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Registered Number: 06784437
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

MEDIA 42 LIMITED

Director Robert Howells
Registered Number 06784437
Registered Office C/O Subtvu Vox Studios W205
1-45 Durham Street
Vauxhall
London
SE11 5JH
Accountants Pink Mango Accountants Ltd
Coltsfoot
Farm Lane
Chichester
West Sussex
PO18 8SA
Secretary David Smyth
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year was that of a holding company.
Director
The director who served the company throughout the year was as follows:
Robert Howells
Statement of director's responsibilities
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). 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 the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies 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 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Robert Howells
Director

Date approved: 23 August 2024
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Media 42 Limited for the year ended 31 December 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Media 42 Limited for the year ended 31 December 2023 which comprise the Proft and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Media 42 Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Media 42 Limited and state those matters that we have agreed to state to the Board of Directors of Media 42 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Media 42 Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Media 42 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Media 42 Limited . You consider that Media 42 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Media 42 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Pink Mango Accountants Ltd
Coltsfoot
Farm Lane
Chichester
West Sussex
PO18 8SA
23 August 2024
3
 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors 4 1    1 
Creditors: amount falling due within one year 5 (1,521,335)   (1,457,025)
Net current assets (1,521,334)   (1,457,024)
 
Total assets less current liabilities (1,521,334)   (1,457,024)
Creditors: amount falling due after more than one year 6 (3,512,000)   (3,512,000)
Net assets (5,033,334)   (4,969,024)
 

Capital and reserves
     
Called up share capital 7 133,289    133,289 
Share premium account 8 791,681    791,681 
Profit and loss account (5,958,304)   (5,893,994)
Shareholders' funds (5,033,334)   (4,969,024)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 23 August 2024 and were signed by:


-------------------------------
Robert Howells
Director
4
General Information
Media 42 Limited is a private company, limited by shares, registered in England and Wales, registration number 06784437, registration address C/O Subtvu Vox Studios W205, 1-45 Durham Street, Vauxhall, London, SE11 5JH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
During the year the company met its capital requirements by support from subsidiaries and funding from investors.
The director considers the going concern basis to be appropriate for preparing the financial statements as the investors have agreed to continue to support the company for the next 12 months.
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 taxation
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 period 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.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 January 2023 99,966    99,966 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
Revaluations (99,966)   (99,966)
At 31 December 2023  

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 1    1 
1    1 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Accrued Expenses 883,284    819,514 
Other Creditors 230,920    230,380 
Directors' Current Accounts 407,131    407,131 
1,521,335    1,457,025 
Interest is due at 10% per annum on director loans falling due within one year.

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Other Creditors 2,181,003    2,181,003 
Directors' Loan Accounts 1,330,997    1,330,997 
3,512,000    3,512,000 
No interest is payable on director loans falling due after more than one year.

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
133,288 Ordinary shares of £1.00 each 133,288    133,288 
1 Special share of £1.00 each  
133,289    133,289 
The special share holds the right to 12.5% of any profits distributed in any financial year and holds no voting rights.

8.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 791,681    791,681 
791,681    791,681 

9.

Secured debts

The following secured debts are included within other creditors   2022
£
  2021
£
Director loans 500,000  500,000 
Other loans 1,500,000  1,500,000 
2,000,000  2,000,000 

These debts are secured by fixed and floating charges over the assets of the company.
10.

Related parties

R L Howells
Director

The amount due to R L Howells at the balance sheet date was £1,738,128 (2022: £1,738,128).


SubTV Limited
R L Howells is a director


The amount due from SubTV Limited at the balance sheet date was £2,157,286 (2022: £2,157,286). Provisions for doubtful debt was £2,157,286 (2022: £2,157,286).


GTV Screen Media Limited
Subsidiary


The amount due from GTV Screen Media Limited at the balance sheet date was £2,716,281 (2022: £2,716,281). Provisions for doubtful debt was £2,716,281 (2022: £2,716,281).





11.

Ultimate controlling party

The company is under the control of R L Howells, director.
5