Company registration number 07898268 (England and Wales)
REPUBLIC OF MEDIA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
REPUBLIC OF MEDIA LIMITED
COMPANY INFORMATION
Directors
S J Crunden
G Jarvie
L Herbert
D Mckinney
S S Watson
C Elder
(Appointed 29 April 2024)
Company number
07898268
Registered office
26 Cross Street
Manchester
M2 7AQ
Auditor
MHA
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
REPUBLIC OF MEDIA LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Review of the business
The company delivered a solid financial performance despite persistent macroeconomic headwinds. Turnover increased by 3.4% over the prior year, closely aligned with a total revenue uplift of 3.2%. While this growth rate lagged behind the average UK ad spend increase, it reflects the ongoing impact of economic uncertainty and heightened budget scrutiny across the sector.
Operating profit margin reduced, primarily due to sustained cost inflation and our continued strategic investment in growth initiatives. Pre-tax profits fell by 7.6%, reflecting these pressures, despite our considered use of reserves to benefit from the prevailing higher interest rate environment.
We strengthened key client relationships over the year, most notably within the gambling sector, where we expanded our remit and scope of delivery from our largest client. We have continued to build a recognised specialism in retail and alcohol, and we secured further new business wins across retail sectors. We have continued to expand our public sector work with new assignments secured via the UK Government roster and Scottish Government framework.
Gross margin performance remained robust and in line with 2024 highs. This was supported by improvements in client commercial terms, growth in non-core revenue, and disciplined margin management - areas that continue to be a strategic focus.
The balance sheet remains strong, underpinned by sustained positive cash flow throughout the year. Debtor days remained at 11, consistent with the prior year (11 days) a reflection of effective credit control and cash management practices.
Principal risks and uncertainties
A longstanding risk for the business has been revenue concentration, with a significant proportion of income derived from a single major client. While this relationship continues to perform strongly, the Board remains committed to diversifying our client base. The aim of the Board is to achieve this by continuing to successfully add further new business, while retaining and growing the existing client base. This strategy has continued.
Cost inflation, particularly in staffing, continues to present a challenge to profitability. However, the Board has prioritised investment in people and culture to reduce employee turnover, recognising this as critical to sustaining growth and service quality in a competitive talent market. Cost inflation continues to be a challenge, although the board believes we are resilient to manage this risk.
To support future scalability, we have invested in operational excellence, including internal processes and operational infrastructure. This combined with a newly modernised office environment is part of this drive, creating a platform for productivity, collaboration, and growth.
The macroeconomic environment remains challenging, with high inflation, weak economic growth and an underperforming UK advertising market continuing to dampen client confidence. Nevertheless, the Board considers the company’s current outlook to be resilient and well-positioned, supported by a robust balance sheet, strong talent and great client relationships.
Cybersecurity remains a key operational risk. To mitigate this, we retained our ISO27001 accreditation and have further strengthened our IT and systems support infrastructure.
Artificial Intelligence (AI) in Media Planning
The Board recognises that the rapid advancement of AI-driven media planning tools presents both a disruptive threat to traditional agency models and a significant strategic opportunity. In response, we have established cross-functional working groups to monitor technological developments, trial new tools, and assess how AI can be embedded across our operations. Our goal is to ensure that AI is used not just to drive internal efficiencies, but to deliver more agile, data-informed, and effective media solutions for our clients
REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators
The company uses a range of financial and operational KPIs to monitor performance, with profitability remaining the primary financial metric, which is assessed through detailed budget performance tracking and margin analysis.
Given widespread margin compression, we continue to closely assess market trends, cost pressures, and revenue mix to ensure our business remains agile and resilient. While detailed KPIs are used across the business, they have not been disclosed here due to their commercial sensitivity.
Promoting the success of the company
This section describes how the Directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2016 (the "Act"), in exercising their duty to promote the success of the Company for the benefit of its members as a whole.
Republic of Media’s directors have continued to act in a manner they believe promotes the long-term success of Republic of Media Limited for the benefit of its members, employees, clients, and wider stakeholders.
People and Culture
People remain central to our success. We believe that a motivated, inclusive and healthy workforce is a key driver of performance. Our strategic people pillars include Belonging, Equity & Inclusion, Wellbeing, and Learning & Development.
Our culture is underpinned by transparency, shared success, and support. Employees are regularly engaged through open communications, and our wellbeing team has been further resourced this year. We offer a flexible working model, including reduced hours and hybrid office/home arrangements designed to support work–life balance.
We remain committed to pay equity and inclusion, and have made meaningful progress within our leadership diversity metrics. In 2025, we again issued an all-staff bonus, conducted market-aligned salary reviews, and recorded a staff retention rate of 88.2% - well above the industry average.
Client Success and Innovation
We recognise that the success of our business is directly aligned with the success of our clients, and all our efforts are directed toward working in our clients’ best interests. Our ‘freethinking’ approach continues to fuel distinctive media solutions, with an emphasis on cultural relevance, cross-channel innovation, and strategic agility. We continue to measure and improve the impact of our work through campaign effectiveness metrics. Progress toward IPA Effectiveness Accreditation remains a strategic focus, with internal frameworks now aligned to these standards.
Environmental and Social Impact
We recognise that our success is not only measured commercially, but also by the positive contribution we make to society and the environment. As such, sustainability and social value are embedded within our broader strategy.
Environmental and community responsibility is an integral part of our operating philosophy. In 2025, we updated our sustainability policy and retained our ISO14001 certification for environmental management.
We continue to assess how our operations and supplier decisions impact our environmental footprint and are exploring frameworks such as Ad Net Zero to help guide future carbon-conscious planning and reporting.
Alongside this, we have continued to build our community engagement, with a focus on supporting young people and education. This includes working with local schools and education programmes to share insight into the media industry and help students develop confidence, awareness, and practical skills.
Much of this work also supports Social, Emotional, and Behavioural (SEB) development, reflecting our belief that early exposure to professional environments should contribute positively to both personal and educational growth.
In 2025, we also launched a new apprenticeship scheme, further strengthening our commitment to creating accessible career pathways into the media industry and building a more inclusive pipeline of talent.
REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
S J Crunden
Director
17 July 2025
REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company is that of the provision of advertising consultancy services for the media industry.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S J Crunden
G Jarvie
L Herbert
D Mckinney
S S Watson
C Elder
(Appointed 29 April 2024)
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Energy and carbon report
Energy consumption data in kWh is obtained directly from billing data using published conversion factors. The conversion of kWh to Co2 emissions is calculated by reference to the UK Government's published conversion factors for company reporting.
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The company consumed 56,367 kWh with a resultant greenhouse gas emission of 11 tonnes of CO2 equivalent. The Intensity Ratio was 0.21 based on full time equivalents.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time equivalents, the recommended ratio for the sector. Both of our buildings are on green energy tariffs.
Measures taken to improve energy efficiency
The company is ISO 14001 Environmental Management accredited. The company has devised a Carbon Reduction plan and is on its way to improving its environmental impact.
In addition to this, this year we have enhanced our Travel & Expenses policy by implementing sustainable travel guidance to reduce our environmental impact.
REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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). 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 of the company and of the profit or loss of the company for that period.
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.
On behalf of the board
S J Crunden
Director
17 July 2025
REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED
- 6 -
Opinion
We have audited the financial statements of Republic of Media Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Conclusions relating to going concern
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.
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 course of 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 this gives rise to 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report.
REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
- 7 -
Matters 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management, those charged with governance around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
- 8 -
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 2006. Our 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.
Iain Binnie
Senior Statutory Auditor
For and on behalf of MHA
17 July 2025
Chartered Accountants
Statutory Auditor
6 St Colme Street
Edinburgh
EH3 6AD
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
REPUBLIC OF MEDIA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
88,457,224
85,540,658
Cost of sales
(82,911,287)
(80,164,524)
Gross profit
5,545,937
5,376,134
Administrative expenses
(4,982,367)
(4,585,376)
Operating profit
4
563,570
790,758
Interest receivable and similar income
8
758,873
640,842
Profit before taxation
1,322,443
1,431,600
Tax on profit
9
(337,212)
(364,849)
Profit for the financial year
985,231
1,066,751
The profit and loss account has been prepared on the basis that all operations are continuing operations.
REPUBLIC OF MEDIA LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
246,506
318,661
Investments
11
246,506
318,661
Current assets
Debtors
12
6,121,460
6,107,255
Cash at bank and in hand
22,193,520
24,701,279
28,314,980
30,808,534
Creditors: amounts falling due within one year
13
(24,647,815)
(28,175,241)
Net current assets
3,667,165
2,633,293
Total assets less current liabilities
3,913,671
2,951,954
Provisions for liabilities
15
(43,801)
(67,315)
Net assets
3,869,870
2,884,639
Capital and reserves
Called up share capital
16
108,501
108,501
Profit and loss reserves
3,761,369
2,776,138
Total equity
3,869,870
2,884,639
The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
S J Crunden
Director
Company Registration No. 07898268
REPUBLIC OF MEDIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
108,501
1,709,387
1,817,888
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,066,751
1,066,751
Balance at 31 March 2024
108,501
2,776,138
2,884,639
Year ended 31 March 2025:
Profit and total comprehensive income
-
985,231
985,231
Balance at 31 March 2025
108,501
3,761,369
3,869,870
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information
Republic of Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Cross Street, Manchester, M2 7AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Republic of Media Limited is a wholly owned subsidiary of The Freethinking Group Limited, a company registered in England.
The Freethinking Group Limited prepares group financial statements and copies can be obtained from 26 Cross Street, Manchester, M2 7AQ.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the value of media handled by the company on behalf of clients, together with fees relating to media and research services provided. Media revenue is recognised when charges are made to clients, principally when advertisements appear in the media. Fees are recognised over the period of the relevant assignments or agreements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
Shorter of the lease term or EUL of assets
Fixtures, fittings & equipment
3 - 5 years
Computer equipment
3 years
Tangible assets are derecognised on disposal or when no future economic benefits are expected. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.5
Fixed asset investments
Fixed asset investments 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.
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 recognised in the company's balance sheet 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.
Debtors
Debtors with no stated interest rate or receivable within one year are initially recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other operating expenses.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
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.
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.14
Employee Benefit Trust (EBT)
The company established the Republic of Media Limited Employee Benefit Trust, a discretionary trust, for the purpose of providing incentives and benefits for employees of the company. The company sponsors and controls the EBT and therefore the assets and liabilities of the Trust are included in these financial statements. The EBT does not own any shares in the company at 31 March 2025 or 31 March 2024.
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider that there are no significant judgements, estimates or assumptions made which could have a material impact on these financial statements.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2025
2024
£
£
Turnover analysed by geographical market
Europe
88,457,224
85,540,658
2025
2024
£
£
Other revenue
Interest income
758,873
640,842
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(2)
2
Depreciation of owned tangible fixed assets
93,553
63,344
Loss on disposal of tangible fixed assets
120
1,985
Operating lease charges
224,941
214,750
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,500
9,000
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Management
4
3
Administration
51
50
Total
55
53
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
2,501,692
2,240,112
Social security costs
274,839
232,590
Pension costs
106,547
97,420
2,883,078
2,570,122
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
422,864
336,908
Company pension contributions to defined contribution schemes
15,713
12,132
438,577
349,040
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
131,707
131,918
Company pension contributions to defined contribution schemes
4,981
4,836
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
758,873
640,842
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
353,831
280,170
Adjustments in respect of prior periods
196
Group tax relief
6,699
30,429
Total current tax
360,726
310,599
Deferred tax
Origination and reversal of timing differences
(23,514)
54,250
Total tax charge
337,212
364,849
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
1,322,443
1,431,600
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
330,611
357,900
Tax effect of expenses that are not deductible in determining taxable profit
5,956
7,005
Group relief
(6,699)
(30,429)
Payment in respect of group relief
6,699
30,429
Under/(over) provided in prior years
196
Effect of change in deferred tax rate
449
(56)
Taxation charge for the year
337,212
364,849
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
10
Tangible fixed assets
Tenant's improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2024
318,187
109,689
152,579
580,455
Additions
8,094
348
13,076
21,518
Disposals
(18,897)
(51,074)
(69,971)
At 31 March 2025
326,281
91,140
114,581
532,002
Depreciation and impairment
At 1 April 2024
130,496
33,947
97,351
261,794
Depreciation charged in the year
44,513
18,211
30,829
93,553
Eliminated in respect of disposals
(18,897)
(50,954)
(69,851)
At 31 March 2025
175,009
33,261
77,226
285,496
Carrying amount
At 31 March 2025
151,272
57,879
37,355
246,506
At 31 March 2024
187,691
75,742
55,228
318,661
11
Fixed asset investments
2025
2024
£
£
Unlisted investments
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024 & 31 March 2025
14,030
Impairment
At 1 April 2024 & 31 March 2025
14,030
Carrying amount
At 31 March 2025
-
At 31 March 2024
-
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,621,968
2,665,173
Amounts owed by group undertakings
574
348,374
Other debtors
2,715,407
2,786,800
Prepayments and accrued income
385,738
306,908
5,723,687
6,107,255
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
397,773
Total debtors
6,121,460
6,107,255
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
19,029,479
23,668,827
Amounts owed to group undertakings
2,498,934
2,047,178
Corporation tax
213,944
116,700
Other taxation and social security
226,901
223,515
Other creditors
2,062,327
1,699,084
Accruals and deferred income
616,230
419,937
24,647,815
28,175,241
14
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Advanced capital allowances
43,801
67,315
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Deferred taxation
(Continued)
- 20 -
2025
Movements in the year:
£
Liability at 1 April 2024
67,315
Credit to profit or loss
(23,514)
Liability at 31 March 2025
43,801
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,547
97,420
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
85,000
85,000
85,000
85,000
Ordinary B shares of £1 each
9,038
9,038
9,038
9,038
Ordinary C shares of £1 each
5,425
5,425
5,425
5,425
Ordinary D shares of £1 each
9,038
9,038
9,038
9,038
108,501
108,501
108,501
108,501
All the shares are Ordinary shares ranking pari passu in respect of management involvement and participating in winding up.
17
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within 1 year
251,006
251,606
Years 2-5
437,967
673,041
688,973
924,647
REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
18
Related party transactions
The following amounts were outstanding at the reporting end date:
2025
2024
Amounts due from related parties
£
£
Fellow subsidiary undertakings (not wholly owned)
404,472
348,374
Other information
The company has taken advantage of the exemption not to disclose transactions with wholly owned subsidiaries.
2025-03-312024-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100S J CrundenG JarvieL HerbertD MckinneyS S WatsonC Elder078982682024-04-012025-03-3107898268bus:Director12024-04-012025-03-3107898268bus:Director22024-04-012025-03-3107898268bus:Director32024-04-012025-03-3107898268bus:Director42024-04-012025-03-3107898268bus:Director52024-04-012025-03-3107898268bus:Director62024-04-012025-03-3107898268bus:RegisteredOffice2024-04-012025-03-31078982682025-03-31078982682023-04-012024-03-3107898268core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3107898268core:RetainedEarningsAccumulatedLosses2024-04-012025-03-31078982682024-03-3107898268core:LandBuildingscore:LeasedAssetsHeldAsLessee2025-03-3107898268core:FurnitureFittings2025-03-3107898268core:ComputerEquipment2025-03-3107898268core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3107898268core:FurnitureFittings2024-03-3107898268core:ComputerEquipment2024-03-3107898268core:CurrentFinancialInstruments2025-03-3107898268core:CurrentFinancialInstruments2024-03-3107898268core:ShareCapital2025-03-3107898268core:ShareCapital2024-03-3107898268core:RetainedEarningsAccumulatedLosses2025-03-3107898268core:RetainedEarningsAccumulatedLosses2024-03-3107898268core:ShareCapital2023-03-3107898268core:RetainedEarningsAccumulatedLosses2023-03-3107898268core:ShareCapitalOrdinaryShareClass12025-03-3107898268core:ShareCapitalOrdinaryShareClass12024-03-3107898268core:ShareCapitalOrdinaryShareClass22025-03-3107898268core:ShareCapitalOrdinaryShareClass22024-03-3107898268core:ShareCapitalOrdinaryShareClass32025-03-3107898268core:ShareCapitalOrdinaryShareClass32024-03-3107898268core:ShareCapitalOrdinaryShareClass42025-03-3107898268core:ShareCapitalOrdinaryShareClass42024-03-3107898268core:ShareCapitalOrdinaryShares2025-03-3107898268core:ShareCapitalOrdinaryShares2024-03-3107898268core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-04-012025-03-3107898268core:FurnitureFittings2024-04-012025-03-3107898268core:ComputerEquipment2024-04-012025-03-3107898268core:UKTax2024-04-012025-03-3107898268core:UKTax2023-04-012024-03-310789826812024-04-012025-03-310789826812023-04-012024-03-310789826822024-04-012025-03-310789826822023-04-012024-03-3107898268core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3107898268core:FurnitureFittings2024-03-3107898268core:ComputerEquipment2024-03-31078982682024-03-3107898268core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2025-03-3107898268core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2024-03-3107898268core:AfterOneYear2025-03-3107898268core:AfterOneYear2024-03-3107898268bus:OrdinaryShareClass12024-04-012025-03-3107898268bus:OrdinaryShareClass22024-04-012025-03-3107898268bus:OrdinaryShareClass32024-04-012025-03-3107898268bus:OrdinaryShareClass42024-04-012025-03-3107898268bus:OrdinaryShareClass12025-03-3107898268bus:OrdinaryShareClass12024-03-3107898268bus:OrdinaryShareClass22025-03-3107898268bus:OrdinaryShareClass22024-03-3107898268bus:OrdinaryShareClass32025-03-3107898268bus:OrdinaryShareClass32024-03-3107898268bus:OrdinaryShareClass42025-03-3107898268bus:OrdinaryShareClass42024-03-3107898268bus:AllOrdinaryShares2025-03-3107898268bus:AllOrdinaryShares2024-03-3107898268core:WithinOneYear2025-03-3107898268core:WithinOneYear2024-03-3107898268core:BetweenTwoFiveYears2025-03-3107898268core:BetweenTwoFiveYears2024-03-3107898268bus:PrivateLimitedCompanyLtd2024-04-012025-03-3107898268bus:FRS1022024-04-012025-03-3107898268bus:Audited2024-04-012025-03-3107898268bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP