Company registration number 06812631 (England and Wales)
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
COMPANY INFORMATION
Directors
Mr J Burgess
Mrs C Burgess
Company number
06812631
Registered office
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Auditor
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
Aldemore Bank Plc
Forbury Road
Reading
RG1 1AX
Virgin Money
Jubilee House
Gosforth
Newcastle upon Tyne
NEJ 4PL
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
10
Notes to the financial statements
11 - 21
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of buying and selling of advertising space.

Review of the business

Gross profit has decreased by 35% this year. However, this was against a backdrop of a 40% decline in revenue. This can be seen as a result of rising interest rates which has reduced the flow of investment by venture capital funds into the UK’s start-up community. As a result, our clients are less well capitalized than they had been and inevitably have had to trim advertising budgets as a result.

 

This financial year was the first full year of JEBRI Ltd operating under the majority ownership of an Employee Ownership Trust. Given that this has been a challenging year for most advertising agencies in our sector, our comparatively strong results reflect the value that co-ownership bestows on our organisation.

 

A summary of the results of the year's trading is given on page 7 of the financial statements.

 

Principal risks and uncertainties

The business is dependent on the strength of the UK start-up culture community and the funding of early stage and fast-growth businesses. Significant rises in interest rates tend to arrest the flow of venture capital funds into these types of business and thus stymie investment in advertising spend. Interest rates have now started to fall and we believe that this loosening of monetary policy will provide a tailwind to the business.

 

The company is exposed to a number of business and financial risks from its operating activities. The directors are responsible for ensuring that the business risks are actively managed. The business does not trade financial instruments, nor does it currently use financial derivatives. The key financial risks are identified below:-

 

Currency risk - Due to the global nature of our business with customers and suppliers in multiple countries, the business is exposed to fluctuations of Sterling against our other trading currencies, namely the Euro and the US Dollar. Currency exposure is managed by matching, as far as possible, income and expenditure in these currencies.

 

Credit risk - The company manages its credit risk by ensuring that it only engages with counterparties that have good credit ratings or by requiring pre-payment. The company sets and actively monitors credit limits for its counterparties based on reference checks and payment history,

 

Liquidity (cash flow) risk - The business manages its cash flow to ensure it can meet its obligations and requirements.

Key performance indicators

The directors consider that key financial performance indicators are those that communicate the financial performance and strength of the company, these being revenue and gross profit margin. Whilst revenue has declined by 35% year on year, our margins remain strong, having slightly improved year on year by 1%. This demonstrates the strength of the Squadron Venture Media brand amongst the types of clients that we attract.

 

On behalf of the board

Mr J Burgess
Director
10 October 2024
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends and contributions were paid amounting to £4,402,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Burgess
Mrs C Burgess
Post reporting date events

There have been no significant events affecting the Company since the year end.

Future developments

The Company's strategy is to continue to grow its turnover and profit in the long term. The directors anticipate a reduction in turnover and profit in the next year, but expect the Company to remain profitable.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J Burgess
Director
10 October 2024
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J E B R I LIMITED
- 4 -
Opinion

We have audited the financial statements of J E B R I Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J E B R I LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J E B R I LIMITED (CONTINUED)
- 6 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company'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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland
Senior Statutory Auditor
For and on behalf of Critchleys Audit LLP
14 October 2024
Chartered Accountants
Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,638,962
21,111,863
Cost of sales
(9,351,104)
(16,398,060)
Gross profit
3,287,858
4,713,803
Administrative expenses
(971,952)
(1,105,830)
Operating profit
4
2,315,906
3,607,973
Interest receivable and similar income
8
128,238
183,934
Other interest payable and similar expenses
9
(6,836)
(45,377)
Profit before taxation
2,437,308
3,746,530
Tax on profit
10
(612,105)
(721,845)
Profit for the financial year
1,825,203
3,024,685
Retained earnings brought forward
2,768,539
10,924,373
Distributions
11
(4,402,000)
(11,180,519)
Retained earnings carried forward
191,742
2,768,539

The profit and loss account has been prepared on the basis that all operations are continuing operations.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,070
4,183
Investments
13
1
1
2,071
4,184
Current assets
Debtors
15
526,197
1,305,348
Cash at bank and in hand
1,940,749
5,282,984
2,466,946
6,588,332
Creditors: amounts falling due within one year
16
(2,276,591)
(3,823,293)
Net current assets
190,355
2,765,039
Total assets less current liabilities
192,426
2,769,223
Provisions for liabilities
Deferred tax liability
17
582
582
(582)
(582)
Net assets
191,844
2,768,641
Capital and reserves
Called up share capital
18
102
102
Profit and loss reserves
191,742
2,768,539
Total equity
191,844
2,768,641

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mr J Burgess
Director
Company registration number 06812631 (England and Wales)
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
102
10,924,373
10,924,475
Year ended 31 March 2023:
Profit and total comprehensive income
-
3,024,685
3,024,685
Other distributions to shareholders
11
-
(11,100,000)
(11,100,000)
Dividends
11
-
(80,519)
(80,519)
Balance at 31 March 2023
102
2,768,539
2,768,641
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,825,203
1,825,203
Other distributions to shareholders
11
-
(4,400,000)
(4,400,000)
Dividends
11
-
(2,000)
(2,000)
Balance at 31 March 2024
102
191,742
191,844

The notes on pages 11 to 21 form part of these financial statements.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,846,960
3,866,318
Interest paid
(6,836)
-
0
Income taxes paid
(908,015)
(402,193)
Net cash inflow from operating activities
932,109
3,464,125
Investing activities
Purchase of tangible fixed assets
(582)
(3,879)
Proceeds from disposal of investments
-
0
4,383
Interest received
128,238
183,934
Net cash generated from investing activities
127,656
184,438
Financing activities
Dividends paid
(4,402,000)
(11,180,519)
Net cash used in financing activities
(4,402,000)
(11,180,519)
Net decrease in cash and cash equivalents
(3,342,235)
(7,531,956)
Cash and cash equivalents at beginning of year
5,282,984
12,814,940
Cash and cash equivalents at end of year
1,940,749
5,282,984
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

J E B R I Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP. Registered company number 06812631.

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.

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.The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue income is recognised once the significant risks and rewards associated with the service provided have been transferred from the business to the customer. This is when the work preparing the order is complete and the order is agreed and authorised by the customer. This is also the point which the business invoices the customer. Any third party costs associated with the order are also recognised at the same point.

Commission income is recognised once the business has an irrevocable right to receive this income, this is usually upon receipt of payment from the commission payer.

 

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

 

 

1.4
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:

Plant and machinery
25% on cost
Office equipment
33% on cost

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.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Fixed asset investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.6
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

1.7
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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
Foreign exchange

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. Nonmonetary 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.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 

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
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of services
12,638,962
21,111,863
2024
2023
£
£
Turnover analysed by geographical market
United Kindgom
12,601,045
17,801,142
Rest of Europe
37,917
3,045,671
Rest of the World
-
265,050
12,638,962
21,111,863
2024
2023
£
£
Other revenue
Interest income
128,238
183,934
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
205
(25,532)
Fees payable to the company's auditor for the audit of the company's financial statements
11,500
15,150
Depreciation of owned tangible fixed assets
2,695
2,197
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
15,150
6
Employees

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

2024
2023
Number
Number
5
5

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
737,319
794,799
Social security costs
97,703
102,427
Pension costs
573
80,000
835,595
977,226
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
40,089
18,192

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
128,238
182,379
Other interest income
-
0
1,555
Total income
128,238
183,934
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Interest receivable and similar income
(Continued)
- 17 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
128,238
182,379
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Exchange differences on financing transactions
-
0
45,377
Other interest
6,836
-
0
6,836
45,377
Disclosed on the profit and loss account as follows:
Other interest payable and similar expenses
6,836
45,377
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
612,105
721,845

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,437,308
3,746,530
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
609,327
711,841
Tax effect of expenses that are not deductible in determining taxable profit
2,778
10,545
Deferred tax adjustments in respect of prior years
-
0
(541)
Taxation charge for the year
612,105
721,845
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
11
Dividends
2024
2023
£
£
Final paid
2,000
80,519
Payments to EOT
4,400,000
11,100,000
4,402,000
11,180,519
12
Tangible fixed assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 April 2023
9,601
8,821
18,422
Additions
-
0
582
582
At 31 March 2024
9,601
9,403
19,004
Depreciation and impairment
At 1 April 2023
8,010
6,229
14,239
Depreciation charged in the year
718
1,977
2,695
At 31 March 2024
8,728
8,206
16,934
Carrying amount
At 31 March 2024
873
1,197
2,070
At 31 March 2023
1,591
2,592
4,183
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
1
1
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1
1
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
525,387
1,240,378
Other debtors
810
64,970
526,197
1,305,348
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
102,661
1,294,280
Corporation tax
23,742
319,652
Other taxation and social security
82,512
220,966
Other creditors
1,360
13,066
Accruals and deferred income
2,066,316
1,975,329
2,276,591
3,823,293
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
582
582
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
102
102
102
102
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
19
Operating lease commitments

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

2024
2023
£
£
Within one year
9,390
-
0
Between two and five years
9,390
-
0
18,780
-
0

The above lease relates to car rental which commenced in September 2023, therefore there is no comparative information for the prior year.

20
Directors' transactions

Dividends totalling £2,000 (2023 - £80,519) were paid in the year in respect of shares held by the company's directors.

Total contributions £4,402,000 (2023: £11,180,519) include £2,000 (2023: £80,519) paid to directors and £4,400,000 (2023: £11,100,000) in repayments to the Employee Ownership Trust (EOT).

21
Ultimate controlling party

The ultimate controlling party is Bloomsbury EOT Limited.

22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,825,203
3,024,685
Adjustments for:
Taxation charged
612,105
721,845
Finance costs
6,836
45,377
Investment income
(128,238)
(183,934)
Depreciation and impairment of tangible fixed assets
2,695
2,197
Movements in working capital:
Decrease in debtors
779,151
92,883
(Decrease)/increase in creditors
(1,250,792)
163,265
Cash generated from operations
1,846,960
3,866,318
J E B R I LIMITED
T/A SQUADRON VENTURE MEDIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
23
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,282,984
(3,342,235)
1,940,749
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