The Leisure Media Company Limited - Accounts to registrar (filleted)

THE LEISURE MEDIA COMPANY LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

E J Terry

REGISTERED OFFICE:

65 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

REGISTERED NUMBER:

02135800 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alberto Di Lorenzo FCA

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

4

16,874

23,684

CURRENT ASSETS

Debtors

5

215,548

230,174

Cash at bank and in hand

337,075

335,062

552,623

565,236

CREDITORS

Amounts falling due within one year

6

260,521

277,887

NET CURRENT ASSETS

292,102

287,349

TOTAL ASSETS LESS CURRENT
LIABILITIES

308,976

311,033

CREDITORS

Amounts falling due after more than one year

7

(27,126

)

(58,142

)

PROVISIONS FOR LIABILITIES

(4,219

)

-

NET ASSETS

277,631

252,891

CAPITAL AND RESERVES

Called up share capital

11

22,138

Retained earnings

255,493

230,753

SHAREHOLDERS' FUNDS

277,631

252,891

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

E J Terry - Director

1.	STATUTORY INFORMATION

The Leisure Media Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The directors consider there to be no critical judgements or estimates in the financial statements.

Turnover

Turnover represents net invoiced sales of advertising space, magazine subscriptions and ancillary services, excluding value added tax. Invoiced sales are deferred where the services provided to the customer have not yet been supplied. Deferred income is released as turnover n the period in which the service is supplied.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 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 debtors, are initially measured at transactions price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.Such assets are subsequently carried at fair value nd the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed when the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received or receivable, net of transaction costs. Dividends payable or equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1st January 2024

1,006

33,433

32,166

66,605

Additions

-

1,572

At 31st December 2024

1,006

33,433

33,738

68,177

DEPRECIATION

At 1st January 2024

102

33,433

9,386

42,921

Charge for year

150

-

8,232

8,382

At 31st December 2024

252

33,433

17,618

51,303

NET BOOK VALUE

At 31st December 2024

754

-

16,120

16,874

At 31st December 2023

904

-

22,780

23,684

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

145,895

139,428

Amounts owed by participating interests

37,174

62,474

Other debtors

1,168

2,055

Deferred tax asset

-

9,088

Prepayments and accrued income

31,311

17,129

215,548

230,174

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 8)

29,738

Trade creditors

76,655

40,964

Social security and other taxes

12,990

12,628

VAT

20,374

23,600

Other creditors

6,123

16,068

Advertising subscriptions in

advance

61,108

97,469

Magazine subscriptions in

advance

4,136

4,365

Directors' current accounts

2,212

2,812

Accrued expenses

47,185

50,243

260,521

277,887

Security is provided to the company's bankers, Barclays Bank Plc by a deed of charge over debtors registered 12th March 1997.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans (CIBLS) (see note 8)

27,126

58,142

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans (CIBLS)

29,738

Amounts falling due between one and two years:

Bank loans - 1-2 years (CIBLS)

27,126

34,874

Amounts falling due between two and five years:

Bank loans - 2-5 years (CIBLS)

-

23,268

The bank loan with Barclays has a floating interest rate with a margin of 2.53%. The loan maturity date is July 2026.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

5,115

Between one and five years

11,935

17,050

22,165

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans (CIBLS)

56,864

87,880

Barclays registered a fixed and floating charge in September 2020 over all property or undertaking of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

22,128

Ordinary

£1

22,128

10

Ordinary B

£1

10

22,138

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

13.	CONTINGENT LIABILITIES

The company and its director are awaiting mediation in regards to a claim by a former landlord. The outcome is expected to be determined in the next year. The company's insurance company - Hiscox - is supporting a proportion of its legal expenses.

14.	RELATED PARTY DISCLOSURES

At the balance sheet date, included within debtors, is the following non interest bearing loan made to a related company:

31/12/24

31/12/23

£

Cybertrek Limited

35,296

44,424

Leisure Media Global Limited

1,878

18,050

During the year, management fees totalling £3,888 (2023: £3,000) and royalties of £7,788 (2023: £6,000) were charged to Cybertrek Limited.

Licences fees totalling £21,660 (2023:£17,500) were paid to Leisure Media Global Limited.