Silverfin false 29 January 2025 29 January 2025 Nikinder Baller Praxis 2,995,391 3,236,626 false true 31/12/2023 01/01/2023 31/12/2023 Alsayedshehab Alsayedahmed Alsayedismail Alhashmi 21/09/2021 Martin Laurence Newland 04/03/2024 29 January 2025 The principal activities of the Company during the financial year were online media and publishing. 13633465 2023-12-31 13633465 bus:Director1 2023-12-31 13633465 bus:Director2 2023-12-31 13633465 2022-12-31 13633465 core:CurrentFinancialInstruments 2023-12-31 13633465 core:CurrentFinancialInstruments 2022-12-31 13633465 core:Non-currentFinancialInstruments 2023-12-31 13633465 core:Non-currentFinancialInstruments 2022-12-31 13633465 core:ShareCapital 2023-12-31 13633465 core:ShareCapital 2022-12-31 13633465 core:OtherCapitalReserve 2023-12-31 13633465 core:OtherCapitalReserve 2022-12-31 13633465 core:RetainedEarningsAccumulatedLosses 2023-12-31 13633465 core:RetainedEarningsAccumulatedLosses 2022-12-31 13633465 core:OtherResidualIntangibleAssets 2022-12-31 13633465 core:OtherResidualIntangibleAssets 2023-12-31 13633465 core:OfficeEquipment 2022-12-31 13633465 core:ComputerEquipment 2022-12-31 13633465 core:OfficeEquipment 2023-12-31 13633465 core:ComputerEquipment 2023-12-31 13633465 core:CostValuation 2022-12-31 13633465 core:CostValuation 2023-12-31 13633465 core:ImmediateParent core:Non-currentFinancialInstruments 2023-12-31 13633465 core:ImmediateParent core:Non-currentFinancialInstruments 2022-12-31 13633465 bus:OrdinaryShareClass1 2023-12-31 13633465 2023-01-01 2023-12-31 13633465 bus:FilletedAccounts 2023-01-01 2023-12-31 13633465 bus:SmallEntities 2023-01-01 2023-12-31 13633465 bus:Audited 2023-01-01 2023-12-31 13633465 2021-09-21 2022-12-31 13633465 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13633465 bus:Director1 2023-01-01 2023-12-31 13633465 bus:Director2 2023-01-01 2023-12-31 13633465 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 13633465 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 13633465 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 13633465 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 13633465 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13633465 core:OfficeEquipment 2023-01-01 2023-12-31 13633465 core:ComputerEquipment 2023-01-01 2023-12-31 13633465 core:Subsidiary1 2023-01-01 2023-12-31 13633465 core:Subsidiary1 1 2023-01-01 2023-12-31 13633465 core:Subsidiary1 1 2021-09-21 2022-12-31 13633465 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13633465 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13633465 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13633465 bus:OrdinaryShareClass1 2021-09-21 2022-12-31 13633465 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 13633465 (England and Wales)

LINK MEDIA CORPORATION LTD

Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LINK MEDIA CORPORATION LTD

Financial Statements

For the financial year ended 31 December 2023

Contents

LINK MEDIA CORPORATION LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
LINK MEDIA CORPORATION LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
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
LINK MEDIA CORPORATION LTD

BALANCE SHEET

As at 31 December 2023
LINK MEDIA CORPORATION LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 19,281 21,572
Tangible assets 5 20,682 14,789
Investments 6 11,453 11,453
51,416 47,814
Current assets
Debtors 7 2,239,107 419,984
Cash at bank and in hand 287,999 206,701
2,527,106 626,685
Creditors: amounts falling due within one year 8 ( 158,069) ( 187,084)
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 ( 6,663,202) ( 2,988,353)
Net liabilities ( 4,242,749) ( 2,500,938)
Capital and reserves
Called-up share capital 10 10 10
Other reserves 1,854,782 735,678
Profit and loss account ( 6,097,541 ) ( 3,236,626 )
Total shareholder's deficit ( 4,242,749) ( 2,500,938)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

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: 13633465) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

Alsayedshehab Alsayedahmed Alsayedismail Alhashmi
Director
LINK MEDIA CORPORATION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LINK MEDIA CORPORATION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Turnover is stated net of VAT and relates to recharges to group companies for shared services, costs incurred on their behalf, or other intercompany transactions. Turnover is measured at the fair value of the consideration received or receivable.

Employee benefits

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

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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 instruments

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.

2. Prior year adjustment

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)

3. Employees

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 21 7

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 22,908 22,908
At 31 December 2023 22,908 22,908
Accumulated amortisation
At 01 January 2023 1,336 1,336
Charge for the financial year 2,291 2,291
At 31 December 2023 3,627 3,627
Net book value
At 31 December 2023 19,281 19,281
At 31 December 2022 21,572 21,572

5. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 January 2023 2,097 14,365 16,462
Additions 0 10,535 10,535
At 31 December 2023 2,097 24,900 26,997
Accumulated depreciation
At 01 January 2023 173 1,500 1,673
Charge for the financial year 419 4,223 4,642
At 31 December 2023 592 5,723 6,315
Net book value
At 31 December 2023 1,505 19,177 20,682
At 31 December 2022 1,924 12,865 14,789

6. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 January 2023 11,453
At 31 December 2023 11,453
Carrying value at 31 December 2023 11,453
Carrying value at 31 December 2022 11,453

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Held
LinkMedia FZ LLC Dubai Development Authority Free Zone, Dubai, United Arab Emirates Media and publishing Ordinary 100.00% 100.00% Direct

7. Debtors

31.12.2023 31.12.2022
£ £
Amounts owed by Group undertakings 2,142,302 313,550
Other debtors 96,805 106,434
2,239,107 419,984

Amounts owed from Group undertakings are repayable on demand and do not bear interest.

8. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 52,272 110,572
Other taxation and social security 55,156 33,033
Other creditors 50,641 43,479
158,069 187,084

There are no amounts included above in respect of which any security has been given by the small entity.

9. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Amounts owed to Parent undertakings 2,262,041 260,799
Other creditors 4,401,161 2,727,554
6,663,202 2,988,353

Amounts owed to Parent understanding relate to two interest-free loans to the Company totalling £2,262,041. Amounts disclosed as other creditors relate to two interest-free loans issued by one of the Directors totalling £4,401,161. The loans have been discounted using an effective rate of interest and shown at their present value in accordance with accounting standards. There is no amount included which any security has been given by the entity.

10. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.10 each 10 10

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2023 31.12.2022
£ £
within one year 73,968 59,454

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) 8,552 7,510

12. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

13. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Nikinder Baller on behalf of Praxis.

14. Ultimate controlling party

Parent Company:

Alnajma Holdings SP LLC
Al Najda Street
Clock tower Building Office No.201
Abu Dhabi
U.A.E