Torbay Media Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 11947572 (England and Wales)
Torbay Media Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Torbay Media Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
39,875
39,875
Investments
4
1
1
39,876
39,876
Current assets
Debtors
5
191,239
194,394
Cash at bank and in hand
13,839
12,067
205,078
206,461
Creditors: amounts falling due within one year
6
(338,180)
(265,738)
Net current liabilities
(133,102)
(59,277)
Net liabilities
(93,226)
(19,401)
Capital and reserves
Called up share capital
7
240,000
240,000
Profit and loss reserves
(333,226)
(259,401)
Total equity
(93,226)
(19,401)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Torbay Media Limited
Balance Sheet (Continued)
As at 30 September 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
R E Elliot
Director
Company Registration No. 11947572
Torbay Media Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 3
1
Accounting policies
Company information
Torbay Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 Great Marlborough Street, London, W1F 7JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors of the parent company, Media Concierge (Holdings) Limited, have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements which indicates that the group and company will have sufficient funds to meet liabilities as they fall due for that period. The cash flow forecast has assessed the impacts of other external factors and has concluded that there is no significant impact to the going concern status of the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible Assets
5 years straight line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Torbay Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 4
1.6
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
Torbay Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 5
3
Intangible fixed assets
Intangible Assets
£
Cost
At 1 October 2023
39,875
Additions
10,000
At 30 September 2024
49,875
Amortisation and impairment
At 1 October 2023
Amortisation charged for the year
10,000
At 30 September 2024
10,000
Carrying amount
At 30 September 2024
39,875
At 30 September 2023
39,875
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,958
92,715
Amounts owed by group undertakings
41,050
823
Other debtors
-
3,080
Prepayments and accrued income
12,080
5,625
99,088
102,243
Deferred tax asset
92,151
191,239
102,243
2024
2023
Torbay Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
5
Debtors
(Continued)
Page 6
Amounts falling due after more than one year:
£
£
Deferred tax asset
92,151
Total debtors
191,239
194,394
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
99,871
131,908
Amounts owed to group undertakings
130,583
Taxation and social security
8,649
31,101
Other creditors
25,662
101,229
Accruals and deferred income
73,415
1,500
338,180
265,738
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240,000
240,000
240,000
240,000
8
Related party transactions
The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with any wholly owned members of the group.
9
Parent company
The immediate parent company is Clear Sky Publishing Limited and the ultimate parent company is Media Concierge (Holdings) Limited, companies incorporated in England and Wales.
The smallest and largest entity preparing consolidated accounts is Media Concierge (Holdings) Limited. The consolidated group accounts are available from 47 Great Marlborough Street, London, W1F 7JP.
The ultimate controlling party is M C Denmark by virtue of his shareholding in Media Concierge (Holdings) Limited.
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.