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COMPANY REGISTRATION NUMBER: 06894834
Quartz Business Media Limited
Filleted Unaudited Financial Statements
30 September 2024
Quartz Business Media Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Quartz Business Media Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
8,146
759
Investments
7
211,209
211,209
---------
---------
219,355
211,968
Current assets
Debtors
8
2,240,343
2,259,196
Cash at bank and in hand
1,315,012
1,115,271
------------
------------
3,555,355
3,374,467
Creditors: amounts falling due within one year
9
2,766,552
2,591,989
------------
------------
Net current assets
788,803
782,478
------------
---------
Total assets less current liabilities
1,008,158
994,446
------------
---------
Net assets
1,008,158
994,446
------------
---------
Capital and reserves
Called up share capital
10
125
125
Profit and loss account
1,008,033
994,321
------------
---------
Shareholders funds
1,008,158
994,446
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Quartz Business Media Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:
K Harris
P R Michael
Director
Director
Company registration number: 06894834
Quartz Business Media Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quartz House, 20 Clarendon Road, Redhill, Surrey, RH1 1QX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Exhibition turnover represents the invoice value of space sold and other revenue received in respect of exhibitions held during the year excluding VAT. Turnover is recognised when an exhibition is completed. Invoicing and cash received in advance on future exhibitions is deferred until the exhibitions have taken place. Invoicing and cash received deferred at the balance sheet date is included in creditors. Publishing turnover represents amounts receivable by the company in respect of services provided or advertisements placed in its publications during the year excluding VAT. Turnover from publishing is recognised on publication. Tax Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. Goodwill Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life of 4 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill & Intellectual Property Rights
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
20% straight line
Fixtures, Fittings & Equipment
-
20% straight line
Computer Equipment
-
33% or 50% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2023: 46 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
400,000
---------
Amortisation
At 1 October 2023 and 30 September 2024
400,000
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
69,817
139,744
175,743
385,304
Additions
8,805
8,805
--------
---------
---------
---------
At 30 September 2024
69,817
139,744
184,548
394,109
--------
---------
---------
---------
Depreciation
At 1 October 2023
69,817
139,744
174,984
384,545
Charge for the year
1,418
1,418
--------
---------
---------
---------
At 30 September 2024
69,817
139,744
176,402
385,963
--------
---------
---------
---------
Carrying amount
At 30 September 2024
8,146
8,146
--------
---------
---------
---------
At 30 September 2023
759
759
--------
---------
---------
---------
7. Investments
Shares in participating interests
£
Cost
At 1 October 2023 and 30 September 2024
211,209
---------
Impairment
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 30 September 2024
211,209
---------
At 30 September 2023
211,209
---------
8. Debtors
2024
2023
£
£
Trade debtors
1,732,382
1,644,910
Other debtors
507,961
614,286
------------
------------
2,240,343
2,259,196
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
4,218
7,042
-------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
506,520
447,218
Social security and other taxes
108,402
116,506
Other creditors
2,151,630
2,028,265
------------
------------
2,766,552
2,591,989
------------
------------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
12,500
125
12,500
125
--------
----
--------
----
11. Other financial commitments
The company had total commitments at the balance sheet date of £ 25,409 (2023 - £ 1,280 ).