REGISTERED NUMBER: |
Business Trade Media International |
Limited |
Previously known as |
Progressive Media International Limited |
Financial Statements for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Business Trade Media International |
Limited |
Previously known as |
Progressive Media International Limited |
Financial Statements for the Year Ended 31st December 2023 |
Business Trade Media International |
Limited (Registered number: 06212740) |
previously known as Progressive Media International Limited |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Business Trade Media International |
Limited |
previously known as Progressive Media International Limited |
Company Information |
for the year ended 31st December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Business Trade Media International |
Limited (Registered number: 06212740) |
previously known as Progressive Media International Limited |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Business Trade Media International |
Limited (Registered number: 06212740) |
previously known as Progressive Media International Limited |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Business Trade Media International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
As disclosed in note 12, after the year end the company was acquired by GlobalData UK Limited, who intends to make an intra-group transfer of the trade and assets out of the company, before applying for voluntary strike off under section 1003 of the Companies Act 2006. The directors have therefore prepared the financial statements on a basis other than going concern. There are no significant adjustments to the financial statements as a result of the change in the basis of preparation. |
Turnover |
Turnover represents the invoiced value of goods sold and services provided during the period, stated net of Value Added Tax. Subscription revenue is allocated to the relevant accounting periods covered by the subscription. |
Goodwill |
Tangible fixed assets |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Computer equipment | -33% Straight Line |
Fixtures and fittings | -20% Straight Line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Business Trade Media International |
Limited (Registered number: 06212740) |
previously known as Progressive Media International Limited |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
Charge for year |
Impairments |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related parties | - | 47,248 |
Other debtors |
Prepayments and accrued income |
Business Trade Media International |
Limited (Registered number: 06212740) |
previously known as Progressive Media International Limited |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related parties | 1,028,194 | 1,028,168 |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Other Matter |
The corresponding figures relating to the prior period were not audited. |
10. | OTHER FINANCIAL COMMITMENTS |
The company has total operating lease commitments amounting to £7,843 (2022: £7,164). |
11. | RELATED PARTY TRANSACTIONS |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The group and company also entered into transactions in the ordinary course of business with other companies under common control. All transactions were at market value. The balance due from and to companies under common control are shown as related party balances with the notes to these financial statements. |
Included within amounts owed to related parties are loans totalling £1,028,194 (2022: £1,028,167). The loans are interest free, have no set repayment date and are repayable on demand. The loan notes are convertible at any time at the option of the loan note holder to ordinary shares of value equivalent to any outstanding balances on loans. |
Business Trade Media International |
Limited (Registered number: 06212740) |
previously known as Progressive Media International Limited |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
12. | POST BALANCE SHEET EVENTS |
On 30 August 2024, the company was acquired by GlobalData UK Limited, who became the immediate controlling party. On this date GlobalData Plc became the ultimate controlling party. |
Following the acquisition, a decision was made to transfer the trade and assets of the company to GlobalData UK Limited. The directors then intend to apply for the company to be struck off and dissolved under section 1003 of the Companies Act 2006. |
13. | ULTIMATE CONTROLLING PARTY |
M Danson was the ultimate controlling party through his 100% shareholding of the company at the year end date. |
The company's ultimate parent company throughout the year was Estel Media Holdco Limited, which is the ultimate parent of both the smallest and largest groups of which the company accounts are consolidated. The consolidated financial statements are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. |