Company registration number 10744042 (England and Wales)
TNC MEDIA HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
TNC MEDIA HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TNC MEDIA HOLDINGS LTD
BALANCE SHEET
AS AT 29 DECEMBER 2023
29 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,897
22,632
Current assets
Debtors
5
94,610
98,677
Cash at bank and in hand
3,316
11,209
97,926
109,886
Creditors: amounts falling due within one year
6
(155,619)
(130,101)
Net current liabilities
(57,693)
(20,215)
Net (liabilities)/assets
(42,796)
2,417
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(42,806)
2,407
Total equity
(42,796)
2,417

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

For the financial year ended 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 28 October 2024
Mr W J Lord
Director
Company registration number 10744042 (England and Wales)
TNC MEDIA HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

TNC Media Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

 

1.5
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.

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:

Software
20% on cost
1.6
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.

TNC MEDIA HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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:

Fixtures and fittings
20% on cost
Computers
25% 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.

1.7
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.

2
Employees

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

2023
2022
Number
Number
Total
1
1
TNC MEDIA HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 4 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 30 December 2022 and 29 December 2023
1,142
7,615
8,757
Amortisation and impairment
At 30 December 2022 and 29 December 2023
1,142
7,615
8,757
Carrying amount
At 29 December 2023
-
0
-
0
-
0
At 29 December 2022
-
0
-
0
-
0
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 30 December 2022 and 29 December 2023
34,704
4,803
39,507
Depreciation and impairment
At 30 December 2022
13,293
3,582
16,875
Depreciation charged in the year
6,941
794
7,735
At 29 December 2023
20,234
4,376
24,610
Carrying amount
At 29 December 2023
14,470
427
14,897
At 29 December 2022
21,411
1,221
22,632
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,523
Other debtors
94,610
93,154
94,610
98,677
TNC MEDIA HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,568
19,033
Amounts owed to group undertakings
55,268
25,695
Taxation and social security
53,768
50,373
Other creditors
44,015
35,000
155,619
130,101
7
Directors' transactions

Interest has been charged at the HMRC official rate.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors' current account
2.25
70,376
2,002
1,607
73,985
70,376
2,002
1,607
73,985
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