Company No:
Contents
DIRECTORS | Alsayedshehab Alsayedahmed Alsayedismail Alhashmi |
Martin Laurence Newland (Appointed 04 March 2024) |
REGISTERED OFFICE | Holborn Gate Suite 507-8 |
330 High Holborn | |
London | |
WC1V 7QH | |
United Kingdom |
COMPANY NUMBER | 13633465 (England and Wales) |
AUDITOR | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 31.12.2023 | 31.12.2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
|
|
|
Tangible assets | 5 |
|
|
|
Investments | 6 |
|
|
|
51,416 | 47,814 | |||
Current assets | ||||
Debtors | 7 |
|
|
|
Cash at bank and in hand |
|
|
||
2,527,106 | 626,685 | |||
Creditors: amounts falling due within one year | 8 | (
|
(
|
|
Net current assets | 2,369,037 | 439,601 | ||
Total assets less current liabilities | 2,420,453 | 487,415 | ||
Creditors: amounts falling due after more than one year | 9 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 10 |
|
|
|
Other reserves |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Link Media Corporation Ltd (registered number:
Alsayedshehab Alsayedahmed Alsayedismail Alhashmi
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Link Media Corporation Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Holborn Gate Suite 507-8, 330 High Holborn, London, WC1V 7QH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £4,242,749. The Company is supported through loans from one director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that the director will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Other intangible assets |
|
Office equipment |
|
Computer equipment |
|
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 credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The comparative figures for the period to 31 December 2022 have been restated to reflect the following adjustments:
- The acquisition of Linkmedia FZ LLC on 16 November 2022; and
- Presentation of related party loan relationships at present value.
The balances restated at 31 December 2022 are as follows:
As previously reported | Adjustment | As restated | ||||
Year ended 31 December 2022 | £ | £ | £ | |||
Fixed asset investment | 0 | 11,453 | 11,453 | |||
Other creditors due after more than one year | (3,712,578) | 724,225 | (2,988,353) | |||
Other reserves | 0 | (735,678) | (735,678) |
Year ended 31.12.2023 |
Period from 21.09.2021 to 31.12.2022 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Accumulated amortisation | |||
At 01 January 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2023 |
|
|
|
Net book value | |||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2023 |
|
|
|
||
Additions |
|
|
|
||
At 31 December 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 January 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 December 2023 |
|
|
|
||
Net book value | |||||
At 31 December 2023 |
|
|
|
||
At 31 December 2022 |
|
|
|
Investments in subsidiaries
31.12.2023 | |
£ | |
Cost | |
At 01 January 2023 |
|
At 31 December 2023 |
|
Carrying value at 31 December 2023 |
|
Carrying value at 31 December 2022 |
|
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2023 |
Ownership 31.12.2022 |
Held |
|
Dubai Development Authority Free Zone, Dubai, United Arab Emirates | Media and publishing |
|
|
|
Direct |
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed to Parent undertakings |
|
|
|
Other creditors |
|
|
|
|
|
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
within one year |
|
|
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
|
|
The audit report was signed by Nikinder Baller on behalf of Praxis.
Parent Company:
|
Al Najda Street Clock tower Building Office No.201 Abu Dhabi U.A.E |