2023-01-012023-12-312023-12-31falseSC515338ARGYLL MEDIA 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ARGYLL MEDIA LIMITED

Registered Number
SC515338
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

ARGYLL MEDIA LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Peter Foster Laidlaw
Sara Jane Shannon
Andrew John Patterson Wilson

Company Secretary

Peter Foster Laidlaw

Registered Address

C/O Wright Johnston & Mackenzie Llp The Capital Building
12/13 St Andrew Square
Edinburgh
EH2 2AF

Registered Number

SC515338 (Scotland)
ARGYLL MEDIA LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3233,828250,080
Tangible assets49,83913,928
243,667264,008
Current assets
Debtors595,22258,089
Cash at bank and on hand91,676126,044
186,898184,133
Creditors amounts falling due within one year6(383,258)(368,773)
Net current assets (liabilities)(196,360)(184,640)
Total assets less current liabilities47,30779,368
Creditors amounts falling due after one year7(17,500)(27,500)
Net assets29,80751,868
Capital and reserves
Called up share capital11
Profit and loss account29,80651,867
Shareholders' funds29,80751,868
The financial statements were approved and authorised for issue by the Board of Directors on 16 May 2024, and are signed on its behalf by:
Peter Foster Laidlaw
Director
Registered Company No. SC515338
ARGYLL MEDIA LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the Company is that of Newspaper Publishers.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life. Other 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. The company's principle intangible assets are publishing titles. The company does not capitalise internally generated publishing titles. Titles acquired after 1 January 1996 are recorded at the valuation at the date of acquisition. These publishing titles have no finite life. The carrying value of the titles is is reviewed for impairment at least annually with testing undertaken to determine any diminution in the recoverable amount below carrying value. The recoverable amount is the higher of the fair value less costs to sell and the value in use, which is based on the net present value of estimated future cash flows. Any impairment loss is recognised as an expense immediately. All other 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 provided on the following bases: Publishing rights - 20% on a straight line basis Goodwill - 20% on a straight line basis Software - 20% on a reducing balance basis
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Reducing balance (%)
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Financial instruments
The company 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.
2.Average number of employees

20232022
Average number of employees during the year1010
3.Intangible assets
The directors have considered the value of publishing rights, given the changing market place. Amortisation of £15,000 per annum is deemed appropriate, with the value of publishing rights not expected to fall below £200,000.

Goodwill

Other

Total

£££
Cost or valuation
At 01 January 2350,000290,394340,394
Disposals-(1,426)(1,426)
At 31 December 2350,000288,968338,968
Amortisation and impairment
At 01 January 2350,00040,31490,314
Charge for year-16,01616,016
On disposals-(1,190)(1,190)
At 31 December 2350,00055,140105,140
Net book value
At 31 December 23-233,828233,828
At 31 December 22-250,080250,080
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2351,11351,113
Disposals(5,920)(5,920)
At 31 December 2345,19345,193
Depreciation and impairment
At 01 January 2337,18537,185
Charge for year2,7862,786
On disposals(4,617)(4,617)
At 31 December 2335,35435,354
Net book value
At 31 December 239,8399,839
At 31 December 2213,92813,928
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables44,37852,846
Amounts owed by group undertakings46,866207
Prepayments and accrued income3,9785,036
Total95,22258,089
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables4,7066,846
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties347,061330,889
Taxation and social security7,8576,143
Accrued liabilities and deferred income13,63414,895
Total383,258368,773
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts17,50027,500
Total17,50027,500
8.Pension commitments
The company operates a defined contribution scheme for employees. Contributions outstanding at the balance sheet date amounted to £670 (2022 - £605).
9.Other commitments
At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases as follows: Not later than 1 year: £Nil (2022: £593) Later than 1 year and not later than 5 years: £Nil (2022: £594)
10.Parent-subsidiary relationships
The ultimate parent company is Medquest Group Limited, a company which is incorporated in Scotland. Its registered office is Wright, Johnston & Mackenzie LLP, The Capital Building, St. Andrew Square, Edinburgh, Scotland, EH2 2AF.