Advanstar Communications (U.K.) Limited Filleted accounts for Companies House (small and micro)

ADVANSTAR COMMUNICATIONS (U.K.) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03287275

Advanstar Communications (U.K.) Limited

Filleted Financial Statements

For the Year Ended

31 December 2022

Advanstar Communications (U.K.) Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Current assets

Debtors	6	3,695,693	2,431,836

Creditors: amounts falling due within one year	7	456,047	83,156
		------------	------------
Net current assets		3,239,646	2,348,680
		------------	------------
Total assets less current liabilities		3,239,646	2,348,680
		------------	------------
Net assets		3,239,646	2,348,680
		------------	------------

Capital and reserves

Called up share capital	2,002	2,002
Other reserves	119,216	21,603
Profit and loss account	3,118,428	2,325,075
	------------	------------
Shareholders funds	3,239,646	2,348,680
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 22 December 2023 , and are signed on behalf of the board by:

M Hennessy JR

Director

Company registration number: 03287275

Advanstar Communications (U.K.) Limited

Notes to the Financial Statements

Year Ended 31 December 2022

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is One Express, 1 George Leigh Street, Manchester, M4 5DL.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

In reaching their decision to prepare the accounts on a going concern basis, the Directors have considered the impact the current economic climate on both the Company and also the Group of which it is a member. Having given due consideration to the above factors and the anticipated future performance of the Company, taking into account reasonably possible changes in trading performance in light of uncertainty related to current unfavourable economic conditions, the Directors have been able to form a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements. For this reason they continue to to adopt the going concern basis in preparing the accounts.

Disclosure Exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Multimedia Healthcare Holdings LLC which are publicly available. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and Key Sources of Estimation Uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience andother factors that are considered to be relevant. Actual results may differ from these estimates. Critical accounting judgements The following is a critical judgement that the Directors have made in the process of applying the Company's accounting policies and that has the most significant effect on the amounts recognised in the financial statements. Recoverability of receivables - all receivables are reviewed and a provision is made where the directors consider the balance is not fully recoverable. Key sources of estimation uncertainty 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. Taxation - the tax liabilities recognised in the financial statements are measured at the Directors' estimate of tax that may become payable.

Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered in the normal course of business, stated net of discounts, Value Added Tax and other sales-related taxes, and provisions for returns and cancellations. Publishing revenue is recognised on the date of the publication. Revenue from subscriptions is recognised over the life of the subscription.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Directors' Remuneration

Directors are employed and remunerated by other companies in the Multimedia Healthcare Holdings LLC and do not receive any remuneration specifically for their services as directors of the company.

5. Employee Numbers

The average number of persons employed by the company during the year amounted to 12 (2021: 13 ).

6. Debtors

	2022	2021
	£	£
Trade debtors	662,792	436,070
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,799,196	1,705,128
Other debtors	233,705	290,638
	------------	------------
	3,695,693	2,431,836
	------------	------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	46,488	–
Social security and other taxes	265,806	78,657
Other creditors	143,753	4,499
	---------	--------
	456,047	83,156
	---------	--------

8. Summary Audit Opinion

The auditor's report dated 22 December 2023 was unqualified .

The senior statutory auditor was Jonathan Mather BA ACA , for and on behalf of Beever and Struthers .

9. Controlling Party

The controlling party is MJH Healthcare Holdings LLC, which is the immediate and ultimate parent undertaking.and is a company incorporated in the United States of America. The results of the company are included in the consolidated financial statements of MJH Healthcare Holdings LLC, which are publicly available.