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Registered number: 14130389










REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
S R Edmundson 
B Grant 




Registered number
14130389



Registered office
71-75 Shelton Street

London

England

WC2H 9JQ




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated profit and loss account
10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12
Company balance sheet
13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16 - 17
Consolidated statement of cash flows
18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 34


 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Business review
 
The principal activity of the group during the year was that of producing content in a variety of formats, digital and print such as producing websites, other digital media and publishing printed magazines.The group also produces related events such as conferences and awards both in person and digital and generates revenue from advertisers, sponsors and attendees.The group predominantly works with membership organisations and delights in producing content of the highest quality that maximises engagement with their members and beyond.
The directors report a set of results for the year that has seen an improvement in underlying trading, both revenue and profitability as a result of new business wins, extending the services supplied on existing accounts and prudent cost management.
The directors are pleased that the group has made an operating profit of £2,198,999 (2023: £227,031)
The directors are delighted that their much valued colleagues have been able to continue to deliver growth having become majority owned by the Redactive Media Group Employee Ownership Trust in March 2023 and that being effectively member owned has cemented the group’s position  as the pre eminent player in the membership organisation sector.

Page 1

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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

Principal risks and uncertainties
 
Our 7 strong operational board bring a wealth of publishing and commercial experience to Redactive and underpins our success and growth. Our clients benefit from dedicated, on hand, immediately available expertise in Content, Digital, Commercial, Live Events, Jobs boards, Marketing and User Experience. We also run Production and Finance & Legal in house. Our expertise is well diversified and, unlike some of our competitors, we are not reliant on a handful of  individuals. All clients are allocated an Account Director who collaborates with our in house experts to deliver the best possible service and results to our clients. This approach has resulted in Redactive winning sought after industry awards, each year, every year.
A significant risk is the retention of our skilled people; we mitigate this by making Redactive a rewarding and enjoyable place to work with significant developmental opportunities, as evidenced by the enviable retention rates of our key people. The move to an employee owned trust structure has been warmly welcomed by colleagues. Further risk associated with the group is the highly competitive environment that it operates in and therefore its reliance on certain key contracts. The directors are pleased to report that this risk significantly reduced as new contracts were won during the year and existing accounts were retained, developed and had their durations extended. Other substantial risks are the cyclical nature sector of publishing advertising revenue, and the volatility of jobs boards revenues which are highly sensitive to movement in the economy. These risks together with the continuing migration of print revenues to digital and the particular sector risks attaching to each of Redactive's clients are being reduced by diversification as the group has created new and innovative digital, data and live event revenue streams and diversified and grown its client base.
The directors are therefore confident about the future development of the group, the more so as it has continually demonstrated growth, innovation, agility and resilience.
The group's operations are such that it has very limited exposure to financial risks, principally price risk and credit risk. The group does not use any derivative financial instruments and thus no hedge accounting is applied. The group is exposed to price risk due to normal inflationary increases including the value of sterling and wholesale energy prices in the purchase price of goods and services and due to market factors affecting the price charged for its services. The group has implemented policies that require appropriate checks on potential customers before sales are made. Trade debtors are reviewed regularly and provision is made for doubtful debts where necessary.


This report was approved by the board on 28 November 2024 and signed on its behalf.





S R Edmundson
Director

Page 2

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,673,316 (2023 - £67,626)
 
Directors

The directors who served during the year were:

S R Edmundson 
B Grant 

Disclosure of information to auditors

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

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

Post balance sheet events

No significant post balance sheet events have happened. 

Page 3

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

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 November 2024 and signed on its behalf.
 





S R Edmundson
Director

Page 4

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Redactive Media Group (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE MEDIA GROUP (HOLDINGS) 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
 
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and 
the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
 
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
the timing of the recognition of commercial income;
compliance with legislation relating to GDPR and health and safety;
the requirement to impair investments in subsidiaries and the amount of any such impairment
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
debtor provisions and credit balances and
year end accruals and provisions made.
 
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
 
enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; 
Page 8

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


assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
challenging assumptions made by management in their specific accounting policies and estimates;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
review of sales ledger credit balances and where appropriate their write back in the accounts;
reviewing accruals and provisions made;
reviewing the financial statements for compliance with the relevant disclosure requirements; 
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
evaluating the underlying business reasons for any unusual transactions; and
considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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.



Atulya Mehta FCCA (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14th Floor
33 Cavendish Square
London
W1G 0PW

28 November 2024
Page 9

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
9 months to 2023
Note
£
£

  

Turnover
 4 
19,481,123
15,322,019

Cost of sales
  
(9,943,828)
(7,849,614)

Gross profit
  
9,537,295
7,472,405

Distribution costs
  
(46,345)
(89,560)

Administrative expenses
  
(7,291,951)
(7,155,814)

Operating profit
  
2,198,999
227,031

Interest receivable and similar income
 8 
59,470
26,456

Profit before tax
  
2,258,469
253,487

Tax on profit
 9 
(585,153)
(185,861)

Profit for the financial year
  
1,673,316
67,626

Profit for the year attributable to:
  

Owners of the parent
  
1,673,316
67,626

  
1,673,316
67,626

The notes on pages 20 to 34 form part of these financial statements.

Page 10

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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

2024
9 months to 2023
Note
£
£


Profit for the financial year

  

1,673,316
67,626

Other comprehensive income
  


Fair Value movement on Investments
  
-
3,012,500

Total comprehensive income for the year
  
1,673,316
3,080,126

Profit for the year attributable to:
  


Owners of the parent Company
  
1,673,316
67,626

  
1,673,316
67,626

Total comprehensive income attributable to:
  


Owners of the parent Company
  
1,673,316
3,080,126

  
1,673,316
3,080,126

The notes on pages 20 to 34 form part of these financial statements.

Page 11

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
REGISTERED NUMBER: 14130389

CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
1,275,610
1,371,882

Tangible assets
 11 
47,370
65,711

  
1,322,980
1,437,593

Current assets
  

Debtors: amounts falling due after more than one year
 13 
31,906
194,504

Debtors: amounts falling due within one year
 13 
4,282,683
4,413,760

Cash at bank and in hand
 14 
3,708,645
5,226,646

  
8,023,234
9,834,910

Creditors: amounts falling due within one year
 15 
(6,555,689)
(7,714,633)

Net current assets
  
 
 
1,467,545
 
 
2,120,277

Total assets less current liabilities
  
2,790,525
3,557,870

Other provisions
  
(286,833)
(477,494)

  
 
 
(286,833)
 
 
(477,494)

Net assets
  
2,503,692
3,080,376


Capital and reserves
  

Called up share capital 
 17 
250
250

Other reserves
 18 
3,012,500
3,012,500

Profit and loss account
 18 
(509,058)
67,626

Equity attributable to owners of the parent Company
  
2,503,692
3,080,376

  
2,503,692
3,080,376


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.




S R Edmundson
B Grant
Director
Director

Page 12

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
REGISTERED NUMBER: 14130389

COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
  
605,800
605,800

  
605,800
605,800

Current assets
  

Debtors: amounts falling due within one year
 13 
3,380,562
1,644,750

Cash at bank and in hand
 14 
430
-

  
3,380,992
1,644,750

Creditors: amounts falling due within one year
 15 
(2,057,451)
(300)

Net current assets
  
 
 
1,323,541
 
 
1,644,450

Total assets less current liabilities
  
1,929,341
2,250,250

  

Provisions for liabilities
  

Other provisions
  
(286,833)
-

  
 
 
(286,833)
 
 
-

Net assets
  
1,642,508
2,250,250


Capital and reserves
  

Called up share capital 
 17 
250
250

Profit and loss account
 18 
1,642,258
2,250,000

  
1,642,508
2,250,250


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit for the year after taxation amounted to £1,642,258 (2023:£2,250,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.


S R Edmundson
B Grant
Director
Director

Page 13

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 March 2023
250
3,012,500
67,626
3,080,376
3,080,376


Comprehensive income for the year

Profit for the year
-
-
1,673,316
1,673,316
1,673,316

Contribution to Redactive Media
Group Employee Ownership Trust
-
-
(2,250,000)
(2,250,000)
(2,250,000)


At 29 February 2024
250
3,012,500
(509,058)
2,503,692
2,503,692


The notes on pages 20 to 34 form part of these financial statements.

Page 14

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
67,626
67,626
67,626

Fair value movement on investments
-
3,012,500
-
3,012,500
3,012,500

Shares issued during the period
250
-
-
250
250


At 28 February 2023
250
3,012,500
67,626
3,080,376
3,080,376


The notes on pages 20 to 34 form part of these financial statements.

Page 15

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2023
250
2,250,000
2,250,250


Comprehensive income for the period

Profit for the year
-
1,642,258
1,642,258

Contribution to Redactive Media
Group Employee Ownership Trust
-
(2,250,000)
(2,250,000)


At 29 February 2024
250
1,642,258
1,642,508


The notes on pages 20 to 34 form part of these financial statements.

Page 16

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
2,250,000
2,250,000

Shares issued during the period
250
-
250


At 28 February 2023
250
2,250,000
2,250,250


The notes on pages 20 to 34 form part of these financial statements.

Page 17

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,673,316
67,626

Adjustments for:

Amortisation of intangible assets
96,272
72,204

Depreciation of tangible assets
32,192
7,730

Interest received
(59,470)
(26,456)

Taxation charge
585,153
185,861

Decrease in debtors
293,675
148,067

(Decrease)/increase in creditors
(1,610,558)
631,611

(Decrease)/increase in provisions
(190,661)
477,494

Corporation tax (paid)
(133,539)
(131,198)

Net cash generated from operating activities

686,380
1,432,939


Cash flows from investing activities

Purchase of tangible fixed assets
(13,851)
(32,999)

Purchase of subsidiary
-
(587,800)

Interest received
59,470
26,456

Cash acquired on group formation
-
4,388,050

Net cash from investing activities

45,619
3,793,707

Cash flows from financing activities

Contribution to Redactive Media 
Group Employee Ownership Trust
(2,250,000)
-

Net cash used in financing activities
(2,250,000)
-

Net (decrease)/increase in cash and cash equivalents
(1,518,001)
5,226,646

Cash and cash equivalents at beginning of year
5,226,646
-

Cash and cash equivalents at the end of year
3,708,645
5,226,646


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,708,645
5,226,646

3,708,645
5,226,646


Page 18

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 

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




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

5,226,646

(1,518,001)

3,708,645


5,226,646
(1,518,001)
3,708,645

The notes on pages 20 to 34 form part of these financial statements.

Page 19

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 71-75 Shelton Street, London, WC2H 9JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

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

Subscriptions received are accounted for on a yearly basis. The proportion if each subscription relating to the period's subsequent to the company's financial year is carried forward as amounts received in advance.

 
2.4

Interest income

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

Page 20

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Page 21

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between the purchase consideration of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over 15 years.

Other intangible assets

Goodwill
Goodwill on acquisition is initially measured as the excess of the cost over the acquirer's interest in the fair value of the identifiable assets, liabilities and contingent liabilities.
Positive goodwill is capitalised and amortised in line with future expected revenues of the subsidiary undertakings. Provision is made for any impairment where the carrying value of goodwill is less than the recoverable amount.
Research and development
Essential development expenditure incurred after obtaining a new publishing contract or in launching a new title is capitalised and amortised over a period of four years or the period of the contract, whichever is the shorter. Essential development expenditure after obtaining a new media sales contract but before advertising revenues arise is capitalised and amortised on a straight line basis over the period of the contract.
All subsequent revenue expenditure relating to these contracts is written off to the profit and loss account as incurred.


 
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.

Page 22

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (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:

Fixtures and fittings
-
4 to 10 years 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

Cash and cash equivalents

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

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

 
2.12

Creditors

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

Page 23

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Turnover

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

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
18,532,951
14,453,662

Rest of Europe
467,845
333,133

Rest of the world
480,327
535,224

19,481,123
15,322,019


Page 24

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

.



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

2024
2023
        £
        £

Publishing

6,837,465

5,442,151

Advertising

9,130,268

7,221,829

Events organising

3,513,390

2,668,039


19,481,123

15,332,019



5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
58,178
57,575

All non-audit services not included above
6,700
890


6.


Employees

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


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


Wages and salaries
5,199,063
4,734,444
-
-

Social security costs
648,069
725,900
-
-

Cost of defined contribution scheme
361,379
329,045
-
-

6,208,511
5,789,389
-
-


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


        2024
        2023
            No.
            No.







Publishing and related services
112
100

Page 25

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
380,425
653,406

380,425
653,406


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £215,903 (2023 - £337,811).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £NIL).


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
59,470
26,456

59,470
26,456


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
585,153
185,861


585,153
185,861


Total current tax
585,153
185,861

Deferred tax

Total deferred tax
-
-


Tax on profit
585,153
185,861
Page 26

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,258,469
253,487


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
553,134
48,163

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,080
203

Capital allowances for year/period in excess of depreciation
27,241
10,253

Changes in provisions leading to an increase (decrease) in the tax charge
2,698
90,423

Other differences leading to an increase (decrease) in the tax charge
-
36,819

Total tax charge for the year/period
585,153
185,861


Factors that may affect future tax charges

Enter details here

Page 27

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Intangible assets

Group 





Goodwill

£



Cost


At 1 March 2023
1,444,086



At 29 February 2024

1,444,086



Amortisation


At 1 March 2023
72,204


Charge for the year on owned assets
96,272



At 29 February 2024

168,476



Net book value



At 29 February 2024
1,275,610



Page 28

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Tangible fixed assets

Group








Fixtures and fittings

£



Cost or valuation


At 1 March 2023
189,324


Additions
13,851



At 29 February 2024

203,175



Depreciation


At 1 March 2023
123,613


Charge for the year on owned assets
32,192



At 29 February 2024

155,805



Net book value



At 29 February 2024
47,370

Page 29

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Fixed asset investments

Investments in subsidiary companies
£

Cost


Investment
605,800

At 28 February 2023
605,800


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Redactive Publishing Limited*
Ordinary
100%
Redactive Media Sales Limited*
Ordinary
100%
Redactive Events Limited*
Ordinary
100%
Redactive Media Group Limited
Ordinary
100%

* These entities are indirect subsidiaries of Redactive Media Group (Holdings) Limited.







Page 30

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Debtors

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

Due after more than one year

Other debtors
31,906
194,504
-
-


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

Due within one year

Trade debtors
2,812,356
2,918,336
-
-

Amounts owed by group undertakings
-
-
3,274,300
1,644,500

Other debtors
107,818
3,010
106,262
250

Prepayments and accrued income
1,362,509
1,492,414
-
-

4,282,683
4,413,760
3,380,562
1,644,750



14.


Cash and cash equivalents

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

Cash at bank and in hand
3,708,645
5,226,646
430
-


Page 31

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Creditors: Amounts falling due within one year

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

Trade creditors
1,974,942
2,673,424
-
-

Amounts owed to group undertakings
-
-
2,046,151
-

Corporation tax
584,741
134,453
-
-

Other taxation and social security
354,399
269,587
-
-

Other creditors
297,058
272,566
300
300

Accruals and deferred income
3,344,549
4,364,603
11,000
-

6,555,689
7,714,633
2,057,451
300



16.


Provisions

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


At 1 March 2023
(477,494)
-
-
-

Release of Provision
190,661
(477,494)
-
-

Transfer of Provision
-
-
(286,833)
-

(286,833)
(477,494)
(286,833)
-


Other provision relates to costs payable regarding the group restructuring that the group will need to pay at some point in the future.  


17.


Share capital

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



1 Ordinary share of £100.00
100
100
1 Ordinary A share of £100.00
100
100
1 Ordinary B share of £50.00
50
50

250

250

Page 32

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.Share capital (continued)

Rights, preferences and restrictions attached to each class of share:
Voting rights:
Ordinary Shares - one vote per holder of ordinary shares
A Ordinary Shares - one vote per holder of ordinary shares
B Ordinary Shares - none
The 3 types of shares have the same rights on all other matters, except for the differing rights detailed above.   



18.


Reserves

Other reserves

Other reserves represent fair value on acquisition of subsidiaries.

Profit and loss account

Retained earnings includes all current retained profits and losses. 


19.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £361,379 (2023: £329,045). Contributions totaling £41,606 (2023: £33,107) were payable to the fund at the balance sheet date and are included in creditors.


20.Other financial commitments

The subsidiary Redactive Media Group Limited (company number 07464280) has taken exemption from being audited under section 479A of the Companies Act 2006. The Company guarantees all outstanding liabilities to which these subsidiary is subject at the end of the financial year ended 29 February 2024 until they are satisfied in full.


21.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.
Company
Included within debtors is £3,274,300 (2023: £1,644,500) due from subsidiary undertakings.
Included within creditors is £2,046,151 (2023: £Nil) due to subsidiary undertakings.

Page 33

 
REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

22.


Controlling party

There is no ultimate controlling party.


23.


Subsidiaries

The following company is exempt from publishing audited accounts under Section 479A of the Companies Act 2006:
Name                                                          Registration number
Redactive Media Group Limited                          07464280

 
Page 34