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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
COMPANY INFORMATION
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REPUBLIC OF MEDIA LIMITED
CONTENTS
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REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present the strategic report for the year ended 31 March 2026.
The company delivered a strong performance during the year against a backdrop of continued macroeconomic uncertainty and ongoing client budget scrutiny. Turnover increased by 3.5% compared to the prior year, while total revenue increased by 14.3%. This performance reflects a highly successful year for new business wins alongside continued growth in specialist services and non-core income streams.
The year represented a material step forward in commercial delivery. Gross margin performance remained robust and, combined with continued commercial discipline and improved terms across new and existing client relationships, supported a recovery in operating performance. The Company delivered an exceptional year for new business wins and remit expansion, strengthening the quality and breadth of our revenue base and further reducing concentration risk. This growth was delivered with continued commercial discipline and a clear focus on service quality. As we enter the next financial year, we are implementing the next phase of our operating plan, with targeted investment in capability, leadership and scalable ways of working to support continued growth and maintain consistently high standards for clients. We continued to strengthen key client relationships over the year, including expansion of remit in the gambling sector. We maintained and developed recognised specialisms across retail and alcohol, and continued to expand public sector work through appointments secured via UK Government and Scottish Government frameworks. Alongside this, successful new business and growth in specialist services supported continued progress in diluting revenue concentration while maintaining sector depth where the Company is differentiated. Cost inflation remained a feature of the operating environment, though the Board considers the Company increasingly resilient to inflationary risk. However, the compounding effect of prior cost increases and governmental policy changes absorbed over successive years continues to influence the operating cost base and remains a key consideration in pricing, workforce planning and cost management. The balance sheet remains strong, underpinned by sustained positive cash flow and effective working capital management. Debtor days were 10 (2025: 11), reflecting continued focus on prompt collection, effective credit control and cash discipline.
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REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Board keeps the principal risks and uncertainties under regular review.
Revenue concentration A longstanding risk for the Company is revenue concentration, with a significant proportion of income derived from a major client. While this relationship continues to perform strongly, the Board remains committed to further diversification through new business, sector expansion and development of specialist capabilities, with the aim of strengthening resilience over time. Cost inflation and talent market pressure Cost inflation, particularly in staffing, continues to present a challenge. The Board has prioritised investment in people, capability and culture to support retention and service quality, recognising this as a core driver of performance in a competitive talent market. Macroeconomic conditions and client confidence The macroeconomic environment remains uncertain and can affect client confidence, pipeline conversion and campaign spend. The Board considers the Company well positioned given the strength of client relationships, the quality of work delivered, and the Company’s robust balance sheet, supported by continued commercial discipline and active margin management. Operational scalability and infrastructure As the business grows, maintaining consistent delivery quality requires scalable processes, robust systems and strong operational discipline. The Company has continued to invest in operational excellence and its working environment to support productivity, collaboration and sustainable growth. Cybersecurity and data protection Cybersecurity remains a key operational risk. The Company retained ISO27001 accreditation and continued to invest in external IT support, strengthening resilience across systems, controls and data protection. In parallel, we continued the modernisation of our IT infrastructure and operating environment to support scalability and improve the end user experience while maintaining robust security standards. Artificial Intelligence (AI) in Media Planning The Board recognises that the rapid advancement of AI enabled planning and workflow tools presents both a potential disruptor and a strategic opportunity. The Company is progressing a clear AI strategy guided by our freethinking philosophy. Our approach is focused on practical application rather than hype, using AI to improve efficiency where it releases capacity and, more importantly, to enhance the value we deliver to clients by enabling teams to spend more time on high value work. Cross functional working groups are trialling use cases and defining governance so that adoption is ethical, responsible, secure and aligned to client outcomes.
The Company uses a range of financial and operational KPIs to monitor performance, with profitability, gross margin, cash generation, delivery capacity and working capital discipline as key management metrics. While further metrics are used across the business to support decision making, they have not been disclosed here due to commercial sensitivity.
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REPUBLIC OF MEDIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This section describes how the Directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006, in exercising their duty to promote the success of the Company for the benefit of its members as a whole.
The 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. During the year, the wider Group transitioned to employee ownership, reinforcing alignment between employee and business outcomes and supporting long term independence. People and culture People remain central to our success. Our strategic people pillars include Belonging, Equity & Inclusion, Wellbeing, and Learning & Development. We continued to invest in these areas to support retention, capability building and performance, recognising that sustainable growth is delivered through strong teams and consistent standards of delivery. Our apprenticeship programme continues to prove successful, strengthening access to a broader and more diverse talent pool and supporting inclusive entry routes into the industry. During the year, the programme was rolled out across offices, intake was expanded, and apprentices progressed into permanent roles, reinforcing the programme’s contribution to long term capability building and workforce planning. Building on this progress, we also created an internal accelerator programme designed to propel talent across the business, focused on the development of both future leaders and high potential specialists. The programme provides structured development and progression pathways to strengthen succession, capability and long term retention. Client success and innovation We recognise that the success of our business is directly aligned with the success of our clients. Our approach remains focused on transparency, performance and innovation. We continue to invest in planning excellence and effectiveness frameworks, ensuring our work remains culturally relevant, accountable and outcome driven. Progress towards IPA Effectiveness Accreditation remains a strategic focus, with internal frameworks aligned to these standards. Environmental and social impact We recognise that success is not only measured commercially, but also by the contribution we make to society and the environment. Sustainability and social value remain embedded within our broader strategy. We retained ISO14001 certification for environmental management and continued to develop sustainable practices and supplier choices. We are also exploring frameworks such as Ad Net Zero to guide future carbon conscious planning and reporting. We have continued to build community engagement with a focus on supporting young people and education, including work with schools and education programmes to share insight into the industry and help students develop confidence, awareness and practical skills.
This report was approved by the board on 22 July 2026 and signed on its behalf.
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REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The profit for the year, after taxation, amounted to £1,405,187 (2025 - £985,231).
Ordinary dividends were paid amounting to £3,500,000. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2026 UK Government's Conversion Factors for Company Reporting.
Quantification and reporting methodology
Energy consumption data in kWh is obtained directly from the billing data using published conversion factors.For properties where complete consumption data was unavaliable, estimates have been made based on energy usage of comparable buildings. The conversion of kWh to CO2 emissions is calculated by reference to the UK Government's published conversion factors for company reporting. Scope 2 emissions have been calculated using the location based approach.
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REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The company consumed 172,919 kWh (2025: 210,743 kWh) with a resultant greenhouse gas emissions of 23 tonnes of CO2 equivalent (2025: 19).The Intensity Ratio was 0.39 (2025: 0.35) based on full time equivalents. The 2025 comparative figures have been restated following the identification of an error in the energy consumption data used in the prior year calculation.
Emissions from business travel in rental cars or employee owned vehicles (Scope 3) where the company is responsible for purchasing the fuel is nil. Intensity measurement 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 During the year, the Group continued to implement its Carbon Reduction Plan through several practical initiatives. These included maintaining ISO 14001 accreditation, operating from premises supplied under renewable energy tariffs, promoting sustainable travel through our Travel & Expenses policy, and delivering employee education programmes on sustainable media planning and carbon awareness. The Group also continued to support environmental engagement activities and explored carbon offsetting opportunities as part of its wider sustainability strategy. As a professional services business with a relatively low operational carbon footprint, while are still managed through our policies, any year-on-year movements in emissions are not significant for disclosure. Accordingly, the Group's focus remains on embedding sustainable practices into its operations and decision-making processes while seeking opportunities for further environmental improvements.
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REPUBLIC OF MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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;
∙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 to 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.
This report was approved by the board on
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REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED
We have audited the financial statements of Republic of Media Limited (the 'Company') for the year ended 31 March 2026, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of 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 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.
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REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the 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.
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REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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REPUBLIC OF MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REPUBLIC OF MEDIA LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of MHA
6 St Colme Street
EH3 6AD
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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REPUBLIC OF MEDIA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
REGISTERED NUMBER: 07898268
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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REPUBLIC OF MEDIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 £.
This company is a qualifying entity for the purposes of FRS102, 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 relates 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.
At 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.
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in 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.
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.
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.
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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.
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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 or 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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 2026 or 31 March 2025.
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.
Analysis of turnover by country of destination:
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
10.Taxation (continued)
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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REPUBLIC OF MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
All the shares are Ordinary shares ranking pari passu in respect of management involvement and participating in winding up.
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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £144,161 (2025 - £106,547).
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