Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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TCS MEDIA HOLDINGS LIMITED
COMPANY INFORMATION
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TCS MEDIA HOLDINGS LIMITED
CONTENTS
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TCS MEDIA HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their Strategic report for the year ended 31 December 2023.
The company is an intermediate holding company. A business review of the company's subsidiary, The Grove Media Limited, can be found in the financial statements of the subsidiary. The company's subsidiary has reported profit before tax of £813,060 (2022 - £1,026,653), with net assets of £2,350,046 (2022 - £2,401,436). Subsidiary's key performance indicators: 2023 2022 Gross profit margin 10.6% 10.3% Debtor days 39 days 49 days Current ratio 1.52 1.45 Strategic management As a result of the COVID-19 pandemic, the environmental impact and changes to working practises generally, the business has continued its trajectory of ensuring all its functions and processes are paperless. The business continues to offer more agile, flexible working, hybrid arrangements, which is both in keeping with some of our core company's subsidiary values of being proactive, adaptable and friendly and also to meet the rising demands of the ‘new normal’, post-Covid world. The business continues to work very closely with all our clients and external stakeholders, cementing relationships which is a crucial element of any successful business, especially with the inflationary pressures that exist in the economy. The business has continued with its PR strategy, highlighting our positioning in the market and the media effectiveness of our campaign planning which has helped raise our agency’s profile amongst our peers and the wider business community. This has resulted in further thought piece articles being published, requests to form part of expert panels and being nominated for industry awards. Corporate Social Responsibility (CSR), Sustainability and B-Corp Accreditation The company's subsidiary has always strived to position itself as socially responsible, transparent and accountable to itself , its stakeholders, and the general public. Throughout the year the directors are pleased to report that a number of key policies, initiatives and accreditations have been formally adopted throughout the agency, which will continue to help us achieve our overall CSR goal of being a Net-Zero, B-Corp accredited agency. Future developments The company's subsidiary will continue to seek out opportunities for growth and will continue to provide our clients with the high levels of expertise and creative planning that helps them to flourish From time to time there are occasions where the agency has parted ways with long standing clients, whom we have helped to successfully grow, as to continue the relationship would not be mutually beneficial. The agency must report one such event, post this reporting period, which will impact the agency’s short term performance moving forward. We have, therefore, implemented adequate restructuring plans to mitigate the effects of the loss of turnover and income on the business and ensure the agency’s going concern is maintained into the immediate future and beyond.
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TCS MEDIA HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
B-Corp Accreditation
Our recent B-Corp Impact Assessment (BIA) has highlighted that we are over the 80-point threshold needed to apply and attain the B-Corp accreditation. The directors are pleased to report that the progress, policies and strategies adopted over the last 18 months has meant that we are now in a position to apply for B-Corp status, which we hope to achieve by the end of the year. This will put the company's subsidiary in a strong strategic position for growth and continued success.
Market risk encompasses two types of risk, being currency risk and interest rate risk. The group does not ordinarily enter into derivative transactions such as currency or interest rate swaps, as the directors consider the interest rate risk is adequately managed without the use of such instruments. Also, the foreign currency risk exposure is minimal since the number of foreign transactions is limited. However, the directors will continue to monitor these risks and the appropriateness of such instruments.
The group's principal financial assets are cash and trade debtors. The credit risk associated with cash and trade debtors is limited as the counterparties have high credit ratings. Although trade debtors are transferred to Royal Bank of Scotland through an invoice discounting agreement, credit risk arises since the bad debt risk remains with the company. Therefore, to reduce the risk, the group holds insurance against the majority of trade debtors.
In order to manage credit risk, management sets limits for customers based on a combination of payment history, third party credit references and insured levels of cover. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. Liquidity risk The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by credit facilities and an invoice discounting facility.
This report was approved by the board on 5 August 2024 and signed on its behalf.
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TCS MEDIA HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
Going concern The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.
The profit for the year, after taxation, amounted to £666,493 (2022 - £820,431).
Dividends paid in the year amounted to £666,493 (2022 - £820,431).
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TCS MEDIA HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors who served during the year were:
The company has chosen in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be continued in the Directors' report within the Strategic report: likely financial risk management objective and policies, and future developments in the business.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TCS MEDIA HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED
We have audited the financial statements of TCS Media Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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TCS MEDIA HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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TCS MEDIA HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)
Auditors' 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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: i) Companies Act 2006. ii) FRS 102. iii) Tax legislation.
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TCS MEDIA HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company's usual course of business.
The following areas were identified as being susceptible to misstatement through fraud.
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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TCS MEDIA HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
Date:
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TCS MEDIA HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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TCS MEDIA HOLDINGS LIMITED
REGISTERED NUMBER: 06408669
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 18 form part of these financial statements.
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TCS MEDIA HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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TCS MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TCS Media Holdings Limited is a company limited by shares, incorporated in England and Wales. The address of its registered office is Studio 5.29, Grand Union Studios, 332 Ladbroke Grove, London, W10 5AD.
The principal activity of the company is an investment holding company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙Statement of Cash Flows;
∙Related party transactions.
This information is included in the financial statements of TCS Media Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.
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TCS MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
During the year, the company received £666,493 (2022 - £820,431) of dividends from its subsidiary.
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TCS MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
In the March 2021 Budget it was announced that the UK corporation tax rate would increase to 25% from 1 April 2023 for profits over £250,000. There are no other significant factors that may affect future tax charges.
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TCS MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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TCS MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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TCS MEDIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's immediate and ultimate parent undertaking is TCS Media Group Limited, a company incorporated in England and Wales. The registered office of the Company is Unit 5.29, Grand Union Studios, 332 Ladbroke Grove, London, England, W10 5AD.
The largest and smallest group preparing consolidated financial statements which includes company's financial statements is TCS Media Group Limited. Consolidated accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. The ultimate controlling party is
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