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REGISTERED NUMBER: 07727617 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SMI MEDIA LIMITED

SMI MEDIA LIMITED (REGISTERED NUMBER: 07727617)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


SMI MEDIA LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr S Knoll
Ms J E Schulze





REGISTERED OFFICE: Mwb Charing Cross, Golden Cross House
8 Duncannon Street
London
WC2N 4JF





REGISTERED NUMBER: 07727617 (England and Wales)





AUDITORS: Xeinadin Audit Limited, Statutory Auditor
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

SMI MEDIA LIMITED (REGISTERED NUMBER: 07727617)

ABRIDGED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 704 1,475

CURRENT ASSETS
Debtors 177,085 190,298
Cash at bank 4,072 6,051
181,157 196,349
CREDITORS
Amounts falling due within one year 3,737,475 3,293,989
NET CURRENT LIABILITIES (3,556,318 ) (3,097,640 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,555,614

)

(3,096,165

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (3,555,615 ) (3,096,166 )
(3,555,614 ) (3,096,165 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





Mr S Knoll - Director


SMI MEDIA LIMITED (REGISTERED NUMBER: 07727617)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Smi Media Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company made a loss for the year of £459,449 and has net liabilities of £3,555,615 at the balance sheet date. The parent undertaking has agreed to provide financial support to the company for the foreseeable future. The financial statements do not include any adjustment that would result from the withdrawal of the financial support.

The financial statements have been prepared on a going concern basis, as described in the Directors' Report. This assumes that sufficient funds will be available for the company to continue in operational existence for the foreseeable future.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

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 classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments.

Financial instruments are recognised 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.


SMI MEDIA LIMITED (REGISTERED NUMBER: 07727617)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Long term debtors and creditors
Long term debtors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

SMI MEDIA LIMITED (REGISTERED NUMBER: 07727617)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or
- the company and the party are subject to common control; or
- the party is an associate of the company or a joint venture in which the company is a venturer; or
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a close family member of a party referred to above or is an entity under the control, joint control or significant influence of such individuals (Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity); or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 3,862
DEPRECIATION
At 1 January 2023 2,387
Charge for year 771
At 31 December 2023 3,158
NET BOOK VALUE
At 31 December 2023 704
At 31 December 2022 1,475

5. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited, Statutory Auditor

6. CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or the end of the financial year.

7. CAPITAL COMMITMENTS

The company had no capital commitment at 31 December 2023.

SMI MEDIA LIMITED (REGISTERED NUMBER: 07727617)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. ULTIMATE CONTROLLING PARTY

The Company's immediate parent undertaking is SMI Index Pty Limited, a company incorporated in Australia.

PC Dreamscape AUS Holdco Pty Limited, a company incorporated in Australia is the parent undertaking of the smallest group for which consolidated financial statements include the results of SMI Media Limited. The financial statements are available from Suite 5.01, Level 5, 50 Berry Street, North Sydney, NSW 2060, Australia.