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Converse Media Ltd

Registered number: 06654117
Annual report
For the year ended 31 December 2022

 
CONVERSE MEDIA LTD
 
 
COMPANY INFORMATION


Directors
W Bazin 
J Miramand 




Registered number
06654117



Registered office
30 Old Bailey

London

EC4M 7AU




Independent auditor
Grant Thornton UK LLP
Chartered Accountants & Statutory Auditor

30 Finsbury Square

London

EC2A 1AG





 
CONVERSE MEDIA LTD
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 18


 
CONVERSE MEDIA LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the audited financial statements for the year ended 31 December 2022.

Principal activity

The principal activity of the Company is that of a holding company.

Directors

The directors who served during the year and up to the date of this report were:

W Bazin 
J Miramand 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland)'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company. 

 In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

If a qualifying third-party indemnity provision and/or qualifying pension scheme indemnity provision (whether made by the company or otherwise) has been in place for one or more directors of the company, the directors' report should state that fact. If the company has made such provisions for the benefit of the directors of an associated company, the directors' report should state that fact. These disclosures are required in respect of those provisions in force at any time during the financial year and those in force at the date of approval of the directors’ report. 

- 1 -

 
CONVERSE MEDIA LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Results and dividends

The profit for the year, after taxation, amounted to £118,019 (2021 - loss £57,095).

Dividends were paid in the year of £Nil (2021 : £Nil).

Going concern

The financial statements are prepared on a going concern basis. The company remains assured of the financial support by the parent company. The directors have received confirmation that the parent company will continue to support the company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to auditor

The directors confirm that:
 
so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the directors have taken all the steps that they ought to have been taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Grant Thornton UK LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
W Bazin
Director

Date: 26 June 2025

- 2 -

 
CONVERSE MEDIA LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONVERSE MEDIA LTD
 

Opinion


We have audited the financial statements of Converse Media Ltd (the 'company') for the year ended 31 December 2022, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion:


the financial statements give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
- 3 -

 
CONVERSE MEDIA LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONVERSE MEDIA LTD (CONTINUED)


Conclusions relating to going concern


We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as increasing interest rates, inflation and high energy prices, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 

Other information


The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.
 
- 4 -

 
CONVERSE MEDIA LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONVERSE MEDIA LTD (CONTINUED)



Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report under the Companies Act 2006
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
Matter on which we are required to report by exception


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
 
- 5 -

 
CONVERSE MEDIA LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONVERSE MEDIA LTD (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
 determined that the most likely to have a material effect if non-compliance were to occur; financial
 reporting legislation, distributable profits legislation, tax legislation, anti-bribery legislation, anti-money
 laundering legislation employment law;
 We communicated relevant laws and regulations and potential fraud risks to all engagement team
 members and remained alert to any indications of fraud or non-compliance with laws and regulations
 throughout the audit;
  We assessed the susceptibility of the Company's financial statements to material misstatement, including
 how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the
 financial statements. This included the evaluation of the risk of management override of controls. We
 determined that the principal risks were in relation to:
  - potential management bias in determining accounting estimates;
  - transactions with related parties;
  Our audit procedures to address these risks involved:
  - Evaluation of the procedures and controls established to address the risks related to irregularities
    and fraud;
  - Testing manual journal entries, in particular journal entries relating to management estimates
    and entries determined to be large or relating to unusual transactions; and
  - Identifying and testing related party transactions;
  These audit procedures were designed to provide reasonable assurance that the financial statements
 were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than
 the risk of not detecting one resulting from error and detecting irregularities that result from fraud is
 inherently more difficult than detecting those that result from error, as fraud may involve collusion,
 deliberate concealment, forgery or intentional misrepresentations. Also, the further removed
 non-compliance with laws and regulations is from events and transactions reflected in the financial
 statements, the less likely we would become aware of it;
 
- 6 -

 
CONVERSE MEDIA LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONVERSE MEDIA LTD (CONTINUED)


  We made an assessment of the appropriateness of the collective competence and capabilities of the
 engagement team which included consideration of the engagement team’s:
  - Understanding of, and practical experience with, audit engagements of a similar nature
    and complexity through appropriate training and participation;
  - Knowledge of the industry in which the client operates;
  - Understanding of the legal and regulatory requirements specific to the company;
  In addition, we completed audit procedures to conclude on the compliance of disclosures in the annual
 report and accounts with applicable financial reporting requirements.
  No matters about non-compliance with laws and regulations and fraud were communicated to the
 engagement team..


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sergio Cardoso (Senior Statutory Auditor)
Senior Statutory Auditor
  
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants,   
London
 

26 June 2025
- 7 -

 
CONVERSE MEDIA LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£


Administrative expenses
(26,170)
(58,630)

Operating loss
(26,170)
(58,630)

Income from shares in group undertakings
155,517
-

Interest receivable and similar income
1
-

Interest payable and similar expenses
(11,329)
(806)

Profit/(loss) before tax
118,019
(59,436)

Tax on profit/(loss)
-
2,341

Profit/(loss) for the financial year
118,019
(57,095)

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations. 
The notes on pages 11 to 18 form part of these financial statements.

- 8 -

 
CONVERSE MEDIA LTD
REGISTERED NUMBER: 06654117

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
548,351
548,351

  
548,351
548,351

Current assets
  

Debtors: amounts falling due within one year
 5 
179,826
178,842

Cash at bank and in hand
  
151,710
30,445

  
331,536
209,287

Creditors: amounts falling due within one year
 6 
(244,217)
(239,987)

Net current assets/(liabilities)
  
 
 
87,319
 
 
(30,700)

Total assets less current liabilities
  
635,670
517,651

  

Net assets
  
635,670
517,651


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
635,668
517,649

Total equity
  
635,670
517,651


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W Bazin
Director

Date: 26 June 2025

The notes on pages 11 to 18 form part of these financial statements.

- 9 -

 
CONVERSE MEDIA LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
2
574,744
574,746


Comprehensive loss for the year

Loss for the year
-
(57,095)
(57,095)
Total comprehensive loss for the year
-
(57,095)
(57,095)



At 1 January 2022
2
517,649
517,651


Comprehensive income for the year

Profit for the year
-
118,019
118,019
Total comprehensive income for the year
-
118,019
118,019


At 31 December 2022
2
635,668
635,670


The notes on pages 11 to 18 form part of these financial statements.

- 10 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Converse Media Ltd is a private company limited by shares incorporated in England and Wales. Its registered number is 06654117. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity of the Company is that of a holding company.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements are prepared on a going concern basis. The Company remains assured of the financial support by the parent company. The directors have received confirmation that the parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

- 11 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.4

Foreign currency translation: transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

  
2.6

Income from fixed asset investments

Income from fixed assets investments are recognised in the Statement of Comprehensive Income in the period in which they relate to.

 
2.7

Finance costs

Finance costs are charged to Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

- 12 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

At each reporting date, the company assesses whether there is any indication that an impairment loss recognised in prior periods for an investment may no longer exist or may have decreased. If such an indication exists, the company estimates the recoverable amount of the investment. The reversal is recognised in the Statement of Comprehensive Income to the extent that the carrying amount of the investment does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

- 13 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 14 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

- 15 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
The cost of the directors remuneration is borne by another group company in the current year and the prior year.


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2022
548,351



At 31 December 2022

548,351






Net book value



At 31 December 2022
548,351



At 31 December 2021
548,351

The directors' are satisfied that the cost of the investments at the year end provide a true and fair view, therefore no impairment charge has been recognised during the year.

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CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Insight Events Denmark
Denmark
Development, sale and holding of professional conferences and courses
Ordinary
100%
Insight Events Sweden
Sweden
Development, sale and holding of professional conferences and courses
Ordinary
100%


5.


Debtors: amounts falling due within one year

2022
2021
£
£


Amounts owed by group undertakings
165,003
169,000

Tax recoverable
14,823
9,842

179,826
178,842


The amounts owed by group undertakings are unsecured, interest free and payable on demand.


6.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
960
3,480

Amounts owed to group undertakings
217,328
205,999

Accruals and deferred income
25,929
30,508

244,217
239,987


The amounts owed to group undertakings are unsecured, interest bearing at LIBOR plus 4% and repayable on demand

- 17 -

 
CONVERSE MEDIA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Share capital

2022
2021
£
£
Authorised, allotted, called up and fully paid



200 (2021 - 200) ordinary shares of £0.01 each
2
2

The Company has one class of shares; each share carries one voting right per share but no right to fixed income.


8.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 Section 33.1(a) not to disclose transactions between Group companies that are 100% owned subsidiaries and are eliminated on consolidation.


9.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


10.


Parent company and controlling party

The immediate parent undertaking is Comexposium UK Ltd, a company incorporated in England and Wales. The address of its registered office is 30 Old Bailey, London, EC4M 7AU.
The ultimate parent undertaking of the smallest and largest group of undertakings for which group accounts are drawn up and of which the Company is a member is Comete Holdings SAS., a company registered in France. Copies of its consolidated accounts are available to the public and may be obtained from 1 Rue Paul Cezanne, Paris, 75008, France.

- 18 -