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REGISTERED NUMBER: 09476079 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

CABANA MAGAZINE LTD

CABANA MAGAZINE LTD (REGISTERED NUMBER: 09476079)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CABANA MAGAZINE LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M A M Forneron Mondadori
E Blei
H D South Iv





REGISTERED OFFICE: 1 Park Road
Hampton Wick, Kingston Upon Thames
Surrey
KT1 4AS





REGISTERED NUMBER: 09476079 (England and Wales)





ACCOUNTANTS: A.C.T. London Limited
27 Hill Street
Mayfair, London
W1J 5LP

CABANA MAGAZINE LTD (REGISTERED NUMBER: 09476079)

Statement of Financial Position
31 MARCH 2024

31.3.24 31.3.23
Notes £ £
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 - -
Investments 7 2,911,721 740,277
2,911,721 740,277

CURRENT ASSETS
Debtors 8 210,585 212,160
Cash at bank and in hand 225,723 21,536
436,308 233,696
CREDITORS
Amounts falling due within one year 9 (8,341 ) (199,567 )
NET CURRENT ASSETS 427,967 34,129
TOTAL ASSETS LESS CURRENT LIABILITIES 3,339,688 774,406

CAPITAL AND RESERVES
Called up share capital 1,285 1,168
Share premium 4,308,859 1,709,581
Retained earnings (970,456 ) (936,343 )
SHAREHOLDERS' FUNDS 3,339,688 774,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2024 and were signed on its behalf by:





M A M Forneron Mondadori - Director


CABANA MAGAZINE LTD (REGISTERED NUMBER: 09476079)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Cabana Magazine Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Publishing rights - 20% straight line
Website development - 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

CABANA MAGAZINE LTD (REGISTERED NUMBER: 09476079)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment - 20% straight line
Office Equipment - 20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Work in progress

Work in progress represents expenses incurred in the year related to magazine issue that will be published in the future period. Cost includes a relevant portion of production costs, direct material, labour and subcontractors according to the stage of manufacture/completion.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CABANA MAGAZINE LTD (REGISTERED NUMBER: 09476079)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

5. INTANGIBLE FIXED ASSETS
Patents and Development
licences costs Totals
£ £ £
COST
At 1 April 2023
and 31 March 2024 12,892 69,170 82,062
AMORTISATION
At 1 April 2023
and 31 March 2024 12,892 69,170 82,062
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 April 2023
and 31 March 2024 18,723 9,321 28,044
DEPRECIATION
At 1 April 2023
and 31 March 2024 18,723 9,321 28,044
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

7. FIXED ASSET INVESTMENTS

31.3.24 31.3.23
£ £
Shares in group undertakings 88,802 88,802
Loans to group undertakings 2,822,919 651,475
2,911,721 740,277

CABANA MAGAZINE LTD (REGISTERED NUMBER: 09476079)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in
group
undertakings
£
COST
At 1 April 2023
and 31 March 2024 88,802
NET BOOK VALUE
At 31 March 2024 88,802
At 31 March 2023 88,802
Loans to
group
undertakings
£
At 1 April 2023 651,475
New in year 2,176,942
Repayment in year (5,498 )
At 31 March 2024 2,822,919

The company holds 100% share capital of Cabana Srl, a company incorporated in Italy.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Trade debtors 133,267 149,949
VAT 8,400 12,211
Called up share capital not paid 18,918 -
Prepayments and accrued income 50,000 50,000
210,585 212,160

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Trade creditors (19 ) 127,762
PAYE & NIC - 1,885
Other creditors - 70
Directors' loan accounts - 62,290
Accruals 8,360 7,560
8,341 199,567

10. ULTIMATE CONTROLLING PARTY

Control of the company is determined according to the voting rights of the shareholders. The Shareholders are considered to be the ultimate controlling party.