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Registered number: 09952345
FRONTIERS MEDIA LIMITED
AUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2019
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FRONTIERS MEDIA LIMITED
CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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FRONTIERS MEDIA LIMITED
REGISTERED NUMBER: 09952345
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Frontiers Media Limited is a private company, limited by shares and incorporated in England and Wales, registration number 09952345. The address of the registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. Its principal place of business during the year was 131 Finsbury Pavement, London, EC2A 1NT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standard
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The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
The company's revenue is derived from recharges of its operating expenses to its parent company.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 2
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FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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.
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.
Depreciation is provided on the following basis:
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 the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment.
Short term creditors are measured at the transaction price.
Page 3
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FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 110 (2018 - 38).
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Charge for the year on owned assets
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Prepayments and accrued income
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Page 4
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FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are interest free and repayable on demand.
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Allotted, called up and fully paid
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5,000 (2018 - 5,000) Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
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Related party transactions
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The company has taken the exemption under FRS102 section 33.1A not to disclose transactions and balances with other group companies, on the basis that it is a wholly owned subsidiary.
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Post balance sheet events
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Subsequent to the year end, financial markets experienced substantial falls associated with uncertainties linked to the COVID-19 virus epidemic. This is considered a non-adjusting event in the sector that the Company operates in. The exact economic impact and the effect on the financial statements will take some time to be quantified as the situation evolves over the next few months. The Directors have considered the potential impact on the Company’s financial position and believe the current market conditions will not have any material impact to the Company.
Page 5
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FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The ultimate parent undertaking and controlling party is Frontiers Media SA, a company incorporated in Switzerland located at Avenue du Tribunal Fédéral 34, 1005 Lausanne.
The parent company of the largest group in which the results of the Company are consolidated is Frontiers Media SA. Copies of the annual report of Frontiers Media SA, may be obtained from Avenue du Tribunal Fédéral 34, 1005 Lausanne, Switzerland.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on 12 June 2020 by Robin John FCA CTA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.
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