REGISTERED NUMBER: 13220726 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

JET MEDIA NETWORK LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J Schertiger

R Shelley

P U Parmar

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

13220726 (England and Wales)

SENIOR STATUTORY AUDITOR:

Sadikali Gulamabas Premji FCCA

AUDITORS:

TC Group

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

FIXED ASSETS

Tangible assets

4

4,389

5,683

CURRENT ASSETS

Debtors

5

32,934

51,688

Cash at bank

9,023

129,165

41,957

180,853

CREDITORS

Amounts falling due within one year

6

4,444,945

3,220,778

NET CURRENT LIABILITIES

(4,402,988

)

(3,039,925

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,398,599

)

(3,034,242

)

CREDITORS

Amounts falling due after more than one year

7

(43

)

(43

)

PROVISIONS FOR LIABILITIES

8

(834

)

(1,421

)

NET LIABILITIES

(4,399,476

)

(3,035,706

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

10

1,826,522

1,826,522

Retained earnings

10

(6,226,098

)

(4,862,328

)

SHAREHOLDERS' FUNDS

(4,399,476

)

(3,035,706

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

J Schertiger - Director

R Shelley - Director

1.	STATUTORY INFORMATION

Jet Media Network 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents sales of services net of VAT and trade discounts. Turnover is recognised when the services are provided to the customer

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

Computer equipment

-

15% on cost

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Where the company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Where the company operates a defined benefit plan for the benefit of its employees. A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of impairment of assets have had the most significant effects on amounts recognised in the financial statements.

Convertible Notes

The directors have made reasonable estimates on the basis of information to them in relation to the liabilities owed by the company under the terms of the convertible loan notes.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The directors of the company and its shareholders have agreed to provide the company with continuing financial support to enable the company to meet its obligations as and when they fall due. The directors have therefore prepared these financial statements on a going concern basis. The company's loan notes facility expired during the year. No notice for repayment or conversion into capital was received, nor have the loan notes holders taken any action in respect of the non-repayments of the convertible loan notes.

In the opinion of the directors they strongly believe that the loan note holders will not pursue any action at least for next 12 months from the date of approval of these financial statements, due to relationships with the loan notes holders. The directors have also confirmed that the loan note holders are aware of the company's financial position.

Should the loan note holders demand repayment then the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

717

7,911

8,628

DEPRECIATION

At 1 April 2024

215

2,730

2,945

Charge for year

111

1,183

1,294

At 31 March 2025

326

3,913

4,239

NET BOOK VALUE

At 31 March 2025

391

3,998

4,389

At 31 March 2024

502

5,181

5,683

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

30,649

25,061

Other debtors

2,285

26,627

32,934

51,688

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Other loans

2,076,355

1,733,549

Trade creditors

798,784

522,212

Amounts owed to group undertakings

149,446

116,418

PAYE

102,397

41,385

Pensions control

709

1,223

Other creditors

32,956

33,159

Directors' current accounts

21,929

3,817

Accrued expenses

1,262,369

769,015

4,444,945

3,220,778

Included within other loans is an amount of £2,076,355 (2024; £1,733,549) due to convertible loan note holders.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Preference shares

43

43

8.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

£

Deferred tax

Accelerated capital allowances

834

1,421

Deferred tax

£

Balance at 1 April 2024

1,421

Utilised during year

(587

)

Balance at 31 March 2025

834

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31/3/23

31/3/22

value:

£

£

1,000,000

Ordinary shares A

0.0001

100

100

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2024

(4,862,328

)

1,826,522

(3,035,806

)

Deficit for the year

(1,363,770

)

(1,363,770

)

At 31 March 2025

(6,226,098

)

1,826,522

(4,399,576

)

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

The Report of the Auditors was unqualified.

Material uncertainty related to going concern

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 2 to the financial statements concerning the company's ability to continue as a going concern. The company has net liability at the balance sheet date and also has convertible loan notes that are due within next 12 months and the company's ability to continue as a going concern is reliant upon the loan notes facilities being renewed and/or financial support from the shareholders. The directors have considered this in their assessment of going concern and accordingly have adopted the going concern basis in preparing these financial statements. However, should the loan notes not be extended, nor the shareholders financial support be forthcoming, then the going concern basis used in preparing these financial statements may be invalid and adjustments would have to be made to reduce the value of the assets to the realisation amount and to provide any further liabilities which may arise. These financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

Sadikali Gulamabbas Premji FCCA (Senior Statutory Auditor)

for and on behalf of Primera Accountants Limited

12.	CONTINGENT LIABILITIES

At the year end the company has contingent liability in respect of resources by the parent company amounting £755,395 (2024: £694,100) payable only subject to the company having sufficient reserves.

13.	RELATED PARTY DISCLOSURES

Included within other creditors is an amount of £5,000 (2024; £5,000) due to connected company.

Included within amounts owed to group undertakings is an amount of £122,918 (2024: £116,418) owed to Jetengage Ltd is a 79% shareholder of the company.

14.	PARENT COMPANY

The company is under the control of Jetengage Limited, a company registered in the United Kingdom by virtue of a controlling interest of 79% of the issued share capital.