Company registration number SC082218 (Scotland)
Wyvex Media Limited
unaudited financial statements
for the year ended 31 December 2023
Pages for filing with registrar
Wyvex Media Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Wyvex Media Limited
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
249,220
101,688
Tangible assets
5
596,833
605,685
Investment property
6
41,650
40,000
Investments
7
1,385,048
1,344,270
2,272,751
2,091,643
Current assets
Stocks
12,976
15,529
Debtors
8
435,311
467,456
Cash at bank and in hand
171,593
434,733
619,880
917,718
Creditors: amounts falling due within one year
9
(534,190)
(497,464)
Net current assets
85,690
420,254
Total assets less current liabilities
2,358,441
2,511,897
Creditors: amounts falling due after more than one year
10
(19,634)
(36,543)
Net assets
2,338,807
2,475,354
Capital and reserves
Called up share capital
75,000
75,000
Capital redemption reserve
75,000
75,000
Non-distributable profits reserve
13
369,849
369,849
Distributable profit and loss reserves
1,818,958
1,955,505
Total equity
2,338,807
2,475,354

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.

Wyvex Media Limited
Balance sheet (continued)
as at 31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
A Bennett
Director
Company registration number SC082218 (Scotland)
Wyvex Media Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Wyvex Media Limited is a private company limited by shares incorporated in Scotland. The registered office is Crannog Lane, Lochavullin Estate, Oban, Argyll, PA34 4HB.

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 functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under subscription contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as subscription activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the deferral of the right consideration by reference to the value of work performed. Revenue not billed to customers is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

 

Income that is contingent on events outside the control of the company is recognised when the contingent event occurs.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 4 -

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:

App Development
3 years
Copyright
5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Heritable property
Not depreciated, revaluation model
Leasehold improvements
Over 5 years
Plant and equipment
Over 3 to 5 years
Motor vehicles
Over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 6 -
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.

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.

1.12
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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 7 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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
51
49
Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 8 -
4
Intangible fixed assets
App Development
Copyright
Total
£
£
£
Cost
At 1 January 2023
111,078
1,068,666
1,179,744
Additions
168,733
-
0
168,733
At 31 December 2023
279,811
1,068,666
1,348,477
Amortisation and impairment
At 1 January 2023
9,390
1,068,666
1,078,056
Amortisation charged for the year
21,201
-
0
21,201
At 31 December 2023
30,591
1,068,666
1,099,257
Carrying amount
At 31 December 2023
249,220
-
0
249,220
At 31 December 2022
101,688
-
0
101,688
5
Tangible fixed assets
Heritable property
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
515,000
75,000
287,543
5,530
883,073
Additions
-
0
-
0
32,424
-
0
32,424
Disposals
-
0
-
0
(35,193)
-
0
(35,193)
At 31 December 2023
515,000
75,000
284,774
5,530
880,304
Depreciation and impairment
At 1 January 2023
-
0
28,750
243,108
5,530
277,388
Depreciation charged in the year
-
0
15,000
26,276
-
0
41,276
Eliminated in respect of disposals
-
0
-
0
(35,193)
-
0
(35,193)
At 31 December 2023
-
0
43,750
234,191
5,530
283,471
Carrying amount
At 31 December 2023
515,000
31,250
50,583
-
0
596,833
At 31 December 2022
515,000
46,250
44,435
-
0
605,685
Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 9 -
6
Investment property
2023
£
Fair value
At 1 January 2023
40,000
Additions
1,650
At 31 December 2023
41,650

In arriving at the valuation of the Investment property held by the company, the directors gave due consideration to both independent professional valuations carried out previously, which were carried out on open market value for existing use basis, and general property market information and conditions at the reporting date. In the opinion of the directors, there has been no material change in the value of the property during the year.

7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
216,200
216,200
Other investments other than loans
1,168,848
1,128,070
1,385,048
1,344,270
Movements in fixed asset investments
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
216,200
1,128,070
1,344,270
Additions
-
633,512
633,512
Valuation changes
-
27,295
27,295
(Decrease)/increase in cash held
-
(8,665)
(8,665)
Disposals
-
(611,364)
(611,364)
At 31 December 2023
216,200
1,168,848
1,385,048
Carrying amount
At 31 December 2023
216,200
1,168,848
1,385,048
At 31 December 2022
216,200
1,128,070
1,344,270
Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 10 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
268,345
324,427
Corporation tax recoverable
314
30,063
Other debtors
166,652
112,966
435,311
467,456
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
124,527
93,625
Taxation and social security
98,763
97,417
Other creditors
310,900
306,422
534,190
497,464
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
19,634
36,543
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,230
86,788

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions amounting to £18,378 (2022: £13,755) were payable to the fund at the balance sheet date and are included in creditors.

 

12
Own shares
Capital redemption reserve

The capital redemption reserve has arisen on the purchase of the company's own preference shares and is a non-distributable reserve.

Profit and loss account
Wyvex Media Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
12
Own shares (continued)
- 11 -

Profit and loss - non-distributable: represents the revaluation reserve on investment and freehold property.

Profit and loss - distributable: current and prior year profit and losses that can be withdrawn.

13
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
369,849
369,849
14
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
92,542
89,818
Between two and five years
72,700
105,099
165,242
194,917
15
Directors' transactions

At the year end the balance of the interest free loan due to the company from its director was £3,067 (2023: £nil).

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