REGISTERED NUMBER: 07462517 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
CP Media Limited |
REGISTERED NUMBER: 07462517 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
CP Media Limited |
CP Media Limited (Registered number: 07462517) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Statement of Income and Retained Earnings | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
CP Media Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
CP Media Limited (Registered number: 07462517) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of advertising, media and management services. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CP Media Limited (Registered number: 07462517) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 10,644,196 | 7,078,291 |
Cost of sales | 6,901,256 | 4,458,804 |
GROSS PROFIT | 3,742,940 | 2,619,487 |
Administrative expenses | 2,367,744 | 1,453,201 |
1,375,196 | 1,166,286 |
Other operating income | 166,837 | 191,206 |
OPERATING PROFIT | 1,542,033 | 1,357,492 |
Income from shares in group undertakings | 14,850 | - |
Interest receivable and similar income | 24,891 | 42 |
39,741 | 42 |
1,581,774 | 1,357,534 |
Interest payable and similar expenses | 552 | - |
PROFIT BEFORE TAXATION | 1,581,222 | 1,357,534 |
Tax on profit | 4 | 19,812 | (34,649 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 1,876,682 | 1,402,809 |
Dividends | 6 | (1,101,957 | ) | (918,299 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
2,336,135 |
1,876,693 |
Profit attributable to: |
Owners of the parent | 1,561,410 | 1,392,172 |
Non-controlling interests | - | 11 |
1,561,410 | 1,392,183 |
CP Media Limited (Registered number: 07462517) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | 727,254 | 1,114,791 |
Tangible assets | 8 | 645,635 | 675,747 |
Investments | 9 | - | - |
Investment property | 10 | - | 144,260 |
1,372,889 | 1,934,798 |
CURRENT ASSETS |
Stocks | 11 | 9,708 | 10,805 |
Debtors | 12 | 1,592,360 | 1,168,525 |
Cash at bank and in hand | 3,837,285 | 2,279,990 |
5,439,353 | 3,459,320 |
CREDITORS |
Amounts falling due within one year | 13 | 4,326,637 | 3,368,203 |
NET CURRENT ASSETS | 1,112,716 | 91,117 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,485,605 |
2,025,915 |
PROVISIONS FOR LIABILITIES | 15 | 49,470 | 49,233 |
NET ASSETS | 2,436,135 | 1,976,682 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 100,000 | 100,000 |
Retained earnings | 2,336,135 | 1,876,682 |
SHAREHOLDERS' FUNDS | 2,436,135 | 1,976,682 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
CP Media Limited (Registered number: 07462517) |
Consolidated Balance Sheet - continued |
31 December 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by: |
M A Brennan - Director |
CP Media Limited (Registered number: 07462517) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,949,565 | 1,825,773 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CP Media Limited (Registered number: 07462517) |
Company Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
CP Media Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts. |
Basis of consolidation |
The group accounts consolidate the results of the company and its subsidiaries under the acquisition method. |
Investments in subsidiaries and associates |
Investments in subsidiary undertakings and associates are recognised at cost. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income recognition |
Turnover from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and by reference to the stage of completion at the balance sheet date. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2019 and 2022, is being amortised evenly over its estimated useful life of three years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are measured at cost less accumulated depreciation and impairment. |
The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 57 (2022 - 60 ) . |
4. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 19,575 | (70,075 | ) |
Deferred tax | 237 | 35,426 |
Tax on profit | 19,812 | (34,649 | ) |
5. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
6. | DIVIDENDS |
2023 | 2022 |
£ | £ |
A & B Ordinary shares of £1 each |
Interim | 1,101,957 | 918,299 |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 1,461,309 | 38,347 | 1,499,656 |
AMORTISATION |
At 1 January 2023 | 364,854 | 20,011 | 384,865 |
Amortisation for year | 379,868 | 7,669 | 387,537 |
At 31 December 2023 | 744,722 | 27,680 | 772,402 |
NET BOOK VALUE |
At 31 December 2023 | 716,587 | 10,667 | 727,254 |
At 31 December 2022 | 1,096,455 | 18,336 | 1,114,791 |
Company |
Computer |
software |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 217,164 | 380,150 | 35,745 |
Additions | - | 29,013 | - |
Disposals | - | - | - |
At 31 December 2023 | 217,164 | 409,163 | 35,745 |
DEPRECIATION |
At 1 January 2023 | - | 43,692 | 905 |
Charge for year | - | 52,921 | 2,684 |
Eliminated on disposal | - | - | - |
At 31 December 2023 | - | 96,613 | 3,589 |
NET BOOK VALUE |
At 31 December 2023 | 217,164 | 312,550 | 32,156 |
At 31 December 2022 | 217,164 | 336,458 | 34,840 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 47,283 | 83,217 | 47,191 | 810,750 |
Additions | 1,926 | 124,959 | 15,697 | 171,595 |
Disposals | (10,248 | ) | (103,991 | ) | (36,142 | ) | (150,381 | ) |
At 31 December 2023 | 38,961 | 104,185 | 26,746 | 831,964 |
DEPRECIATION |
At 1 January 2023 | 37,810 | 28,171 | 24,425 | 135,003 |
Charge for year | 7,668 | 27,739 | 26,100 | 117,112 |
Eliminated on disposal | (8,784 | ) | (28,421 | ) | (28,581 | ) | (65,786 | ) |
At 31 December 2023 | 36,694 | 27,489 | 21,944 | 186,329 |
NET BOOK VALUE |
At 31 December 2023 | 2,267 | 76,696 | 4,802 | 645,635 |
At 31 December 2022 | 9,473 | 55,046 | 22,766 | 675,747 |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Clare House, Clare Road, Halifax, England, HX1 2HX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Clare House, 5a Clare Road, Halifax, HX1 2HX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 5a Clare Road, Halifax, England, HX1 2HX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 5a Clare Road, Halifax, HX1 2HX |
Nature of business: |
% |
Class of shares: | holding |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Media House, 7 Harrison Road, Halifax, England, HX1 2AF |
Nature of business: |
% |
Class of shares: | holding |
Graphic Evolution (Harrogate) Limited |
Registered office: Clare House, 5a Clare Road, Halifax, HX1 2HX |
Nature of business: Designing, printing and installing materials. |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Eye Corp (UK) Limited |
Registered office: Adhouse, 52 East Parade, Harrogate, North Yorkshire, HG1 5LT |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Starburst Media Limited |
Registered office: Adhouse, East Parade, Harrogate, North Yorkshire, HG1 5LT |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Associated company |
Lamppost Banners Limited |
Registered office: Clare House, 5a Clare Road, Halifax, HX1 2HX |
Nature of business: Bracket import and installation |
% |
Class of shares: | holding |
'A' Ordinary | 45.00 |
The Group has not equity accounted the results if the associate as the impact of doing so would be immaterial. |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 | 144,260 |
Disposals | (144,260 | ) |
At 31 December 2023 | - |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | 144,260 |
Company |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 9,708 | 10,805 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,125,340 | 540,138 |
Amounts owed by group undertakings | - | 75,858 |
Other debtors | 6,579 | 5,633 |
VAT | 73,566 | 33,805 |
Prepayments and accrued income | 386,875 | 513,091 |
1,592,360 | 1,168,525 |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 450,372 | 463,656 |
Amounts owed to group undertakings | 478,858 | - |
Taxation and social security | 551,298 | 303,779 |
Other creditors | 207,427 | 252,456 |
Directors' current accounts | 19,991 | 17,100 | 19,991 | 17,100 |
Accruals and deferred income | 2,617,352 | 2,328,501 |
Deferred government grants | 1,339 | 2,711 |
4,326,637 | 3,368,203 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | - | 8,500 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
15. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 49,470 | 49,233 | 48,032 | 44,899 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 49,233 |
Provided during year | 237 |
Balance at 31 December 2023 | 49,470 |
CP Media Limited (Registered number: 07462517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | 3,133 |
Balance at 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A & B Ordinary | £1 | 79,997 | 79,997 |
C Ordinary | £1 | 20,003 | 20,003 |
100,000 | 100,000 |
17. | NON-CONTROLLING INTERESTS |
£ |
Brought forward | (32,915 | ) |
Share of profit/(loss) for year | 11 |
Disposal of Minority interest | 32,904 |
- |
18. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Amount due to the directors | 19,991 | 17,100 |
No interest has been charged. |
19. | POST BALANCE SHEET EVENTS |
On 19 July 2024, Lamppost Banners Ltd, a private company, limited by shares, registered in England and Wales, became a wholly owned subsidiary of the company. The company's registered office is Clare House, 5a Clare Road, Halifax, HX1 2HX. |
20. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Community Partners Holdings Limited, a private company, limited by shares, registered in England and Wales. The company's registered office is, 5a Clare Road, Halifax, HX1 2HX. |