Registered number:
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
COMPANY INFORMATION
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONTENTS
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
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.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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.
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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.
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 2006. They 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.
The profit for the year, after taxation, amounted to £1,673,316 (2023 - £67,626)
The directors who served during the year were:
No significant post balance sheet events have happened.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
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
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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.
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.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED (CONTINUED)
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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;
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
REGISTERED NUMBER: 14130389
CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
REGISTERED NUMBER: 14130389
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
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
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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
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:
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.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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.
An analysis of turnover by class of business is as follows:
Analysis of turnover by country of destination:
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
9.Taxation (continued)
Enter details here
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
17.Share capital (continued)
Other reserves
Profit and loss account
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.
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REDACTIVE MEDIA GROUP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
There is no ultimate controlling party.
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
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