DVV Media HR Group Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2021
Company Registration No. 06776955 (England and Wales)
DVV Media HR Group Limited
Company Information
Directors
I Salter
M Weber
Company number
06776955
Registered office
1st Floor
Chancery House
St Nicholas Way
Sutton
Surrey
United Kingdom
SM1 1JB
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
DVV Media HR Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DVV Media HR Group Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
24,326
34,058
Tangible assets
5
2,596
3,605
Current assets
Debtors
6
404,192
704,464
Cash at bank and in hand
377,185
232,268
781,377
936,732
Creditors: amounts falling due within one year
7
(1,344,630)
(1,391,188)
Net current liabilities
(563,253)
(454,456)
Total assets less current liabilities
(536,331)
(416,793)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(537,331)
(417,793)
Total equity
(536,331)
(416,793)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2022 and are signed on its behalf by:
I Salter
Director
Company Registration No. 06776955
DVV Media HR Group Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
1
Accounting policies
Company information
DVV Media HR Group Limited is a
private
company
limited by shares,
domiciled and
incorporated in
England and Wales
.
The registered office is
1st Floor, Chancery House, St Nicholas Way, Sutton, Surrey, United Kingdom, SM1 1JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The coronavirus pandemic has had a significant effect on the company. Owing to the lockdown measures imposed by the government, it was not possible to run any face-to-face events from February 2020 until August 2021. The business has received strong cash support from its parent company and has taken advantage of HMRC tax deferrals and the job retention scheme in the UK. With strong parental support, a powerful portfolio of brands and a clear market need for information services, the Directors are confident the business is in strong shape to bounce back during 2022.
The company relies on the continued support of its immediate parent company, DVV Media International Limited, and its ultimate parent company Rheinische Post Mediengruppe GmbH who have confirmed that they will provide sufficient funding to enable the company to continue in business and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sales of subscriptions and individual publications, net of discounts and value added tax.
The company recognises revenue when the amount of revenue can reliably be measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities as described below.
Sales of advertising space are recognised in the period in which publications occurs. Sales of publications are recognised in the period in which publication is issued. Revenue received in advance for exhibitions, conferences and events is deferred and recognised in the period in which the event takes place.
Revenue from subscriptions to publications and digital services is deferred and recognised on a straight line bases over the subscription period.
DVV Media HR Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
DVV Media HR Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
Basic financial instruments are held at cost. The Company has no other financial instruments or basic financial instruments measured at fair value.
1.9
Equity instruments
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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 and 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.
1.11
Employee benefits
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.
DVV Media HR Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 5
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
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.
2
Exceptional item
2021
2020
£
£
Expenditure
Redundancy costs
-
44,633
3
Employees
2021
2020
Number
Number
Total
10
16
DVV Media HR Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 6
4
Intangible fixed assets
Other
£
Cost
At 1 January 2021 and 31 December 2021
48,655
Amortisation and impairment
At 1 January 2021
14,597
Amortisation charged for the year
9,732
At 31 December 2021
24,329
Carrying amount
At 31 December 2021
24,326
At 31 December 2020
34,058
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 and 31 December 2021
5,056
Depreciation and impairment
At 1 January 2021
1,451
Depreciation charged in the year
1,009
At 31 December 2021
2,460
Carrying amount
At 31 December 2021
2,596
At 31 December 2020
3,605
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
169,984
346,082
Corporation tax recoverable
27,914
90,389
Other debtors
206,294
267,993
404,192
704,464
DVV Media HR Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 7
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
78,135
15,008
Amounts owed to group undertakings
902,037
785,391
Taxation and social security
86,288
47,638
Other creditors
278,170
543,151
1,344,630
1,391,188
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
-
-
1,000
1,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ryan Day and the auditor was Moore Kingston Smith LLP.
10
Related party transactions
The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
11
Parent company
The immediate parent company
by virtue of its 100% paid up share capital
is DVV Media International Limited,
a company incorporated in England and Wales.
The ultimate parent company is Rheinische Post Mediengruppe GmbH (formerly known as Rheinisch-Bergische Verlagsgesellschaft mbH) incorporated in Germany, by virtue of its holding in DVV Media International Limited.