Company registration number 08862778 (England and Wales)
TRGT DIGITAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TRGT DIGITAL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
TRGT DIGITAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,905
846
Investments
4
612,488
339,726
614,393
340,572
Current assets
Debtors
6
1,446,959
816,818
Cash at bank and in hand
37,354
965,685
1,484,313
1,782,503
Creditors: amounts falling due within one year
7
(1,398,724)
(1,956,996)
Net current assets/(liabilities)
85,589
(174,493)
Net assets
699,982
166,079
Capital and reserves
Called up share capital
8
938
938
Share premium account
8,375
8,375
Profit and loss reserves
690,669
156,766
Total equity
699,982
166,079
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr J L Russell
Director
Company Registration No. 08862778
TRGT DIGITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
938
8,375
787,468
796,781
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
-
1,169,298
1,169,298
Dividends
-
-
(1,800,000)
(1,800,000)
Balance at 31 March 2023
938
8,375
156,766
166,079
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
533,903
533,903
Balance at 31 March 2024
938
8,375
690,669
699,982
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
TRGT Digital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Avalon, 26-32 Oxford Road, Bournemouth, Dorset, United Kingdom, BH8 8EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Sideshow Topco Limited. These consolidated financial statements are available from its registered office.
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern
The financial statements have been prepared on the going concern basis which the Directors believe is appropriate for the following reasons.true
The company is a subsidiary of Sideshow Topco Limited and has entered into guarantees in relation to group borrowings as detailed in the financial commitment note. In assessing the going concern status of the company the directors have therefore considered the position of the group on 31 March 2024 together with the group results post year and that budgeted for a period of 12 months from sign off of these accounts.
The Directors have therefore considered the group’s business activities, together with the factors likely to affect its future development, performance and position. The group meets its day-to-day working capital requirements through the management of its daily cashflows with the added security of having an undrawn RCF facility with an expiry date of April 2026. The current economic conditions create uncertainty particularly over (a) the level of demand for the company’s services; (b) the technology risk; and c) competition for staff.
The group’s forecasts and projections, which have been prepared based on expected levels of performance across the group, demonstrate that the group should be able to operate within the level of its current facility and to continue to meet its obligations under its borrowing agreements. The Directors feel that there is sufficient headroom within these facilities and expect any downturn in performance to be managed through close control of costs. The Directors will continue to maintain open and transparent communications with the bank about its performance and future borrowing needs and no matters have been drawn to its attention to suggest that continued bank support will not be forthcoming. The Directors also have the full support of its shareholders.
The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and to meet its liabilities as and when they fall due. In this regard the Directors of this company have received a letter of support from the group confirming this ongoing support for a period of 12 months from the signing of these accounts. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% per annum
Office equipment
25% per annum
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.
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, cash and bank balances and amounts owed by group undertakings, 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.
Classification of financial liabilities
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.
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and amounts owed to group companies, 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
21
22
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
13,217
Additions
1,942
At 31 March 2024
15,159
Depreciation and impairment
At 1 April 2023
12,371
Depreciation charged in the year
883
At 31 March 2024
13,254
Carrying amount
At 31 March 2024
1,905
At 31 March 2023
846
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
612,488
339,726
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
339,726
Valuation changes
272,762
At 31 March 2024
612,488
Carrying amount
At 31 March 2024
612,488
At 31 March 2023
339,726
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TRGT Digital India Private Limited
India
Ordinary
100.00
TRGT Marketing Digital Iberica SL
Spain
Ordinary
100.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
474,785
698,137
Amounts owed by group undertakings
915,006
99,412
Other debtors
57,168
19,269
1,446,959
816,818
TRGT DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,475
5,826
Amounts owed to group undertakings
1,625,031
262,591
Corporation tax
(468,305)
1,161,717
Other taxation and social security
142,135
200,352
Other creditors
72,388
326,510
1,398,724
1,956,996
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
10,000 Ordinary shares of 1p each
10,000
10,000
100
100
83,750 Growth shares of 1p each
83,750
83,750
838
838
93,750
93,750
938
938
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jon Noble
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities
The company, together with other group companies, has entered into fixed and floating charges over its property and undertakings relating to security over borrowings in another group company. At the year end the total of secured borrowings was £90,150,000 (2023 - £90,150,000)
11
Related party transactions
The company has taken advantage of the exemption available in FRS 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.