Registered number: 13696689
3S MEDIA INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
REGISTERED NUMBER:13696689
|
BALANCE SHEET
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
REGISTERED NUMBER:13696689
|
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.
The notes on pages 5 to 10 form part of these financial statements.
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
Capital contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Capital contributions during the period
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 5 to 10 form part of these financial statements.
|
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
Capital contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Shares issued during the period
|
|
|
|
|
Capital contributions during the period
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 5 to 10 form part of these financial statements.
|
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3S Media International Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number 13696689).
The registered office address is 45 Gresham Street, London, EC2V 7BJ.
The company's functional and presentational currency is GBP.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, subject to the continued financial support of Three Ships LLC, the immediate parent Company.
The Company is reliant on the continued support & further funding from Three Ships LLC. The Company’s immediate parent undertaking has provided a letter of support confirming they will continue to provide sufficient financial support to enable the
Company to settle its financial obligations as they full due, and therefore support the Company in operational existence for the foreseeable future, being a minimum period of 12 months from the date of approval of these financial statements. Three Ships LLC have confirmed that all funding advanced to the Company as at 31 December 2023 is considered to be a permanent equity investment in the Company, and accordingly this is not due for repayment by the Company. Any further funding advanced since 31 December 2023, even where not considered an equity investment, will not be recalled or demanded from the Company, except that the financial position of the Company permits repayment and that such repayment will not adversely affect the ability of the Company to carry on its business operations as a going concern.
It is on this basis that the financial statements have been prepared on a going concern basis.
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenues are recognised at a point in time when the related leads have been generated through Company content and commissions have been earned in accordance with the applicable contract, subject to return rates.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the
recognition of financial assets and liabilities like trade and other debtors and creditors, loans from
banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an 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.
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The average monthly number of employees, including directors, during the year was 11 (2022 - 8).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100,000 (2022 -100,000) Ordinary shares of £1.00 each
|
|
|
|
On 21 October 2021, the company issued 100,000 Ordinary shares of £1 for a total consideration
£100,000.
|
|
Related party transactions
|
|
The company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
|
The controlling party is Three Ships LLC registered in the US, by virtue of 100% shareholding.
|
|
|
|
3S MEDIA INTERNATIONAL LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
|
In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 of the financial statements, which describes the Company's reliance on the immediate parent undertaking for support. Our opinion is not modified in respect of this matter.
|
The audit report was signed on 30 July 2024 by Stephen Drew (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.
|