the year and had net assets at the year-end of £1,394,100. Cash at bank at the year-end amounted to £485,317. The company has traded profitably for several years and its most recent management accounts indicates that the company remains profitable.

The directors have prepared a forecast of the projected financial performance of the company on a stressed basis, factoring in the ongoing economic situation. The directors have considered this potential impact and the directors’ current view is that the impact will be manageable as Mediatel Limited is a diverse business, with a healthy cash balance. With the resources that the company has and the ongoing client retention levels the company is well positioned.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Subscription revenue is recognised on a straight line basis over the subscription period.

Events revenue is recognised as and when an event occurs.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

over three years on a straight line basis

Fixtures and Fittings

over three years on a straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Research and development expenditure is written off in the year in which it is incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangibles

over 1 year on a straight line basis

Goodwill

over 10 years on a straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 8 April 2024 was Darren Bond, who signed for and on behalf of Brebners.

4

Staff numbers

The average number of persons employed by the company during the year, was 53 (2022 - 41).

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
£

Current taxation

UK corporation tax

187,815

-

Deferred taxation

Arising from origination and reversal of timing differences

10,527

-

Tax expense in the income statement

198,342

-

The tax on profit before tax for the year is different to the standard rate of corporation tax in the UK of 25% (2022: 19%), due to the change in tax rates from 1 April 2023 resulting in an average corporation tax rate of 23.5% for the year and the following differences in the reconciliation below:

2023
 £

2022
 £

Profit before tax

1,378,807

557,112

Corporation tax at standard rate

324,020

105,851

Effect of expense not deductible in determining taxable profit (tax loss)

48,240

14,759

Deferred tax expense (credit) from unrecognised temporary difference from a prior period

10,527

-

Tax increase (decrease) from effect of capital allowances and depreciation

(27,703)

(6,818)

Tax increase (decrease) from other short-term timing differences

520

2,947

Tax increase (decrease) arising from group relief

(131,835)

(75,739)

Tax increase (decrease) from effect of dividends from UK companies

(17,625)

(28,500)

Tax increase (decrease) from effect of adjustment in research and development tax credit

(7,802)

(12,500)

Total tax charge

198,342

-

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated tax depreciation

20,690

Provisions

(3,065)

17,625

2022

Liability
£

Accelerated tax depreciation

9,610

Provisions

(2,512)

7,098

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

-

65,640

65,640

Recognised on hive up

636,896

-

636,896

At 31 December 2023

636,896

65,640

702,536

Amortisation

At 1 January 2023

-

65,640

65,640

Amortisation charge

127,180

-

127,180

At 31 December 2023

127,180

65,640

192,820

Carrying amount

At 31 December 2023

509,716

-

509,716

At 31 December 2022

-

-

-

True and fair override on acquisition of subsidiary undertakings:

On 1 January 2023, the trade and net assets of Mediatel Events limited were transferred to the company at their net book values as determined by the directors. The cost of the company's investment in this subsidiary reflected the underlying fair value of its net assets and goodwill at the time of acquisition. As a result of this transfer, the value of the company's investments in this subsidiary undertaking fell below the amount at which it was stated in the company's accounting records. Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the company's profit and loss account. However, the directors consider that as there had been no overall loss to the group, it would fail to show a true and fair view to charge the impairment in value to the company's profit and loss account and it should instead be reallocated to goodwill and the identifiable net assets transferred, so as to recognise in the company's balance sheet the effective cost to the company of those net assets and goodwill. The effect on the company's balance sheet of this departure is to recognise net goodwill of £509,716.

The directors consider that the value of the inherent goodwill of the business is not less than the amount included in the company's balance sheet.

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Tangible assets

Leasehold Property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

28,484

392,127

420,611

Acquired through business combinations

-

30,874

30,874

Additions

67,264

41,346

108,610

At 31 December 2023

95,748

464,347

560,095

Depreciation

At 1 January 2023

-

371,293

371,293

Acquired through business combinations

-

19,122

19,122

Charge for the year

30,177

21,846

52,023

At 31 December 2023

30,177

412,261

442,438

Carrying amount

At 31 December 2023

65,571

52,086

117,657

At 31 December 2022

28,484

20,834

49,318

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Investments

2023
£

2022
£

Investments in subsidiaries

17,680

654,576

Investments in joint ventures

1

1

17,681

654,577

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,004,206

Represented to goodwill on hive up

(636,896)

At 31 December 2023

367,310

Provision

At 1 January 2023

349,630

Carrying amount

At 31 December 2023

17,680

At 31 December 2022

654,576

Joint ventures

£

Cost

At 1 January 2023

1

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

96,916

96,916

At 31 December 2023

96,916

96,916

Impairment

At 1 January 2023

96,915

96,915

At 31 December 2023

96,915

96,915

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

10

Debtors

2023
£

2022
£

Trade debtors

774,370

233,737

Amounts owed by group undertakings

1,341,134

1,361,948

Other debtors

400,363

196,422

2,515,867

1,792,107

 

Mediatel Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

10,292

-

Trade creditors

 

172,630

76,308

Amounts owed to group undertakings

122,615

-

Taxation and social security

 

515,638

253,481

Accruals and deferred income

 

1,086,198

812,029

Other creditors

 

100,789

84,140

 

2,008,162

1,225,958

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

13,087

-

Other non-current financial liabilities

 

213,265

293,419

 

226,352

293,419

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £573,300 (2022 - £749,700).

13

Parent and ultimate parent undertaking

The company's immediate parent is Adwanted UK Limited, incorporated in England and Wales.

 The ultimate parent is Debuyck Participations SARL, incorporated in France.

Adwanted Group SAS, whose registered office is situated at 40 Place du Théâtre - 59800 Lille, France, is the parent of the largest and smallest group preparing consolidated financial statements incorporating the results of
the company.