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Registration number: 07762611

3 Media Limited

Filleted Financial Statements

for the Year Ended 31 December 2022

 

3 Media Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 9

 

3 Media Limited

Company Information

Directors

Miss CD Wilkinson

Mr RS Ingleby

Registered office

8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP

Auditors

Crossley & Davis Chartered Accountants
Senior Statutory Auditor
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
3 Media Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 3 Media Limited for the year ended 31 December 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of 3 Media Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 3 Media Limited and state those matters that we have agreed to state to the Board of Directors of 3 Media Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3 Media Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 3 Media Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 3 Media Limited. You consider that 3 Media Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 3 Media Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

8 February 2024

 

3 Media Limited

(Registration number: 07762611)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

6

622

1,634

Current assets

 

Debtors

7

91,277

203,153

Cash at bank and in hand

 

381,676

332,870

 

472,953

536,023

Creditors: Amounts falling due within one year

8

(263,901)

(350,592)

Net current assets

 

209,052

185,431

Total assets less current liabilities

 

209,674

187,065

Creditors: Amounts falling due after more than one year

8

(96,667)

(136,667)

Net assets

 

113,007

50,398

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

112,997

50,388

Shareholders' funds

 

113,007

50,398

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

.........................................
Mr RS Ingleby
Director

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP
England

These financial statements were authorised for issue by the Board on 8 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 8 February 2024 was Mr P Swarbrick, who signed for and on behalf of Crossley & Davis Chartered Accountants.

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

Revenue recognition

Turnover comprises the fair value of the consideration for advertising contracts sold in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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 change 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.

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 balance sheet 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

Fixtures and fittings

5 year straight line

Office equipment

3 year straight line

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.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for advertising services performed in the ordinary course of business.

Trade debtors are recognised initially at the contract value. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 4).

4

Auditors' liability limitation

The company entered into a liability limitation agreement with the auditor on 21st November 2023. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

1,012

1,154

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

16,869

16,869

At 31 December 2022

16,869

16,869

Depreciation

At 1 January 2022

15,235

15,235

Charge for the year

1,012

1,012

At 31 December 2022

16,247

16,247

Carrying amount

At 31 December 2022

622

622

At 31 December 2021

1,634

1,634

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

54,224

76,435

Amounts owed by related parties

11

35,291

124,161

Other debtors

 

1,762

2,557

   

91,277

203,153

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

40,000

40,000

Trade creditors

 

38,738

27,468

Taxation and social security

 

35,981

89,908

Accruals and deferred income

 

149,182

193,216

 

263,901

350,592

Creditors due within one year include a Coronavirus Business Interuption loan of £40,000 (2020 - £26,667l) which is secured. The loan is secured by fixed and floating charges over all the property or undertaking of the company.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

96,667

136,667

Creditors due after more than one year include a Coronavirus Business Interuption loan of £136,667 (2020 - £173,333) which is secured. The loan is secured by fixed and floating charges over all the property or undertaking of the company.

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10

1,000

10

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

96,667

136,667

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

40,000

40,000

11

Related party transactions

Loans to related parties

2022

Key management
£

Total
£

At start of period

5,079

5,079

At end of period

5,079

5,079

2021

Key management
£

Total
£

At start of period

5,079

5,079

At end of period

5,079

5,079

Terms of loans to related parties

Loans to directors are unsecured, repayable on demand, and interest is charged at the official rate on any balance that exceeds £10,000 throughout the year.
 

12

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is International Connections Group Limited, incorporated in England and Wales.

The address of International Connections Group Limited is:
8 Avroe Crescent
Blackpool
Lancashire
England
FY4 2DP