Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31true2023-01-01Advertsing and exhibitionsfalse2323falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07270779 2023-01-01 2023-12-31 07270779 2022-01-01 2022-12-31 07270779 2023-12-31 07270779 2022-12-31 07270779 c:Director1 2023-01-01 2023-12-31 07270779 d:MotorVehicles 2023-01-01 2023-12-31 07270779 d:MotorVehicles 2023-12-31 07270779 d:MotorVehicles 2022-12-31 07270779 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07270779 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07270779 d:FurnitureFittings 2023-01-01 2023-12-31 07270779 d:FurnitureFittings 2023-12-31 07270779 d:FurnitureFittings 2022-12-31 07270779 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07270779 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07270779 d:OfficeEquipment 2023-01-01 2023-12-31 07270779 d:OfficeEquipment 2023-12-31 07270779 d:OfficeEquipment 2022-12-31 07270779 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07270779 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07270779 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07270779 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07270779 d:Goodwill 2023-01-01 2023-12-31 07270779 d:Goodwill 2023-12-31 07270779 d:Goodwill 2022-12-31 07270779 d:CurrentFinancialInstruments 2023-12-31 07270779 d:CurrentFinancialInstruments 2022-12-31 07270779 d:Non-currentFinancialInstruments 2023-12-31 07270779 d:Non-currentFinancialInstruments 2022-12-31 07270779 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07270779 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07270779 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07270779 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07270779 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07270779 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07270779 d:ShareCapital 2023-12-31 07270779 d:ShareCapital 2022-12-31 07270779 d:RetainedEarningsAccumulatedLosses 2023-12-31 07270779 d:RetainedEarningsAccumulatedLosses 2022-12-31 07270779 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 07270779 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 07270779 c:FRS102 2023-01-01 2023-12-31 07270779 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07270779 c:AbridgedAccounts 2023-01-01 2023-12-31 07270779 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07270779 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07270779 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 07270779 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 07270779 d:LeasedAssetsHeldAsLessee 2023-12-31 07270779 d:LeasedAssetsHeldAsLessee 2022-12-31 07270779 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07270779 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07270779









WESTERN BUSINESS MEDIA LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
WESTERN BUSINESS MEDIA LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTERN BUSINESS MEDIA LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Western Business Media Limited for the year ended 31 December 2023 which comprise  the Balance sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Western Business Media Limited, as a body, in accordance with the terms of our engagement letter dated March 2023Our work has been undertaken solely to prepare for your approval the financial statements of Western Business Media Limited and state those matters that we have agreed to state to the Board of directors of Western Business Media Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Western Business Media Limited and its Board of directors, as a body, for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of Western Business 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 financial statements.

  



DMC Partnership Limited
 
Chartered Accountants
  
Yew Tree House
Lewes Road
Forest Row
East Sussex
RH18 5AA
10 April 2024
Page 1


 
WESTERN BUSINESS MEDIA LIMITED
REGISTERED NUMBER:07270779

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
351,226
279,021

Tangible assets
 5 
46,789
12,478

  
398,015
291,499

Current assets
  

Debtors
 6 
1,002,865
842,275

Cash at bank and in hand
 7 
162,213
330,262

  
1,165,078
1,172,537

Creditors: amounts falling due within one year
 8 
(605,604)
(507,917)

Net current assets
  
 
 
559,474
 
 
664,620

Total assets less current liabilities
  
957,489
956,119

Creditors: amounts falling due after more than one year
 9 
(118,694)
-

Provisions for liabilities
  
(2,580)
(2,367)

Net assets
  
836,215
953,752


Capital and reserves
  

Called up share capital 
  
330,104
330,104

Profit and loss account
  
506,111
623,648

Shareholders' funds
  
836,215
953,752


Page 2


 
WESTERN BUSINESS MEDIA LIMITED
REGISTERED NUMBER:07270779
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 10 April 2024.




M Sennett
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 3


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Western Business Media Limited is a private company, limited by shares, registered in England and Wales, registration number 07270779, registration address Dorset House, 64 High Street, East Grinstead, West Sussex, RH19 3DE.
The principal activity of the company is advertising and event organising.

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

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 4


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other 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.

 
2.10

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.

Page 6


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
Over 8 years
Office equipment
-
25%
Straigh line

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

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.

 
2.15

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 Balance sheet when the Company becomes
Page 7


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

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 23 (2022 - 23).

Page 8


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
721,908


Additions
150,000



At 31 December 2023

871,908



Amortisation


At 1 January 2023
442,887


Charge for the year on owned assets
77,795



At 31 December 2023

520,682



Net book value



At 31 December 2023
351,226



At 31 December 2022
279,021



Page 9


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
95,975
6,208
102,183


Additions
44,450
-
2,630
47,080



At 31 December 2023

44,450
95,975
8,838
149,263



Depreciation


At 1 January 2023
-
88,333
1,372
89,705


Charge for the year on owned assets
-
4,330
1,957
6,287


Charge for the year on financed assets
6,482
-
-
6,482



At 31 December 2023

6,482
92,663
3,329
102,474



Net book value



At 31 December 2023
37,968
3,312
5,509
46,789



At 31 December 2022
-
7,642
4,836
12,478

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
38,540
-

38,540
-

Page 10


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
448,821
452,827

448,821
452,827


2023
2022
£
£

Due within one year

Trade debtors
436,992
356,521

Prepayments and accrued income
117,052
32,927

554,044
389,448



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
162,213
330,262

162,213
330,262



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
64,286
-

Trade creditors
143,325
105,066

Corporation tax
32,469
83,750

Other taxation and social security
113,026
126,508

Obligations under finance lease and hire purchase contracts
6,613
-

Other creditors
74,237
66,561

Accruals and deferred income
171,648
126,032

605,604
507,917


Page 11


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
85,714
-

Net obligations under finance leases and hire purchase contracts
32,980
-

118,694
-



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
64,286
-


64,286
-

Amounts falling due 1-2 years

Bank loans
85,714
-


85,714
-



150,000
-



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
162,213
330,262




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 12


 
WESTERN BUSINESS MEDIA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £18,266 (2022 - £17,487). Contributions totalling £4,298 (2022 - £3,476) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 13