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Registration number: 14473385

Funds Europe Media Limited

Unaudited Filleted Financial Statements

for the Period from 9 November 2022 to 31 December 2023

 

Funds Europe Media Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Funds Europe Media Limited

Company Information

Directors

J Greenwood

R Medina-Kempton

Registered office

167-169 Great Portland Street
5th Floor
London
W1W 5PF

 

Funds Europe Media Limited

(Registration number: 14473385)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

42,884

Current assets

 

Stocks

5

28,000

Debtors

6

486,163

Cash at bank and in hand

 

76,913

 

591,076

Creditors: Amounts falling due within one year

7

(258,002)

Net current assets

 

333,074

Net assets

 

375,958

Capital and reserves

 

Called up share capital

8

100

Retained earnings

375,858

Shareholders' funds

 

375,958

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
J Greenwood
Director

.........................................
R Medina-Kempton
Director

 
     
 

Funds Europe Media Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
167-169 Great Portland Street
5th Floor
London
W1W 5PF
United Kingdom

These financial statements were authorised for issue by the Board on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Funds Europe Media Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Other intangibles

6.5% straight line per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Funds Europe Media Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9.

 

Funds Europe Media Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

434,484

45,864

480,348

At 31 December 2023

434,484

45,864

480,348

Amortisation

Amortisation charge

434,483

2,981

437,464

At 31 December 2023

434,483

2,981

437,464

Carrying amount

At 31 December 2023

1

42,883

42,884

5

Stocks

2023
£

Work in progress

28,000

6

Debtors

Current

2023
£

Trade debtors

486,162

Other debtors

1

 

486,163

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

34,937

Taxation and social security

71,164

Accruals and deferred income

2,150

Other creditors

149,751

258,002

 

Funds Europe Media Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary shares of £1 each

100

100

   

9

Related party transactions

Summary of transactions with parent

Punter Southall Aspire Limited (PSA)/Definite Article Media Limited (DAM)
 Previous Parent and Ultimate Controlling Party/Current Parent and Ultimate Controlling Party
 
During the period the company incurred expense recharges totalling £163,976 from PSA. A loan account of £936,873 was written off during the period.

At the period end the company owed DAM £48,180.