Company registration number 02508368 (England and Wales)
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
COMPANY INFORMATION
Director
Mr P Kayani
Secretary
Mr J Robins
Company number
02508368
Registered office
15a London Road
Maidstone
Kent
ME16 8LY
Auditor
Nash Harvey Group LLP
The Granary
Hermitage Lane
Maidstone
Kent
ME16 9NT
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8 - 9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 35
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Principal activities

The principal activity of the Group continued to be that of publishing, production and printing of trade and business publications and staging of exhibitions and events.

Review of the business

The general economic climate continues to pose a difficult trading environment within the publishing industry, the Group continues to develop new channels of communication to sit alongside the traditional paper publications and to ensure with this diversification that the Group is able to retain its share of the market revenue within the industries that it publishes in.

Principal risks and uncertainties

The Group's principal financial instruments comprises of bank balances, bank overdrafts, trade creditors and loans to the Group.

 

The main purpose of these instruments is to raise the funds for the Group's operations and to finance the Group's growth. Due to the nature of the financial instruments used by the Group, there is no exposure to price risk.

 

In terms of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at agreed rates and interest where required.

 

The liquidity risk is managed by ensuring there are sufficient funds to meet the payments. Trade debtors are managed in respect of credit and cashflow risk policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Key performance indicators

The director continually monitors the trading performance of the publications and events that are published and undertakes to ensure that the gross margins attributable to each one is maintained at sufficient levels to ensure that the Group remains profitable.

 

The key performance indicators used by the director are gross profit margin, being 64% (2022: 65%), and EBITDA, which for the year was £2,175,531 (2022: £2,589,647).

Other performance indicators

The director considers that the nature of the business means that producing non-financial KPI's is not necessary for an understanding of the development, performance or position of the entity.

On behalf of the board

Mr P Kayani
Director
28 January 2025
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £150,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr P Kayani
Auditor

Nash Harvey Group LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P Kayani
Director
28 January 2025
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Datateam Media and Communications Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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 auditor's 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.

John Alder FCA (Senior Statutory Auditor)
For and on behalf of Nash Harvey Group LLP
28 January 2025
Chartered Accountants
Statutory Auditor
The Granary
Hermitage Lane
Maidstone
Kent
ME16 9NT
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
13,316,191
12,465,393
Cost of sales
(4,858,504)
(4,310,265)
Gross profit
8,457,687
8,155,128
Administrative expenses
(6,945,422)
(6,184,829)
Other operating income
117,759
62,754
Operating profit
4
1,630,024
2,033,053
Interest receivable and similar income
7
338
-
0
Interest payable and similar expenses
8
(147,993)
(212,039)
Profit before taxation
1,482,369
1,821,014
Tax on profit
9
(345,912)
(298,980)
Profit for the financial year
27
1,136,457
1,522,034
Other comprehensive income
Currency translation gain/(loss) arising in the year
5,393
(6,636)
Total comprehensive income for the year
1,141,850
1,515,398
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
482,383
277,427
Other intangible assets
11
2,906,865
2,672,874
Total intangible assets
3,389,248
2,950,301
Tangible assets
12
2,340,370
2,379,185
Investment property
13
2,048,514
2,048,514
7,778,132
7,378,000
Current assets
Stocks
17
79,929
89,243
Debtors
18
5,463,460
4,268,926
Cash at bank and in hand
301,108
2,297,063
5,844,497
6,655,232
Creditors: amounts falling due within one year
19
(4,477,903)
(4,280,408)
Net current assets
1,366,594
2,374,824
Total assets less current liabilities
9,144,726
9,752,824
Creditors: amounts falling due after more than one year
20
(459,477)
(2,020,070)
Provisions for liabilities
Deferred tax liability
23
286,841
326,196
(286,841)
(326,196)
Net assets
8,398,408
7,406,558
Capital and reserves
Called up share capital
26
17,968
17,968
Share premium account
27
3,911
3,911
Revaluation reserve
27
392,518
392,518
Other reserves
27
(1,243)
(6,636)
Profit and loss reserves
27
7,985,254
6,998,797
Total equity
8,398,408
7,406,558

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
28 January 2025
Mr P Kayani
Director
Company registration number 02508368 (England and Wales)
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
2,068,051
2,068,051
Current assets
Debtors
18
404,394
-
0
Creditors: amounts falling due within one year
19
(1,542,565)
(2,046,171)
Net current liabilities
(1,138,171)
(2,046,171)
Net assets
929,880
21,880
Capital and reserves
Called up share capital
26
17,968
17,968
Share premium account
27
3,911
3,911
Profit and loss reserves
27
908,001
1
Total equity
929,880
21,880

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,058,000 (2022 - £33,817 loss).

The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
28 January 2025
Mr P Kayani
Director
Company registration number 02508368 (England and Wales)
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Revaluation reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
17,968
3,911
392,518
-
0
5,476,763
5,891,160
Year ended 31 December 2022:
Profit for the year
-
-
-
-
1,522,034
1,522,034
Other comprehensive income:
Currency translation differences
-
-
-
(6,636)
-
0
(6,636)
Total comprehensive income
-
-
-
(6,636)
1,522,034
1,515,398
Balance at 31 December 2022
17,968
3,911
392,518
(6,636)
6,998,797
7,406,558
Year ended 31 December 2023:
Profit for the year
-
-
-
-
1,136,457
1,136,457
Other comprehensive income:
Currency translation differences
-
-
-
5,393
-
0
5,393
Total comprehensive income
-
-
-
5,393
1,136,457
1,141,850
Dividends
10
-
-
-
-
(150,000)
(150,000)
Balance at 31 December 2023
17,968
3,911
392,518
(1,243)
7,985,254
8,398,408
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
17,968
3,911
33,818
55,697
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(33,817)
(33,817)
Balance at 31 December 2022
17,968
3,911
1
21,880
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,058,000
1,058,000
Dividends
10
-
-
(150,000)
(150,000)
Balance at 31 December 2023
17,968
3,911
908,001
929,880
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,392,581
1,527,055
Interest paid
(147,993)
(178,222)
Income taxes paid
(803,363)
(6,554)
Net cash inflow from operating activities
1,441,225
1,342,279
Investing activities
Purchase of intangible assets
(912,039)
-
Proceeds from disposal of intangibles
-
30,000
Purchase of tangible fixed assets
(53,373)
(51,414)
Repayment of loans
(332,722)
-
Interest received
338
-
0
Net cash used in investing activities
(1,297,796)
(21,414)
Financing activities
Repayment of bank loans
(1,992,313)
(1,608,252)
Payment of finance leases obligations
(1,979)
(39,350)
Dividends paid to equity shareholders
(150,000)
-
0
Net cash used in financing activities
(2,144,292)
(1,647,602)
Net decrease in cash and cash equivalents
(2,000,863)
(326,737)
Cash and cash equivalents at beginning of year
2,271,573
2,604,943
Effect of foreign exchange rates
5,393
(6,633)
Cash and cash equivalents at end of year
276,103
2,271,573
Relating to:
Cash at bank and in hand
301,108
2,297,063
Bank overdrafts included in creditors payable within one year
(25,005)
(25,490)
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Datateam Media and Communications Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 15a London Road, Maidstone, Kent, ME16 8LY.

 

The group consists of Datateam Media and Communications Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Datateam Media and Communications Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before revenue is recognised:

 

Revenue in respect of events and associated ancillary services is recognised in full when the event is held.

 

Revenue in respect of contracts for advertisements in the Group's publications is recognised across the period of the contract in line with the issue of each publication.

 

Revenue in respect of online advertisements is recognised on a straight line basis over the period that the advertisement is publicly displayed.

 

Revenue in respect of exhibition space and advertising is recognised across the period of the contract in line with the number of events that have taken place.

 

Revenue in respect of book and journal sales is recognised when the product is provided to the customer, which in most cases is at the point of sale.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software
25% straight line
Publishing titles
25 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
Straight line over the term of the lease
Plant and equipment
15% to 25% reducing balance
Fixtures and fittings
15% to 25% reducing balance
Computers
33% reducing balance
Motor vehicles
20% to 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

These group and company financial statements for the year ended 31 December 2023 are the first financial statements of Datateam Media and Communications Group Limited and the group prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements for the preceding period were prepared in accordance with previous UK GAAP. The date of transition to FRS 102 was 1 January 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of freehold, long-term leasehold and investment property

The valuations are determined by the director on an open market value for existing use, these take into account the most recent externally provided valuations by qualified individuals.

Useful economic life and residual value of intangible fixed assets

The company makes estimates as to the useful economic life of asserts and their residual value to determine the amortisation charge. This is based on knowledge of historic performance and the industry.

Impairment of goodwill and publishing titles

Impairment is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Impairment loss has been reviewed after considering the carrying value and the future economic inflow of the publishing titles.

Deferred costs

The Company makes estimates as to the amount of time employees spend on the future events and publications and recognise a prepayment based on these assessed employee costs.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Advertising
8,255,884
7,109,567
Events
3,799,003
4,335,807
Books and journals
1,261,304
1,020,019
13,316,191
12,465,393
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,054,887
11,445,374
Rest of Europe
1,261,304
1,020,019
13,316,191
12,465,393
2023
2022
£
£
Other revenue
Interest income
338
-
Royalty income
-
24,246
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
1,956
9,247
Depreciation of owned tangible fixed assets
72,415
84,619
Loss on disposal of tangible fixed assets
19,258
5,834
Amortisation of intangible assets
473,092
471,975
Operating lease charges
150,603
152,645
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
32,500
41,500
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office and management
22
17
1
1
Direct labour
87
97
-
-
Total
109
114
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,605,068
3,445,740
-
0
-
0
Social security costs
333,915
323,837
-
-
Pension costs
81,978
70,874
-
0
-
0
4,020,961
3,840,451
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
338
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
112,911
156,023
Interest payable to group undertakings
419
-
0
Other interest on financial liabilities
5,261
33,817
Interest on finance leases and hire purchase contracts
979
9,599
Other interest
28,423
12,600
Total finance costs
147,993
212,039
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
436,036
427,876
Adjustments in respect of prior periods
(36,565)
(57,364)
Total current tax
399,471
370,512
Deferred tax
Origination and reversal of timing differences
(53,559)
(72,661)
Adjustment in respect of prior periods
-
0
1,129
Total deferred tax
(53,559)
(71,532)
Total tax charge
345,912
298,980

Changes in tax rate

 

Changes to the UK corporation tax rates were substantively enacted as part of the Finance Act 2021.

These include an increase in the corporation tax rate from 19% to 25% with effect from 1 April 2023.

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and

reflected in these financial statements.

 

For the financial year ended 31 December 2023, the current weighted average tax rate was 23.52%.

 

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,482,369
1,821,014
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
370,592
345,993
Tax effect of expenses that are not deductible in determining taxable profit
22,058
6,390
Adjustments in respect of prior years
(36,565)
(15,779)
Effect of change in corporation tax rate
(27,634)
-
Permanent capital allowances in excess of depreciation
8,862
(2,471)
Amortisation on assets not qualifying for tax allowances
49,645
23,152
Deferred tax adjustments in respect of prior years
-
0
(92,500)
Deferred tax
(53,559)
51,503
Change in tax rates in relation to deferred tax
-
0
(17,308)
Effect of mid-year aquisitions
12,513
-
0
Taxation charge
345,912
298,980
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
150,000
-
11
Intangible fixed assets
Group
Goodwill
Computer software
Publishing titles
Total
£
£
£
£
Cost
At 1 January 2023
1,883,484
-
0
7,030,862
8,914,346
Additions
379,785
7,254
525,000
912,039
At 31 December 2023
2,263,269
7,254
7,555,862
9,826,385
Amortisation and impairment
At 1 January 2023
1,606,057
-
0
4,357,988
5,964,045
Amortisation charged for the year
174,829
1,734
296,529
473,092
At 31 December 2023
1,780,886
1,734
4,654,517
6,437,137
Carrying amount
At 31 December 2023
482,383
5,520
2,901,345
3,389,248
At 31 December 2022
277,427
-
0
2,672,874
2,950,301
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
1,739,722
520,014
998,384
1,081,688
579,703
310,735
5,230,246
Additions
-
0
-
0
2,273
35,556
6,264
9,280
53,373
Disposals
-
0
-
0
(888,473)
(466,581)
(438,030)
(219,691)
(2,012,775)
At 31 December 2023
1,739,722
520,014
112,184
650,663
147,937
100,324
3,270,844
Depreciation and impairment
At 1 January 2023
77,942
26,755
952,851
983,828
533,581
276,619
2,851,576
Depreciation charged in the year
13,918
3,562
8,522
17,567
16,660
12,186
72,415
Eliminated in respect of disposals
-
0
-
0
(878,979)
(456,817)
(438,030)
(219,691)
(1,993,517)
At 31 December 2023
91,860
30,317
82,394
544,578
112,211
69,114
930,474
Carrying amount
At 31 December 2023
1,647,862
489,697
29,790
106,085
35,726
31,210
2,340,370
At 31 December 2022
1,661,780
493,259
47,395
96,513
46,122
34,116
2,379,185
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
7,791
12,373
-
0
-
0

The freehold and long-term leasehold property includes land and buildings valued by independent valuers Vail Williams LLP, use the open market value basis in 2020.

 

The directors make an annual assessment on the carrying amount of the freehold and long-term leasehold property and consider that the carrying amount does not materially differ from its fair value.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£
Group
Cost
782,195
782,195
Accumulated depreciation
(460,908)
(445,264)
Carrying value
321,287
336,931
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
2,048,514
-

The valuations as at the 31 December 2023 were made by the director, on an open market value for existing use basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Cost
1,844,202
1,844,202
-
-
Accumulated depreciation
-
-
-
-
Carrying amount
1,844,202
1,844,202
-
-
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,068,051
2,068,051
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,068,051
Carrying amount
At 31 December 2023
2,068,051
At 31 December 2022
2,068,051
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Datateam Business Media Limited
1
Ordinary
100.00
-
PM Group Worldwide Limited
1
Ordinary
100.00
-
Hayward Group Limited
1
Ordinary
100.00
-
Content Media Services Limited
1
Ordinary
100.00
-
Biz Media Limited
1
Ordinary
-
100.00
Wisepress Limited
1
Ordinary
-
100.00
Wisepress BV
2
Ordinary
-
100.00
Samedan Limited
1
Ordinary
-
100.00
Pinede Publishing Limited
1
Ordinary
-
100.00
Kennedys Publications Limited
1
Ordinary
-
100.00
Air Transport Publications Limited
1
Ordinary
-
100.00
Hayward Medical Communications Limited
1
Ordinary
-
100.00
FT Investors Limited
1
Orindary
-
100.00
Waverley Publications Limited
1
Ordinary
-
100.00
Sign Update Limited
1
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
15a London Road, Maidstone, England, ME16 8LY
2
Oostlaan 1B, 8850 Ardooie, Belgium

All subsidiaries have been included in the consolidation.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 29 -

A guarantee has been given to the subsidiaries listed below, which are included within the consolidated figures but are exempt from the requirement relating to the audit of the individual accounts under section 479A of the Companies Act 2006.

 

16
Business combinations

During the year the following acquisitions were made, within the group.

 

 

 

 

 

 

 

 

 

FT Investors Limited

Waverley Publications Limited

Sign Update Limited

 

 

 

 

 

 

Acquisition date

 

01 August 2023

21 November 2023

30 November 2023

 

 

 

 

 

 

% voting capital

 

100%

100%

100%

 

 

 

 

 

 

Consideration paid (fully in cash)

360,000

129,000

63,828

 

 

 

 

 

 

Amounts recognised at the acquisition date

 

 

- assets

 

 

305,717

26,068

18,978

- liabilities

 

150,433

29,994

2,617

 

 

 

 

 

 

Amounts recognised in the Profit and Loss

 

 

- turnover

 

-

390

6,349

- loss

 

 

(78)

(51,988)

(13,044)

17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
79,929
89,243
-
0
-
0
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,077,815
2,477,873
-
0
-
0
Amounts owed by companies under common control
-
387,203
-
-
Other debtors
792,749
148,053
404,394
-
0
Prepayments and accrued income
1,592,896
1,255,797
-
0
-
0
5,463,460
4,268,926
404,394
-
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
251,321
564,949
-
0
-
0
Obligations under finance leases
22
15,921
16,993
-
0
-
0
Trade creditors
902,218
877,137
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,542,465
2,018,981
Corporation tax payable
467,176
885,272
-
0
-
0
Other taxation and social security
175,289
219,188
-
-
Deferred income
24
1,958,828
1,310,803
-
0
-
0
Other creditors
532,327
199,994
100
27,190
Accruals
174,823
206,072
-
0
-
0
4,477,903
4,280,408
1,542,565
2,046,171
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
339,477
2,018,647
-
0
-
0
Obligations under finance leases
22
-
0
1,423
-
0
-
0
Other creditors
120,000
-
0
-
0
-
0
459,477
2,020,070
-
-
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
565,793
2,558,106
-
0
-
0
Bank overdrafts
25,005
25,490
-
0
-
0
590,798
2,583,596
-
-
Payable within one year
251,321
564,949
-
0
-
0
Payable after one year
339,477
2,018,647
-
0
-
0

The bank loans and overdrafts are secured by a fixed and floating charge over the current and future assets of the Group and first legal mortgages over its freehold properties.

 

Liabilities in respect of hire purchase contracts are secured on the assets to which they relate.

 

 

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
15,921
16,993
-
0
-
0
In two to five years
-
0
1,423
-
0
-
0
15,921
18,416
-
-

Finance lease payments represent rentals payable by the company or group for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
7,181
10,502
Investments
(9,688)
(4,198)
Capital gains
289,348
319,892
286,841
326,196
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
326,196
-
Credit to profit or loss
(39,355)
-
Liability at 31 December 2023
286,841
-
24
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
1,958,828
1,310,803
-
-
25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,978
70,874

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,796,800
1,796,800
17,968
17,968
27
Reserves
Share premium

The share premium reserve comprises the excess amount paid for the Group's share capital above the par value of the shares.

Revaluation reserve

The revaluation reserve comprises the change in valuation of freehold and long-term leasehold property net of any deferred taxation on those changes in valuation.

Foreign exchange reserve

The foreign exchange reserve comprises the cumulative value of foreign exchange differences arising on the translation of results of foreign subsidiaries to the Group's presentational currency.

28
Financial commitments, guarantees and contingent liabilities

The company has provided security to Coutts & Co. in the form of a composite cross guarantee in respect of group facilities provided to the group as a whole. At the year end the loan outstanding to Coutts & Co. totalled £565,790 (2022: £2,558,106).

29
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
31,073
68,274
-
-
Between two and five years
35,772
52,500
-
-
66,845
120,774
-
-
30
Events after the reporting date

On the 1st October 2024 the subsidiary undertaking Content Media Services Limited acquired the trade and assets from Zinc Communicate Productions Limited for £100,000.

DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
31
Related party transactions

Mr P Kayani, a director of the Company, has provided a personal guarantee limited to £2m in favour of the Company, its fellow trading subsidiaries and the parent company, as security for group facilities made available by Coutts & Co.

 

As at 31 December 2023 the group was owed £70,000 (2022: £70,000) by a company under common control. This loan is interest free and repayable on demand.

 

As at 31 December 2023 the company was owed £332,722 (2022: Nil) by the director, this was repaid within nine months of the balance sheet date.

32
Controlling party

The ultimate controlling party is Mr P Kayani by virtue of his controlling interest.

33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,136,456
1,522,034
Adjustments for:
Taxation charged
345,912
298,980
Finance costs
147,993
212,039
Investment income
(338)
-
0
Loss on disposal of tangible fixed assets
19,258
5,834
Amortisation and impairment of intangible assets
473,092
471,975
Depreciation and impairment of tangible fixed assets
72,415
84,619
Movements in working capital:
Decrease/(increase) in stocks
9,314
(15,845)
Increase in debtors
(861,812)
(171,051)
Increase/(decrease) in creditors
402,266
(881,530)
Increase in deferred income
648,025
-
Cash generated from operations
2,392,581
1,527,055
DATATEAM MEDIA AND COMMUNICATIONS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
34
Analysis of changes in net debt - group
1 January 2023
Cash flows
Other non-cash changes
Exchange rate movements
31 December 2023
£
£
£
£
£
Cash at bank and in hand
2,297,063
(2,001,348)
-
5,393
301,108
Bank overdrafts
(25,490)
485
-
-
(25,005)
2,271,573
(2,000,863)
-
5,393
276,103
Borrowings excluding overdrafts
(2,558,106)
1,992,313
-
-
(565,793)
Obligations under finance leases
(18,416)
1,979
516
-
(15,921)
(304,949)
(6,571)
516
5,393
(305,611)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr P KayaniMr J Robinsfalsefalse02508368bus:Consolidated2023-01-012023-12-31025083682023-01-012023-12-3102508368bus:Director12023-01-012023-12-3102508368bus:CompanySecretary12023-01-012023-12-3102508368bus:RegisteredOffice2023-01-012023-12-31025083682023-12-3102508368bus:Consolidated2022-01-012022-12-31025083682022-01-012022-12-3102508368core:ForeignCurrencyTranslationReservebus:Consolidated2023-01-012023-12-3102508368core:ForeignCurrencyTranslationReservebus:Consolidated2022-01-012022-12-3102508368core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3102508368core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3102508368bus:Consolidated2023-12-3102508368core:Goodwillbus:Consolidated2023-12-3102508368core:Goodwillbus:Consolidated2022-12-3102508368core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3102508368core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3102508368core:ComputerSoftwarebus:Consolidated2023-12-3102508368core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3102508368core:ComputerSoftwarebus:Consolidated2022-12-3102508368core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3102508368bus:Consolidated2022-12-3102508368core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3102508368core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3102508368core:PlantMachinerybus:Consolidated2023-12-3102508368core:FurnitureFittingsbus:Consolidated2023-12-3102508368core:ComputerEquipmentbus:Consolidated2023-12-3102508368core:MotorVehiclesbus:Consolidated2023-12-3102508368core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3102508368core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3102508368core:PlantMachinerybus:Consolidated2022-12-3102508368core:FurnitureFittingsbus:Consolidated2022-12-3102508368core:ComputerEquipmentbus:Consolidated2022-12-3102508368core:MotorVehiclesbus:Consolidated2022-12-3102508368core:ShareCapitalbus:Consolidated2023-12-3102508368core:ShareCapitalbus:Consolidated2022-12-3102508368core:SharePremiumbus:Consolidated2023-12-3102508368core:SharePremiumbus:Consolidated2022-12-3102508368core:RevaluationReservebus:Consolidated2023-12-3102508368core:RevaluationReservebus:Consolidated2022-12-3102508368core:OtherMiscellaneousReservebus:Consolidated2023-12-3102508368core:OtherMiscellaneousReservebus:Consolidated2022-12-3102508368core:ShareCapital2023-12-3102508368core:ShareCapital2022-12-3102508368core:SharePremium2023-12-3102508368core:SharePremium2022-12-3102508368core:RetainedEarningsAccumulatedLosses2023-12-3102508368core:ShareCapitalbus:Consolidated2021-12-3102508368core:SharePremiumbus:Consolidated2021-12-3102508368core:ForeignCurrencyTranslationReservebus:Consolidated2021-12-31025083682021-12-3102508368core:ForeignCurrencyTranslationReservebus:Consolidated2022-12-3102508368core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3102508368core:ForeignCurrencyTranslationReservebus:Consolidated2023-12-3102508368core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3102508368core:ShareCapital2021-12-3102508368core:SharePremium2021-12-3102508368core:RetainedEarningsAccumulatedLosses2021-12-3102508368core:RetainedEarningsAccumulatedLosses2022-12-31025083682022-12-3102508368bus:Consolidated2021-12-3102508368core:Goodwill2023-01-012023-12-3102508368core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102508368core:ComputerSoftware2023-01-012023-12-3102508368core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102508368core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3102508368core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3102508368core:PlantMachinery2023-01-012023-12-3102508368core:FurnitureFittings2023-01-012023-12-3102508368core:ComputerEquipment2023-01-012023-12-3102508368core:MotorVehicles2023-01-012023-12-3102508368core:UKTaxbus:Consolidated2023-01-012023-12-3102508368core:UKTaxbus:Consolidated2022-01-012022-12-3102508368bus:Consolidated12023-01-012023-12-3102508368bus:Consolidated12022-01-012022-12-3102508368bus:Consolidated22023-01-012023-12-3102508368bus:Consolidated22022-01-012022-12-3102508368bus:Consolidated32023-01-012023-12-3102508368bus:Consolidated32022-01-012022-12-3102508368bus:Consolidated42023-01-012023-12-3102508368bus:Consolidated42022-01-012022-12-3102508368core:Goodwillbus:Consolidated2022-12-3102508368core:ComputerSoftwarebus:Consolidated2022-12-3102508368core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3102508368bus:Consolidated2022-12-3102508368core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3102508368core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3102508368core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3102508368core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3102508368core:Goodwillbus:Consolidated2023-01-012023-12-3102508368core:ComputerSoftwarebus:Consolidated2023-01-012023-12-3102508368core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3102508368core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3102508368core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3102508368core:PlantMachinerybus:Consolidated2022-12-3102508368core:FurnitureFittingsbus:Consolidated2022-12-3102508368core:ComputerEquipmentbus:Consolidated2022-12-3102508368core:MotorVehiclesbus:Consolidated2022-12-3102508368core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3102508368core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-01-012023-12-3102508368core:PlantMachinerybus:Consolidated2023-01-012023-12-3102508368core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3102508368core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3102508368core:MotorVehiclesbus:Consolidated2023-01-012023-12-3102508368core:MotorVehicles2023-12-3102508368core:MotorVehicles2022-12-3102508368core:CurrentFinancialInstruments2023-12-3102508368core:CurrentFinancialInstruments2022-12-3102508368core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3102508368core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3102508368core:WithinOneYearbus:Consolidated2023-12-3102508368core:WithinOneYearbus:Consolidated2022-12-3102508368core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102508368core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3102508368core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3102508368core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3102508368core:Non-currentFinancialInstruments2023-12-3102508368core:Non-currentFinancialInstruments2022-12-3102508368core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3102508368core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12022-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYear22023-12-3102508368core:Non-currentFinancialInstrumentscore:AfterOneYear22022-12-3102508368core:WithinOneYear2023-12-3102508368core:WithinOneYear2022-12-3102508368core:BetweenTwoFiveYearsbus:Consolidated2023-12-3102508368core:BetweenTwoFiveYearsbus:Consolidated2022-12-3102508368core:BetweenTwoFiveYears2023-12-3102508368core:BetweenTwoFiveYears2022-12-3102508368bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102508368bus:FRS1022023-01-012023-12-3102508368bus:Audited2023-01-012023-12-3102508368bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3102508368bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP