Journolink Ltd 08783164 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the curation of journalistic content for marketing purposes Digita Accounts Production Advanced 6.30.9574.0 true true 08783164 2023-01-01 2023-12-31 08783164 2023-12-31 08783164 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 08783164 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-12-31 08783164 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-12-31 08783164 core:RetainedEarningsAccumulatedLosses 2023-12-31 08783164 core:ShareCapital 2023-12-31 08783164 core:SharePremium 2023-12-31 08783164 core:CurrentFinancialInstruments 2023-12-31 08783164 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08783164 core:Non-currentFinancialInstruments 2023-12-31 08783164 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08783164 core:FurnitureFittingsToolsEquipment 2023-12-31 08783164 1 2023-12-31 08783164 bus:SmallEntities 2023-01-01 2023-12-31 08783164 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08783164 bus:FullAccounts 2023-01-01 2023-12-31 08783164 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08783164 bus:RegisteredOffice 2023-01-01 2023-12-31 08783164 bus:CompanySecretary1 2023-01-01 2023-12-31 08783164 bus:Director11 2023-01-01 2023-12-31 08783164 bus:Director5 2023-01-01 2023-12-31 08783164 bus:Director6 2023-01-01 2023-12-31 08783164 bus:Director7 2023-01-01 2023-12-31 08783164 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 08783164 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-01-01 2023-12-31 08783164 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 08783164 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08783164 bus:Agent1 2023-01-01 2023-12-31 08783164 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08783164 core:ShareCapital 2023-01-01 2023-12-31 08783164 core:SharePremium 2023-01-01 2023-12-31 08783164 core:ComputerEquipment 2023-01-01 2023-12-31 08783164 core:FurnitureFittings 2023-01-01 2023-12-31 08783164 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08783164 1 2023-01-01 2023-12-31 08783164 countries:EnglandWales 2023-01-01 2023-12-31 08783164 2022-12-31 08783164 core:RetainedEarningsAccumulatedLosses 2022-12-31 08783164 core:ShareCapital 2022-12-31 08783164 core:SharePremium 2022-12-31 08783164 core:FurnitureFittingsToolsEquipment 2022-12-31 08783164 2022-01-01 2022-12-31 08783164 2022-12-31 08783164 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 08783164 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-12-31 08783164 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2022-12-31 08783164 core:RetainedEarningsAccumulatedLosses 2022-12-31 08783164 core:ShareCapital 2022-12-31 08783164 core:SharePremium 2022-12-31 08783164 core:CurrentFinancialInstruments 2022-12-31 08783164 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08783164 core:Non-currentFinancialInstruments 2022-12-31 08783164 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08783164 core:FurnitureFittingsToolsEquipment 2022-12-31 08783164 1 2022-12-31 08783164 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08783164 core:ShareCapital 2022-01-01 2022-12-31 08783164 core:SharePremium 2022-01-01 2022-12-31 08783164 2021-12-31 08783164 core:RetainedEarningsAccumulatedLosses 2021-12-31 08783164 core:ShareCapital 2021-12-31 08783164 core:SharePremium 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08783164

Journolink Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Journolink Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Journolink Ltd

Company Information

Directors

Peter Richard Ibbetson

Gemma Hartley Guise

James Philip Tetteh Kofi

Gareth Coombes-Olney

Company secretary

Sally Ibbetson

Registered office

International House
10 Churchill Way
Cardiff
CF10 2HE

Accountants

Robert A Harris & Co
Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

 

Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Journolink Ltd
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 accounts of Journolink Ltd for the year ended 31 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Journolink Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Journolink Ltd and state those matters that we have agreed to state to the Board of Directors of Journolink Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Journolink Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Journolink Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Journolink Ltd. You consider that Journolink Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Journolink Ltd. 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 accounts.

......................................

Robert A Harris & Co
Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

25 July 2024

 

Journolink Ltd

(Registration number: 08783164)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

750

1,499

Current assets

 

Debtors

5

19,637

22,633

Cash at bank and in hand

 

46,676

82,689

 

66,313

105,322

Creditors: Amounts falling due within one year

6

(36,171)

(38,317)

Net current assets

 

30,142

67,005

Total assets less current liabilities

 

30,892

68,504

Creditors: Amounts falling due after more than one year

6

(15,127)

(25,777)

Net assets

 

15,765

42,727

Capital and reserves

 

Called up share capital

7

287

287

Share premium reserve

853,894

853,894

Retained earnings

(838,416)

(811,454)

Shareholders' funds

 

15,765

42,727

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 25 July 2024 and signed on its behalf by:
 

.........................................
Peter Richard Ibbetson
Director

 

Journolink Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

287

853,894

(811,454)

42,727

Loss for the year

-

-

(26,962)

(26,962)

At 31 December 2023

287

853,894

(838,416)

15,765

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

287

853,894

(776,047)

78,134

Loss for the year

-

-

(35,407)

(35,407)

At 31 December 2022

287

853,894

(811,454)

42,727

 

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
International House
10 Churchill Way
Cardiff
CF10 2HE
England and Wales

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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:

 

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Computer equipment

33.3% straight line basis

Fixtures and fittings

25% straight line basis

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.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

The option scheme is an approved Enterprise Management Incentive Scheme (EMI). EMI is a form of share option scheme that provides significant tax advantages to employees. The option vesting period is within 10 years of being granted and set on an exit-only vesting event, (if there is no exercise by then they just lapse). Option holders must have an employment contract and work for the company for at least 25 hours a week or a minimum of 75% of their paid working time.

Options have been granted to two employees to 31/12/2023 on Class B ordinary shares totalling 1028 shares.



3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

33,507

33,507

At 31 December 2023

33,507

33,507

Depreciation

At 1 January 2023

32,008

32,008

Charge for the year

749

749

At 31 December 2023

32,757

32,757

Carrying amount

At 31 December 2023

750

750

At 31 December 2022

1,499

1,499

5

Debtors

Current

2023
£

2022
£

Trade debtors

19,409

22,399

Other debtors

228

234

 

19,637

22,633

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,648

9,874

trade creditors

 

748

1,279

Taxation and social security

 

19,428

22,615

Accruals and deferred income

 

1,751

1,670

Other creditors

 

3,596

2,879

 

36,171

38,317

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,648

9,874

 

Journolink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,127

25,777

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Class Shares- ordinary of £1 each

4

4

4

4

B Class Shares - ordinary of £0.01 each

24,402

244

24,402

244

C Class Shares - Preference of £0.01 each

3,942

39

3,942

39

 

28,348

287

28,348

287

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,127

25,777

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,648

9,874

Bank borrowings

Corona Virus Bounce Back Loan is denominated in GBP Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £25,775 (2022 - £35,651).

The loan is unsecured and backed by UK Government gaurantee