Company Registration No. 06945730 (England and Wales)
SPIRE MEDIA 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
SPIRE MEDIA LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
SPIRE MEDIA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
4,023,840
4,023,840
Current assets
Debtors
6
2,608,830
2,597,975
Cash at bank and in hand
1,500
1,500
2,610,330
2,599,475
Creditors: amounts falling due within one year
7
(2,102,881)
(2,533,921)
Net current assets
507,449
65,554
Net assets
4,531,289
4,089,394
Capital and reserves
Called up share capital
850
850
Revaluation reserve
3,199,200
3,199,200
Profit and loss reserves
1,331,239
889,344
Total equity
4,531,289
4,089,394
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. 06945730
SPIRE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Spire Media 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 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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has net assets at the year end of c£4.53m (2022: c£4.09m) and net current assets of c£507k (2022: c£65k).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
Turnover
Turnover comprises revenue recognised by the company in respect of management fees and license fee costs, net of VAT.
1.4
Intangible fixed assets - goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life.
Amortisation is provided at a rate of 20% straight line.
SPIRE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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.
1.7
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.
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 and loans from fellow group companies, 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SPIRE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
209,998
Amortisation and impairment
At 1 December 2022 and 30 November 2023
209,998
Carrying amount
At 30 November 2023
At 30 November 2022
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4,023,840
4,023,840
5
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
SPIRE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Class of
% Held
shares held
Direct
Indirect
ISite Group Limited
Ordinary £1 shares
100
-
ISite Intelligence Limited
Ordinary £1 Shares
-
100.00
ISite TV 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
All of the above subsidiary undertakings are registered in the United Kingdom.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,608,830
2,597,975
Within debtors are amounts due from ISite Group Limited, a subsidiary company, of £2,597,975 (2022: £2,597,975).
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,044,656
2,514,451
Corporation tax
42,972
Other taxation and social security
2,571
2,462
Other creditors
12,682
17,008
2,102,881
2,533,921
Within creditors are amounts due to ISite ISite TV Limited, a subsidiary company, of £2,044,656 (2022: £2,514,451).
A fixed and floating charge in favour of Barclays Bank PLC created on 22 May 2015 exists over all the property or undertaking of the company. The charge contains a negative pledge.
8
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.
Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group Limited (Colchester)
SPIRE MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
9
Related party transactions
During the year the company raised management charges to group undertakings to the value of £665,336 (2022: £665,336).
The amounts due to those companies at the year end was £553,319 (2022: £83,525).
During the year dividends of £100,000 (2022: £630,000) were paid to a director, who also recharged the Company for business expenses totalling £9,721 (2022: £6,657).
10
Directors' transactions
During the year personal expenses were paid on behalf of a director. The directors loan balance is included in other debtors. No interest has been charged on the loan.
11
Parent company
The ultimate controlling party is M Payne, a director of the Company.