FoodBev Media Ltd 02811219 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is PubPublishing of consumer and business journals and periodicals Digita Accounts Production Advanced 6.30.9574.0 true true 02811219 2023-01-01 2023-12-31 02811219 2023-12-31 02811219 2 2023-12-31 02811219 core:CurrentFinancialInstruments 2023-12-31 02811219 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02811219 core:Goodwill 2023-12-31 02811219 core:FurnitureFittings 2023-12-31 02811219 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 02811219 core:OtherRelatedParties 2023-12-31 02811219 bus:SmallEntities 2023-01-01 2023-12-31 02811219 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02811219 bus:FilletedAccounts 2023-01-01 2023-12-31 02811219 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02811219 bus:RegisteredOffice 2023-01-01 2023-12-31 02811219 bus:Director3 2023-01-01 2023-12-31 02811219 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02811219 core:Goodwill 2023-01-01 2023-12-31 02811219 core:FurnitureFittings 2023-01-01 2023-12-31 02811219 core:LandBuildings 2023-01-01 2023-12-31 02811219 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 02811219 core:OtherRelatedParties 2023-01-01 2023-12-31 02811219 countries:EnglandWales 2023-01-01 2023-12-31 02811219 2022-12-31 02811219 core:Goodwill 2022-12-31 02811219 core:FurnitureFittings 2022-12-31 02811219 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 02811219 2022-01-01 2022-12-31 02811219 2022-12-31 02811219 2 2022-12-31 02811219 core:CurrentFinancialInstruments 2022-12-31 02811219 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02811219 core:Goodwill 2022-12-31 02811219 core:FurnitureFittings 2022-12-31 02811219 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 02811219 core:OtherRelatedParties 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 02811219

FoodBev Media Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

FoodBev Media Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

FoodBev Media Ltd

(Registration number: 02811219)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,171

7,407

Current assets

 

Stocks

6

27,956

-

Debtors

7

172,695

127,375

Cash at bank and in hand

 

44,563

168,440

 

245,214

295,815

Creditors: Amounts falling due within one year

8

(130,234)

(117,014)

Net current assets

 

114,980

178,801

Total assets less current liabilities

 

123,151

186,208

Provisions for liabilities

(829)

(1,315)

Net assets

 

122,322

184,893

Capital and reserves

 

Called up share capital

20,000

20,000

Share premium reserve

93,162

93,162

Retained earnings

9,160

71,731

Shareholders' funds

 

122,322

184,893

 

FoodBev Media Ltd

(Registration number: 02811219)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

R Hall
Director

   
     
 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Kingsmead Square
Bath
BA1 2AB

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

These financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Leasehold land and buildings

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2022 - 16).

 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

321,663

321,663

At 31 December 2023

321,663

321,663

Amortisation

At 1 January 2023

321,663

321,663

At 31 December 2023

321,663

321,663

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

5

Tangible assets

Leasehold land and buildings
£

Fixtures and Fittings
£

Total
£

Cost or valuation

At 1 January 2023

-

160,330

160,330

Additions

2,935

2,689

5,624

At 31 December 2023

2,935

163,019

165,954

Depreciation

At 1 January 2023

-

152,923

152,923

Charge for the year

147

4,713

4,860

At 31 December 2023

147

157,636

157,783

Carrying amount

At 31 December 2023

2,788

5,383

8,171

At 31 December 2022

-

7,407

7,407

Included within the net book value of land and buildings above is £2,788 (2022 - £Nil) in respect of leasehold land and buildings.
 

 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Work in progress

27,956

-

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

102,000

108,396

Amounts owed by related parties

11

2,433

-

Other debtors

 

13,070

7,665

Prepayments

 

46,754

8,397

Accrued income

 

6,023

2,917

Income tax asset

2,415

-

 

172,695

127,375

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

2,425

-

Trade creditors

 

63,478

5,115

Amounts due to related parties

11

-

34,729

Social security and other taxes

 

10,337

30,110

Other creditors

 

12,798

8,647

Accruals

 

41,196

38,413

 

130,234

117,014

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

2,425

-

 

FoodBev Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

During the year the company together with a company under common control entered into a lease. The total amount of financial commitments not included in the balance sheet is £382,500 (2022 - £Nil). FoodBev Media Limited's share of this is £191,250.

11

Related party transactions

Summary of transactions with other related parties

The related party represents a amounts owed to/from a company under common control.

During the year management services of £70,791 (2022 - £137,285) were purchased from and services totalling £12,410 (2022 - £8,947) were received from a company under common control.

 

Income and receivables from related parties

2023

Other related parties
£

Amounts receivable from related party

2,433

Expenditure with and payables to related parties

2022

Other related parties
£

Amounts payable to related party

34,729