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Registrar

Registration number: 06280570

Globespan Media Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Globespan Media Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Globespan Media Ltd

Company Information

Directors

D R Hill

I Cunningham

R Bates

D A Smith

Company secretary

D R Hill

Registered office

128 City Road
London
EC1V 2NX

Bankers

National Westminster Bank PLC
Chatham Customer Service Centre
Western Avenue
Chatham Maritime
Chatham
Kent
ME4 4RT

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Globespan Media Ltd

(Registration number: 06280570)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,913

4,707

Current assets

 

Debtors

5

3,282,377

2,811,790

Cash at bank and in hand

 

2,425

-

 

3,284,802

2,811,790

Creditors: Amounts falling due within one year

6

(2,010,604)

(1,628,735)

Net current assets

 

1,274,198

1,183,055

Total assets less current liabilities

 

1,276,111

1,187,762

Creditors: Amounts falling due after more than one year

6

(23,046)

(106,250)

Provisions for liabilities

(478)

(895)

Net assets

 

1,252,587

1,080,617

Capital and reserves

 

Called up share capital

7

52,290

52,290

Share premium reserve

188,110

188,110

Retained earnings

1,012,187

840,217

Shareholders' funds

 

1,252,587

1,080,617

For the financial year ended 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 7 August 2024 and signed on its behalf by:
 

D R Hill
Company secretary and director

 

Globespan Media 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 & Wales.

The address of its registered office and principle place of business is: 128 City Road, London, EC1V 2NX.

These financial statements were authorised for issue by the Board on 7 August 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Disclosure of long or short period

The prior period is 18 months long running from July 2021 to December 2022, therefore the comparatives are not directly comparable to the current year.

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 tickets to award ceremonies and sale of housebuilding publications in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants are assistance in the form of a transfer of resources to an entity in return for past or future compliance with specified conditions relating to the operating activities of the entity. Grants are recognised in the profit and loss account at the date they are received, under the performance model.

Tax

Current Tax is recognised in the profit and loss account, 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.

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.

Deferred tax is recognised on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Globespan Media Ltd

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for publications and tickets sold in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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.

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.

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.

 

Globespan Media Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 14).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

302,026

302,026

At 31 December 2023

302,026

302,026

Depreciation

At 1 January 2023

297,318

297,318

Charge for the year

2,795

2,795

At 31 December 2023

300,113

300,113

Carrying amount

At 31 December 2023

1,913

1,913

At 31 December 2022

4,707

4,707

5

Debtors

2023
£

2022
£

Trade debtors

588,485

527,886

Other debtors

2,307,885

2,174,795

Prepayments and accrued income

386,007

109,109

 

3,282,377

2,811,790

Less non-current portion

(2,300,252)

(2,174,795)

982,125

636,995


Included within other debtors is a loan to a related party totalling £2,245,252 (2022: £2,119,795).


Included within other debtors is a loan to a third party totalling £55,000 (2022: £55,000).

 

Globespan Media Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

585,062

602,301

Loans and borrowings

8

214,951

88,785

Taxation and social security

 

401,578

296,006

Other creditors

 

351,552

431,539

Accruals and deferred income

 

457,461

210,104

 

2,010,604

1,628,735


Creditors include an invoice discounting facility which is secured to the value of £351,548 (2022 - £372,101).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

23,046

106,250

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

52,290

52,290

52,290

52,290

       
 

Globespan Media Ltd

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

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

1,285

Other borrowings

214,951

87,500

214,951

88,785

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

23,046

106,250

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,660 (2022 - £Nil).

10

Related party transactions

Transactions and balances with other related party

2023
 £

2022
 £

Sales of goods

925,109

1,226,997

Purchase of goods

(1,191,686)

(1,614,332)

Amounts receivable

2,245,252

2,119,795

The other related party is a company with common directors and the same majority shareholders. During the year the noted transactions were made between the the two companies and the amount receivable represents the amount due from the other related party to the company at the reporting date.