Registration number:
GLG Media Ltd
for the Year Ended 31 March 2024
GLG Media Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
GLG Media Ltd
Company Information
Director |
A Falach |
Registered office |
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Accountants |
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GLG Media Ltd
(Registration number: 10485776)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
52 |
52 |
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Revaluation reserve |
21,380,990 |
21,380,990 |
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Other reserves |
27,186 |
27,186 |
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Profit and loss account |
(4,158,385) |
(4,158,902) |
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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:
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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
GLG Media Ltd
(Registration number: 10485776)
Balance Sheet as at 31 March 2024
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GLG Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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GLG Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Subsidiaries |
£ |
Fair value |
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At 1 April 2023 |
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At 31 March 2024 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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Lawford House
England and Wales |
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Subsidiary undertakings |
The principal activity of is |
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.
Debtors |
Note |
2024 |
2023 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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- |
GLG Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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52 |
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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.
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.
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.