Company No: OC332881 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

Designated members	Dstream Holdings Ltd
	Rage Network Holdings Ltd
	Julien Jean Roland Thierry

Registered office	167 169 Great Portland Street
	5th Floor
	London
	W1W 5PF
	United Kingdom

Registered number

OC332881 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margarets Street
	Canterbury
	Kent
	CT1 2TU

	Note	2024		2023
		€		€
Fixed assets
Intangible assets	3	536		1,072
Investments	5	253,725		169,631
		254,261		170,703
Current assets
Debtors	6	122,941		129,733
Cash at bank and in hand		26,178		32,561
		149,119		162,294
Creditors: amounts falling due within one year	7	( 130,829)		( 139,475)
Net current assets		18,290		22,819
Total assets less current liabilities		272,551		193,522
Net assets attributable to members		272,551		193,522
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		272,551		193,522
		272,551		193,522
Members' other interests
		0		0
		272,551		193,522
Total members' interests
Loans and other debts due to members		272,551		193,522
		272,551		193,522

For the financial year ending 31 December 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Media Circle LLP (registered number: OC332881) were approved and authorised for issue by the Board of Directors on 25 September 2025. They were signed on its behalf by:

Dstream Holdings Ltd Designated member

	EQUITY Members' other interests	DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Other reserves	Members' capital (classified as debt)	Total
	€	€	€
Amounts due to members		458,998
Balance at 01 January 2023	0	458,998	458,998
Loss for the financial year available for discretionary division among members	(465,476)	0	(465,476)
Members' interest after loss for the financial year	(465,476)	458,998	(6,478)
Introduced by members	0	200,000	200,000
Other division of losses	465,476	(465,476)	0
Amounts due to members		193,522
Balance at 31 December 2023	0	193,522	193,522
Loss for the financial year available for discretionary division among members	(365,971)	0	(365,971)
Members' interest after loss for the financial year	(365,971)	193,522	(172,449)
Introduced by members	0	445,000	445,000
Other division of losses	365,971	(365,971)	0
Amounts due to members		272,551
Balance at 31 December 2024	0	272,551	272,551

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

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

Media Circle LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 167 169 Great Portland Street, 5th Floor, London, W1W 5PF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in EUR which is the functional currency of the Company and rounded to the nearest €.

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 Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

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

not amortised

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 etc.

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 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.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial
period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members 'remuneration charged as an expense in the Statement of comprehensive income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the LLP during the year	1		1

3. Intangible assets

	Other intangible assets		Total
	€		€
Cost
At 01 January 2024	5,360		5,360
At 31 December 2024	5,360		5,360
Accumulated amortisation
At 01 January 2024	4,288		4,288
Charge for the financial year	536		536
At 31 December 2024	4,824		4,824
Net book value
At 31 December 2024	536		536
At 31 December 2023	1,072		1,072

4. Tangible assets

	Plant and machinery etc.		Total
	€		€
Cost
At 01 January 2024	34,880		34,880
At 31 December 2024	34,880		34,880
Accumulated depreciation
At 01 January 2024	34,880		34,880
At 31 December 2024	34,880		34,880
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

5. Fixed asset investments

	Listed investments		Total
	€		€
Cost or valuation before impairment
At 01 January 2024	169,631		169,631
Additions	440,000		440,000
Disposals	( 343,576)		( 343,576)
Movement in fair value	( 12,330)		( 12,330)
At 31 December 2024	253,725		253,725
Carrying value at 31 December 2024	253,725		253,725
Carrying value at 31 December 2023	169,631		169,631

6. Debtors

	2024		2023
	€		€
Trade debtors	116,916		125,161
Other debtors	6,025		4,572
	122,941		129,733

7. Creditors: amounts falling due within one year

	2024		2023
	€		€
Trade creditors	124,843		134,055
Other taxation and social security	2,964		3,120
Other creditors	3,022		2,300
	130,829		139,475

8. Ultimate controlling party

The limited partnership is controlled by the designated members.