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REGISTERED NUMBER: 07291783 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

POLITICAL HOLDINGS LIMITED

POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POLITICAL HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A E Entwistle
M R Carrington
M E Wallace
M W B Goslett





SECRETARY: C W Lawes





REGISTERED OFFICE: 21 Marina Court
Castle Street
Hull
HU1 1TJ





REGISTERED NUMBER: 07291783 (England and Wales)





ACCOUNTANTS: Banks Cooper Associates Limited
21 Marina Court
Castle Street
Hull
HU1 1TJ

POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 352,929 -
Investments 5 2,772,301 75,372
3,125,230 75,372

CURRENT ASSETS
Debtors 6 3,601,336 -
Cash at bank 123,875 21,482
3,725,211 21,482
CREDITORS
Amounts falling due within one year 7 8,805,358 2,356,377
NET CURRENT LIABILITIES (5,080,147 ) (2,334,895 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,954,917 ) (2,259,523 )

CAPITAL AND RESERVES
Called up share capital 60 60
Share premium 2,041,540 2,041,540
Retained earnings (3,996,517 ) (4,301,123 )
SHAREHOLDERS' FUNDS (1,954,917 ) (2,259,523 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




M R Carrington - Director


POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Political Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
These accounts have been prepared under the going concern principle although the liabilities of the Company exceed its assets. The Company is reliant on the continued support of its creditors, which the directors are confident will continue to be provided. In making their assessment of going concern, the directors have also considered forecasts for the business and economic factors generally. At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least one year from the date of approval. Accordingly, these financial statements have been prepared on the going concern basis.

Prior period comparatives
For the prior period, the Company changed its accounting reference date from 31 December to 31 March. The financial statements, and therefore the comparative numbers presented here, were prepared for a period of 15 months from 1 January 2021 to 31 March 2022.

Preparation of consolidated financial statements
The financial statements contain information about Political Holdings Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

With effect from the year ended 31 March 2024, Political Holdings Limited will prepare consolidated financial statements. Included in the consolidated financial statements will be the trade of Biteback Publishing Limited. On current performance, Biteback is on track to make a positive contribution to the Political Holdings Limited results in the current year ending 31 March 2025.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less provision for impairment.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial liabilities are offset, with 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.

Basic financial assets
Basic financial assets, which includes 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.


Classification of financial liabilities
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.


POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Basic financial liabilities
Basic financial liabilities, including creditors 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.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in shares which do not represent a participating interest are carried at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Office
and
computer
equipment
£   
COST
Additions 368,194
At 31 March 2023 368,194
DEPRECIATION
Charge for year 15,265
At 31 March 2023 15,265
NET BOOK VALUE
At 31 March 2023 352,929

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 16,171 59,201 75,372
Additions 2,716,219 - 2,716,219
Revaluations - (19,290 ) (19,290 )
At 31 March 2023 2,732,390 39,911 2,772,301
NET BOOK VALUE
At 31 March 2023 2,732,390 39,911 2,772,301
At 31 March 2022 16,171 59,201 75,372

Cost or valuation at 31 March 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2015 - 115,030 115,030
Valuation in 2016 - 144,251 144,251
Valuation in 2017 - 23,188 23,188
Valuation in 2018 - (172,281 ) (172,281 )
Valuation in 2019 - (186,250 ) (186,250 )
Valuation in 2020 - (65,294 ) (65,294 )
Valuation in 2022 - (52,443 ) (52,443 )
Valuation in 2023 - (19,290 ) (19,290 )
Cost 2,732,390 253,000 2,985,390
2,732,390 39,911 2,772,301

POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 5,000 -
Amounts owed by group undertakings 3,247,265 -
Other debtors 349,071 -
3,601,336 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 667,400 -
Amounts owed to group undertakings 4,938 -
Taxation and social security 10,952 -
Other creditors 8,122,068 2,356,377
8,805,358 2,356,377

8. RELATED PARTY DISCLOSURES

The Company's ultimate controlling party has provided finance to the company through a Deep Discount Bond. At the period end £1,278,682 (2022: £1,278,682), including accrued discount, was outstanding as the maturity value under the terms of the Bond. Repayment has been deferred.

The Company's ultimate controlling party has provided the Company with interest free loans of £1,004,500 (2022:£1,004,500), which remained outstanding at the period end.

On 28 November 2022 the Company issued a deep discount bond with a subscription amount of £5m.

In October 2023 the Company consolidated the above loans, deep discount bonds and certain loans to subsidiaries of Political Holdings Limited into a new Deep Discount Bond with a subscription price of £9.2m. This Deep Discount Bond was issued to an entity associated with the Company's ultimate controlling party.

On 27 October 2022, the Company agreed to buy the Media, Events and Training operations of the Dods Political Engagement business from Merit Group plc for a cash consideration of £4.5 million. The transaction completed on 30 November 2022. £0.45m of the consideration was deferred and is shown in accruals. The amount was paid to Merit in October 2023.

As part of the acquisition by the Company of the Dods Political Engagement business, Merit Group plc agreed to provide transitional services to Political Holdings Limited covering areas such as occupancy, IT systems and support and finance and accounting services. The total charged in the year amounted to £416,000 which has been recognised within the Income Statement. At 31 March 2023, a balance of £145,991 was outstanding in respect of invoicing for these services.