Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
|||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 5 | ||||||
Tangible assets | 6 | ||||||
Current assets | |||||||
Debtors | 7 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 8 | ( |
( |
||||
Net current liabilities | ( |
( |
|||||
Net liabilities | ( |
( |
|||||
Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Profit and loss account | ( |
( |
|||||
Shareholders' funds | ( |
( |
|||||
M A S Dib | |||||||
Director | |||||||
Approved by the board on |
|||||||
Notes to the Accounts | ||||||||
for the year ended |
||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The accounts are prepared in sterling, which is the functional currency of the entity. |
||||||||
Going concern | ||||||||
The company made a net loss of £7,216,329 during the year ended 31 December 2023 and, as at that date, the company's current liabilities exceeded its total assets by £5,214,426. The company is part of a larger group and benefits from the full financial support and otherwise of the parent company and the ultimate controlling party. The support from these parties, although not legally binding, is expected to continue for the foreseeable future. It is through this support that the company is able to meet its working capital needs and continue its business operations and thereby remain a going concern. Based on this and after making enquiries, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and at least for twelve months from the date of signing. Accordingly, the directors continue to adopt the going concern basis in preparing the accounts. As such the accounts do not contain adjustments that would be required if the company was unable to continue as a going concern. |
||||||||
Turnover | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Leasehold land and buildings | over the lease term | |||||||
Plant and machinery | over 5 years | |||||||
Fixtures, fittings, tools and equipment | over 3 years | |||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
Pensions | ||||||||
2 | Audit information | |||||||
Material uncertainty related to going concern | ||||||||
We draw attention to note 1 in the accounts which indicates that the company incurred a net loss of £7,216,329 during the year ended 31 December 2023 and, as at that date, the company's current liabilities exceeded its total assets by £5,214,426. As stated in note 1, these events or conditions, along with the other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. | ||||||||
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. | ||||||||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
3 | Exceptional items | 2023 | 2022 | |||||
£ | £ | |||||||
Insurance claim | - | 96,819 | ||||||
Foreign exchange gain/(loss) | 302,973 | (469,512) | ||||||
302,973 | (372,693) | |||||||
4 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Production | 71 | 72 | ||||||
Administrative | 15 | 13 | ||||||
Marketing and development | 10 | 7 | ||||||
Average number of persons employed by the company | ||||||||
5 | Intangible fixed assets | £ | ||||||
Development costs: | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 31 December 2023 | ||||||||
Amortisation | ||||||||
At 1 January 2023 | ||||||||
Provided during the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
Intangible fixed assets is being written off in equal annual instalments over its estimated economic life of 7 years. | ||||||||
6 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
Additions | - | |||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | ||||||||
Charge for the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | - | |||||||
At 31 December 2022 | ||||||||
7 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||||||
Prepayments and accrued income | 105,573 | 17,433 | ||||||
Other debtors | ||||||||
8 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
Accruals and deferred income | 703,429 | 604,844 | ||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
9 | Share capital | Nominal | 2023 | 2023 | 2022 | |||
value | Number | £ | £ | |||||
£1 each | 116 | 152 | 116 | |||||
During the year in December 2023 (2022 - December 2022) the company converted group loans from the parent company and issued 36 (2022 - 62) £1 ordinary shares at £196,556 (2022 - £204,630) per share, totalling £7,076,003 (2022 - £12,687,064). | ||||||||
10 | Pension commitments | |||||||
The amount recognised in the profit and loss as an expense in relation to defined contribution plans was £45,599 (2022 - £39,238). As at the period end contributions totalling £11,338 (2022 - £24,514) were payable and are included within other creditors. | ||||||||
11 | Other financial commitments | 2023 | 2022 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | - | |||||||
12 | Related party transactions | |||||||
As at 31 December 2023 an amount of £1,658,392 (2022: £1,744,724) was due to Rainbow Media SAL, a fellow group subsidiary based in Lebanon, in respect of financing provided during the year. The amount loaned is unsecured and interest free with no fixed repayment date and is included within creditors owed to group undertakings. The company also leases its premises from Rainbow Media SAL rent free although it is required to pay costs related to the property. |
||||||||
13 | Controlling party | |||||||
The ultimate parent company is Fadaat Media W.L.L, a company registered in Qatar whose registered office is situated at Com 13. Floor 20, Burj Alfardan, Lusail Building no. 157, Street 301, Zone 69, Doha Qatar. The ultimate controlling party is Sultan Ghanim S A Al-Kuwari, by virtue of his controlling ownership of the ultimate parent company Fadaat Media W.L.L. |
||||||||
14 | Other information | |||||||
Alaraby Aljadeed Ltd is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Ealing Cross 2nd Floor | ||||||||
85 Uxbridge Road | ||||||||
London | ||||||||
W5 5TH |