REGISTERED NUMBER: 13305428 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD |
REGISTERED NUMBER: 13305428 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 16 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Court House |
Court Road |
Bridgend |
CF31 1BE |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The results for the year and the financial position of the Group are shown in the annexed financial statements. Trading during the year was that of a media and events company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Financial performance and operating cashflows are the basis of funding growth, increasing shareholder value and paying dividends. Failure to achieve satisfactory performance could affect our ability to deliver the returns our stakeholders expect. |
Harnessing and improving the skills and talents of our existing employees and recruiting, retaining and developing new employees will enable us to improve our capabilities. Failure to engage and enhance existing employees or to attract and retain talented employees could hamper our ability to deliver in the future. |
The directors acknowledge that they have a responsibility for the company's systems of internal control and risk management and for monitoring their effectiveness. |
No system of control can, however, provide absolute assurance against material misstatement of loss and thus the directors have reviewed the controls and in their judgement, they are appropriate to the Company's business and relative in terms of costs and benefits of implementing more specific controls. |
Management aim to minimise the risk the Group faces by developing a broad, balanced client base. Clear risk assessments and strong financial and operational management is essential to control and manage the Group's existing business, retain key staff and balance current development with future growth. |
ON BEHALF OF THE BOARD: |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a media and events specialist with expertise in creative services for Marketing, Production, Branding, Events and Entertainment. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2024. |
FUTURE DEVELOPMENTS |
The board aims to continue to identify opportunities for investment and expand the current level of service into different sectors. |
The commercial environment in which the Group operates remains competitive but the directors believe that the Group has a strong competitive advantage due to consistent high-quality and its strong reputation. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
J P Carpenter was appointed as a director after 30 September 2024 but ceased to be a director prior to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Board Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD |
Opinion |
We have audited the financial statements of Orchard Media and Events Group Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The audit was planned on the basis that the testing undertaken and procedures carried out would have a reasonable expectation of detecting any instances of irregularity including fraud. The plan involved assessing the risk of the financial statements containing material misstatements taking into account various factors such as the control systems in place, the standard of record keeping and an assessment of the influence and role of the stakeholders involved. The audit plan was followed and benefitted from the audit teams knowledge of the client. They considered how fraud may occur and where the financial statements may be susceptible to error. |
Suitable transaction sample testing was made on the high risk areas of the financial statements. Enquiries were made of the company directors for information and explanations as required during the course of the audit and any contentious areas appropriately challenged to ensure that sufficient audit evidence was obtained. |
The procedures and testing undertaken as a result of our risk assessments were deemed sufficient to identify material errors for which adjustment was then made in the financial statements. There is however no guarantee that all errors, including those related to fraud, would be identified as part of the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
(Statutory Auditor) |
Court House |
Court Road |
Bridgend |
CF31 1BE |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 12,072,671 | 15,720,248 |
Cost of sales | 9,995,208 | 12,820,578 |
GROSS PROFIT | 2,077,463 | 2,899,670 |
Administrative expenses | 1,730,158 | 1,645,335 |
347,305 | 1,254,335 |
Other operating income | 52,794 | 137,678 |
OPERATING PROFIT | 4 | 400,099 | 1,392,013 |
Interest receivable and similar income | 72,674 | 51,983 |
472,773 | 1,443,996 |
Amounts written off investments | 5 | - | 100 |
472,773 | 1,443,896 |
Interest payable and similar expenses | 6 | 6,179 | 10,227 |
PROFIT BEFORE TAXATION | 466,594 | 1,433,669 |
Tax on profit | 7 | 114,171 | 335,388 |
PROFIT FOR THE FINANCIAL YEAR |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 347,073 | 429,750 |
Investments | 11 | - | - |
347,073 | 429,750 |
CURRENT ASSETS |
Debtors | 12 | 2,423,924 | 1,789,178 |
Cash at bank | 1,481,257 | 4,001,850 |
3,905,181 | 5,791,028 |
CREDITORS |
Amounts falling due within one year | 13 | 1,995,545 | 4,115,520 |
NET CURRENT ASSETS | 1,909,636 | 1,675,508 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,256,709 |
2,105,258 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(9,375 |
) |
(121,875 |
) |
PROVISIONS FOR LIABILITIES | 18 | (20,728 | ) | (47,787 | ) |
ACCRUALS AND DEFERRED INCOME | 19 | (3,354 | ) | (2,927 | ) |
NET ASSETS | 2,223,252 | 1,932,669 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 2,500 | 2,500 |
Retained earnings | 21 | 2,220,752 | 1,899,249 |
SHAREHOLDERS' FUNDS | 2,223,252 | 1,901,749 |
NON-CONTROLLING INTERESTS | 22 | - | 30,920 |
TOTAL EQUITY | 2,223,252 | 1,932,669 |
The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by: |
P Morgan - Director |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Revaluation reserve | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 1,075,552 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 | 2,500 | 984,499 | 986,999 | 20,323 | 1,007,322 |
Changes in equity |
Dividends | - | (171,885 | ) | (171,885 | ) | - | (171,885 | ) |
Total comprehensive income | - | 1,086,635 | 1,086,635 | 10,597 | 1,097,232 |
Balance at 30 September 2023 | 2,500 | 1,899,249 | 1,901,749 | 30,920 | 1,932,669 |
Changes in equity |
Total comprehensive income | - | 321,503 | 321,503 | (30,920 | ) | 290,583 |
Balance at 30 September 2024 | 2,500 | 2,220,752 | 2,223,252 | - | 2,223,252 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2023 |
Changes in equity |
Balance at 30 September 2024 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (382,318 | ) | 1,420,598 |
Interest paid | (6,179 | ) | (10,227 | ) |
Grants | - | 25,000 |
Other cashflow | - | (5,696 | ) |
Tax paid | (355,330 | ) | (94,748 | ) |
Deferred income | (1,099,092 | ) | (1,294,627 | ) |
Deferred costs | (566,341 | ) | 3,787 |
Net cash from operating activities | (2,409,260 | ) | 44,087 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (80,138 | ) | (87,138 | ) |
Sale of tangible fixed assets | 3,631 | 13,149 |
Sale of fixed asset investments | - | (100 | ) |
Other related loans | - | (24,435 | ) |
Interest received | 72,674 | 51,983 |
Net cash from investing activities | (3,833 | ) | (46,541 | ) |
Cash flows from financing activities |
Loan repayments in year | (112,500 | ) | (130,000 | ) |
Amount introduced by directors | 5,000 | - |
Dividends not paid at year end | - | (90,834 | ) |
Equity dividends paid | - | (171,885 | ) |
Net cash from financing activities | (107,500 | ) | (392,719 | ) |
Decrease in cash and cash equivalents | (2,520,593 | ) | (395,173 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,001,850 |
4,397,023 |
Cash and cash equivalents at end of year | 2 | 1,481,257 | 4,001,850 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 466,594 | 1,433,669 |
Depreciation charges | 149,282 | 150,375 |
Loss/(profit) on disposal of fixed assets | 9,964 | (6,524 | ) |
Government grants | (10,973 | ) | (25,949 | ) |
Finance costs | 6,179 | 10,227 |
Finance income | (72,674 | ) | (51,983 | ) |
548,372 | 1,509,815 |
Decrease/(increase) in trade and other debtors | 635,819 | (179,455 | ) |
(Decrease)/increase in trade and other creditors | (1,566,509 | ) | 90,238 |
Cash generated from operations | (382,318 | ) | 1,420,598 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 1,481,257 | 4,001,850 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 4,001,850 | 4,397,023 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,001,850 | (2,520,593 | ) | 1,481,257 |
4,001,850 | (2,520,593 | ) | 1,481,257 |
Debt |
Debts falling due within 1 year | (112,500 | ) | - | (112,500 | ) |
Debts falling due after 1 year | (121,875 | ) | 112,500 | (9,375 | ) |
(234,375 | ) | 112,500 | (121,875 | ) |
Total | 3,767,475 | (2,408,093 | ) | 1,359,382 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Orchard Media and Events Group Investments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors have prepared detailed forecasts for the foreseeable future and are confident that they are able to manage the business effectively. |
After making relevant enquiries and carrying out various scenario planning the directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("The Group") as they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. |
As explained in Note 22 to the financial statements, Orchard Connects Limited, a 51% subsidiary of Orchard Media and Events Limited has been excluded from the consolidated accounts on the basis that it is not material for the purpose of giving a true and fair view. |
Significant judgements and estimates |
Judgements in applying accounting policies and key sources of estimation uncertainty are detailed below: |
Tangible fixed assets |
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing useful lives, factors such as technological innovation and product life cycles are considered. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Revenue recognition |
Costs to complete requires management's best estimate to correctly allocate contract revenue and costs to accounting periods in which the work is performed. Revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the contract can be reliably estimated, otherwise revenue is only recognised to the extent of recoverable contract costs incurred. |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 the revenue is recognised: |
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 Group 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. |
Tangible fixed assets |
Improvements to property | - 10% on cost |
Plant and machinery | - 20% on cost |
Fixtures and fittings | - 25% on cost |
Motor vehicles | - 25% on cost |
Computer equipment | - 33% on cost |
Government grants |
All revenue based grants are recognised as income on a systematic basis over the periods over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cashflows discounted at a market rate of interest for similar debt instruments and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,512,503 | 2,395,960 |
Social security costs | 272,269 | 253,995 |
Other pension costs | 96,677 | 91,648 |
2,881,449 | 2,741,603 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct | 49 | 46 |
Directors | 6 | 3 |
Central | 9 | 11 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 127,817 | 148,231 |
Directors' pension contributions to money purchase schemes | 5,112 | 5,196 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 97,333 | 94,567 |
Depreciation - owned assets | 149,220 | 150,375 |
Loss/(profit) on disposal of fixed assets | 9,964 | (6,524 | ) |
Auditors' remuneration | 11,500 | 13,000 |
Foreign exchange differences | 658 | 2,699 |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2024 | 2023 |
£ | £ |
Amounts w/o invs | - | 100 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 6,179 | 10,227 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 140,274 | 325,321 |
Deferred tax | (26,103 | ) | 10,067 |
Tax on profit | 114,171 | 335,388 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 466,594 | 1,433,669 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
116,649 |
315,407 |
Effects of: |
Expenses not deductible for tax purposes | 7,331 | 802 |
Income not taxable for tax purposes | (3,622 | ) | (207 | ) |
Depreciation in excess of capital allowances | 19,916 | 8,720 |
Deferred tax adjustment | (26,103 | ) | 10,666 |
Total tax charge | 114,171 | 335,388 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final | - | 171,885 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2023 | 533,677 | 226,280 | 45,557 |
Additions | 59,953 | 8,939 | 897 |
Disposals | (35,292 | ) | (2,677 | ) | (6,106 | ) |
At 30 September 2024 | 558,338 | 232,542 | 40,348 |
DEPRECIATION |
At 1 October 2023 | 334,929 | 75,919 | 39,058 |
Charge for year | 56,651 | 41,482 | 2,264 |
Eliminated on disposal | (24,847 | ) | (1,644 | ) | (6,060 | ) |
At 30 September 2024 | 366,733 | 115,757 | 35,262 |
NET BOOK VALUE |
At 30 September 2024 | 191,605 | 116,785 | 5,086 |
At 30 September 2023 | 198,748 | 150,361 | 6,499 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 18,000 | 171,664 | 995,178 |
Additions | - | 10,349 | 80,138 |
Disposals | - | (12,477 | ) | (56,552 | ) |
At 30 September 2024 | 18,000 | 169,536 | 1,018,764 |
DEPRECIATION |
At 1 October 2023 | 4,071 | 111,451 | 565,428 |
Charge for year | 3,355 | 45,468 | 149,220 |
Eliminated on disposal | - | (10,406 | ) | (42,957 | ) |
At 30 September 2024 | 7,426 | 146,513 | 671,691 |
NET BOOK VALUE |
At 30 September 2024 | 10,574 | 23,023 | 347,073 |
At 30 September 2023 | 13,929 | 60,213 | 429,750 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
The Orchard Media and Events Group Limited |
Registered office: UK |
Nature of business: Media and events |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 2,223,304 | 1,870,614 |
Profit for the year | 352,690 | 1,075,552 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,024,494 | 802,033 |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | 1,157,221 | 183,891 | - | - |
Other debtors | - | 394 |
Prepayments | 242,209 | 802,860 |
2,423,924 | 1,789,178 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 112,500 | 112,500 |
Trade creditors | 418,589 | 751,673 |
Tax | 110,274 | 325,330 |
Social security and other taxes | 90,296 | 85,583 |
VAT | 74,965 | 309,672 | - | - |
Other creditors | - | 89,885 |
Directors' current accounts | 704 | 5,704 | - | - |
Accruals and deferred income | 671,508 | 819,372 |
Accrued expenses | 516,709 | 1,615,801 |
1,995,545 | 4,115,520 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) | 9,375 | 121,875 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 112,500 | 112,500 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 9,375 | 9,375 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 112,500 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 120,000 | 90,000 |
Between one and five years | 480,000 | 52,500 |
600,000 | 142,500 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 121,875 | 234,375 |
There is a fixed and floating charge over the undertaking as well as companies with common control and all property and assets present and future, including goodwill, book debts, uncalled capital, building fixture & fittings, plant & machinery. The bank loan has been personally guaranteed by the founder shareholders. |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 20,728 | 47,787 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 47,787 |
Credit to Income Statement during year | (27,059 | ) |
Balance at 30 September 2024 | 20,728 |
19. | ACCRUALS AND DEFERRED INCOME |
Group |
2024 | 2023 |
£ | £ |
Deferred government grants | 3,354 | 2,927 |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2,500 | 2,500 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2023 | 1,899,249 |
Profit for the year | 321,503 |
At 30 September 2024 | 2,220,752 |
Company |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2023 | 1,868,114 |
Profit for the year |
At 30 September 2024 | 1,868,114 |
22. | NON-CONTROLLING INTERESTS |
Non-controlling interests relate to the profit and loss in respect of Orchard Connects Limited. |
Orchard Connects Limited is a 51% subsidiary of Orchard Media and Events Limited. It has been excluded from this years consolidated accounts on the basis that is is not material to the group for the purpose of giving a true and fair view. |
ORCHARD MEDIA AND EVENTS GROUP |
INVESTMENTS LTD (REGISTERED NUMBER: 13305428) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
23. | RELATED PARTY DISCLOSURES |
Included in creditors are amounts owed to the directors of £704 (2023 £704). |
During the year, the Group paid it's shareholders a commission for their personal guarantees in respect of the bank borrowings totalling £7,800 (2023 £7,800). |
At the balance sheet date, the Group was owed £87,500 (2023 £144,273), by Rescape Innovation Limited, a company with common shareholders.This amount was repaid in full on 18th October 2024. |
At the balance sheet date, the Group was owed £1,062,719 (2023 £39,618) by Push 4 Audio Visual Investments Limited, a company with common shareholders. This amount was repaid in full on 18th October 2024. |
During the year, the Group was charged rent at market value by Orchard Media Properties Limited and Push 4 Audio Visual Investments Limited, companies with common shareholders. |
24. | POST BALANCE SHEET EVENTS |
Post the balance sheet date but prior to signing of the financial statements 100% of the share capital |
of Orchard Media and Events Investments Limited were purchased by Orchard Media and Events |
EOT Trustee Limited, a private company limited by guarantee without share capital, forming an |
Employee Ownership Trust. |
Orchard Media and Events Investments Limited owns 100% of the share capital of Orchard Media and |
Events Group Limited. |
25. | ULTIMATE CONTROLLING PARTY |
The controlling party is Orchard Media and Events EOT Trustee Limited. |