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Registered number: 06408669









TCS MEDIA HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TCS MEDIA HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D M Price 
C L Deering 




Registered number
06408669



Registered office
Unit 5.29
Grand Union Studios

332 Ladbroke Grove

London

W10 5AD




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
TCS MEDIA HOLDINGS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 18


 
TCS MEDIA HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic report for the year ended 31 December 2023.

Business review

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.
 
Page 1

 
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
 
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.

Credit risk
 
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.



................................................
D M Price
Director

Page 2

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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).

Page 3

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

S P Guthrie (resigned 9 January 2024)
D M Price 
C L Deering 

Matters covered in the Strategic report

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no subsequent events to disclose or that require adjustments to the financial statements.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 5 August 2024 and signed on its behalf.
 





................................................
D M Price
Director

Page 4

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED
 

Opinion


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 policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


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.


Page 5

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.
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: 

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows: 
i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the  audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.


Page 7

 
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.


Page 8

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCS MEDIA HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

 
Date: 
6 August 2024
Page 9

 
TCS MEDIA HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Income from shares in group undertakings
 7 
666,493
820,431

Profit before tax
  
666,493
820,431

Tax on profit
 8 
-
-

Profit for the financial year
  
666,493
820,431

  

Total comprehensive income for the year
  
666,493
820,431

The notes on pages 13 to 18 form part of these financial statements.

Page 10

 
TCS MEDIA HOLDINGS LIMITED
REGISTERED NUMBER: 06408669

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 10 
2,600,000
2,600,000

Current assets
  

Debtors: amounts falling due within one year
 11 
8,823
8,823

  

Net assets
  
2,608,823
2,608,823


Capital and reserves
  

Called up share capital 
 12 
9,650
9,650

Profit and loss account
 13 
2,599,173
2,599,173

  
2,608,823
2,608,823



The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.




................................................
D M Price
Director


The notes on pages 13 to 18 form part of these financial statements.

Page 11

 
TCS MEDIA HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
9,650
2,599,173
2,608,823


Comprehensive income for the year

Profit for the year
-
666,493
666,493
Total comprehensive income for the year
-
666,493
666,493

Dividends: Equity capital
-
(666,493)
(666,493)


Total transactions with owners
-
(666,493)
(666,493)


At 31 December 2023
9,650
2,599,173
2,608,823



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
9,650
2,599,173
2,608,823


Comprehensive income for the year

Profit for the year
-
820,431
820,431
Total comprehensive income for the year
-
820,431
820,431

Dividends: Equity capital
-
(820,431)
(820,431)


Total transactions with owners
-
(820,431)
(820,431)


At 31 December 2022
9,650
2,599,173
2,608,823


The notes on pages 13 to 18 form part of these financial statements.

Page 12

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

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 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:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

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.

 
2.3

Exemption from preparing consolidated financial statements

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.

 
2.4

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Debtors

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.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements in applying accounting policies have had to be made by management in preparing these financial statements. Likewise, the directors believe there to be no sources of estimation uncertainty in preparing these financial statements. 


4.


Auditors' remuneration

Audit fees have been borne by the subsidiary company, The Grove Media Limited



5.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).



6.


Directors' remuneration


During the year, the directors received no remuneration (2022 - £Nil).


7.


Income from investments

During the year, the company received £666,493 (2022 - £820,431) of dividends from its subsidiary.

Page 14

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£



Total current tax
-
-



Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
666,493
820,431


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
156,626
155,832

Effects of:


Non-taxable income
(156,626)
(155,832)

Total tax charge for the year
-
-


Factors that may affect future tax charges

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.


9.


Dividends

2023
2022
£
£


Dividends paid
666,493
820,431

666,493
820,431

Page 15

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost and net book value


At 1 January 2023
2,600,000



At 31 December 2023
2,600,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

The Grove Media Limited
Studio 5.29, Grand Union Studios, 332 Ladbroke Grove, London, W10 5AD
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves £
Profit/(Loss) £

The Grove Media Limited
2,350,046
615,103

Page 16

 
TCS MEDIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
8,823
8,823

8,823
8,823



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30 Ordinary A shares of £0.10 each
3
3
96470 Ordinary B shares of £0.10 each
9,647
9,647

9,650

9,650


The Ordinary A shares carry no entitlement to dividends. Holders of Ordinary A shares have one vote for every share.
The Ordinary B shares carry an entitlement to dividends set at the directors' discretion. Holders of Ordinary B shares have no voting rights.
In all other respects the Ordinary A shares rank pari passu with the Ordinary B shares.



13.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


14.


Related party transactions

The company has taken advantage of an exemption allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.


15.


Post balance sheet events

There are no subsequent events to disclose or that require adjustments to the financial statements.

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TCS MEDIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Ultimate parent undertaking and controlling party

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 The Grove Media Trustees Limited on behalf of The Grove Media Employee Ownership Trust.

 
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