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Company No: 04657215 (England and Wales)

CARDELL MEDIA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CARDELL MEDIA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CARDELL MEDIA LIMITED

BALANCE SHEET

As at 31 December 2023
CARDELL MEDIA LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.23 31.12.22
£ £
Fixed assets
Tangible assets 4 4,793 899
4,793 899
Current assets
Stocks 5 2,574 2,763
Debtors 6, 12 2,184,465 1,461,359
Cash at bank and in hand 36,391 32,689
2,223,430 1,496,811
Creditors: amounts falling due within one year 7 ( 2,417,870) ( 1,407,095)
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 ( 21,875) ( 65,625)
Provision for liabilities 9 ( 1,198) 0
Net (liabilities)/assets ( 212,720) 24,990
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account ( 212,820 ) 24,890
Total shareholders' (deficit)/funds ( 212,720) 24,990

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cardell Media Limited (registered number: 04657215) were approved and authorised for issue by the Board of Directors on 18 June 2025. They were signed on its behalf by:

C P Cardell
Director
CARDELL MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CARDELL MEDIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised in the profit or loss using the effective interest method.

Employee benefits

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

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 instruments

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

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

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.

2. Employees

31.12.23 31.12.22
Number Number
Monthly average number of persons employed by the Company during the year 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 15,000 15,000
At 31 December 2023 15,000 15,000
Accumulated amortisation
At 01 January 2023 15,000 15,000
At 31 December 2023 15,000 15,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 22,515 3,505 0 26,020
Additions 0 0 5,078 5,078
Disposals 0 ( 818) 0 ( 818)
At 31 December 2023 22,515 2,687 5,078 30,280
Accumulated depreciation
At 01 January 2023 22,515 2,606 0 25,121
Charge for the financial year 0 551 306 857
Disposals 0 ( 491) 0 ( 491)
At 31 December 2023 22,515 2,666 306 25,487
Net book value
At 31 December 2023 0 21 4,772 4,793
At 31 December 2022 0 899 0 899

5. Stocks

31.12.23 31.12.22
£ £
Stocks 2,574 2,763

An impairment loss of £319 (2022: nil) was recognised in administrative expenses against stock during the year due to the items having no sales value.

6. Debtors

31.12.23 31.12.22
£ £
Trade debtors 474 8,444
Amounts owed by directors 1,477,490 1,083,921
Prepayments and accrued income 216,889 1,869
S455 487,203 315,966
Other debtors 2,409 51,159
2,184,465 1,461,359

7. Creditors: amounts falling due within one year

31.12.23 31.12.22
£ £
Trade creditors 177,048 126,803
Amounts owed to Group undertakings 1,607,929 0
Other loans 43,750 43,750
Accruals 24,112 62,169
Corporation tax 560,785 350,281
Other taxation and social security ( 10,869) 813,356
Other creditors 15,115 10,736
2,417,870 1,407,095

Included in Other creditors is a bank loan totalling £43,750 (2022: £43,750) which is partially guaranteed by the UK Government under the Coronavirus Business Interruption Loan Scheme.

8. Creditors: amounts falling due after more than one year

31.12.23 31.12.22
£ £
Other creditors 21,875 65,625

Included in Other creditors is a bank loan totalling £21,875 (2022: £65,625) which is partially guaranteed by the UK Government under the Coronavirus Business Interruption Loan Scheme.

9. Provision for liabilities

31.12.23 31.12.22
£ £
Deferred tax 1,198 0

10. Called-up share capital

31.12.23 31.12.22
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

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.

12. Director's loan account

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.