Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01The principal activity of the company continued to be that of administration of TV rights.88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09902388 2023-04-01 2024-03-31 09902388 2022-01-01 2023-03-31 09902388 2024-03-31 09902388 2023-03-31 09902388 c:Director1 2023-04-01 2024-03-31 09902388 d:FurnitureFittings 2023-04-01 2024-03-31 09902388 d:FurnitureFittings 2024-03-31 09902388 d:FurnitureFittings 2023-03-31 09902388 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09902388 d:ComputerEquipment 2023-04-01 2024-03-31 09902388 d:ComputerEquipment 2024-03-31 09902388 d:ComputerEquipment 2023-03-31 09902388 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09902388 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09902388 d:OtherPropertyPlantEquipment 2024-03-31 09902388 d:OtherPropertyPlantEquipment 2023-03-31 09902388 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09902388 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09902388 d:ComputerSoftware 2024-03-31 09902388 d:ComputerSoftware 2023-03-31 09902388 d:CurrentFinancialInstruments 2024-03-31 09902388 d:CurrentFinancialInstruments 2023-03-31 09902388 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09902388 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09902388 d:ShareCapital 2024-03-31 09902388 d:ShareCapital 2023-03-31 09902388 d:RetainedEarningsAccumulatedLosses 2024-03-31 09902388 d:RetainedEarningsAccumulatedLosses 2023-03-31 09902388 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09902388 c:OrdinaryShareClass1 2024-03-31 09902388 c:OrdinaryShareClass1 2023-03-31 09902388 c:FRS102 2023-04-01 2024-03-31 09902388 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09902388 c:FullAccounts 2023-04-01 2024-03-31 09902388 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09902388 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 09902388 2 2023-04-01 2024-03-31 09902388 6 2023-04-01 2024-03-31 09902388 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09902388 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09902388 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 09902388 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 09902388 d:RetirementBenefitObligationsDeferredTax 2024-03-31 09902388 d:RetirementBenefitObligationsDeferredTax 2023-03-31 09902388 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09902388 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09902388














560 MEDIA RIGHTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
560 MEDIA RIGHTS LIMITED
REGISTERED NUMBER:09902388

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,917
-

Tangible assets
 5 
87,642
44,877

Investments
 6 
57
57

  
92,616
44,934

Current assets
  

Debtors: amounts falling due within one year
 7 
1,133,446
594,462

Cash at bank and in hand
 8 
3,713,880
3,314,864

  
4,847,326
3,909,326

Creditors: amounts falling due within one year
 9 
(4,230,268)
(2,834,077)

Net current assets
  
 
 
617,058
 
 
1,075,249

Total assets less current liabilities
  
709,674
1,120,183

Provisions for liabilities
  

Deferred tax
 10 
(16,534)
-

  
 
 
(16,534)
 
 
-

Net assets
  
693,140
1,120,183


Capital and reserves
  

Called up share capital 
 11 
40
40

Profit and loss account
  
693,100
1,120,143

  
693,140
1,120,183


Page 1

 
560 MEDIA RIGHTS LIMITED
REGISTERED NUMBER:09902388
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the director and were signed on its behalf on 24 January 2025.




J V P O'Sullivan
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

560 Media Rights Limited is a private company, limited by shares, registered in England and Wales, registration number 09902388. The registered office address is 28-29 Great Sutton Street, London, EC1V 0DS.
The principal activity of the company continued to be that of administration of TV rights.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

 
2.2

 Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from administration of TV rights is recognised when it is probable the company will receive the rights to the consideration due under the contract.

Royalties receivable are recognised in the accounting year in which it was received.

  
2.4

Royalties payable

Royalties payable are calculated by reference to statements of account used for determining royalties receivable.

Page 3

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight-line
Computer equipment
-
25%
straight-line
Software
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

 
2.15

 Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, loans with related parties and investments in ordinary shares.

 
2.16

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including the director, during the year was 8 (2023 - 8).


4.


Intangible assets




Computer software

£



Cost


Additions
5,883



At 31 March 2024

5,883



Amortisation


Charge for the year
966



At 31 March 2024

966



Net book value



At 31 March 2024
4,917



At 31 March 2023
-



Page 6

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Software
Total

£
£
£
£



Cost


At 1 April 2023
66,680
21,561
78,250
166,491


Additions
64,664
8,488
-
73,152


Disposals
(7,474)
(3,343)
-
(10,817)



At 31 March 2024

123,870
26,706
78,250
228,826



Depreciation


At 1 April 2023
30,805
13,410
77,399
121,614


Charge for the year
23,992
5,544
851
30,387


Disposals
(7,474)
(3,343)
-
(10,817)



At 31 March 2024

47,323
15,611
78,250
141,184



Net book value



At 31 March 2024
76,547
11,095
-
87,642



At 31 March 2023
35,875
8,151
851
44,877


6.


Fixed asset investments





Investments in a subsidiary company

£



Cost


At 1 April 2023
57



At 31 March 2024
57




Page 7

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
8,615
-

Amounts owed by group undertakings
194,799
162,626

Other debtors
799,295
352,633

Prepayments and accrued income
130,737
73,484

Deferred taxation
-
5,719

1,133,446
594,462



8.


Cash

2024
2023
£
£

Cash at bank and in hand
3,713,880
3,314,864



9.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
1,759,564
793,233

Corporation tax
71,467
-

Other taxation and social security
-
22,061

Other creditors
2,381,773
2,009,447

Accruals and deferred income
17,464
9,336

4,230,268
2,834,077


Page 8

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024


£






At beginning of year
(5,719)


Charged to profit or loss
22,253



At end of year
16,534

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed assets timing differences
16,671
(6,845)

Tax losses carried forward
-
678

Short term timing differences
(137)
448

16,534
(5,719)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40 (2023 - 40) Ordinary shares of £1.00 each
40
40



12.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted £80,180 (2023 - £111,502). Included in other creditors at the period end there is an amount payable of £1,083 (2023 - £1,794).


13.


Commitments under operating leases

At 31 March 2024, the company had future minimum lease payments due under non-cancellable operating leases of £225,120  (2023 - £7,497).


14.


Transactions with the director

At the year end, the company owed £NIL (2023 - £21,492) to the director. This loan is unsecured, interest free and repayable on demand. 

Page 9

 
560 MEDIA RIGHTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.
 
Page 10