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REGISTERED NUMBER:
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FENDIX MEDIA LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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REGISTERED NUMBER:
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FENDIX MEDIA LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Chairman's Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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FENDIX MEDIA LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4 Henley Way |
Doddington Road |
Lincoln |
Lincolnshire |
LN6 3QR |
FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Operating performance in the business reflects a further year of transition to a revised and more value-based strategy. |
Fendix historically has been defined as a digital advertiser with the closed network of the NHS. Our new strategy |
extends this point of access significantly away from simply advertising in the NHS to a position of providing a point of |
rich engagement to the life science industry. This focus on making engagement with the clinical stakeholders in the |
NHS more efficient will be disruptive in both the market and clinical research sectors within life science. Sales revenue |
performance in the second half of the period was up 20% against the prior period, whilst undergoing a significant |
structural change and reorganisation which included the appointment of a new CEO and CRO. The company will also |
be appointing a Chief Technical officer whose role will be both to drive technology and innovation in support of the |
new strategy as well as improvement of operating efficiency. The business continues to grow a pipeline of profitable |
growth opportunities. The board remains confident that the financial benefits are fully realisable and that the |
business can deliver significant growth over the coming 2-3 years as a function of its unique positioning and access to |
the NHS. The addressable market for Fendix has moved from a circa £24M total market size to a £1BN plus market |
with the introduction of the new strategy. This is expected to deliver £1M in EBITDA by 2021. |
The company is also well advanced in its discussions with SGH(DDL) and David Sumner to secure a further Investment |
in support of its growth strategy. David Sumner, through his family offices and DDL, holds a number of other |
investments in digital and digital healthcare companies. David started his own career at Shire pharmaceuticals. As part |
of the new facility, existing investments were restructured to simplify the company's balance sheet and capital |
structure. The business is well supported by its investors, shareholders, and partners. There is broad commitment to |
further growth if that is required. |
The business looks forward to an exciting and profitable future and is grateful for the continuing support of its |
shareholders and investors. |
FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Capital redemption reserve |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
were signed on its behalf by: |
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FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Fendix Media Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and |
derives from the provision of goods falling within the company's ordinary activities. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to the income statement in the period in which they relate. |
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Whilst the company has financial losses during the current and previous year, the company has positive cash |
flows and continues to have ongoing support from shareholders and investors. The company is therefore |
considered to be a going concern. |
FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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FENDIX MEDIA LIMITED (REGISTERED NUMBER: 06879191) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Debenture loan | 1,604,344 | 1,104,345 |
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There are fixed and floating charges over all property and undertaking of the company held by S P Thornton. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £0.00 | 1 | 1,203 | 1,203 |
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10. | RELATED PARTY DISCLOSURES |
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The company was charged consultancy fees by one of the directors of £48,000 (2018: £48,000). |
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Remuneration paid to the directors during the year was £42,148 (2018: £79,995). |
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At 31 March 2019, directors and owners that hold a participating interest in the shares of the company were |
owed £850,000 (2018 - £1,099,998). |