Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC332881 2023-01-01 2023-12-31 OC332881 2022-01-01 2022-12-31 OC332881 2023-12-31 OC332881 2022-12-31 OC332881 c:PlantMachinery 2023-01-01 2023-12-31 OC332881 c:PlantMachinery 2023-12-31 OC332881 c:PlantMachinery 2022-12-31 OC332881 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 OC332881 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 OC332881 c:CurrentFinancialInstruments 2023-12-31 OC332881 c:CurrentFinancialInstruments 2022-12-31 OC332881 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC332881 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC332881 d:FRS102 2023-01-01 2023-12-31 OC332881 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC332881 d:FullAccounts 2023-01-01 2023-12-31 OC332881 d:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC332881 2 2023-01-01 2023-12-31 OC332881 6 2023-01-01 2023-12-31 OC332881 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-01-01 2023-12-31 OC332881 d:PartnerLLP1 2023-01-01 2023-12-31 OC332881 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC332881 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC332881 e:Euro 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC332881










Media Circle LLP








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Media Circle LLP
 
  
Chartered accountants' report to the members on the preparation of the unaudited statutory financial statements of Media Circle LLP for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), we have prepared for your approval the financial statements of Media Circle LLP for the year ended 31 December 2023 which comprise  the Balance sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the members in accordance with the terms of our engagement letter dated 5 August 2024Our work has been undertaken solely to prepare for your approval the financial statements of Media Circle LLP and state those matters that we have agreed to state to the Media Circle LLP's members in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Media Circle LLP and its members for our work or for this report. 

It is your duty to ensure that Media Circle LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Media Circle LLP. You consider that Media Circle LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Media Circle LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Canterbury
29 January 2025
Page 1

 
Media Circle LLP
Registered number: OC332881

Balance sheet
As at 31 December 2023

2023
2022
Note

Fixed assets
  

Intangible fixed assets
 4 
1,072
1,608

Tangible fixed assets
 5 
-
-

Investments
 6 
169,631
404,314

  
170,703
405,922

Current assets
  

Debtors: amounts falling due within one year
 7 
129,733
111,465

Cash at bank and in hand
  
32,561
56,722

  
162,294
168,187

Creditors: Amounts Falling Due Within One Year
 8 
(139,475)
(115,111)

Net current assets
  
 
 
22,819
 
 
53,076

Total assets less current liabilities
  
193,522
458,998

  

Net assets
  
193,522
458,998


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
193,522
458,998

  
 
193,522
 
458,998

  
193,522
458,998


Total members' interests
  

Members' other interests
  
193,522
458,998

  
193,522
458,998


Page 2

 
Media Circle LLP
Registered number: OC332881

Balance sheet (continued)
As at 31 December 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 January 2025.




Dstream Holdings Ltd
Designated member

The notes on pages 5 to 10 form part of these financial statements.

Media Circle LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 
Media Circle LLP
 

Reconciliation of members' interests
For the year ended 31 December 2023





EQUITY
Members' other interests
Members' capital (classified as equity)
Other reserves
Total


Profit for the year available for discretionary division among members
 
-
17,193
17,193

Members' interests after profit for the year
-
17,193
17,193

Other division of profits
17,193
(17,193)
-

Repayment of capital
441,805
-
441,805

Balance at 31 December 2022
458,998
-
458,998

Loss for the year available for discretionary division among members
 
-
(465,476)
(465,476)

Members' interests after profit for the year
458,998
(465,476)
(6,478)

Other division of losses
(465,476)
465,476
-

Amounts introduced by members
200,000
-
200,000

Balance at 31 December 2023 
193,522
-
193,522

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 
Media Circle LLP
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Media Circle LLP is a Limited Liability Partnership formed in England, with the registered number OC332881. The resistered office is 167 169 Great Portland Street, 5th Floor, London, England, W1W 5PF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is Euros.

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 period 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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
Media Circle LLP
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 6

 
Media Circle LLP
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.8

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.

 
2.9

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:

Plant and machinery
-
25%

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.

Page 7

 
Media Circle LLP
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 8

 
Media Circle LLP
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Intangible assets




Website costs




Cost


At 1 January 2023
5,360



At 31 December 2023

5,360



Amortisation


At 1 January 2023
3,752


Charge for the year on owned assets
536



At 31 December 2023

4,288



Net book value



At 31 December 2023
1,072



At 31 December 2022
1,608




5.


Tangible fixed assets





Plant and machinery




Cost or valuation


At 1 January 2023
34,880



At 31 December 2023

34,880



Depreciation


At 1 January 2023
34,880



At 31 December 2023

34,880



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 9

 
Media Circle LLP
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Fixed asset investments





Listed investments




Cost or valuation


At 1 January 2023
404,314


Additions
210,099


Disposals
(378,251)


Revaluations
(66,531)



At 31 December 2023
169,631





7.


Debtors

2023
2022


Trade debtors
125,161
108,320

Other debtors
4,572
3,145

129,733
111,465



8.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
134,055
115,111

Other taxation and social security
3,120
-

Accruals and deferred income
2,300
-

139,475
115,111



9.


Controlling party

The limited partnership is controlled by the designated members.


Page 10