Company No:
Contents
| Note | 31.12.23 | 31.12.22 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 4,793 | 899 | |||
| Current assets | ||||
| Stocks | 5 |
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| Debtors | 6, 12 |
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| Cash at bank and in hand |
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| 2,223,430 | 1,496,811 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current (liabilities)/assets | (194,440) | 89,716 | ||
| Total assets less current liabilities | (189,647) | 90,615 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | 9 | (
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| Net (liabilities)/assets | (
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| Capital and reserves | ||||
| Called-up share capital | 10 |
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| Profit and loss account | (
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| Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Cardell Media Limited (registered number:
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C P Cardell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cardell 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 Berkley Square House, Berkley Square, England, W1J 6BD, London, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Cardell Media Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval of these financial statements. The directors note that the business has net liabilities of £212,720. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Based on this ongoing financial support, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings 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.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
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 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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Other intangible assets |
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| Plant and machinery |
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| Office equipment |
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| Computer equipment |
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All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
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, and only 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.
Basic financial assets
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 and only 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 31.12.23 | 31.12.22 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2023 |
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| At 31 December 2023 |
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| Accumulated amortisation | |||
| At 01 January 2023 |
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| At 31 December 2023 |
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| Net book value | |||
| At 31 December 2023 |
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| At 31 December 2022 |
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| Plant and machinery | Office equipment | Computer equipment | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 January 2023 |
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| Additions |
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| Disposals |
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| At 31 December 2023 |
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| Accumulated depreciation | |||||||
| At 01 January 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 31 December 2023 |
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| Net book value | |||||||
| At 31 December 2023 |
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| At 31 December 2022 |
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| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Stocks |
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| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by directors |
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| Prepayments and accrued income |
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| S455 |
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| Other debtors |
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| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Other loans |
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| Accruals |
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| Corporation tax |
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| Other taxation and social security | (
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| Other creditors |
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| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Other creditors |
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| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Deferred tax |
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| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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The Company has an associated company to which it owes money, The Internet Agency Limited. The opening balance was an amount due from The Internet Agency Limited of £1,110. The advances from The Internet Agency Limited amounted to (£1,708,786) in the year and repayments totalled £406,946.
In addition, the Company has an associated company to which it is owed money from, Cardell Media LLC. In the year, there has been payments on behalf of this associated company, amounting to £1,654 (2022: Nil).
Both the associated companies are under common control by the directors Christopher Cardell and Margaret Gail Cardell.
Christopher Cardell
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Opening Balance | 1,083,921 | 915,993 | |
| Advances | 565,020 | 530,047 | |
| Repayments | (171,451) | (362,119) | |
| 1,477,490 | 1,083,921 |
Included within debtors due within one year are amounts owed from the director of the Company. The balance owed at the year end was £1,477,490 (2022: £1,083,920). There are no formal terms attached to the loan and interest was charged at the HMRC approved rate.