Registered number:
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MEDIA 10 LIMITED
COMPANY INFORMATION
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MEDIA 10 LIMITED
CONTENTS
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MEDIA 10 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The Directors present their strategic report for the year ended 29 February 2024.
The Company’s principal activities are organising consumer exhibitions as well as publishing digital and print publications across several sectors.
For the year ended 29 February 2024, revenue for the Company was £12.7m compared to £14.8m in the prior year. The loss before tax was £0.5m (2023: profit £1.0m). The Company’s customers are predominantly consumer facing businesses in the UK with particular presence in the home, interiors and renovation sectors. These markets had a challenging year as consumer confidence and ultimately spending was negatively impacted by high inflation and rising interest rates experienced in the UK. As a result, customer budgets were squeezed impacting the Company’s revenue and ultimately profitability. While the directors were disappointed with the result for the year, forward bookings for the events scheduled in the first half of 2024 were up significantly and the Company is forecast to return to profitability in FY24/25.
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MEDIA 10 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Like all businesses, there are a number of potential risks and uncertainties which could have a material impact on the Company‘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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MEDIA 10 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 Company’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.
Key metrics such as visitor numbers at live events, readership for printed publications or unique visitors / subscribers for the Company’s digital publications 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 Company’s events matches the high standards expected.
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.
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MEDIA 10 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.
The loss for the year, after taxation, amounted to £493,211 (2023 - profit £974,751).
The directors have declared a dividend of £Nil (2023: £13,157,973).
The directors who served during the year were:
The directors do not anticipate any significant changes to the Company’s core activities in the near future.
A full review of the activities of the business is included in the Strategic Report.
The Company prides itself on delivering events and publications that exist to meet the needs and high expectations of our customers, visitors or readers. The Company constantly engages with its customers to understand their needs and aims to deliver these through the provision of truly market-leading products.
The Company’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.
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MEDIA 10 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
There have been no significant events affecting the Company since the year end.
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MEDIA 10 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
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 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 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 to 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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MEDIA 10 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 LIMITED
We have audited the financial statements of Media 10 Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company 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.
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 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.
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MEDIA 10 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 LIMITED (CONTINUED)
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 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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MEDIA 10 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 LIMITED (CONTINUED)
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 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. • 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.
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MEDIA 10 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDIA 10 LIMITED (CONTINUED)
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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MEDIA 10 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MEDIA 10 LIMITED
REGISTERED NUMBER: 04616235
BALANCE SHEET
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 27 form part of these financial statements.
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MEDIA 10 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Media 10 Limited is a private company, limited by shares incorporated in the United Kingdom under the Companies Act. The address of the registered office is shown on the Company information page. The principal activities of the company and the nature of its operations are set out in the Strategic Report.
2.Accounting policies
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Media 10 Home Interest Holdings Limited as at 29 February 2024 and these financial statements may be obtained from Crown House, 151 High Road, Loughton, England, IG10 4LF.
Functional and presentation currency
Transactions and balances
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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 exhibitions, 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 recognsied at a single point in time once the advert has been served (online) or publication printed (magazine). 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.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 Company'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.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 receipts 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.
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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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, 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 judgement, 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.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
10.Taxation (continued)
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Profit and loss account
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
The company 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 charged to income of £56,547 (2023: £56,541) represents contributions payable to these schemes by the Company at rates specified in the rules of the schemes. As at 29 February 2024, contributions of £23,442 (2023: £24,993) due in respect of the current reporting period had not been paid over to the schemes.
At 1 March 2023 L S Newton's current account was £37,781 during the year personal expenses paid on his behalf and cash advances made totalled £535,812, he made repayments of £Nil and was charged interest of £5,949, leaving a balance of £579,542 as at 29 February 2024.
At 1 March 2023 R J Morey's current account was £8,957, 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 £Nil, leaving a balance of £8,957 as at 29 February 2024.
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MEDIA 10 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
The immediate and ultimate parent company is Media 10 Home Interest Holdings Limited, a company registered in England and Wales at Crown House 151 High Road, Loughton, Essex, IG10 4LF.
The smallest and largest group for which consolidated accounts are prepared is Media 10 Home Interest Holdings Limited. Copies of the consolidated accounts of Media 10 Home Interest Holdings Limited may be obtained from its registered office. The Company is ultimately controlled by L S Newton.
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