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Registered number: 03393234
APL Media Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Company Information 1
Strategic Report 2—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Statement of Comprehensive Income 10
Balance Sheet 11—12
Statement of Changes in Equity 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16—26
Page 1
Company Information
Directors M Jackson
A Leyens
M Pieri
A Vignali
Company Number 03393234
Registered Office Sas House Friarswood
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Auditors SAS Audit Limited
SAS House
Chipperfield Road
Kings Langley
WD4 9JB
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 January 2024.
Review of the Business
APL Media Limited focuses on content marketing and advertising solutions across the travel, food, and lifestyle sectors, which is sold to clients globally.
We have seen excellent growth in the year ended 31 January 2024 with a 16% increase in turnover and a gross profit margin of 22%. Increases in revenues across all major projects have contributed towards the success whilst mitigating wage inflation and other increases in costs.  
At the year end, the cash position remains healthy which has contributed to a strong balance sheet. Net assets have grown by 29% which has been driven by the company making a conscious effort to chase up trade debtors more frequently this year which can be seen by the drop in trade debtors, despite an increase in sales.
The company has continued to grow since Covid and has almost doubled its turnover since the year ended 31 January 2022.
A summary of the results of the year's trading is given on page 9 of the financial statements.
Principal Risks and Uncertainties
The company is exposed to several commercial risks which the directors are responsible for managing including risks like competition, market opportunity and the ever-changing landscape in the ways advertising solutions are sold. The company does not trade financial instruments, nor does it currently use financial derivatives.
Operational risks include currency fluctuation (managed by taking positions on larger foreign currency contracts) and credit risk management, mitigated by taking prepayments on most clients and credit generally only given to high credit rated clients).
Cash management is also a major risk, but this is mitigated by having a large credit control and invoicing team. As a result, cash collections for the year exceeded turnover as a result of prepayments.  
Financial 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, gross margin, operating profit, and net assets.
2024
2023
Revenue
18,645,666
16,029,832
Gross Profit Percentage
22%
24%
Operating Profit
2,299,209
2,109,127
Net Assets
2,384,558
1,501,629
Page 2
Page 3
Section 172(1) Statement
Under Section 172, directors have a duty to promote the success of the company for the benefit of its members. This includes considering the long-term consequences of decisions, the interests of employees, fostering business relationships, and maintaining high standards of business conduct. As the 4 directors are also the 4 shareholders, this is demonstrated in all aspects of the business and communicated on an ongoing basis.  
On behalf of the board
M Jackson
Director
30/10/2024
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 January 2024.
Principal Activity
The company's principal activity is the creation and provision of media services.
Dividends
The value of dividends paid amounted to £800,000 (2023: £nil).
Directors
The directors who held office during the year were as follows:
M Jackson
A Leyens
M Pieri
A Vignali
P Levinger Resigned 31/03/2023
Post Balance Sheet Events
There have been no significant events affecting the Company since year end.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
Under section 487(2) of the Companies Act 2006, SAS Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the account with the registrar, whichever is earier.
On behalf of the board
M Jackson
Director
30/10/2024
Page 5
Page 6
Independent Auditor's Report
Opinion
We have audited the financial statements of APL Media Limited for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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.
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Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
...CONTINUED
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Auditor's Responsibilities for the Audit of the Financial Statements - continued
  • Enquiring of management around actual and potential litigation and claims;
  • Reviewing financial statement disclosures and testing to supporting documentation with applicable laws and regulations;
  • Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
  • Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other matters
The prior period financial statements were unaudited.
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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 that 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.
Khushil Gokani (Senior Statutory Auditor)
for and on behalf of SAS Audit Limited , Statutory Auditor
30/10/2024
SAS Audit Limited
SAS House
Chipperfield Road
Kings Langley
WD4 9JB
Page 9
Page 10
Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 3 18,645,666 16,029,832
Cost of sales (14,619,267 ) (12,236,007 )
GROSS PROFIT 4,026,399 3,793,825
Administrative expenses (1,727,190 ) (1,665,394 )
Other operating income - (19,304 )
OPERATING PROFIT 5 2,299,209 2,109,127
Other interest receivable and similar income 10 6,146 2,107
Interest payable and similar charges 11 (49,932 ) (40,506 )
PROFIT BEFORE TAXATION 2,255,423 2,070,728
Tax on Profit 12 (572,494 ) (445,458 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,682,929 1,625,270
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,682,929 1,625,270
There was no other comprehensive income for 2024 (2023: £nil).
The notes on pages 15 to 26 form part of these financial statements.
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Balance Sheet
Registered number: 03393234
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 199,644 186,987
Investments 15 100 100
199,744 187,087
CURRENT ASSETS
Debtors 16 4,996,987 3,872,939
Cash at bank and in hand 3,484,298 3,471,508
8,481,285 7,344,447
Creditors: Amounts Falling Due Within One Year 17 (6,247,523 ) (5,609,333 )
NET CURRENT ASSETS (LIABILITIES) 2,233,762 1,735,114
TOTAL ASSETS LESS CURRENT LIABILITIES 2,433,506 1,922,201
Creditors: Amounts Falling Due After More Than One Year 18 - (375,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (48,948 ) (45,572 )
NET ASSETS 2,384,558 1,501,629
CAPITAL AND RESERVES
Called up share capital 22 1,225 1,225
Capital redemption reserve 75,064 75,064
Profit and Loss Account 2,308,269 1,425,340
SHAREHOLDERS' FUNDS 2,384,558 1,501,629
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On behalf of the board
M Jackson
Director
30/10/2024
The notes on pages 15 to 26 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 February 2022 1,225 75,064 (199,930 ) (123,641)
Profit for the year and total comprehensive income - - 1,625,270 1,625,270
As at 31 January 2023 and 1 February 2023 1,225 75,064 1,425,340 1,501,629
Profit for the year and total comprehensive income - - 1,682,929 1,682,929
Dividends paid - - (800,000) (800,000)
As at 31 January 2024 1,225 75,064 2,308,269 2,384,558
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Cash Flow Statement
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,396,158 2,767,958
Interest paid (49,932 ) (40,506 )
Tax paid (305,245 ) -
Net cash generated from operating activities 1,040,981 2,727,452
Cash flows from investing activities
Purchase of tangible assets (58,674 ) (87,573 )
Proceeds from disposal of tangible assets - 36,422
Grants refunded - (19,304 )
Interest received 6,146 2,107
Net cash used in investing activities (52,528 ) (68,348 )
Cash flows from financing activities
Equity dividends paid (800,000 ) -
Repayment of bank borrowings (150,000 ) (150,000 )
Net cash used in financing activities (950,000 ) (150,000 )
Increase in cash and cash equivalents 38,453 2,509,104
Cash and cash equivalents at beginning of year 2 3,471,508 916,538
Foreign exchange (losses)/gains on cash and cash equivalents (25,663 ) 45,866
Cash and cash equivalents at end of year 2 3,484,298 3,471,508
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Notes to the Cash Flow Statement
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,682,929 1,625,270
Adjustments for:
Tax on profit 572,494 445,458
Interest expense 49,932 40,506
Interest income (6,146 ) (2,107 )
Depreciation of tangible assets 46,017 58,917
Grant income - 19,304
Foreign exchange losses/(gains) 25,663 (45,866)
Movements in working capital:
Increase in trade and other debtors (1,124,048 ) (487,373 )
Increase in trade and other creditors 149,317 1,113,849
Net cash generated from operations 1,396,158 2,767,958
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 3,484,298 3,471,508
3. Analysis of changes in net funds
As at 1 February 2023 Cash flows As at 31 January 2024
£ £ £
Cash at bank and in hand 3,471,508 12,790 3,484,298
Debts falling due within one year (150,000 ) (225,000) (375,000 )
Debts falling due after more than one year (375,000) 375,000 -
2,946,508 162,790 3,109,298
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Notes to the Financial Statements
1. General Information
APL Media Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03393234 . The registered office is Sas House Friarswood, Chipperfield Road, Kings Langley, Hertfordshire, WD4 9JB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
2.2. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
2.3. Going Concern Disclosure
The Directors have assessed whether the Company has adequate resources to meet its obligations as they fall due and beyond the 12 months from the date of the approval of these financial statements. The Directors have reviewed their forecasts and cash flow requirements for this period.
The Directors are confident thatthe Company has sufficient working capital available to continue in operational existence for the forseeable future and believe that the going concern basis of accounting is appropriate for these annual financial statements.
2.4. Significant judgements and estimations
In the application of the company's accounting policies, the director is 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.
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2.5. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods and rendering of services
Revenues for the various catergories of turnover are recognised as follows:
  • Advertising revenue (including barter transactions), newspaper, magazine inserts and magazine content fees on publication
  • Magazine sales when available to distribute
  • Subscriptions fees when received from third parties
  • Hotel rooms when sold
  • Online advertising when published on the website
  • Online newsletters when sent out
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Straight line over the term of the lease
Plant & Machinery 15-20% Reducing balance
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.
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2.9. Financial Instruments - continued
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment.

Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.10. Foreign Currencies
Functional and presentational currency
The Company's functional and presentational currency is GBP.
Transacions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of transactions.
At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary 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 the 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 the Statement of Comprehensive Income 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 Comprehensive Income within "finance income or costs". All other foreign exchange gains are presented in profit or loss within "other operating income".
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2.11. Taxation
Current tax
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 10,030,637 8,623,420
Europe 3,743,037 3,217,920
Rest of the world 4,871,992 4,188,492
18,645,666 16,029,832
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4. Other Operating Income
2024 2023
£ £
Grant income - (19,304 )
- (19,304)
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts (19,459) 28,412
Depreciation of tangible fixed assets 46,017 58,917
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 10,500 -
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 4,416,491 3,587,247
Social security costs 744,794 694,568
Other pension costs 112,796 94,625
5,274,081 4,376,440
8. Average Number of Employees
Average number of employees, including directors, during the year was: 115 (2023: 99)
115 99
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9. Directors' remuneration
2024 2023
£ £
Emoluments 563,839 533,353
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 189,980 -
Company contributions to money purchase pension schemes 5,700 -
195,680 -
10. Interest Receivable and Similar Income
2024 2023
£ £
Interest on short term deposits 6,146 2,107
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 31,715 26,526
Other finance charges 18,217 13,980
49,932 40,506
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 569,118 305,245
Deferred Tax
Deferred taxation 3,376 140,213
Total tax charge for the period 572,494 445,458
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
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2024 2023
£ £
Profit before tax 2,255,423 2,070,728
Tax on profit at 25% (UK standard rate) 563,856 393,438
Goodwill/depreciation not allowed for tax 11,504 11,194
Expenses not deductible for tax purposes 30,071 29,288
Tax losses utilised - (107,841 )
Capital allowances (14,880 ) (20,713 )
Short term timing differences 4,913 (121 )
Difference in tax rates (22,970 ) -
Total tax charge for the period 572,494 305,245
13. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 February 2023 10,000 86,020 96,020
Disposals - (86,020 ) (86,020 )
As at 31 January 2024 10,000 - 10,000
Amortisation
As at 1 February 2023 10,000 86,020 96,020
Disposals - (86,020 ) (86,020 )
As at 31 January 2024 10,000 - 10,000
Net Book Value
As at 31 January 2024 - - -
As at 1 February 2023 - - -
14. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 February 2023 90,042 420,519 510,561
Additions - 58,674 58,674
As at 31 January 2024 90,042 479,193 569,235
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Depreciation
As at 1 February 2023 74,272 249,302 323,574
Provided during the period 9,004 37,013 46,017
As at 31 January 2024 83,276 286,315 369,591
Net Book Value
As at 31 January 2024 6,766 192,878 199,644
As at 1 February 2023 15,770 171,217 186,987
15. Investments
Unlisted
£
Cost
As at 1 February 2023 100
As at 31 January 2024 100
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 100
As at 1 February 2023 100
Subsidiaries
Details of the company's subsidiaries as at 31 January 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Absolute Publishing Limited SAS House, Friarswood, Chipperfield Road, Kings Langley, Hertfordshire, England, WD4 9JB Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Absolute Publishing Limited 100 -
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16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,636,441 3,047,706
Amounts owed by group undertakings 1,371,686 -
Other debtors 988,860 825,233
4,996,987 3,872,939
17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,805,597 1,421,578
Bank loans and overdrafts 375,000 150,000
Amounts owed to group undertakings 100 100
Other creditors 3,185,199 3,505,257
Corporation tax 569,118 305,245
Taxation and social security 312,509 227,153
6,247,523 5,609,333
Bank loans of £375,000 (2023: £525,000) are secured by a fixed and floating charge over the assets of the company. This amount was repaid early in full shortly after year end.
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 375,000
19. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 375,000 150,000
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans - 375,000
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20. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 48,948 45,572
21. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 45,572 45,572
Deferred taxation 3,376 3,376
Balance at 31 January 2024 48,948 48,948
22. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,221 Ordinary Shares of £ 1.00 each 1,221 1,221
4 Ordinary A shares of £ 1.00 each 4 4
1,225 1,225
23. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 123,843 160,000
Later than one year and not later than five years 144,103 388,466
Later than five years 720,517 -
988,463 548,466
24. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £112,796 (2023: £94,625).
At the balance sheet date contributions of £31,793 (2023: £25,427) were due to the fund and are included in creditors.
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25. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 800,000 -
26. Related Party Disclosures
Key management personnel (including directors) received compensation of £577,202 (2023: £545,277)
Included in debtors is an amount owed to the Company from its parent totalling £1,371,686 (2023: £nil).
Included in creditors is an amount owed by the Company to its subsidiary totalling £100 (2023: £100).
27. Controlling Parties
The ultimate parent undertaking is APL Media Group Limited (incorporated in England & Wales). Its registered office is SAS House Friarswood, Chipperfield Road, Kings Langley, Hertfordshire, England, WD4 9JB .
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