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Registered number: 06930305









MEDIA 10 HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MEDIA 10 HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R J Morey 
L S Newton 




Company secretary
J L Musgrove



Registered number
06930305



Registered office
Crown House
151, High Road

Loughton

Essex

IG10 4LF




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
MEDIA 10 HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 39


 
MEDIA 10 HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The Directors present their strategic report for the year ended 29 February 2024.

Business review
 
In the prior financial year, the Company was the parent entity for a larger group of companies that organised trade and consumer exhibitions as well as publishing digital and print publications across a range of sectors.  Following a corporate restructure in the prior financial year, the Company become an intermediate holding company with the principal activities of the Company’s subsidiary undertakings being organising trade exhibitions in the construction and related built environment sectors.  Full details of the restructure that took place in the prior financial year are set out in the Company’s financial statements for the year ended 28 February 2023.      
For the year ended 29 February 2024, consolidated revenue for the Group was £3.6m, this compared to £24.1m in the prior financial year (please note, the comparison figured includes revenue from discontinued operations) or £4.7m when compared to continuing operations only. Group consolidated profit before tax and after exceptional items was £0.4m, up from £0.1m in the prior financial year.
Overall, the Directors are satisfied with the results for the financial year. While the Group posted a small operating loss, the Directors believe the full benefits of the restructure that took place in the prior financial year had yet to be realised.  
The Directors are optimistic for the Group’s immediate prospects.  Revenue and profit are forecast to be significantly higher in in the year to 28 February 2025 on the back of forward bookings well ahead of the same period in the prior year.   
Other Matters 
On 15 July 2024, Industry Expo Limited, a subsidiary entity controlled by the Company, sold the trade, assets and related intellectual property in Concrete Expo, a trade exhibition for professionals operating in the concrete and related sectors, to QMJ Group Limited.  The terms of the deal were not disclosed.  Immediately prior to the transaction, the Company acquired all of the issued share capital of Industry Expo that it didn’t already hold which meant at the time of the transaction, the Group held 100% of the share capital of Industry Expo.         

Page 1

 
MEDIA 10 HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Principal risks and uncertainties
 
Like all businesses, there are a number of potential risks and uncertainties which could have a material impact on the Group‘s long term performance and cause results to differ materially from those expected.  The principal risks to which, in the view of the directors, the business is most exposed are detailed below, alongside the mitigating action that the Board has taken.

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Page 2

 
MEDIA 10 HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial key performance indicators
 
The Board monitor financial performance across numerous key indicators, the most relevant being operating profit margin before overheads (referred to internally as net selling margin or “NSM”) and revenue generated each month.  Each product has different NSM and revenue targets set each financial year or for each annual cycle for the Group’s live events.  These metrics are monitored against actual reported results each month by the Board.
Overheads are largely fixed costs and budgets are set at the start of the financial year and are monitored closely each month.
Further commentary on the financial result of the business in the financial year is included in the business review above.

Other key performance indicators
 
Key metrics such as visitor numbers at live events, visitor and exhibitor satisfaction ratings (Net Promotor Score) are monitored closely by the Board.  The business regularly surveys exhibitors and visitors to its live events to ensure the content of the shows remain relevant and the market’s perception of the Group’s events matches the high standards expected.  

Directors' statement of compliance with duty to promote the success of the Group
The Board of Directors considers that it has complied in all material respects with their s172(1) duties.


This report was approved by the board on 18 November 2024 and signed on its behalf.



L S Newton
Director

Page 3

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £407,878 (2023 - £79,200).

The directors are not recommending any dividend payments during the year (2022 - £7,633,123). 

Directors

The directors who served during the year were:

R J Morey 
L S Newton 

Future developments

Following completion of the corporate restructure detailed in the strategic report, the directors do not anticipate any significant changes to the Group’s core activities in the near future.  

Engagement with suppliers, customers and others

The Group prides itself on delivering events that exist to meet the needs and high expectations of its customers and visitors.  The Group constantly engages with its customers to understand their needs and aims to deliver these through the provision of truly market-leading products.
The Group’s operates through open and transparent relationships and communication with key suppliers and live event venues.  These relationships have been built over a number of years, many of which are under longer term supply agreements which contain clear payment policies and mutual obligation clauses.  

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 15 July 2024, Industry Expo Limited, a subsidiary entity controlled by the Company, sold the trade, assets and related intellectual property in Concrete Expo, a trade exhibition for professionals operating in the concrete and related sectors, to QMJ Group Limited.  The terms of the deal were not disclosed.  Immediately prior to the transaction, the Company acquired all of the issued share capital of Industry Expo that it didn’t already hold which meant at the time of the transaction, the Group held 100% of the share capital of Industry Expo.   

Page 4

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024


Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 November 2024 and signed on its behalf.
 





L S Newton
Director

Page 5

 
MEDIA 10 HOLDINGS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Media 10 Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve 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.


Page 7

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and 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.


Page 8

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group 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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows: 
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented. 
 
Page 9

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 HOLDINGS LIMITED (CONTINUED)



• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries with no descriptions.


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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.




Charalambos Patsalides (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

18 November 2024
Page 10

 
MEDIA 10 HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
As restated
As restated
As restated
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 4 
3,561,358
-
3,561,358
4,742,208
19,402,696
24,144,904

Cost of sales
  
(3,166,278)
-
(3,166,278)
(3,284,376)
(16,587,578)
(19,871,954)

Gross profit
  
395,080
-
395,080
1,457,832
2,815,118
4,272,950

Administrative expenses
  
(424,718)
-
(424,718)
(471,466)
(1,967,193)
(2,438,659)

Operating (loss)/profit
 5 
(29,638)
-
(29,638)
986,366
847,925
1,834,291

Profit/loss on disposal of inv. in subsidiaries
  
-
-
-
(2,144,021)
-
(2,144,021)

Interest receivable and similar income
 9 
685,478
-
685,478
449,979
6,776
456,755

Interest payable and similar expenses
 10 
(112,489)
-
(112,489)
(65,139)
-
(65,139)

Profit before taxation
  
543,351
-
543,351
(772,815)
854,701
81,886

Tax on profit
 11 
(124,626)
-
(124,626)
(32,242)
31,231
(1,011)

Profit for the financial year
  
418,725
-
418,725
(805,057)
885,932
80,875

Profit for the year attributable to:
  

Non-controlling interests
  
10,847
-
10,847
1,675
-
1,675

Owners of the parent Company
  
407,878
-
407,878
(806,732)
885,932
79,200

  
418,725
-
418,725
(805,057)
885,932
80,875

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 39 form part of these financial statements.

Page 11

 
MEDIA 10 HOLDINGS LIMITED
REGISTERED NUMBER: 06930305

CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
As restated
28 February
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 14 
8,014,253
7,901,203

Debtors: amounts falling due within one year
 14 
12,070,623
10,418,252

Cash at bank and in hand
 15 
753,610
501,515

  
20,838,486
18,820,970

Creditors: amounts falling due within one year
 16 
(5,824,423)
(4,228,630)

Net current assets
  
 
 
15,014,063
 
 
14,592,340

Total assets less current liabilities
  
15,014,063
14,592,340

Provisions for liabilities
  

Net assets
  
15,014,063
14,592,340


Capital and reserves
  

Called up share capital 
 18 
76
76

Other reserves
 19 
150
150

Profit and loss account
 19 
14,998,340
14,590,462

Equity attributable to owners of the parent Company
  
14,998,566
14,590,688

Non-controlling interests
  
15,497
1,652

  
15,014,063
14,592,340


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




L S Newton
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 12

 
MEDIA 10 HOLDINGS LIMITED
REGISTERED NUMBER: 06930305

COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
As restated
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
229,426
229,426

  
229,426
229,426

Current assets
  

Debtors: amounts falling due after more than one year
 14 
8,014,251
7,901,201

Debtors: amounts falling due within one year
 14 
9,945,190
9,358,080

Cash at bank and in hand
 15 
256,167
263,169

  
18,215,608
17,522,450

Creditors: amounts falling due within one year
 16 
(4,125,018)
(3,833,790)

Net current assets
  
 
 
14,090,590
 
 
13,688,660

Total assets less current liabilities
  
14,320,016
13,918,086

  

  

Net assets
  
14,320,016
13,918,086


Capital and reserves
  

Called up share capital 
 18 
229,476
229,476

Profit and loss account brought forward
  
13,688,610
8,057,077

Profit for the year
  
401,930
14,119,432

Other changes in the profit and loss account

  

-
(8,487,899)

Profit and loss account carried forward
  
14,090,540
13,688,610

  
14,320,016
13,918,086


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.


L S Newton
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 13
 

 
MEDIA 10 HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024



Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 March 2023
76
150
14,590,462
14,590,688
1,652
14,592,340



Comprehensive income for the year


Profit for the year
-
-
407,878
407,878
13,845
421,723

Total comprehensive income for the year
-
-
407,878
407,878
13,845
421,723



At 29 February 2024
76
150
14,998,340
14,998,566
15,497
15,014,063



The notes on pages 20 to 39 form part of these financial statements.

Page 14

 

 
MEDIA 10 HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023



Called up share capital
EBT own shares reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 March 2022
76
(228,240)
150
22,134,233
21,906,219
7,401
21,913,620



Comprehensive income for the year


Profit for the year
-
-
-
79,200
79,200
(5,749)
73,451

Total comprehensive income for the year
-
-
-
79,200
79,200
(5,749)
73,451



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(7,633,123)
(7,633,123)
-
(7,633,123)


Disposal of EBT shares
-
228,240
-
-
228,240
-
228,240


Profit on disposal of shares
-
-
-
10,152
10,152
-
10,152



Total transactions with owners
-
228,240
-
(7,622,971)
(7,394,731)
-
(7,394,731)



At 28 February 2023
76
-
150
14,590,462
14,590,688
1,652
14,592,340



The notes on pages 20 to 39 form part of these financial statements.

Page 15
 
MEDIA 10 HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2023
229,476
13,688,610
13,918,086


Comprehensive income for the year

Profit for the year
-
401,930
401,930


At 29 February 2024
229,476
14,090,540
14,320,016



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
EBT own shares reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2022
229,476
(228,240)
8,057,077
8,058,313


Comprehensive income for the year

Profit for the year
-
-
14,119,432
14,119,432


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(8,498,051)
(8,498,051)

Disposal of EBT shares
-
228,240
-
228,240

Profit on disposal of shares
-
-
10,152
10,152


At 28 February 2023
229,476
-
13,688,610
13,918,086


The notes on pages 20 to 39 form part of these financial statements.

Page 16

 
MEDIA 10 HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
As restated
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
418,725
80,875

Adjustments for:

Depreciation of tangible assets
-
33,945

Loss on disposal of tangible assets
-
416

Interest paid
112,488
79,316

Interest received
(685,478)
(1,397)

Taxation charge
124,626
1,011

Decrease in stocks
-
2,535

(Increase)/decrease in debtors
(1,722,116)
15,872,809

Decrease in amounts owed by associates
-
1,200

Increase/(decrease) in creditors
1,497,797
(14,143,132)

Corporation tax (paid)/received
(66,936)
331,461

Net cash generated from operating activities

(320,894)
2,259,039


Cash flows from investing activities

Purchase of tangible fixed assets
-
(33,387)

Sale of tangible fixed assets
-
(416)

Purchase of fixed asset investments
-
(176,986)

Sale of fixed asset investments
-
646,155

Interest received
685,478
1,397

Net cash from investing activities

685,478
436,763
Page 17

 
MEDIA 10 HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
As restated
28 February

2024
2023

£
£



Cash flows from financing activities

Dividends paid
-
(7,633,123)

Interest paid
(112,489)
(79,316)

Dividends paid to non-controlling interests
-
(7,424)

Net cash used in financing activities
(112,489)
(7,719,863)

Net increase/(decrease) in cash and cash equivalents
252,095
(5,024,061)

Cash and cash equivalents at beginning of year
501,515
5,525,576

Cash and cash equivalents at the end of year
753,610
501,515


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
753,610
501,515

753,610
501,515


The notes on pages 20 to 39 form part of these financial statements.

Page 18

 
MEDIA 10 HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

501,515

252,095

753,610


501,515
252,095
753,610

The notes on pages 20 to 39 form part of these financial statements.

Page 19

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Media 10 Holdings Limited is a private Company incorporated and domiciled in England and Wales under the Companies Act 2006. The address of the registered office is given on the front page of these financial statements. The principal activities of the Company and the nature of its operations are set out in the Strategic Report. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company and the consolidated Group have been prepared on a going concern basis as the directors are satisfied that the business has access to sufficient cash resources to be considered a going concern for at least the 12 months following signing of these financial statements.
As noted in the Directors Report, the impact of COVID-19, which caused the profitability of the Group’s operating companies to be materially impacted, has now passed and trading across the Group remains strong.  At the balance sheet date and as at the date these financial statements have been signed, the Group remains debt-free and privately owned and has no external financing pressures to consider.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 March 2018.

Page 20

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the 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 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 profit or loss 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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Events and Exhibitions
Revenue arising from events and exhibitions includes ticket sales, the sale of exhibition stands and event sponsorship. The primary performance obligation for all of these revenue streams is the delivery of the event itself. All revenue from events and exhibitions is recognised at a single point of time at the completion of the event once all services have been rendered. Advance receipts from exhibitors, sponsors and visitors are recognised as deferred income until such time as the event is complete.
Marketing services
The sole performance obligation for revenue derived from print or digital advertising is the publication of the advertisement in the printed publication or digital platform. Revenue from advertising is recognised at a single point of time once the advert has been served (online) or publication printed (magazines).
Revenue from subscriptions
Revenue from subscriptions to magazines, trade press or online services is recognised over the length of the subscription. The performance obligation is to deliver the contracted number of printed publications or provide digital access for the contracted period of time. Revenue is recognised on a straight line basis over the life of the subscription.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Taxation

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 balance sheet date in the countries where the Company and the Group operate and generate income.

  
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired.  Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment.  An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.  The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use.  For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).  Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist of may have decreased.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 23

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 24

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


Page 25

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.18

Employee benefit trust

As the Company is deemed to have control of its Employee benefit trust (EBT), it is treated as a subsidiary and consolidated for the purposes of the consolidated financial statements. The EBT's assets (other than investments in the Company's shares), liabilities, income and expenses are included on a line-by-line basis in the consolidated financial statements. The EBT's investment in the Company's shares is deducted from equity in the consolidated statement of financial position as if they were treasury shares.

Page 26

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS102 required management to make judgments, estimates and assumptions that affect the application of accounting polices and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of asset sand liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Information about such judgments and estimates is contained the accounting policies and/or the notes to the consolidated financial statements. Areas of judgment that have the most significant effect on the accounts recognised in the consolidated financial statements:
- Going concern
- Capitalisation, amortisation and impairment of intangible assets
- Depreciation and impairment of property, plant and equipment
- Capitalisation of wages and prepaid expenses
- Determination of expected credit losses
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 revise if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The directors believe the areas of judgment, estimation and assumptions are as follows:
Costs incurred that are directly attributable to an event that has not yet taken place are deferred to prepayments and recognised as a cost of sales at the completion of the event.

Page 27

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Events
3,449,439
21,477,229

Publishing income
73,847
2,447,328

Other income
38,072
220,347

3,561,358
24,144,904


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,283,282
22,308,244

Rest of the world
278,076
1,836,660

3,561,358
24,144,904



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
(1,889)
(1,424)

Other operating lease rentals
-
88,140

Depreciation and amortisation
-
33,943


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
14,000
47,350

Page 28

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Employees

Staff costs were as follows:


Group
29 February
Group
28 February
2024
2023
£
£


Wages and salaries
773,426
4,304,480

Social security costs
86,006
495,514

Cost of defined contribution scheme
11,598
87,260

871,030
4,887,254


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Design & editorial
-
18
-
-



Selling & distribution
8
39
-
-



Administration
4
48
-
-

14
107
2
2


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
266,536

Group contributions to defined contribution pension schemes
-
2,642

-
269,178


During the year retirement benefits were accruing to no directors (2023 - 2) in respect of defined contribution pension schemes.

Page 29

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Interest receivable

As restated
2024
2023
£
£


Other interest receivable
685,478
456,755

685,478
456,755


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
112,489
65,139

112,489
65,139

Page 30

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
124,626
1,011


Total current tax
124,626
1,011

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.5% (2023 - 19%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
543,351
81,886


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 - 19%)
133,121
15,558

Effects of:


Other differences leading to an increase (decrease) in the tax charge
(8,495)
(14,547)

Total tax charge for the year
124,626
1,011

The main corporation tax rate increased from 19% to 25% with effect from 1 April 2023 with a marginal rate applicable when taxable profits are between £50,000 to £250,000. This results in the increase in tax rate shown above.
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 31

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Dividends

29 February
28 February
2024
2023
£
£


Dividends
-
7,633,123

-
7,633,123


13.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
229,426



At 29 February 2024
229,426





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Industry Expo Limited
England & Wales
Ordinary
75%
Media 10 Ventures Limited
England & Wales
Ordinary
100%
Media 10 (Pty) Ltd
South Africa
Ordinary
100%
Media 10 Construction Limited
England & Wales
Ordinary
100%

Page 32

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Industry Expo Limited
51,779
33,270

Media 10 Ventures Limited
75
-

Media 10 (Pty) Ltd
(247,532)
47,273

Media 10 Construction Limited
1,347,301
(60,518)

All subsidiary undertakings are included in the consolidation.  The proportion of voting rights in the subsidiary undertakings held directly by the parent Company do not differ from the proportion of ordinary shares held. 
The registered office of all UK subsidiaries is Crown House, 151 High Road, Loughton, Essex, IG10 4PL.

Page 33

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
8,014,253
7,901,203
8,014,251
7,901,201

8,014,253
7,901,203
8,014,251
7,901,201


Group

29 February
Group
As restated
28 February
Company

29 February
Company
As restated
28 February
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
286,409
329,583
11,021
31,830

Other debtors
9,002,586
7,235,827
7,708,687
7,144,073

Called up share capital not paid
75
75
228,240
228,240

Prepayments and accrued income
784,311
898,830
-
-

Tax recoverable
1,997,242
1,953,937
1,997,242
1,953,937

12,070,623
10,418,252
9,945,190
9,358,080



15.


Cash and cash equivalents

Group

29 February
Group
As restated
28 February
Company

29 February
Company
As restated
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
753,610
501,515
256,167
263,169

753,610
501,515
256,167
263,169


Page 34

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Trade creditors
178,701
280,427
-
43,118

Amounts owed to group undertakings
-
-
2,077,500
2,030,001

Corporation tax
174,610
76,615
164,492
55,639

Other taxation and social security
30
-
-
-

Other creditors
4,300,096
2,944,174
1,883,026
1,705,032

Accruals and deferred income
1,170,986
927,414
-
-

5,824,423
4,228,630
4,125,018
3,833,790



17.


Financial instruments

Group

29 February
Group
As restated
28 February
Company

29 February
Company
As restated
28 February
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
753,610
501,515
11,131
18,133




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


18.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



7,500 (2023 - 7,500) Ordinary shares of £0.01 each shares of £0.01 each
75
75
71 (2023 - 71) Ordinary 'A' shares of £0.01 each shares of £0.01 each
1
1

76

76


Page 35

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


Reserves

Other reserves

The other reserve is a merger reserve, representing the difference between the nominal values of the shares acquired by the parent Company during the group reconstruction and the nominal values of the shares issued by it in exchange.

Profit and loss account

This reserve represents accumulated comprehensive income of the year and all other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere.


20.


Prior year adjustment

The EBT shares were purchased by Media 10 Bidco Limited in 2022. They were purchased for £238,392
The 2023 accounts have been restated to show the shares being sold and therefore coming out of the own shares EBT reserve and £10,152 being shown as a movement on the profit and loss reserve in the SOCIE (although the amount is not distributable).  


21.


Pension commitments

The Group operates a defined contribution retirement benefit scheme for all qualifying employees. The assets of the schemes are held separately from those of the company in an independently administered fund.
The total cost charge to income £11,598 (2023: £87,260) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. As at 29 February 2024, contributions of £Nil (2023: £24,699) due in respect of current reporting period had not been paid over to the schemes. 

Page 36

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

22.


Transactions with directors

Year ended 28 February 2024
At 1 March 2023 L S Newton's current account balance was £5,149,261, during the year personal expenses  paid on his behalf and cash advances made totalled £Nil, he made repayments of £Nil and was charged interest of £127,368, leaving a balance of £5,276,899 as at 29 February 2024. 
At 1 March 2023 R J Morey's current account was £529,931, during the year personal expenses paid on his behalf totalled £Nil, he made repayments of £Nil and was charged interest of £13,136, leaving a balance of £543,066 as at 29 February 2024. 
Year ended 28 February 2023
At 1 March 2022 L S Newton's current account balance was £5,073,733, during the year personal expenses  paid on his behalf and cash advances made totalled £37,781, he made repayments of £nil and was charged interest of £113,309, leaving a balance of £5,073,733 as at 28 February 2023. 
At 1 March 2022 R J Morey's current account was £527,227, during the year personal expenses paid on his behalf totalled £Nil, he made repayments of £8,957 and was charged interest of £11,661, leaving a balance of £529,931 as at 28 February 2023. 

Page 37

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

23.


Related party transactions

The following amounts were oustanding at the balance sheet date: 


29 February
28 February
2024
2023
£
£

Own subsidiaries
(2,077,500)
(1,319,183)
(2,077,500)
(1,319,183)

The Group has a balance of £7,941,131 (2023: £7,828,081) included within trade and other receivables outstanding more than one year due from Crown House Investments Limited, a company with common shareholders.
The Group has a balance of £73,120 (2023: £73,120) included within trade and other receivables outstanding more than one year due from Media 10 Bidco Limited, the Group's immediate and ultimate parent company.
The Group has a balance of £1,501,400 (2023: £1,141,400) included within trade and other receviables outstanding less than one year due from IL Acquisitions Limited, a company with common shareholders.
The Group has a balance of £100 (2023: £Nil) included within trade and other receviables outstanding less than one year due from Media 10 Optical Holdings Limited, a company with common shareholders.
The Group has a balance of £90,437 (2023: £Nil) included within trade and other receviable outstanding less than one year due from Trending Now Media Limited, a company with common shareholders.
The Group has a balance of £2,675,128 (2023: £Nil) included within trade and other payables falling within one year due to Media 10 Limited, a company with common shareholders. 
Sales of goods to related parties were made at the Group's usual list prices.  Purchase were made at market price discounted to reflect the quantity of goods purchased and the relationships between the parties.
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received.  No provisions have been made for doubtful debts in respect of amounts owed by related parties.
Key management personnel include all directors across the Group who together have authority and responsibility for planning, directing and controlling the activities of the Group. The total compensation paid to key management personnel for services provided to the Group was £Nil (2023: £266,536).


24.


Post balance sheet events

Details of all subsequent events are noted in the Directors Report on page 3.

Page 38

 
MEDIA 10 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

25.


Controlling party

The immediate and ultimate parent company is Media 10 Bidco Limited, a company registered in England and Wales at Crown House 151 High Road, Loughton, Essex, IG10 4LF.
Copies of the accounts of Media 10 Bidco Limited may be obtained from its registered office. The Company is ultimately controlled by L S Newton by nature of his majority shareholding.

Page 39