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Registered number: 08375910














HURST MEDIA COMPANY LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
HURST MEDIA COMPANY LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
HURST MEDIA COMPANY LTD
REGISTERED NUMBER:08375910

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible Fixed Assets
 5 
87,269
84,614

Investments
 6 
56,914
51,322

  
144,183
135,936

Current assets
  

Debtors: amounts falling due within one year
 7 
541,118
647,228

Cash at bank and in hand
  
528,151
642,386

  
1,069,269
1,289,614

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,094,671)
(965,928)

Net current (liabilities)/assets
  
 
 
(25,402)
 
 
323,686

Total assets less current liabilities
  
118,781
459,622

Provisions for liabilities
  

Deferred taxation
 9 
(23,859)
(21,796)

Net assets
  
94,922
437,826


Capital and reserves
  

Called up share capital 
 10 
1
1

Revaluation reserve
  
6,123
-

Profit and loss account
  
88,798
437,825

  
94,922
437,826


Page 1

 
HURST MEDIA COMPANY LTD
REGISTERED NUMBER:08375910
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 November 2024.




J A Hurst
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hurst Media Companty Ltd is a private limited liability company registered in England and Wales. It's registered office address and principal place of business is at The Frames, 1 Phipp Street, London, EC2A 4PS. 
The principal activity of the company during the year was that of an advertising agency.  
The company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is measured at the fair value of amounts receivable in respect of services provided in the perod, net of trade discounts and excluding value added tax. The company recognises revenue from services when all contractual obligations have been met. 

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method.

 
2.4

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
 
Page 3

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Current and deferred taxation (continued)


Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis: .

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on reducing balance
Computer equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Other investments are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents, and related party loans.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2023 - 45).

Page 5

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Patents

£



Cost


At 1 April 2023
669



At 31 March 2024

669



Amortisation


At 1 April 2023
669



At 31 March 2024

669



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 April 2023
38,547
141,752
180,299


Additions
2,663
26,684
29,347



At 31 March 2024

41,210
168,436
209,646



Depreciation


At 1 April 2023
16,258
79,427
95,685


Charge for the year on owned assets
5,988
20,704
26,692



At 31 March 2024

22,246
100,131
122,377



Net book value



At 31 March 2024
18,964
68,305
87,269



At 31 March 2023
22,289
62,325
84,614


6.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 April 2023
1
51,321
51,322


Disposals
(1)
-
(1)


Revaluations
-
5,593
5,593



At 31 March 2024
-
56,914
56,914




Page 7

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
401,618
528,037

Amounts owed by group undertakings
19,315
31,976

Other debtors
80,734
77,775

Prepayments and accrued income
39,451
9,440

541,118
647,228



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
70,718
469,980

Amounts owed to group companies
623,125
52,987

Other taxation and social security
267,494
88,537

Other creditors
27,646
29,567

Accruals and deferred income
105,688
324,857

1,094,671
965,928



9.


Deferred taxation




2024


£






At beginning of year
21,796


Charged to profit or loss
2,063



At end of year
23,859

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
23,859
21,796

Page 8

 
HURST MEDIA COMPANY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1  Ordinary share of £1
1
1



11.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £27,629 (2023 - £29,370). Contributions totalling £17,208 (2023 - £17,159) were payable to the fund at the reporting date and are included in creditors.


12.


Parent undertaking

The immediate and ultimate parent undertaking is Hurst Group Limited, a company registered in England and Wales. It's registered office address is The Frames, 1 Phipp Street, London, EC2A 4PS.

 
Page 9