Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueNo description of principal activity2023-01-01false00truetruefalse 04995304 2023-01-01 2023-12-31 04995304 2022-01-01 2022-12-31 04995304 2023-12-31 04995304 2022-12-31 04995304 2022-01-01 04995304 1 2023-01-01 2023-12-31 04995304 d:Director1 2023-01-01 2023-12-31 04995304 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04995304 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04995304 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04995304 c:CurrentFinancialInstruments 2023-12-31 04995304 c:CurrentFinancialInstruments 2022-12-31 04995304 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04995304 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04995304 c:ShareCapital 2023-01-01 2023-12-31 04995304 c:ShareCapital 2023-12-31 04995304 c:ShareCapital 2022-01-01 2022-12-31 04995304 c:ShareCapital 2022-12-31 04995304 c:ShareCapital 2022-01-01 04995304 c:RevaluationReserve 2023-01-01 2023-12-31 04995304 c:RevaluationReserve 2023-12-31 04995304 c:RevaluationReserve 2022-01-01 2022-12-31 04995304 c:RevaluationReserve 2022-12-31 04995304 c:RevaluationReserve 2022-01-01 04995304 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04995304 c:RetainedEarningsAccumulatedLosses 2023-12-31 04995304 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04995304 c:RetainedEarningsAccumulatedLosses 2022-12-31 04995304 c:RetainedEarningsAccumulatedLosses 2022-01-01 04995304 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04995304 d:OrdinaryShareClass1 2023-12-31 04995304 d:OrdinaryShareClass1 2022-12-31 04995304 d:FRS102 2023-01-01 2023-12-31 04995304 d:Audited 2023-01-01 2023-12-31 04995304 d:FullAccounts 2023-01-01 2023-12-31 04995304 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04995304 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04995304 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04995304 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 04995304












JML MEDIA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

JML MEDIA LIMITED

CONTENTS



Page
Balance sheet
 
1
Statement of changes in equity
 
2
Notes to the financial statements
 
3 - 8



 
REGISTERED NUMBER:04995304
JML MEDIA LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
500,000
789,333

  
500,000
789,333

Current assets
  

Debtors: amounts falling due within one year
 6 
337,907
273,824

  
337,907
273,824

Creditors: amounts falling due within one year
 7 
(14,367)
(12,105)

Net current assets
  
 
 
323,540
 
 
261,719

Total assets less current liabilities
  
823,540
1,051,052

  

Net assets
  
823,540
1,051,052


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Revaluation reserve
  
573,814
800,000

Profit and loss account
  
248,726
250,052

Total equity
  
823,540
1,051,052


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 profit and loss account 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 by: 




K J Daly
Director

Date: 19 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 

JML MEDIA LIMITED

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
-
250,201
251,201


Comprehensive income for the year

Loss for the year
-
-
(149)
(149)

Surplus on revaluation of other fixed assets
-
800,000
-
800,000
Total comprehensive income for the year
-
800,000
(149)
799,851



At 1 January 2023
1,000
800,000
250,052
1,051,052


Comprehensive income for the year

Loss for the year
-
-
(1,326)
(1,326)

Deficit on revaluation of other fixed assets
-
(226,186)
-
(226,186)
Total comprehensive income for the year
-
(226,186)
(1,326)
(227,512)


At 31 December 2023
1,000
573,814
248,726
823,540


Page 2

 

JML MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

JML Media Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Chiswick Green, 610 Chiswick High Road, London, W4 5RU.
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Having considered post year end trading and financial results of the wider group upon which this company is dependent, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
In making their going concern assessment, the directors have obtained written confirmation from their immediate parent company that it will provide financial support to the company for a period of at least twelve months from the date of approval of the financial statements to assist in meeting the company's liabilities as and when they fall due to the extent that it is not available from its existing resources. The directors are not aware of any reasons why this support would be withdrawn in the foreseeable future.

 
2.3

Revenue

Revenue represents a recharge of electronic programme guide fees to the parent company which enables the operation of their television channels and 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  value added tax. 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 company will receive the consideration due under the contract;



Page 3

 

JML MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Television broadcast licences                      Over 12.5 years


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 4

 

JML MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Financial instruments - continued

Financial liabilities
Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
I
mpairment of financial assets
Financial assets 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 profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.6

Share capital

Ordinary shares are classified as equity.

Page 5

 

JML MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

As disclosed in note 5 the company's intangible fixed asset has been revalued based on a valuation obtained by the directors which they consider to be a key estimation uncertainty.


4.


Employees

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


5.


Intangible assets




Television broadcast licence

£



Cost


At 1 January 2023
3,057,037


Revaluation
(226,186)



At 31 December 2023

2,830,851



Amortisation


At 1 January 2023
2,267,704


Charge for the year on owned assets
63,147



At 31 December 2023

2,330,851



Net book value



At 31 December 2023
500,000



At 31 December 2022
789,333


The intangible asset was sold in April 2024 for £500,000.


Page 6

 

JML MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
324,074
259,991

Prepayments and accrued income
13,833
13,833

337,907
273,824



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
1,800

Other taxation and social security
4,367
3,305

Accruals and deferred income
10,000
7,000

14,367
12,105



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee for the bank borrowings of its parent company. The borrowings represent an asset-based lending facility provided by the parent company's bankers and are secured by way of a fixed and floating charge over the assets of the company. At the year end the liabilities covered by these guarantees totalled £5,517,729 (2022: £7,572,371).


10.


Related party transactions

The company has taken advantage of the exemption available in FRS102 Section 33.1A "Related party disclosures" whereby it has not disclosed transactions with its parent company as it is a wholly owned subsidiary.


11.


Post balance sheet events

On the 5 April 2024, the television broadcast licence associated with EPG slot 661 was sold to Must Have Ideas Limited for total consideration of £500,000. 

Page 7

 

JML MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

The immediate parent undertaking at the balance sheet date was John Mills Limited and the ultimate parent undertaking is JML Holdco Limited. Both companies are registered in England & Wales 
The smallest and largest group that prepares consolidated financial statements and for which the company is a member is that headed by JML Holdco Limited. The registered office of John Mills Limited and JML Holdco Limited is Chiswick Green, 610 Chiswick High Road, London, W4 5RU. These accounts are publicly available from Companies House.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 8