1.
General Information
TBD MEDIA GROUP LIMITED
is a private company, limited by shares, incorporated in England & Wales, registered number
08836953
. The registered office is Second Floor, 67-74 Saffron Hill, London, EC1N 8QX.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
These financial statements cover a period of 17 months from 1 August 2023 to 31 December 2024. The extended period arose as a result of the company changing its accounting reference date from 31 July to 31 December. Accordingly, the comparative figures presented are for the 12-month period ended 31 July 2023 and are therefore not entirely comparable with the current period.
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 £.
2.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The director has considered the company’s financial position, cash flow forecasts, and future trading expectations in their assessment.
In making this assessment, the director has reviewed the company’s forecasts and projections, taking into account reasonable possible changes in trading performance, as well as available funding and liquidity resources.
The director acknowledges the potential challenges posed by changes to the company operations, but they remain confident in the company’s ability to continue operating for the foreseeable future. The company has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
On this basis, the director believes that it is appropriate to prepare the financial statements on a going concern basis.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired from a business are recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is charged over a useful life of 5 years.
Amortisation is charged over a useful life of 5 years.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Plant & Machinery |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
2.6.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.7.
Investments
Investments in subsidiaries are stated at cost less any provision for impairment. The carrying value is reviewed annually for any indicators of impairment. Where impairment is identified, the investment is written down to its recoverable amount and the impairment loss is recognised in profit or loss.
2.8.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
2.12.
Deferred Income
Deferred income represents income received in advance for goods or services that have not yet been delivered or performed as of the balance sheet date. In accordance with FRS 102, such income is recognised as a liability and released to the profit and loss account in the period in which the related services are provided.
Deferred Income Recognition
Income is deferred when:
- Payment has been received before the associated performance obligation has been satisfied.
- The company has an obligation to provide goods or services in future periods.
Revenue is recognised in line with the company’s revenue recognition policy, ensuring it is recorded in the period when the related service is delivered.
2.13.
Creditors
Recognition and Measurement
Creditors are financial liabilities measured initially at the transaction price (including transaction costs), and subsequently at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction (in which case it is measured at the present value of future payments discounted at a market rate of interest).
Trade Creditors
Trade creditors represent liabilities for goods and services received by the company but not yet paid for at the reporting date. They are recognised at the original invoice amount.
Other Creditors
Other creditors generally consist of any amounts owed by the company for transactions not classifiable under trade creditors. These can include loans from directors or related parties, payroll liabilities, or other miscellaneous amounts due.
2.14.
Trade Debtors and Provision for Doubtful Debts
Initial Recognition and Measurement
Trade debtors are amounts due from customers for goods sold or services rendered in the ordinary course of business. Under FRS 102, they are initially recognised at the transaction price (i.e. the invoice amount), unless the arrangement constitutes a financing transaction, in which case the receivable is measured at the present value of future cash flows discounted at a market rate of interest.
Subsequent Measurement
After initial recognition, trade debtors are measured at amortised cost using the effective interest rate method, net of any provision for doubtful debts. In many cases for short-term receivables, amortised cost will approximate the original invoice amount if the effect of discounting is not material.
Provision for Doubtful Debts (Impairment)
A provision for doubtful debts is recognised when there is objective evidence that the company will not be able to collect all amounts due under the original terms of the receivable. Indicators of impairment may include:
- Significant financial difficulty of the debtor
- Actual or anticipated customer insolvency or default
- Payment delays exceeding normal credit terms
The amount of the impairment is measured as the difference between the debtor’s carrying amount and the present value of estimated future cash flows. This assessment is performed on an individual debtor basis or, where appropriate, on a portfolio basis for debtors with similar credit risk characteristics. The carrying amount of the asset is reduced through a provision account, and the loss is recognised in the profit and loss account.
Reversal of Impairment
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognised (such as improved payment trends or settlement of the debt), the previously recognised impairment loss is reversed in the profit and loss account to the extent it no longer exists.
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
3.
Turnover
Analysis of the company's revenue is as follows:
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Europe |
|
|
|
| Asia |
|
|
|
| 9,846,112 | 15,591,388 | ||
4.
Other Operating Income
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 13,971 | 29,171 | ||
5.
Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 685,095 | 595,505 | |
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the period was: 23 (2023: 73)
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
8.
Director's remuneration
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments | - |
|
|
9.
Interest Receivable and Similar Income
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
10.
Interest Payable and Similar Charges
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Late payment tax charges |
|
|
|
11.
Tax on Profit
The tax charge on the (loss)/profit for the period was as follows:
| Tax Rate | 31 December 2024 | 31 July 2023 | |||
|---|---|---|---|---|---|
| 31 December 2024 | 31 July 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | - | 25.0% |
|
|
|
| Deferred Tax | |||||
| Origination and reversal of timing differences |
|
( |
|||
| Total tax charge for the period |
|
|
|||
The actual charge for the period can be reconciled to the expected (credit)/charge for the period based on the (loss)/profit and the standard rate of corporation tax as follows:
| 31 December 2024 | 31 July 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | (700,704) | 2,349,779 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Total tax charge for the period | - | 505,692 | |||
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
12.
Intangible Assets
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 August 2023 |
|
||
| As at 31 December 2024 |
|
||
| Amortisation | |||
| As at 1 August 2023 |
|
||
| Provided during the period |
|
||
| As at 31 December 2024 |
|
||
| Net Book Value | |||
| As at 31 December 2024 |
|
||
| As at 1 August 2023 |
|
||
13.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Leasehold | Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 August 2023 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 August 2023 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 December 2024 |
|
|
|
|
|
| As at 1 August 2023 |
|
|
|
|
|
14.
Investment Property
| 31 December 2024 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 August 2023 and 31 December 2024 |
|
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
15.
Investments in Subsidiaries
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 August 2023 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 August 2023 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 August 2023 |
|
TBD Media Group Limited own 100% of the share capital of TBD Crew Limited.
16.
Debtors
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income | - |
|
|
| Other debtors |
|
|
|
| Corporation tax recoverable assets |
|
|
|
| VAT |
|
|
|
| Director's loan account |
|
- | |
| Amounts due from group companies | 2,119,157 | 2,814,502 | |
|
|
|
||
The figures included above for trade debtors is included net. Below is the breakdown of the amounts.
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Trade debtors (gross)
|
47,451
|
2,351,343
|
|
|
Less: Provision for doubtful debts
|
-
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
(595,505)
|
|
|
47,451
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
1,755,838
|
||
TBD MEDIA GROUP LIMITED
Notes to the Financial Statements (continued)
For the Period 1 August 2023 to 31 December 2024
17.
Creditors: Amounts Falling Due Within One Year
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 15,926 | 274,934 | |
| Corporation tax | - |
|
|
| Taxation and social security | - | 73,564 | |
| Accruals and deferred income | 14,250 | 2,037,922 | |
|
|
|
||
18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 31 December 2024 | 31 July 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 6,767 | 6,767 | |
20.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the period the charge to the profit and loss account in respect of defined contribution schemes was £16,486 (2023: £33,873).
At the balance sheet date contributions of £0 (2023: £7,072) were due to the fund and are included in creditors.
21.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
22.
Controlling Parties
The company's ultimate controlling party is
TBD Media Holdings Limited
by virtue of their interest in the share capital of the company.
During the period, dividends of £1,249,971 were declared to TBD Media Holdings Limited, the company's immediate parent and controlling party.
During the period, dividends of £1,249,971 were declared to TBD Media Holdings Limited, the company's immediate parent and controlling party.