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Registration number: 07762611

3 Media Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

3 Media Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

3 Media Limited

Company Information

Directors

Miss CD Wilkinson

Mr RS Ingleby

Registered office

8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP

Auditors

Crossley & Davis Chartered Accountants
Senior Statutory Auditor
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

3 Media Limited

(Registration number: 07762611)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

6

225

622

Current assets

 

Stocks

7

86,096

65,003

Debtors

8

613,889

137,152

Cash at bank and in hand

 

74,549

381,676

 

774,534

583,831

Creditors: Amounts falling due within one year

9

(716,349)

(544,194)

Net current assets

 

58,185

39,637

Total assets less current liabilities

 

58,410

40,259

Creditors: Amounts falling due after more than one year

9

(56,667)

(96,667)

Net assets/(liabilities)

 

1,743

(56,408)

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

1,733

(56,418)

Shareholders' funds/(deficit)

 

1,743

(56,408)

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.

Approved and authorised by the Board on 7 May 2025 and signed on its behalf by:
 

.........................................
Mr RS Ingleby
Director

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
8 Avroe Crescent
Blackpool
Lancashire
FY4 2DP
England

These financial statements were authorised for issue by the Board on 7 May 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 company receives support from its immediate parent, International Connections Group Limited and will continue to for at least 12 months from the date of signing of the balance sheet. For this reason the accounts have been prepared on a going concern basis.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 7 May 2025 was Mr P Swarbrick, who signed for and on behalf of Crossley & Davis Chartered Accountants.

.........................................

Prior period errors

A restatement was made to the year ended 31st December 2022 financial statements in respect of revenue previously recognised incorrectly.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Profit & loss

(929)

(91,045)

-

Work in progress

65,003

65,003

-

Trade debtors

7,156

7,156

-

Provision for bad debts

33,576

33,576

-

Accruals

(280,292)

(280,292)

-

Deferred tax

3,234

2,305

-

P&l reserve - prior year adjustment

172,252

263,297

-

   

Revenue recognition

Turnover comprises the fair value of the consideration for advertising contracts sold in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and 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

Fixtures and fittings

5 year straight line

Office equipment

3 year straight line

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 advertising services performed in the ordinary course of business.

Trade debtors are recognised initially at the contract value. 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.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Auditors' liability limitation

The company entered into a liability limitation agreement with the auditor on 21st November 2023. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

397

1,012

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

16,869

16,869

At 31 December 2023

16,869

16,869

Depreciation

At 1 January 2023

16,247

16,247

Charge for the year

397

397

At 31 December 2023

16,644

16,644

Carrying amount

At 31 December 2023

225

225

At 31 December 2022

622

622

7

Stocks

2023
£

(As restated)

2022
£

Work in progress

86,096

65,003

8

Debtors

Current

Note

2023
£

(As restated)

2022
£

Trade debtors

 

164,217

94,957

Amounts owed by related parties

12

429,307

35,291

Other debtors

 

20,365

6,904

   

613,889

137,152

 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

11

40,000

40,000

Trade creditors

 

57,891

38,738

Taxation and social security

 

120,647

35,983

Accruals and deferred income

 

498,261

429,473

Other creditors

 

(450)

-

 

716,349

544,194

Creditors due within one year include a Coronavirus Business Interuption loan of £40,000 (2022 - £40,000) which is secured. The loan is secured by fixed and floating charges over all the property or undertaking of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

56,667

96,667

Creditors due after more than one year include a Coronavirus Business Interuption loan of £56,667 ((2022 - £96,667) which is secured. The loan is secured by fixed and floating charges over all the property or undertaking of the company.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10

1,000

10

       
 

3 Media Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

56,667

96,667

Current loans and borrowings

2023
£

2022
£

Bank borrowings

40,000

40,000

12

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

Advanced

9,280

9,280

At end of period

9,280

9,280

Terms of loans to related parties

Loans to directors are unsecured, repayable on demand, and interest is charged at the official rate on any balance that exceeds £10,000 throughout the year.
 

13

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is International Connections Group Limited, incorporated in England and Wales.

The address of International Connections Group Limited is:
8 Avroe Crescent
Blackpool
Lancashire
England
FY4 2DP