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Registration number: 13400821

Hi Impact Media Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Hi Impact Media Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Hi Impact Media Ltd

Company Information

Directors

Mr Andrew Cryan

Mr Maxwell McGill

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Jon Huntley - AIMS accountants for Business
Certified
61 Brancaster Lane
Purley
Surrey
CR8 1HL

 

Hi Impact Media Ltd

(Registration number: 13400821)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,064

18,136

Tangible assets

5

1,234,378

334,591

Investments

6

446,100

-

 

1,689,542

352,727

Current assets

 

Debtors

7

753,338

431,504

Cash at bank and in hand

 

111,591

329,368

 

864,929

760,872

Creditors: Amounts falling due within one year

8

(341,786)

(302,619)

Net current assets

 

523,143

458,253

Total assets less current liabilities

 

2,212,685

810,980

Creditors: Amounts falling due after more than one year

8

(829,172)

(241,767)

Provisions for liabilities

(27,649)

(63,572)

Net assets

 

1,355,864

505,641

Capital and reserves

 

Called up share capital

9

101

101

Retained earnings

1,355,763

505,540

Shareholders' funds

 

1,355,864

505,641

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Hi Impact Media Ltd

(Registration number: 13400821)
Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 4 March 2025 and signed on its behalf by:
 

.........................................
Mr Andrew Cryan
Director

.........................................
Mr Maxwell McGill
Director

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the Board on 4 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

Computer Equipment

25% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% Straight Line method

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 5).

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

36,270

36,270

At 31 May 2024

36,270

36,270

Amortisation

At 1 June 2023

18,134

18,134

Amortisation charge

9,072

9,072

At 31 May 2024

27,206

27,206

Carrying amount

At 31 May 2024

9,064

9,064

At 31 May 2023

18,136

18,136

The aggregate amount of research and development expenditure recognised as an expense during the period is £64 (2023 - £166).
 

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

464,465

-

464,465

Additions

3,379

1,168,945

1,172,324

At 31 May 2024

467,844

1,168,945

1,636,789

Depreciation

At 1 June 2023

129,874

-

129,874

Charge for the year

75,138

197,399

272,537

At 31 May 2024

205,012

197,399

402,411

Carrying amount

At 31 May 2024

262,832

971,546

1,234,378

At 31 May 2023

334,591

-

334,591

6

Investments

2024
£

2023
£

Investments in subsidiaries

446,100

-

Subsidiaries

£

Cost or valuation

At 1 June 2023

446,100

Provision

Carrying amount

At 31 May 2024

446,100

7

Debtors

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Current

Note

2024
£

2023
£

Trade debtors

 

439,760

65,476

Amounts owed by related parties

12

279,941

30,646

Prepayments

 

22,453

11,968

Other debtors

 

11,184

323,414

   

753,338

431,504

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

288

Trade creditors

 

141,614

75,672

Taxation and social security

 

47,260

122,726

Accruals and deferred income

 

142,687

103,498

Other creditors

 

10,225

435

 

341,786

302,619

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

829,172

241,767

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.00 each

1,000,000

100

1,000,000

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

750,000

-

Other borrowings

79,172

241,767

829,172

241,767

Current loans and borrowings

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Bank overdrafts

-

288

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £0.30 (2023 - £0.40) per each Ordinary

300,000

398,763

 

 

12

Related party transactions

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr Andrew Cryan

Directors Loan Account

116,689

162,000

(239,102)

39,587

Mr Maxwell McGill

Directors Loan Account

125,078

167,817

(253,309)

39,586

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Andrew Cryan

Directors Loan Account

44,857

(166,503)

238,335

116,689

Mr Maxwell McGill

Directors Loan Account

77,364

(209,584)

257,298

125,078

 

Hi Impact Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,000

24,000

Summary of transactions with subsidiaries

Dubai trading entity
 Hi Impact media Ltd has incurred recoverable costs on behalf of the Dubai based entity in it's delivery of COP28.
 

Income and receivables from related parties

2024

Subsidiary
£

Amounts receivable from related party

279,941

2023

Subsidiary
£

Amounts receivable from related party

30,645