Company Registration No. 07839746 (England and Wales)
ISITE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
ISITE GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ISITE GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
4,000,100
4,000,100
Current assets
Debtors
5
807,310
807,310
Creditors: amounts falling due within one year
6
(2,598,076)
(2,598,076)
Net current liabilities
(1,790,766)
(1,790,766)
Net assets
2,209,334
2,209,334
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
2,208,329
2,208,329
Profit and loss reserves
5
5
Total equity
2,209,334
2,209,334

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered 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 22 August 2024 and are signed on its behalf by:
Mr M A Payne
Director
Company Registration No. 07839746
ISITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

ISite Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Tollgate Business Park, Stanway, Colchester, Essex, United Kingdom, CO3 8AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 company is an immediate parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net assets at the year end of c£2.21m (2022: c£2.21m) and net current liabilities of c1.79m (2022: c£1.79m).true

 

The Directors regularly review the short and long term cashflow forecasts of the business and the group to assess working capital requirements. On overall review of the group, the results at the time of sign off are strong with positive outlook, cashflow generation, headroom in the business finance facilities and financial support from the ultimate owner to enable the directors continued adoption of the going concern principle for at least 12 months from the date these financial statements are signed.

 

The directors are therefore satisfied that the company has adequate resources and that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Fixed asset investments

Interests in subsidiaries are measured at fair value with changes in fair value being recognised in profit or loss. Where a reliable measure of fair value is no longer available due to there being no active market, the previously revalued amount becomes the assets cost which is reviewed for impairment at each reporting end date.

 

The entity has therefore measured the investments in subsidiaries at cost less impairment, being the previously revalued amount, until a reliable measure of fair value becomes available.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ISITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ISITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
4,000,100
4,000,100
4
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Indirect
ISite TV Limited
Ordinary £1 shares
100.00
-
ISite Intelligence Limited
Ordinary £1 shares
100.00
-
Where to Buy Limited
Ordinary £1 shares
-
100.00
Set Up Management Limited
Ordinary £0.01 shares
-
100.00
Infinity Media Limited
Ordinary £1 shares
-
100.00
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
807,310
807,310
ISITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,598,076
2,598,076

A limited guarantee has been given by a director to Barclays Bank PLC, over banking facilities held by the Company.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Shaun Roberts
The auditor was LB Group Limited (Colchester)
8
Related party transactions

The net amount due to group undertakings at the year end was £1,790,766 (2022: £1,790,766).

9
Parent company

The parent company is Spire Media Limited which is ultimately controlled by M Payne and has its registered office at 8 Tollgate Business Park, Stanway, Colchester, Essex, CO3 8AB.

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