Company registration number 11994959 (England and Wales)
SAINT JOHN MEDIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SAINT JOHN MEDIA LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SAINT JOHN MEDIA LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
376,988
403,803
Cash at bank and in hand
5,987
5,132
382,975
408,935
Creditors: amounts falling due within one year
5
(6,085)
(7,429)
Net current assets
376,890
401,506
Capital and reserves
Called up share capital
1
1
Capital contribution
404,507
401,147
Profit and loss reserves
(27,618)
358
Total equity
376,890
401,506

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 16 September 2024 and are signed on its behalf by:
Leonel Melo Guerrero
Director
Company Registration No. 11994959
SAINT JOHN MEDIA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Capital contribution
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1
392,138
(60,313)
331,826
Year ended 31 December 2022:
Profit for the year
-
-
18,082
18,082
Other comprehensive income:
Currency translation differences
-
-
42,589
42,589
Total comprehensive income for the year
-
0
-
0
60,671
60,671
Capital contributions
-
0
9,009
-
0
9,009
Balance at 31 December 2022
1
401,147
358
401,506
Year ended 31 December 2023:
Loss for the year
-
-
(7,813)
(7,813)
Other comprehensive income:
Currency translation differences
-
-
(20,163)
(20,163)
Total comprehensive income for the year
-
0
-
0
(27,976)
(27,976)
Capital contributions
-
0
3,360
-
0
3,360
Balance at 31 December 2023
1
404,507
(27,618)
376,890
SAINT JOHN MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Saint John Media Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS.

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 presentational currency of the company. The functional currency of the company is United States Dollars. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.3
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Classification of financial liabilities

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

SAINT JOHN MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

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

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4
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.

1.5
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
2
2
SAINT JOHN MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
7,161
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
376,988
396,642
Total debtors
376,988
403,803

During the period to 31 December 2019, Saint John Media Limited issued a loan to We Are Content INC. The advancement could be converted to shares in We Are Content INC at any time up to the third anniversary of the advancement. The loan accrues interest at 8% payable annually after three years. At the balance sheet date, included within long term debtors is the loan advancement of $250,000 (£196,348) (2022: £206,584).

 

During the year to 31 December 2021, Saint John Media Limited issued a further $230,000 loan to We Are Content INC. The advancement can be converted to shares in We Are Content INC at any time up to the third anniversary of the advancement. The loan accrues interest at 8% payable annually after three years. At the balance sheet date, included within long term debtors is the loan advancement of $230,000 (£180,640) (2022: £190,058).

 

During the current year, it was agreed to extend the conversion period and non-interest accrued period of the loans referred to above to 12 November 2025 and the expiration date to 11 November 2027.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1,549
Other creditors
6,085
5,880
6,085
7,429
6
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Parent Undertaking

 

During the year, further capital contributions have been received from the parent undertaking, Inicia Media DR Fund I L.P. totalling $4,359 (£3,360). Capital contributions received to date total $539,859 (£404,507).

SAINT JOHN MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Parent company

The directors consider the immediate parent undertaking and ultimate beneficial owner of the company is Inicia Media DR Fund I, L.P. Its registered office is Unit 118 Dolphin House, 80 Shedden Road, Elizabethan Square, PO Box 1817, Grand Cayman, KY1-1109, Cayman Islands.

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