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Registration number: 10956503

Definite Article Media Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Definite Article Media Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Definite Article Media Limited

Company Information

Directors

R Medina-Kempton

J Greenwood

Registered office

167-169 Great Portland Street
5th Floor
London
W1W 5PF

 

Definite Article Media Limited

(Registration number: 10956503)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

130,123

-

Tangible assets

5

4,274

5,038

Investments

6

103

3

 

134,500

5,041

Current assets

 

Stocks

7

31,286

31,722

Debtors

8

603,353

224,335

Cash at bank and in hand

 

245,769

767,981

 

880,408

1,024,038

Creditors: Amounts falling due within one year

9

(944,958)

(882,371)

Net current (liabilities)/assets

 

(64,550)

141,667

Net assets

 

69,950

146,708

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

69,948

146,706

Shareholders' funds

 

69,950

146,708

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Definite Article Media Limited

(Registration number: 10956503)
Balance Sheet as at 30 September 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 26 July 2024 and signed on its behalf by:
 

.........................................
R Medina-Kempton
Director

.........................................
J Greenwood
Director

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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:
167-169 Great Portland Street
5th Floor
London
W1W 5PF
United Kingdom

These financial statements were authorised for issue by the Board on 26 July 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.

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 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.

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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

Furniture, fittings, and equipment

33% straight line per annum

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

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

Trade debtors are recognised initially at the transaction price. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 4).

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

139,169

139,169

At 30 September 2023

139,169

139,169

Amortisation

Amortisation charge

9,046

9,046

At 30 September 2023

9,046

9,046

Carrying amount

At 30 September 2023

130,123

130,123

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

13,309

13,309

Additions

4,006

4,006

At 30 September 2023

17,315

17,315

Depreciation

At 1 October 2022

8,271

8,271

Charge for the year

4,770

4,770

At 30 September 2023

13,041

13,041

Carrying amount

At 30 September 2023

4,274

4,274

At 30 September 2022

5,038

5,038

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

103

3

Subsidiaries

£

Cost or valuation

At 1 October 2022

3

Additions

100

At 30 September 2023

103

Provision

Carrying amount

At 30 September 2023

103

At 30 September 2022

3

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Firstpress Media Limited

Suite 102, Parkhall Business Centre
40 Martell Road
London, SE21 8EN

England and Wales

Ordinary shares

100%

100%

Funds Europe Media Limited

167-169 Great Portland Street
5th Floor
London W1W 5PF

England and Wales

Ordinary Shares

100%

0%

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Subsidiary undertakings

Firstpress Media Limited

The principal activity of Firstpress Media Limited is that of a media and event provider to the medical sector.

Funds Europe Media Limited

The principal activity of Funds Europe Media Limited is that of a media and event provider. Its financial period end is 31 December.

7

Stocks

2023
£

2022
£

Work in progress

31,286

31,722

 

Definite Article Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Debtors

Current

2023
£

2022
£

Trade debtors

249,898

131,209

Prepayments

-

1,386

Other debtors

353,455

91,740

 

603,353

224,335

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

21,031

-

Taxation and social security

223,803

210,344

Accruals and deferred income

2,775

2,020

Other creditors

697,349

670,007

944,958

882,371

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2