Company registration number 07898268 (England and Wales)
REPUBLIC OF MEDIA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
REPUBLIC OF MEDIA LIMITED
COMPANY INFORMATION
Directors
S J Crunden
G Jarvie
L Herbert
D Mckinney
S S Watson
(Appointed 1 April 2023)
Company number
07898268
Registered office
26 Cross Street
Manchester
M2 7AQ
Auditor
MHA
Chartered Accountant
6 St Colme Street
Edinburgh
EH3 6AD
REPUBLIC OF MEDIA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Turnover decreased by 8.5% over the prior year, however total revenue increased by 6.4%. Turnover growth is below the average UK adspend growth rate with operating profit margin reduction reflecting continued investment in resource for future growth. Pre-tax profits did however increase 42.6%, this significant boost to our margin is largely owing to our strategic use of reserves to capitalize on a higher interest rate economy.

 

Revenue from our largest client in the gambling industry increased as we broadened our scope of work, whilst public sector spend reduced further towards normal post-pandemic levels. We continued to win new clients in sectors including retail and alcohol and have built a significant specialism in these areas. We have continued to expand our public sector work winning clients from the UK Government roster, and retained a place on the Scottish Government framework following the four-yearly re-tender process.

 

Gross margin grew against 2022-23, with improvements to terms of business on new & existing clients and increased non-core revenue.

 

The balance sheet reflects the company's strong financial position at the year end, positive cash flow having been maintained throughout the period.

 

Debtor days were 11 (2023: 8) which is a strong performance.

Principal risks and uncertainties

Previously, the board had identified that we had a significant percentage of total income being generated from one client, and this reliance carried a degree of risk. The aim of the directors is to gradually reduce this by continuing to successfully add further new business, while retaining and growing the existing client base. This strategy has continued.

 

Inflation in costs, and particularly staff costs, is a concern and has impacted profit but the board has continued to invest in people to reduce churn in a time of high staff turnover for the industry. Cost inflation continues to be an issue, although the board believes plans are well established to manage this risk.

 

Additionally, we invested in additional office space and refurbishment to provide a great modern office space in which to operate, to enhance our operational capabilities & and to support our growth ambition.

 

The board currently believes the outlook for the business is secure despite an underperforming UK advertising market and high inflation combining for weak economic growth.

 

The board previously identified cybersecurity as an area of risk. To understand and mitigate this risk, we retained our information security certification (ISO27001) and invested further in IT support.

 

The board has further identified the development of AI media planning tools as a threat to our core business. We have established working groups to keep abreast of developments in this area and ensure we take advantage of efficiencies created by AI.

Key performance indicators

Management use a range of performance measures to monitor and manage the business, the key financial performance indicator used relating to profitability. No further information has been disclosed as the directors consider such information to be commercially sensitive.

 

REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Promoting the success of the company

This section describes how the Directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2016 (the "Act"), in exercising their duty to promote the success of the Company for the benefit of its members as a whole.

 

Republic of Media’s directors are focused on long-term growth and success with all decisions having regard to that.

 

Republic of Media’s directors are focused on the wellbeing and happiness of our people and consider these elements to be business critical.

 

Our growth strategy is underpinned by pillars including Belonging, Equity & Inclusion, Wellbeing and Learning & Development. Staff are consulted regularly and kept up to date through our open sharing culture. We have grown and funded our wellbeing team, provide a flexible wellbeing offering including flexible hours and a hybrid office/home based working blend to better provide for work/life balance.

 

We again paid an all staff bonus, reviewed salaries at an appropriate level and maintained well below industry average staff retention levels.

 

We continue to focus on cultivating a culture that is characterized by support, inclusivity, and diversity and have continued with a substantial investment in our own Belonging program to further strengthen in these areas.

 

While we acknowledge the progress made here and through things such as achieving pay parity, we also recognize & remain committed to enhancing our diversity and inclusion metrics. Progress here has been made this year within our leadership team.

 

We recognise that the success of our business is directly aligned with the success of our clients and all our efforts are directed to working in our client’s best interests. We are committed to the process of becoming effectiveness accredited by the IPA.

 

Our environmental and community impact is an important consideration addressed through our policies in these areas and we continue to work to increase the environmental sustainability of our business. This has included an improved sustainability policy and a certification (ISO14001) in environmental management.

On behalf of the board

S J Crunden
Director
24 July 2024
REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is that of the provision of advertising consultancy services for the media industry.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S J Crunden
G Jarvie
L Herbert
D Mckinney
S S Watson
(Appointed 1 April 2023)
Auditor

Geoghegans resigned as auditors on 1 February 2024 following their merger with MHA and MHA were appointed from that date. In accordance with section 485 of the Companies Act 2006, a resolution proposing that MHA be reappointed as auditors to the company will be put to a general meeting.

Energy and carbon report

Energy consumption data in kWh is obtained directly from billing data using published conversion factors. The conversion of kWh to Co2 emissions is calculated by reference to the UK Government's published conversion factors for company reporting.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

The company consumed 128,475 kWh with a resultant greenhouse gas emission of 26 tonnes of CO2 equivalent. The Intensity Ratio was 0.5 based on full time equivalents.

 

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time equivalents, the recommended ratio for the sector. Both of our buildings are on green energy tariffs.

The company is ISO 14001 Environmental Management accredited. The company has devised a Carbon Reduction plan and is on its way to improving its environmental impact.

 

In addition to this, this year we have enhanced our Travel & Expenses policy by implementing sustainable travel guidance to reduce our environmental impact.

 

REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.

On behalf of the board
S J Crunden
Director
24 July 2024
REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED
- 5 -
Opinion

We have audited the financial statements of Republic of Media Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Iain Binnie
Senior Statutory Auditor
For and on behalf of MHA
24 July 2024
Chartered Accountants
Statutory Auditor
6 St Colme Street
Edinburgh
EH3 6AD
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
REPUBLIC OF MEDIA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
85,540,658
93,535,566
Cost of sales
(80,164,524)
(88,482,577)
Gross profit
5,376,134
5,052,989
Administrative expenses
(4,585,376)
(4,177,549)
Operating profit
4
790,758
875,440
Interest receivable and similar income
8
640,842
129,102
Interest payable and similar expenses
9
-
(712)
Profit before taxation
1,431,600
1,003,830
Tax on profit
10
(364,849)
(318,596)
Profit for the financial year
1,066,751
685,234

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REPUBLIC OF MEDIA LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
318,661
53,455
Investments
13
-
0
-
0
318,661
53,455
Current assets
Debtors
14
6,107,255
3,974,745
Cash at bank and in hand
24,701,279
17,552,066
30,808,534
21,526,811
Creditors: amounts falling due within one year
15
(28,175,241)
(19,749,313)
Net current assets
2,633,293
1,777,498
Total assets less current liabilities
2,951,954
1,830,953
Provisions for liabilities
15
(67,315)
(13,065)
Net assets
2,884,639
1,817,888
Capital and reserves
Called up share capital
18
108,501
108,501
Profit and loss reserves
2,776,138
1,709,387
Total equity
2,884,639
1,817,888
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
S J Crunden
Director
Company Registration No. 07898268
REPUBLIC OF MEDIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Employee share ownership trust
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
108,501
-
1,940,153
2,048,654
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
685,234
685,234
Dividends
11
-
-
(916,000)
(916,000)
Balance at 31 March 2023
108,501
-
0
1,709,387
1,817,888
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,066,751
1,066,751
Balance at 31 March 2024
108,501
-
0
2,776,138
2,884,639
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Republic of Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Cross Street, Manchester, M2 7AQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

Republic of Media Limited is a wholly owned subsidiary of The Freethinking Group Limited, a company registered in England.

 

The Freethinking Group Limited prepares group financial statements and copies can be obtained from 26 Cross Street, Manchester, M2 7AQ.

1.2
Going concern

Atruet 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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the value of media handled by the company on behalf of clients, together with fees relating to media and research services provided. Media revenue is recognised when charges are made to clients, principally when advertisements appear in the media. Fees are recognised over the period of the relevant assignments or agreements.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenant's improvements
Shorter of the lease term or EUL of assets
Fixtures, fittings & equipment
3 - 5 years
Computer equipment
3 years

Tangible assets are derecognised on disposal or when no future economic benefits are expected. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.5
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 assets and liabilities are offset, with the 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.

Debtors

Debtors with no stated interest rate or receivable within one year are initially recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other operating expenses.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Employee Share Ownership Trust (ESOT)

The company established the Republic of Media Limited Employee Share Ownership Trust, a discretionary trust, for the purpose of providing incentives and benefits for employees of the company. The company sponsors and controls the ESOT and therefore the assets and liabilities of the Trust are included in these financial statements. The ESOT does not own any shares in the company at 31 March 2024 or 31 March 2023.

REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2
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.

The directors consider that there are no significant judgements, estimates or assumptions made which could have a material impact on these financial statements.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
Europe
85,540,658
93,535,566
2024
2023
£
£
Other revenue
Interest income
640,842
129,102
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
63,344
54,373
Loss/(profit) on disposal of tangible fixed assets
1,985
(695)
Operating lease charges
214,750
138,700
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,000
8,470
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management
3
5
Administration
50
48
Total
53
53

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,240,112
2,232,365
Social security costs
232,590
257,294
Pension costs
97,420
97,802
2,570,122
2,587,461
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
336,908
376,499
Company pension contributions to defined contribution schemes
12,132
15,125
349,040
391,624

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
131,918
148,659
Company pension contributions to defined contribution schemes
4,836
7,078
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
640,842
129,102
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
0
712
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
280,170
166,177
Adjustments in respect of prior periods
-
0
125,825
Group tax relief
30,429
31,623
Total current tax
310,599
323,625
Deferred tax
Origination and reversal of timing differences
54,250
(5,029)
Total tax charge
364,849
318,596

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,431,600
1,003,830
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
357,900
190,728
Tax effect of expenses that are not deductible in determining taxable profit
7,005
4,021
Adjustments in respect of prior years
-
0
125,825
Group relief
(30,429)
(31,623)
Payment in respect of group relief
30,429
31,623
Effect of change in deferred tax rate
(56)
(1,207)
Fixed asset timing differences
-
0
(771)
Taxation charge for the year
364,849
318,596
11
Dividends
2024
2023
£
£
Ordinary dividend paid
-
0
916,000
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
12
Tangible fixed assets
Tenant's improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
107,028
54,965
114,218
276,211
Additions
211,159
71,428
47,943
330,530
Disposals
-
0
(16,704)
(10,036)
(26,740)
Transfers
-
0
-
0
454
454
At 31 March 2024
318,187
109,689
152,579
580,455
Depreciation
At 1 April 2023
105,744
36,609
80,403
222,756
Depreciation charged in the year
24,752
11,608
26,984
63,344
Eliminated in respect of disposals
-
0
(14,270)
(10,036)
(24,306)
At 31 March 2024
130,496
33,947
97,351
261,794
Carrying amount
At 31 March 2024
187,691
75,742
55,228
318,661
At 31 March 2023
1,284
18,356
33,815
53,455
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
-
0
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
14,030
Impairment
At 1 April 2023 & 31 March 2024
14,030
Carrying amount
At 31 March 2024
-
At 31 March 2023
-
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,665,173
2,040,845
Amounts owed by group undertakings
348,374
191,560
Other debtors
2,786,800
1,472,570
Prepayments and accrued income
306,908
269,770
6,107,255
3,974,745
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,668,827
16,468,733
Amounts owed to group undertakings
2,047,178
1,592,795
Corporation tax
116,700
40,065
Other taxation and social security
223,515
202,756
Other creditors
1,699,084
1,168,445
Accruals and deferred income
419,937
276,519
28,175,241
19,749,313
16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Advanced capital allowances
67,315
13,065
2024
Movements in the year:
£
Liability at 1 April 2023
13,065
Charge to profit or loss
54,250
Liability at 31 March 2024
67,315
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,420
97,802

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
85,000
85,000
85,000
85,000
Ordinary B shares of £1 each
9,038
9,038
9,038
9,038
Ordinary C shares of £1 each
5,425
5,425
5,425
5,425
Ordinary D shares of £1 each
9,038
9,038
9,038
9,038
108,501
108,501
108,501
108,501

All the shares are Ordinary shares ranking pari passu in respect of management involvement and participating in winding up.

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
166,106
98,574
Between two and five years
814,543
717,422
In over five years
707,500
877,300
1,688,149
1,693,296
20
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Fellow subsidiary undertakings (not wholly owned)
348,374
191,560
Other information

The company has taken advantage of the exemption not to disclose transactions with wholly owned subsidiaries.

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