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Registration number: 10485776

GLG Media Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

GLG Media Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

GLG Media Ltd

Company Information

Director

A Falach

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

 

GLG Media Ltd

(Registration number: 10485776)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

25,000,000

25,000,000

Current assets

 

Debtors

5

997,664

-

Cash at bank and in hand

 

533

453

 

998,197

453

Creditors: Amounts falling due within one year

6

(3,435,677)

(2,438,450)

Net current liabilities

 

(2,437,480)

(2,437,997)

Total assets less current liabilities

 

22,562,520

22,562,003

Provisions for liabilities

(5,312,677)

(5,312,677)

Net assets

 

17,249,843

17,249,326

Capital and reserves

 

Called up share capital

7

52

52

Revaluation reserve

21,380,990

21,380,990

Other reserves

27,186

27,186

Profit and loss account

(4,158,385)

(4,158,902)

Shareholders' funds

 

17,249,843

17,249,326

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 December 2024
 

 

GLG Media Ltd

(Registration number: 10485776)
Balance Sheet as at 31 March 2024

.........................................
A Falach
Director

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
3rd Floor
Lawford House
Albert Place
London
N3 1QA
United Kingdom

The principal place of business is:
59 Tanner Street
London
SE1 3PL
United Kingdom

These financial statements were authorised for issue by the director on 3 December 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 presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Group accounts not prepared

The company is a parent company subject to the small companies regime. The company and its subsidiary company comprise a small group. Therefore the company is not required to prepare group accounts.

Going concern

The financial statements have been prepared on a going concern basis. The company has net current liabilities in the amount shown on the balance sheet. However Global Legal Group Limited the subsidiary trading company has given assurances that it will continue to support the company for the foreseeable future. On this basis the director considers that it is appropriate to prepare the accounts on a going concern basis. The accounts do not include any adjustments that would result from a withdrawal of this support.

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

Key sources of estimation uncertainty

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of investments held as fixed assets

As discussed in the notes to the financial statements, investments held as fixed assets are stated at fair value. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £25,000,000 (2023 -£25,000,000).

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 corporation 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Share based payments

The company operates a share option scheme for certain qualifying employees. The estimated fair value of the option is expensed when granted and an amount is recognised to other reserves. The amount recognised as an expense is adjusted where applicable to reflect the number of options for which the relevant conditions are expected to be met such that the number ultimately recognised is based on the number of options which meet the relevant conditions as at the exercise date.

When the options are exercised the proceeds received net of any directly attributable transaction costs are credited to share capital for the nominal value and share premium for the excess over and above nominal value when the options are exercised.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 Recognition and measurement
A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument with initial measurement being at the transaction price.

 Impairment
Financial assets are assessed for indications of impairment at the end of each accounting period. They are considered to be impaired when there is evidence that the estimated future cash flows of the asset have been affected.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investments

2024
£

2023
£

Investments in subsidiaries

25,000,000

25,000,000

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Fair value

At 1 April 2023

25,000,000

At 31 March 2024

25,000,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Lawford House
Albert Place
London N3 1QA

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

The principal activity of is compilation, printing and distribution of legal publications. The profit for the financial period of was £227,143 and the aggregate amount of Capital and reserves at the end of the period was £1,334,222.

In the opinion of the director, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

The historical cost of the investments in subsidiary undertakings was £3,619,010 (2023 - £3,619,010). Should all of the investments in subsidiary undertakings be sold at the valuation shown, a tax charge not exceeding £5,312,677 (2023 - £5,312,677) would arise.

Revaluation

The investments in subsidiary undertakings were revalued at £25,000,000 as at 31 March 2020 by the director.

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

997,664

-

 

997,664

-

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

-

773

Accruals and deferred income

 

650

650

Other creditors

 

3,435,027

2,437,027

 

3,435,677

2,438,450

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

5,200

52

5,200

52

       

During the previous year the 52 ordinary shares of £1 each were redesignated and subdivided into 5,200 ordinary shares of £0.01 each.

8

Share based payments

The company has a share option scheme for certain employees. Options can be exercised at a price of £226.55 per share at the earlier of the sale of the company or the tenth anniversary since issue of the options. Ability to exercise the options is subject to continued employment with the company except in the case of death of the option holder within the twelve months prior to exercise of the option. If the options are not exercised within ten years from the date they are granted then the options expire. Options can no longer be exercised if the employee who holds them ceases employment with the company.

During the year 120 options were outstanding at the beginning of the year, nil options were granted, nil options had lapsed, and 120 options remained outstanding as at year end. No share options have been exercised.

The other reserve as shown in the balance sheet comprises the equity recognised in respect of the company's share based payment arrangements.

9

Related party transactions

Other related party transactions

 

GLG Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The company has had transactions with a company called Global Legal Group Limited which is incorporated in England and Wales. This company is a 100% subsidiary of the company. The company was owed £997,664 (2023 - owes £773). No interest was applicable to this loan account and it was repayable on demand. The amount was included in debtors due within one year (2023 - included in creditors due within one year), within net current assets. Fixed and floating charges which had been granted over the assets of Global Legal Group Limited as security for a bank loan made to the company were satisfied during the previous year.