Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr A Burgess 10/12/1999 Mrs L Burgess 10/12/1999 04 July 2024 The principal activity of the company continued to be that of a full service digital and media agency. 03892399 2024-01-31 03892399 bus:Director1 2024-01-31 03892399 bus:Director2 2024-01-31 03892399 2023-01-31 03892399 core:CurrentFinancialInstruments 2024-01-31 03892399 core:CurrentFinancialInstruments 2023-01-31 03892399 core:Non-currentFinancialInstruments 2024-01-31 03892399 core:Non-currentFinancialInstruments 2023-01-31 03892399 core:ShareCapital 2024-01-31 03892399 core:ShareCapital 2023-01-31 03892399 core:SharePremium 2024-01-31 03892399 core:SharePremium 2023-01-31 03892399 core:CapitalRedemptionReserve 2024-01-31 03892399 core:CapitalRedemptionReserve 2023-01-31 03892399 core:RetainedEarningsAccumulatedLosses 2024-01-31 03892399 core:RetainedEarningsAccumulatedLosses 2023-01-31 03892399 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 03892399 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 03892399 core:LeaseholdImprovements 2023-01-31 03892399 core:FurnitureFittings 2023-01-31 03892399 core:ComputerEquipment 2023-01-31 03892399 core:LeaseholdImprovements 2024-01-31 03892399 core:FurnitureFittings 2024-01-31 03892399 core:ComputerEquipment 2024-01-31 03892399 core:CurrentFinancialInstruments core:Secured 2024-01-31 03892399 core:Non-currentFinancialInstruments core:Secured 2024-01-31 03892399 bus:OrdinaryShareClass1 2024-01-31 03892399 2023-02-01 2024-01-31 03892399 bus:FilletedAccounts 2023-02-01 2024-01-31 03892399 bus:SmallEntities 2023-02-01 2024-01-31 03892399 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03892399 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03892399 bus:Director1 2023-02-01 2024-01-31 03892399 bus:Director2 2023-02-01 2024-01-31 03892399 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-02-01 2024-01-31 03892399 core:FurnitureFittings core:BottomRangeValue 2023-02-01 2024-01-31 03892399 core:FurnitureFittings core:TopRangeValue 2023-02-01 2024-01-31 03892399 core:ComputerEquipment core:BottomRangeValue 2023-02-01 2024-01-31 03892399 core:ComputerEquipment core:TopRangeValue 2023-02-01 2024-01-31 03892399 2022-02-01 2023-01-31 03892399 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 03892399 core:LeaseholdImprovements 2023-02-01 2024-01-31 03892399 core:FurnitureFittings 2023-02-01 2024-01-31 03892399 core:ComputerEquipment 2023-02-01 2024-01-31 03892399 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 03892399 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 03892399 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 03892399 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03892399 (England and Wales)

EQUI MEDIA LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

EQUI MEDIA LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

EQUI MEDIA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
EQUI MEDIA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 165,758 189,490
Tangible assets 4 20,024 43,694
185,782 233,184
Current assets
Debtors
- due within one year 5 710,173 959,903
- due after more than one year 5 0 4,450
Cash at bank and in hand 13,655 16,375
723,828 980,728
Creditors: amounts falling due within one year 6 ( 419,865) ( 911,673)
Net current assets 303,963 69,055
Total assets less current liabilities 489,745 302,239
Creditors: amounts falling due after more than one year 7 ( 261,937) ( 103,704)
Provision for liabilities ( 50,018) ( 83,763)
Net assets 177,790 114,772
Capital and reserves
Called-up share capital 8 1,000 1,000
Share premium account 139,750 139,750
Capital redemption reserve 250 250
Profit and loss account 36,790 ( 26,228 )
Total shareholders' funds 177,790 114,772

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Equi Media Limited (registered number: 03892399) were approved and authorised for issue by the Board of Directors on 04 July 2024. They were signed on its behalf by:

Mr A Burgess
Director
EQUI MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
EQUI MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Equi Media Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Priory Court, Poulton, Cirencester, GL7 5JB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the a model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Fixtures and fittings 3 - 10 years straight line
Computer equipment 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 30

3. Intangible assets

Development costs Total
£ £
Cost
At 01 February 2023 278,131 278,131
Additions 55,564 55,564
At 31 January 2024 333,695 333,695
Accumulated amortisation
At 01 February 2023 88,641 88,641
Charge for the financial year 79,296 79,296
At 31 January 2024 167,937 167,937
Net book value
At 31 January 2024 165,758 165,758
At 31 January 2023 189,490 189,490

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 February 2023 294 97,371 364,167 461,832
Additions 0 249 0 249
At 31 January 2024 294 97,620 364,167 462,081
Accumulated depreciation
At 01 February 2023 294 78,347 339,497 418,138
Charge for the financial year 0 7,631 16,288 23,919
At 31 January 2024 294 85,978 355,785 442,057
Net book value
At 31 January 2024 0 11,642 8,382 20,024
At 31 January 2023 0 19,024 24,670 43,694

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 84,228 94,481
Amounts owed by directors 134,409 167,406
Prepayments and accrued income 194,407 389,253
Deferred tax asset 0 0
Corporation tax 41,293 66,250
Other debtors 255,836 242,513
710,173 959,903
Debtors: amounts falling due after more than one year
Deferred tax asset 0 4,450

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured £ 41,990) 86,434 100,525
Trade creditors 113,834 595,034
Accruals and deferred income 77,634 24,254
Other taxation and social security 133,129 189,030
Other creditors 8,834 2,830
419,865 911,673

At the year end, the company was utilising their overdraft and there was a fixed and floating charge secured.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 209,159) 261,937 103,704

The above secured liabilities were secured via a fixed and floating charge over the company's assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 0.01 each 1,000 1,000

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 133,500 56,082

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
At the year end, the directors owed the company 134,409 167,406