Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseNo description of principal activity1513trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06384139 2023-04-01 2024-03-31 06384139 2022-04-01 2023-03-31 06384139 2024-03-31 06384139 2023-03-31 06384139 c:Director1 2023-04-01 2024-03-31 06384139 d:MotorVehicles 2023-04-01 2024-03-31 06384139 d:MotorVehicles 2024-03-31 06384139 d:MotorVehicles 2023-03-31 06384139 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06384139 d:OfficeEquipment 2023-04-01 2024-03-31 06384139 d:OfficeEquipment 2024-03-31 06384139 d:OfficeEquipment 2023-03-31 06384139 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06384139 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06384139 d:OtherPropertyPlantEquipment 2024-03-31 06384139 d:OtherPropertyPlantEquipment 2023-03-31 06384139 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06384139 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06384139 d:CurrentFinancialInstruments 2024-03-31 06384139 d:CurrentFinancialInstruments 2023-03-31 06384139 d:Non-currentFinancialInstruments 2024-03-31 06384139 d:Non-currentFinancialInstruments 2023-03-31 06384139 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06384139 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06384139 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06384139 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06384139 d:ShareCapital 2024-03-31 06384139 d:ShareCapital 2023-03-31 06384139 d:RetainedEarningsAccumulatedLosses 2024-03-31 06384139 d:RetainedEarningsAccumulatedLosses 2023-03-31 06384139 c:OrdinaryShareClass1 2023-04-01 2024-03-31 06384139 c:OrdinaryShareClass1 2024-03-31 06384139 c:OrdinaryShareClass2 2023-04-01 2024-03-31 06384139 c:OrdinaryShareClass2 2024-03-31 06384139 c:FRS102 2023-04-01 2024-03-31 06384139 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06384139 c:FullAccounts 2023-04-01 2024-03-31 06384139 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06384139 d:WithinOneYear 2024-03-31 06384139 d:WithinOneYear 2023-03-31 06384139 d:BetweenOneFiveYears 2024-03-31 06384139 d:BetweenOneFiveYears 2023-03-31 06384139 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06384139 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06384139 6 2023-04-01 2024-03-31 06384139 7 2023-04-01 2024-03-31 06384139 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06384139









PRECIOUS MEDIA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PRECIOUS MEDIA LIMITED
REGISTERED NUMBER: 06384139

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
96,515
88,407

Investments
 6 
15,000
15,000

  
111,515
103,407

Current assets
  

Stocks
 7 
15,592
41,365

Debtors: amounts falling due within one year
 8 
855,794
676,989

Cash at bank and in hand
  
2,673,418
1,638,384

  
3,544,804
2,356,738

Creditors: amounts falling due within one year
 9 
(1,024,387)
(869,225)

Net current assets
  
 
 
2,520,417
 
 
1,487,513

Total assets less current liabilities
  
2,631,932
1,590,920

Creditors: amounts falling due after more than one year
 10 
(85,383)
(102,525)

Provisions for liabilities
  

Deferred tax
  
(18,495)
(18,969)

  
 
 
(18,495)
 
 
(18,969)

Net assets
  
2,528,054
1,469,426


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,527,954
1,469,326

  
2,528,054
1,469,426


Page 1

 
PRECIOUS MEDIA LIMITED
REGISTERED NUMBER: 06384139
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




J P Christiansen
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Precious Media Limited is a private company limited by shares and registered in England & Wales. The address of its registered office and principal place of business is 1 Kingly Street, London, W1B 5PE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.  
The company earns revenue from the provision of media consulting services in line with its contracted terms. An adjustment is made at the year end based on the proportion of contracted work that has been completed.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line
Leasehold imrpovement
-
25% straight line

 
2.4

Valuation of investments

Investments in unlisted shares are measured at cost less accumulated impairment.

 
2.5

Stocks - Production costs

Stocks comprise costs incurred in respect of future projects which are stated at the lower of cost and net realisable value.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 3

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 5

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accrued income and costs for projects that were on-going at the year end. The addition is based on the stage of completion, which is found from production budgets.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.


4.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 13).

Page 6

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Office equipment
Leasehold improvement
Total

£
£
£
£



Cost or valuation


At 1 April 2023
60,830
77,838
14,834
153,502


Additions
-
20,250
14,958
35,208



At 31 March 2024

60,830
98,088
29,792
188,710



Depreciation


At 1 April 2023
8,871
53,920
2,304
65,095


Charge for the year on owned assets
12,990
9,157
4,953
27,100



At 31 March 2024

21,861
63,077
7,257
92,195



Net book value



At 31 March 2024
38,969
35,011
22,535
96,515



At 31 March 2023
51,959
23,918
12,530
88,407


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
15,000



At 31 March 2024
15,000





7.


Stocks

2024
2023
£
£

Production costs
15,592
41,365


Page 7

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£


Trade debtors
587,056
495,979

Other debtors
18,799
26,702

Prepayments and accrued income
249,939
154,308

855,794
676,989



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
146,986
188,982

Corporation tax
376,573
14,069

Other taxation and social security
47,655
44,399

Other creditors
3,993
50

Accruals and deferred income
439,180
611,725

1,024,387
869,225


The Bank loan relates to a Bounce Back Loan that was taken by the company as a result of COVID-19. The loan is secured by the UK Government in accordance with the Bounce Back Loan Scheme. Interest on the loan value is 2.5% per annum. The loan is repayable by quarterly capital installments of £2,500 and will be repaid in full by June 2026.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,500
22,500

Other loans
72,883
80,025

85,383
102,525


Secured loans
Amounts totalling £nil (2023: £7,142) included in other long term loans are secured by fixed and floating charges over the assets of the company. No amounts are due for payment after five years.

Page 8

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
18,969


Charged to profit or loss
(474)



At end of year
18,495

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
18,495
18,969


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
52,945
52,945

Later than 1 year and not later than 5 years
97,066
150,011

150,011
202,956


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



740 (2023: 74 shares of £1 each)   Ordinary A shares of £0.10 each
74
74
260 (2023: 26 shares of £1 each)  Ordinary B shares of £0.10 each
26
26

100

100

On 3 November 2023, the company sub-divided the 74 Ordinary A shares and 26 Ordinary B shares of £1 each into 740 Ordinary A shares and 260 Ordinary B shares of £0.10 each.


Page 9

 
PRECIOUS MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Related party transactions

During the year the company recharged costs totalling £21,403 (2023: 94,327) to Bark Media Limited, a common directorship of Mr J P Christiansen, a director. Bark Media Limited is a company limited by shares and is incorporated in England and Wales (co no: 12705470). At the reporting date the company had accrued income totalling £nil (2023: £2,063) in respect of Bark Media Limited. At the reporting date the company was owed £20,283 (2023: £12,715) by Bark Media Limited which is included in debtors.
 
Included in long term loans is an amount of £nil (2023: £7,142) that relates to an advance to the company by Mr J P Christiansen. Interest has been charged on the loan during the year at LIBOR + 3%. The loan is secured by fixed and floating charges over the assets of the company. Interest has been accrued in line with the terms of the loan agreement and amounted to £42 (2023: £368). Included in other creditors is a total of £nil (2023: £19,361) relating to accrued unpaid interest. At the reporting date Mr J P Christiansen owed the company amounts totalling £6,923, which is included in other debtors. The balance has been repaid in full since the reporting date.  
Included in long term loans is an amount of £72,883 (2023: £72,883) which was advanced by Seagull Marketing Limited, a company in which Mr J P Christiansen is a shareholder. Interest has been charged
on the loan during the year at LIBOR + 1%. The loan is unsecured. Interest has been accrued in line with the terms of the loan agreement and amounted to £4,310 (2023: £2,330). Included in other creditors is a total of £10,845 (2023: £6,535) relating to accrued unpaid interest.
 
The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions. 

 
Page 10