Registration number:
Mediatel Limited
|
Brebners
|
Mediatel Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
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 |
|
Auditor |
|
Mediatel Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
- |
|
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
1 |
1 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
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
.........................................
G C Grimmer
Director
Company registration number: 01586169
Mediatel Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
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
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
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.
Audit Report |
Staff numbers |
The average number of persons employed by the company during the year, was
Mediatel Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
- |
Tax expense in the income statement |
|
- |
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 |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense (credit) from unrecognised temporary difference from a prior period |
|
- |
Tax increase (decrease) from effect of capital allowances and depreciation |
( |
( |
Tax increase (decrease) from other short-term timing differences |
|
|
Tax increase (decrease) arising from group relief |
( |
( |
Tax increase (decrease) from effect of dividends from UK companies |
( |
( |
Tax increase (decrease) from effect of adjustment in research and development tax credit |
( |
( |
Total tax charge |
|
- |
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) |
|
2022 |
Liability |
Accelerated tax depreciation |
9,610 |
Provisions |
(2,512) |
|
Mediatel Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Goodwill |
Other intangible assets |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
- |
|
|
Recognised on hive up |
|
- |
|
At 31 December 2023 |
|
|
|
Amortisation |
|||
At 1 January 2023 |
- |
|
|
Amortisation charge |
|
- |
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
|
- |
|
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
Tangible assets |
Leasehold Property |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
Acquired through business combinations |
- |
|
|
Additions |
|
|
|
At 31 December 2023 |
|
|
|
Depreciation |
|||
At 1 January 2023 |
- |
|
|
Acquired through business combinations |
- |
|
|
Charge for the year |
|
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
|
Mediatel Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Investments in joint ventures |
|
|
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2023 |
|
Represented to goodwill on hive up |
( |
At 31 December 2023 |
|
Provision |
|
At 1 January 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
Joint ventures |
£ |
Cost |
|
At 1 January 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
Mediatel Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 |
At 31 December 2022 |
|
1 |
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
Mediatel Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Loans and borrowings |
|
- |
|
Other non-current financial liabilities |
|
|
|
226,352 |
293,419 |
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 £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
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.