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Blend Media Limited

Registered Number
09874938
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Blend Media Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

COLLIER, Damian

Registered Address

35 Craigweil Avenue
Radlett
WD7 7ET

Registered Number

09874938 (England and Wales)
Blend Media Limited
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets44,1572,439
4,1572,439
Current assets
Debtors578,154255,016
Cash at bank and on hand363,361757,208
441,5151,012,224
Creditors amounts falling due within one year6(330,687)(776,241)
Net current assets (liabilities)110,828235,983
Total assets less current liabilities114,985238,422
Creditors amounts falling due after one year7(5,000)(15,000)
Net assets109,985223,422
Capital and reserves
Called up share capital33
Share premium4,788,5224,788,522
Other reserves59,43459,434
Profit and loss account(4,737,974)(4,624,537)
Shareholders' funds109,985223,422
The financial statements were approved and authorised for issue by the Director on 5 March 2025, and are signed on its behalf by:
COLLIER, Damian
Director
Registered Company No. 09874938
Blend Media Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
Blend Media Limited (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 35 Craigweil Avenue, Radlett, WD7 7ET, United Kingdom. The financial statements have been prepared under the historical cost convention and in accordance with Section lA 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the Company was loss making and saw a significant reduction in cash during the year, however the Company has strong cash reserves. Based on this, the director believes that the Company has adequate resources to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Therefore, the director continues to prepare the financial statements on a going concern basis.
Turnover policy
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. Turnover 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, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered. For contracts where costs are spread evenly and content is used evenly over the life of the contract, the revenue is recognised on a time basis over the life of the contract. Payments in advance are deferred in the balance sheet.
Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
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.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. Fair value is measured by use of an appropriate pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Foreign currency translation
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 Lass 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.
Current taxation
Current tax Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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: Development Costs 5 years straight line Research and development Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit as noted above. Provision is made for any impairment.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment2
Trade and other debtors
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 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.
Trade and other creditors
Basic financial liabilities, including creditors, bank loans 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 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 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 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. 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.
Government grants or assistance
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received. A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year45
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 24400,802400,802
At 31 December 24400,802400,802
Amortisation and impairment
At 01 January 24400,802400,802
At 31 December 24400,802400,802
Net book value
At 31 December 24--
At 31 December 23--
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2469,90069,900
Additions6,1576,157
At 31 December 2476,05776,057
Depreciation and impairment
At 01 January 2467,46167,461
Charge for year4,4394,439
At 31 December 2471,90071,900
Net book value
At 31 December 244,1574,157
At 31 December 232,4392,439
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables56737,730
Other debtors4,8248,964
Prepayments and accrued income72,763208,322
Total78,154255,016
Other debtors includes unpaid share capital of £1 (2021: £1).
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables8,90427,326
Bank borrowings and overdrafts10,27910,475
Other creditors9,94513,869
Accrued liabilities and deferred income301,559724,571
Total330,687776,241
Included within Accruals and deferred income is deferred income of £671,934 (2022: £1,324,842).
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts5,00015,000
Total5,00015,000
8.Related party transactions
Remuneration of £150,000 (2023: £150,000) was paid to the director during the year. The director is the only key management personnel of this Company.
9.Controlling party
There is no individual ultimate controlling party. This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006.