Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse2022-07-01No description of principal activity7990truefalse SC285534 2022-07-01 2023-06-30 SC285534 2021-07-01 2022-06-30 SC285534 2023-06-30 SC285534 2022-06-30 SC285534 c:Director1 2022-07-01 2023-06-30 SC285534 c:Director2 2022-07-01 2023-06-30 SC285534 c:Director3 2022-07-01 2023-06-30 SC285534 c:Director4 2022-07-01 2023-06-30 SC285534 c:Director5 2022-07-01 2023-06-30 SC285534 c:Director6 2022-07-01 2023-06-30 SC285534 c:Director7 2022-07-01 2023-06-30 SC285534 c:Director8 2022-07-01 2023-06-30 SC285534 c:Director9 2022-07-01 2023-06-30 SC285534 c:RegisteredOffice 2022-07-01 2023-06-30 SC285534 d:FurnitureFittings 2022-07-01 2023-06-30 SC285534 d:FurnitureFittings 2023-06-30 SC285534 d:FurnitureFittings 2022-06-30 SC285534 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC285534 d:OfficeEquipment 2022-07-01 2023-06-30 SC285534 d:OfficeEquipment 2023-06-30 SC285534 d:OfficeEquipment 2022-06-30 SC285534 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC285534 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 SC285534 d:Goodwill 2023-06-30 SC285534 d:Goodwill 2022-06-30 SC285534 d:CurrentFinancialInstruments 2023-06-30 SC285534 d:CurrentFinancialInstruments 2022-06-30 SC285534 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 SC285534 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 SC285534 d:ShareCapital 2023-06-30 SC285534 d:ShareCapital 2022-06-30 SC285534 d:RetainedEarningsAccumulatedLosses 2023-06-30 SC285534 d:RetainedEarningsAccumulatedLosses 2022-06-30 SC285534 c:OrdinaryShareClass1 2022-07-01 2023-06-30 SC285534 c:OrdinaryShareClass1 2023-06-30 SC285534 c:OrdinaryShareClass1 2022-06-30 SC285534 c:OrdinaryShareClass2 2022-07-01 2023-06-30 SC285534 c:OrdinaryShareClass2 2023-06-30 SC285534 c:OrdinaryShareClass2 2022-06-30 SC285534 c:OrdinaryShareClass3 2022-07-01 2023-06-30 SC285534 c:OrdinaryShareClass3 2023-06-30 SC285534 c:OrdinaryShareClass3 2022-06-30 SC285534 c:OrdinaryShareClass4 2022-07-01 2023-06-30 SC285534 c:OrdinaryShareClass4 2023-06-30 SC285534 c:OrdinaryShareClass4 2022-06-30 SC285534 c:OrdinaryShareClass5 2022-07-01 2023-06-30 SC285534 c:OrdinaryShareClass5 2023-06-30 SC285534 c:OrdinaryShareClass5 2022-06-30 SC285534 c:FRS102 2022-07-01 2023-06-30 SC285534 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 SC285534 c:FullAccounts 2022-07-01 2023-06-30 SC285534 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC285534 2 2022-07-01 2023-06-30 SC285534 6 2022-07-01 2023-06-30 SC285534 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC285534










MTC MEDIA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

 
MTC MEDIA LIMITED
 

COMPANY INFORMATION


Directors
Mr F S Blyth 
Mr A L J Brennan 
Mr M T Callachan 
Mr E D Johnstone 
Mr C McCreath 
Mr A J McDonald 
Ms N O'Hare 
Mr J D Phillip 
Mr A D Reid 




Registered number
SC285534



Registered office
Shed 26 Unit 35
City Quay

Camperdown Street

Dundee

DD1 3JA




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
MTC MEDIA LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 10


 
MTC MEDIA LIMITED
REGISTERED NUMBER: SC285534

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
83,546
70,829

Fixed asset investments
  
78,000
78,000

  
161,546
148,829

Current assets
  

Debtors: amounts falling due within one year
 7 
1,406,335
1,693,807

Bank and cash balances
  
2,237,568
2,229,502

  
3,643,903
3,923,309

Creditors: amounts falling due within one year
 8 
(1,101,410)
(948,169)

Net current assets
  
 
 
2,542,493
 
 
2,975,140

Total assets less current liabilities
  
2,704,039
3,123,969

Provisions for liabilities
  

Deferred tax
  
(15,874)
(13,458)

  
 
 
(15,874)
 
 
(13,458)

Net assets
  
2,688,165
3,110,511


Capital and reserves
  

Called up share capital 
 9 
110
110

Profit and loss account
  
2,688,055
3,110,401

  
2,688,165
3,110,511


Page 1

 
MTC MEDIA LIMITED
REGISTERED NUMBER: SC285534

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 March 2024.




Mr E D Johnstone
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

MTC Media Limited is a private company, limited by shares, incorporated in Scotland with registration number SC285534. The registered office is Shed 26 Unit 35, City Quay, Camperdown Street, Dundee, Angus, DD1 3JA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Office equipment
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Page 6

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 79 (2022 - 90).


4.


Intangible assets




Goodwill

£



Cost


At 1 July 2022
35,000



At 30 June 2023

35,000



Amortisation


At 1 July 2022
35,000



At 30 June 2023

35,000



Net book value



At 30 June 2023
-



At 30 June 2022
-



Page 7

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
102,239
149,906
252,145


Additions
-
28,236
28,236


Disposals
(1,800)
-
(1,800)



At 30 June 2023

100,439
178,142
278,581



Depreciation


At 1 July 2022
88,632
92,684
181,316


Charge for the year on owned assets
2,485
12,807
15,292


Disposals
(1,573)
-
(1,573)



At 30 June 2023

89,544
105,491
195,035



Net book value



At 30 June 2023
10,895
72,651
83,546



At 30 June 2022
13,607
57,222
70,829


6.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 July 2022
18,000
60,000
78,000



At 30 June 2023
18,000
60,000
78,000




Page 8

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Trade debtors
704,018
1,270,808

Amounts owed by group undertakings
73,362
69,753

Other debtors
625,446
339,747

Prepayments and accrued income
3,509
13,499

1,406,335
1,693,807



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
113,967
83,780

Corporation tax
157,382
233,156

Other taxation and social security
297,704
279,286

Other creditors
520,182
348,154

Accruals and deferred income
12,175
3,793

1,101,410
948,169



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



47 (2022 - 47) Ordinary A Shares shares of £1 each
47
47
36 (2022 - 36) Ordinary B Shares shares of £1 each
36
36
17 (2022 - 17) Ordinary C Shares shares of £1 each
17
17
2 (2022 - 2) Ordinary D Shares shares of £1 each
2
2
2 (2022 - 2) Ordinary E Shares shares of £1 each
2
2
2 (2022 - 2) Ordinary F Shares shares of £1 each
2
2
1 (2022 - 1) Ordinary G Shares share of £1
1
1
1 (2022 - 1) Ordinary H Shares share of £1
1
1
2 (2022 - 2) Ordinary I Shares shares of £1 each
2
2

110

110


Page 9

 
MTC MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Related party transactions

The following amounts were outstanding at the reporting end date:
Amounts due from associated companies


2023
2022
£
£

Other related parties
609,832
394,115
609,832
394,115


Page 10