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Registered number: 08780200









CURVE MEDIA LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CURVE MEDIA LTD
 
 
COMPANY INFORMATION


Directors
R B Carey 
P Day 
C R Lewis 
I A Taylor 
H L Kloiber 
D M Socher 
C Auer (appointed 15 November 2023)




Registered number
08780200



Registered office
Jordan House
47 Brunswick Place

London

N1 6EB




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
CURVE MEDIA LTD
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 29


 
CURVE MEDIA LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of Curve Media Limited (the 'Group' and ‘Company’) is the development, production and distribution of visual media. We specialise in the genres of factual, factual entertainment and documentary. 

Business review
 
Curve is now in its second financial year, post investment by Night Train Media and the relationship is strong. There are increasing synergies between the entities in management, distribution, and digital opportunities. Key staff are happy under the new ownership structure and NTM have been very supportive despite the challenging market environment that exists in television production and content creation.
The Company’s growth has slowed this year in both turnover and profit. This has been due to the overall commissioning slow down across the industry. 
The Company’s client base has further expanded this year helping to mitigate risk. We have also reduced costs where possible.

Principal risks and uncertainties
 
These are broadly unchanged from previous years, but the level has increased. A lack of commissioning opportunities in the UK, an evolving global media industry and challenging budgets due to the global financial slowdown and cost of living crisis hitting advertising investment are the key risks in the industry. Despite this, the Company has still managed to grow in both profit and hours produced. The Company has managed good staff retention and continues to work hard to look after its staff by creating a positive working culture and financial incentivisation. The Company is flexible in its approach to financing on tighter budgets working with multiple clients and business models to ensure adequate cash flow, on-screen quality, and long term profitability. Consolidation continues in our client base with many mergers and staff changes creating a challenge in maintaining good client relationships, but our broad base of clients and genres helps mitigate this risk.

Future developments
 
We have focused our development process to key areas we believe will be most fruitful based on our research of the industry as a whole. Co-production and working with alternative funding sources have given the company the ability to achieve frequent greenlights, further broadening our client base.
The board of directors believe the company is well placed for significant growth in the coming years. 


This report was approved by the board on 16 September 2024 and signed on its behalf.



R B Carey
Director

Page 1

 
CURVE MEDIA LTD
 
 
 
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 and the comparative period covers the 9 months from 1 April 2022 to 31 December 2022.

Results and dividends

The profit for the year, after taxation, amounted to £691,314 (2022 - £340,982).

Directors

The directors who served during the year were:

R B Carey 
P Day 
C R Lewis 
I A Taylor 
H L Kloiber 
D M Socher 
C Auer (appointed 15 November 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

We have focused our development process to key areas we believe will be most fruitful based on our research of the industry as a whole. Co-production and working with alternative funding sources have given the company the ability to achieve frequent greenlights, further broadening our client base.
The board of directors believe the company is well placed for significant growth in the coming years. 

Page 2

 
CURVE MEDIA LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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 and the Group'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 and the Group's auditors are aware of that information.

This report was approved by the board on 16 September 2024 and signed on its behalf.
 





R B Carey
Director

Page 3

 
CURVE MEDIA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVE MEDIA LTD
 

Opinion


We have audited the financial statements of Curve Media Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Group 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 Group's or the parent 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 4

 
CURVE MEDIA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVE MEDIA LTD (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 ReportOur 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CURVE MEDIA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVE MEDIA LTD (CONTINUED)


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 Group 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:
We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework Financial Reporting Standard 102 and the relevant tax compliance regulations in the jurisdictions in which the Group operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, there are other significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being environmental, occupational health and safety, employment law, data protection regulation, fraud, bribery and corruption. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:
°Review of large and unusual bank transactions; and
°Identifying and testing journal entries.


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 6

 
CURVE MEDIA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVE MEDIA LTD (CONTINUED)


Use of our report
 

This report is made solely to the Group's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Group'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 Group and the Group's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Kate Barekati (Senior statutory auditor)
  
for and on behalf of
Ecovis Wingrave Yeats LLP
 
Chartered Accountants & Statutory Auditor
  
3rd Floor, Waverley House
7-12 Noel Street
London
W1F 8GQ

17 September 2024
Page 7

 
CURVE MEDIA LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,064,980
17,779,372

Cost of sales
  
(12,311,151)
(14,652,394)

Gross profit
  
3,753,829
3,126,978

Administrative expenses
  
(2,800,480)
(2,431,400)

Exceptional expenses
 11 
(75,022)
(196,922)

Operating profit
 5 
878,327
498,656

Interest receivable and similar income
 9 
4,554
589

Profit before tax
  
882,881
499,245

Tax on profit
 10 
(191,567)
(158,263)

Profit for the financial year
  
691,314
340,982

Owners of the parent company
  
691,314
340,982

  
691,314
340,982

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 29 form part of these financial statements.

Page 8

 
CURVE MEDIA LTD
REGISTERED NUMBER: 08780200

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
80,159
144,594

  
80,159
144,594

Current assets
  

Debtors: amounts falling due within one year
 16 
4,150,989
6,379,714

Cash at bank and in hand
 17 
3,699,586
1,586,031

  
7,850,575
7,965,745

Creditors: amounts falling due within one year
 18 
(5,825,255)
(6,712,970)

Net current assets
  
 
 
2,025,320
 
 
1,252,775

Total assets less current liabilities
  
2,105,479
1,397,369

Deferred taxation
 19 
(16,796)
-

  
 
 
(16,796)
 
 
-

Net assets
  
2,088,683
1,397,369


Capital and reserves
  

Called up share capital 
 20 
133
133

Share premium account
  
816,759
816,759

Profit and loss account
  
1,271,791
580,477

Equity attributable to owners of the parent Company
  
2,088,683
1,397,369

  
2,088,683
1,397,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.


R B Carey
Director

The notes on pages 15 to 29 form part of these financial statements.

Page 9

 
CURVE MEDIA LTD
REGISTERED NUMBER: 08780200

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
80,159
144,594

Investments
 15 
4
4

  
80,163
144,598

Current assets
  

Debtors: amounts falling due within one year
 16 
4,056,266
6,111,598

Cash at bank and in hand
 17 
3,699,586
1,586,031

  
7,755,852
7,697,629

Creditors: amounts falling due within one year
 18 
(5,861,705)
(5,869,526)

Net current assets
  
 
 
1,894,147
 
 
1,828,103

Total assets less current liabilities
  
1,974,310
1,972,701

  

Provisions for liabilities
  

Deferred taxation
 19 
(16,796)
-

  
 
 
(16,796)
 
 
-

Net assets
  
1,957,514
1,972,701


Capital and reserves
  

Called up share capital 
 20 
133
133

Share premium account
  
816,759
816,759

Profit and loss account
  
1,140,622
1,155,809

  
1,957,514
1,972,701


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.


R B Carey
Director

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
CURVE MEDIA LTD
 

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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 April 2022
133
816,759
239,495
1,056,387
1,056,387


Comprehensive income for the period

Profit for the period
-
-
340,982
340,982
340,982



At 1 January 2023
133
816,759
580,477
1,397,369
1,397,369


Comprehensive income for the year

Profit for the year
-
-
691,314
691,314
691,314


At 31 December 2023
133
816,759
1,271,791
2,088,683
2,088,683


The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
CURVE MEDIA LTD
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
133
816,759
372,006
1,188,898


Comprehensive income for the period

Profit for the period
-
-
783,803
783,803



At 1 January 2023
133
816,759
1,155,809
1,972,701



Loss for the year
-
-
(15,187)
(15,187)


At 31 December 2023
133
816,759
1,140,622
1,957,514


The notes on pages 15 to 29 form part of these financial statements.

Page 12

 
CURVE MEDIA LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
691,314
340,982

Adjustments for:

Depreciation of tangible assets
87,538
65,070

Interest received
(4,554)
(589)

Taxation charge
191,567
158,263

Decrease/(increase) in debtors
2,228,725
(1,444,378)

(Decrease)/increase in creditors
(2,241,461)
1,154,709

Corporation tax (paid)
(182,167)
(193,500)

Net cash generated from operating activities

770,962
80,557


Cash flows from investing activities

Purchase of tangible fixed assets
(23,103)
(74,670)

Interest received
4,554
589

Net cash from investing activities

(18,549)
(74,081)

Cash flows from financing activities

Other new loans
1,341,716
-

Net cash used in financing activities
1,341,716
-

Net increase in cash and cash equivalents
2,094,129
6,476

Cash and cash equivalents at beginning of year
1,579,271
1,572,795

Cash and cash equivalents at the end of year
3,673,400
1,579,271


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,699,586
1,586,031

Bank overdrafts
(26,186)
(6,760)

3,673,400
1,579,271


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
CURVE MEDIA LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,586,031

2,113,555

3,699,586

Bank overdrafts

(6,760)

(19,426)

(26,186)

Debt due within 1 year

(31,381)

(1,308,933)

(1,340,314)


1,547,890
785,196
2,333,086

The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Curve Media Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 08780200. The registered office is Jordan House, 47 Brunswick Place, London, N1 6EB.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Revenue (continued)

Turnover represents amounts receivable for the development and production of television projects and television production activities net of VAT and trade discounts.
Turnover recognised in the Statement of Comprehensive income represents amounts receivable for work carried out in producing television programmes and is recognised over the period of the production. In respect of long term production contracts, revenue is recognised based on the proportion of costs incurred to date over total costs.
Turnover from the exploitation of programme rights is recognised when receivable. The associated costs are recognised in cost of sales at the same point.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
33%
straight line
Camera & edit equipment
-
33%
straight line
Computer equipment
-
33%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.7

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

 
2.8

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Operating leases: the Group 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.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimated costs to complete for productions
Costs to complete requires management’s best estimate to correctly allocate production contract revenue and costs to accounting periods in which the work is performed. Production revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the contract can be reliably estimated, otherwise revenue is only recognised to the extent of recoverable contract costs incurred. 
Trade debtor recoverability
Management applies its judgement when estimating the recoverable value of trade and other debtors. When assessing the recoverability, management considers factors including but not limited to the ageing profile of the debtors and historical experience as well as certain strategic factors.

Page 19

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Production revenue
14,687,555
17,299,513

Distribution revenue
1,377,425
479,859

16,064,980
17,779,372


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
87,538
65,070

Exchange differences
241
710

Other operating lease rentals
174,491
127,472


6.


Auditors' remuneration

The Company paid the following amounts to its auditors in respect of the audit of the financial statements
and for other services provided to the Company:



2023
2022
£
£

Fees payable to the Group's auditors and its associates for the audit of the Group's annual financial statements
23,650
21,500

Fees payable to the Group's auditors and its associates in respect of:

The auditing of associates of the Group persuant to legislation
5,500
5,000

Taxation compliance services
3,050
2,750

All other services
17,564
19,302

Page 20

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,062,031
1,706,413
2,062,031
1,706,413

Social security costs
226,188
183,423
226,188
183,423

Cost of defined contribution scheme
33,795
28,385
33,795
28,385

2,322,014
1,918,221
2,322,014
1,918,221

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
71
107


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
729,517
584,523

Group contributions to defined contribution pension schemes
5,283
3,963

734,800
588,486


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £223,161 (2022 - £143,750).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £991).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
4,554
589

4,554
589

Page 21

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
165,605
158,263

Adjustments in respect of previous periods
9,166
-


174,771
158,263


Total current tax
174,771
158,263

Deferred tax


Origination and reversal of timing differences
16,796
-

Total deferred tax
16,796
-


Tax on profit
191,567
158,263


The tax assessed for the year/period is the same as (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
176,380
941,477


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
41,486
178,881

Effects of:


Fixed asset differences
4,346
(3,324)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
117,164
2,890

Remeasurement of deferred tax for changes in tax rates
(164)
(11,374)

Movement in deferred tax not recognised
19,569
(7,042)

Adjustments to tax charge in respect of prior periods
9,166
(7,169)

Adjustments to tax charge in respect of previous periods - deferred tax
-
5,401

Total tax charge for the year/period
191,567
158,263

Page 22

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2023. Income taxes in the income statement are measured at 23.5% (blended average) and deferred taxes at the balance sheet data are measured at 25%.


11.


Exceptional items

2023
2022
£
£


Transaction costs
75,022
196,922

75,022
196,922

Exceptional items relate to costs incurred in connection with the sale of a majority stake of the Group to Serafin 26. Verwaltungs GmbH. 


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year/period was £15,187 (2022 - profit £783,803).

Page 23

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group and Company





Development slate

£



Cost


At 1 January 2023
575,788



At 31 December 2023

575,788



Amortisation


At 1 January 2023
575,788



At 31 December 2023

575,788



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 24

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group and Company






Short-term leasehold property
Camera & edit equipment
Computer equipment
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
104,574
69,755
111,840
10,812
296,981


Additions
-
15,839
5,774
1,490
23,103



At 31 December 2023

104,574
85,594
117,614
12,302
320,084



Depreciation


At 1 January 2023
62,040
35,002
52,250
3,095
152,387


Charge for the year on owned assets
31,646
20,405
30,517
4,970
87,538



At 31 December 2023

93,686
55,407
82,767
8,065
239,925



Net book value



At 31 December 2023
10,888
30,187
34,847
4,237
80,159



At 31 December 2022
42,534
34,753
59,590
7,717
144,594

Page 25

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4



At 31 December 2023
4





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Curve Story Limited
Jordan House, 47 Brunswick Place, London, England, N1 6EB
Ordinary
100%

The results of the subsidiary have been consolidated into the financial statements for the year ended 31 December 2023. 


16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,156,739
1,793,379
1,028,726
1,553,379

Amounts owed by group undertakings
-
-
312,609
330,135

Amounts owed by related parties
-
533,787
-
533,787

Other debtors
95,072
105,833
86,037
100,088

Prepayments and accrued income
2,628,894
3,834,812
2,628,894
3,594,209

Tax credit receivable
270,284
111,903
-
-

4,150,989
6,379,714
4,056,266
6,111,598


Amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand.

Page 26

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,699,586
1,586,031
3,699,586
1,586,031

Less: bank overdrafts
(26,186)
(6,760)
(26,186)
(6,760)

3,673,400
1,579,271
3,673,400
1,579,271



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
26,186
6,760
26,186
6,760

Other loans
1,341,716
-
1,341,716
-

Trade creditors
503,904
702,480
497,682
675,155

Amounts owed to group undertakings
-
-
42,672
4

Amounts owed to related parties
-
42,803
-
42,803

Corporation tax
128,488
135,885
128,488
135,885

Other taxation and social security
595,783
562,940
595,783
546,866

Other creditors
8,791
38,488
8,791
38,488

Accruals and deferred income
3,220,387
5,223,614
3,220,387
4,423,565

5,825,255
6,712,970
5,861,705
5,869,526


Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
On 11 October 2023 the Company entered into a new production loan facility from Coutts & Company. Interest is charged at a rate of 1.55% over the Coutts Base Rate and there is a fixed charge over the right, title and interest of the relevant production Series.  At the year end there is a total amount outstanding of £1,341,716 
(2022 - £nil) which is due for repayment by 30 September 2024.
The bank overdrafts are secured by way of fixed and floating charge over all the assets of the Company. 

Page 27

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation


Group



31 December 2022
31 March 2022


£

£






At beginning of year
-
(6,279)


Charged to profit or loss
(16,796)
6,279



At end of year
(16,796)
-

Group
Company
Company
2023
2023
2022
£
£
£

Short term timing differences
(16,796)
(16,796)
-

(16,796)
(16,796)
-


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,000 (2022 - 8,000) Ordinary shares of £0.01 each
80
80
3,300 (2022 - 3,300) Ordinary A shares of £0.01 each
33
33
2,000 (2022 - 2,000) Ordinary B shares of £0.01 each
20
20

133

133

Ordinary shares and Ordinary B shares include one vote per share and are entitled to such dividends declared by the Company or the Directors, according to the amounts paid up on the shares. Ordinary shares and Ordinary B shares participate paru passu in any distribution of capital including on a winding up. Ordinary shares and Ordinary B shares are not to be redeemed or liable to be redeemed. Ordinary shares and B Ordinary shares shall consititute separate classes of shares. 



21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £49,386 (2022 - £56,408). The amount payable to the fund at the balance sheet date was £Nil (2022 - £26,873).

Page 28

 
CURVE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
70,438
130,350

70,438
130,350

23.


Related party transactions

The Company has taken advantage of the exemption under Paragraph 33.1A of FRS102, whereby it has not disclosed transactions with any wholly owned subsidiary undertakings of the Group.
During the period services were provided to a related party totalling £Nil 
(2022 - £138,496). At the period end an amount totalling £Nil (2022 - £61,533) was outstanding due from the related party. 
During the period services were provided to a related party totalling £Nil 
(2022 - £3,445,727). At the period end an amount totalling £Nil (2022 - £224,092) was outstanding due from the related party. 
During the period services were provided to a related party totalling £Nil 
(2022 - £Nil). Services provided from the related party totalled £Nil (2022 - £348,687) and at the period end an amount totalling £Nil (2022 - £248,142) was outstanding due from related party. At the period end there is also a loan amount due to the related party of £Nil (2022 - £Nil)
All companies are related parties by virtue of common ownership.


24.


Post balance sheet events

No significant events have been recorded.


25.


Controlling party

At the balance sheet date the immediate parent company is Serafin 26. Verwaltungs GmbH, a company registered in Germany. The ultimate controlling party is deemed to be P Haindl and H Kloiber.

 
Page 29