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Registered number: 04616235









MEDIA 10 LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MEDIA 10 LIMITED
 
 
COMPANY INFORMATION


Directors
R J Morey 
L S Newton 




Company secretary
J L Musgrove



Registered number
04616235



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 LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 27


 
MEDIA 10 LIMITED
 
 
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
 
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.  

Page 1

 
MEDIA 10 LIMITED
 

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 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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Page 2

 
MEDIA 10 LIMITED
 

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 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.

Other key performance indicators
 
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.  

Directors' statement of compliance with duty to promote the success of the Company
 
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 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 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).

Directors

The directors who served during the year were:

R J Morey 
L S Newton 

Future developments

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.

Engagement with suppliers, customers and others

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.

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'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's auditors are aware of that information.

Page 4

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


Post balance sheet events

There have been no significant events affecting the Company since the year end.

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 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 2006They 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.

Page 6

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

Opinion


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 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 Company's affairs as at 29 February 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records 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.


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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

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


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 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.
 
Page 9

 
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.


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 LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,684,783
14,817,020

Cost of sales
  
(11,880,449)
(12,826,489)

Gross profit
  
804,334
1,990,531

Administrative expenses
  
(1,390,838)
(1,030,227)

Operating (loss)/profit
 5 
(586,504)
960,304

Interest receivable and similar income
 9 
93,293
9,935

(Loss)/profit before tax
  
(493,211)
970,239

Tax on (loss)/profit
 10 
-
4,512

(Loss)/profit for the financial year
  
(493,211)
974,751

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 14 to 27 form part of these financial statements.

Page 11

 
MEDIA 10 LIMITED
REGISTERED NUMBER: 04616235

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
62,634
56,040

  
62,634
56,040

Current assets
  

Stocks
 13 
4,850
4,850

Debtors: amounts falling due after more than one year
 14 
368,004
-

Debtors: amounts falling due within one year
 14 
10,606,585
10,600,419

Cash at bank and in hand
 15 
3,018,143
3,260,429

  
13,997,582
13,865,698

Creditors: amounts falling due within one year
 16 
(12,604,701)
(11,973,012)

Net current assets
  
 
 
1,392,881
 
 
1,892,686

Total assets less current liabilities
  
1,455,515
1,948,726

  

Net assets
  
1,455,515
1,948,726


Capital and reserves
  

Called up share capital 
 18 
75
75

Profit and loss account
 19 
1,455,440
1,948,651

  
1,455,515
1,948,726


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 14 to 27 form part of these financial statements.

Page 12

 
MEDIA 10 LIMITED
 

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
75
1,948,651
1,948,726


Comprehensive income for the year

Loss for the year
-
(493,211)
(493,211)
Total comprehensive income for the year
-
(493,211)
(493,211)


At 29 February 2024
75
1,455,440
1,455,515



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
75
14,131,873
14,131,948


Comprehensive income for the year

Profit for the year
-
974,751
974,751
Total comprehensive income for the year
-
974,751
974,751


Contributions by and distributions to owners

Dividends: Equity capital
-
(13,157,973)
(13,157,973)


At 28 February 2023
75
1,948,651
1,948,726


The notes on pages 14 to 27 form part of these financial statements.

Page 13

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

1.


General information

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

 
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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

 
2.3

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.
Page 14

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

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)


Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

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 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.

Page 15

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

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 operates and generates income.

 
2.8

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.

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:

Office equipment
-
20%
straight line
Computer equipment
-
33%
straight line

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 16

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

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.
Page 17

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

2.Accounting policies (continued)


2.12
Financial instruments (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.

 
2.13

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.

Page 18

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and asumptions in determining the carrying amount of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence avialable at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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.


4.


Turnover

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


2024
2023
£
£

Events
11,295,109
13,037,835

Publishing
891,290
1,200,980

Digital
473,499
578,205

Roadshow
24,885
-

12,684,783
14,817,020


All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation
40,003
36,262

Exchange differences
148
343

Other operating lease rentals
35,633
106,069

Auditors remuneration
24,800
23,850

Page 19

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

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
24,800
23,850
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,449,694
3,096,385

Social security costs
378,615
350,976

Cost of defined contribution scheme
56,547
56,541

3,884,856
3,503,902


Salary costs of the individuals that provide services to connected entities are recharged by Media 10 Limited to those connected entities in which the specific services relate.

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


        2024
        2023
            No.
            No.







Directors
2
2



Design and Editorial
15
18



Selling and Distribution
29
40



Administration
30
49

76
109

Page 20

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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
264,807
266,536

Company contributions to defined contribution pension schemes
2,642
2,642

267,449
269,178


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £157,770 (2023 - £157,715).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Interest receivable

2024
2023
£
£


Interest receivable from related parties
-
9,508

Other interest receivable
93,293
427

93,293
9,935


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(4,512)


Total current tax
-
(4,512)
Page 21

 
MEDIA 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


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:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(493,211)
970,239


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 - 19%)
(93,710)
184,345

Effects of:


Utilisation of tax losses
93,710
(188,857)

Total tax charge for the year
-
(4,512)

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.

Page 22

 
MEDIA 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

29 February
28 February
2024
2023
£
£


Dividends
-
13,157,973

-
13,157,973


12.


Tangible fixed assets







Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
389,970
201,508
591,478


Additions
-
47,459
47,459


Disposals
(52)
(810)
(862)



At 29 February 2024

389,918
248,157
638,075



Depreciation


At 1 March 2023
386,089
149,349
535,438


Charge for the year on owned assets
1,520
38,483
40,003



At 29 February 2024

387,609
187,832
575,441



Net book value



At 29 February 2024
2,309
60,325
62,634



At 28 February 2023
3,881
52,159
56,040

Page 23

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

13.


Stocks

29 February
28 February
2024
2023
£
£

Finished goods and goods for resale
4,850
4,850

4,850
4,850



14.


Debtors

29 February
28 February
2024
2023
£
£

Due after more than one year

Other debtors
368,004
-

368,004
-


29 February
28 February
2024
2023
£
£

Due within one year

Trade debtors
1,793,290
3,002,075

Amounts owed by related parties
3,364,768
2,606,184

Other debtors
925,152
322,310

Prepayments and accrued income
4,200,835
4,633,577

Tax recoverable
322,540
36,273

10,606,585
10,600,419



15.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
3,018,143
3,260,429

3,018,143
3,260,429


Page 24

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

16.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
1,938,766
1,924,932

Amounts owed to related parties
3,339,736
3,084,933

Corporation tax
286,267
-

Other taxation and social security
737,550
688,479

Other creditors
2,231
29

Accruals and deferred income
6,300,151
6,274,639

12,604,701
11,973,012



17.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,018,143
3,260,429




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
75
75



19.


Reserves

Profit and loss account

The 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.

Page 25

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


20.


Pension commitments

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.


21.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
51,335
35,633

Later than 1 year and not later than 5 years
50,507
10,896

101,842
46,529


22.


Transactions with directors

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.

Page 26

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

23.


Related party transactions

The Company has taken advantage of the exemptions conferred in FRS 102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.
At the year-end the following amounts were due from / (to) related parties:


29 February
28 February
2024
2023
£
£

Key Management Personnel
588,499
46,738
Other Related Parties
318,255
(307,240)
906,754
(260,502)


24.


Controlling party

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. 

Page 27