Company Registration No. 01939383 (England and Wales)
GUY ELLIS MEDIA ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
GUY ELLIS MEDIA ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GUY ELLIS MEDIA ASSOCIATES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
451
496
Current assets
Debtors
4
288,723
290,539
Cash at bank and in hand
1,385
110,569
290,108
401,108
Creditors: amounts falling due within one year
5
(21,767)
(101,539)
Net current assets
268,341
299,569
Total assets less current liabilities
268,792
300,065
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
258,792
290,065
Total equity
268,792
300,065
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
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 and signed by the director and authorised for issue on 22 June 2021
G Jeynes-Ellis
Director
Company Registration No. 01939383
GUY ELLIS MEDIA ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Guy Ellis Media Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
21 Bedford Square, London, WC1B 3HH.
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 FRS 102 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends upon the continued financial support of the company's creditors.
If the company were unable to continue in existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that might arise.
true
1.3
Reporting period
The company has prepared this set of financial statements for a 15-month period. The prior year comparative information is therefore not entirely comparable.
1.4
Turnover
Turnover represents the invoiced amount of services provided net of value added tax and advance fees.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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.
GUY ELLIS MEDIA ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
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:
Computer equipment
50% per annum on cost
Fixtures, fittings & equipment
25% per annum on cost
1.6
Cash at bank and in hand
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
1.8
Leases
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 lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
GUY ELLIS MEDIA ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2018
Number
Number
Total
2
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
46,577
Additions
325
Disposals
(9,356)
At 30 June 2020
37,546
Depreciation and impairment
At 1 January 2019
46,081
Depreciation charged in the period
370
Eliminated in respect of disposals
(9,356)
At 30 June 2020
37,095
Carrying amount
At 30 June 2020
451
At 31 December 2018
496
GUY ELLIS MEDIA ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 5 -
4
Debtors
2020
2018
Amounts falling due within one year:
£
£
Trade debtors
142,471
Other debtors
288,723
148,068
288,723
290,539
5
Creditors: amounts falling due within one year
2020
2018
£
£
Trade creditors
79,813
Corporation tax
19,782
Other taxation and social security
16,346
Other creditors
1,985
5,380
21,767
101,539
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2018
£
£
30,254
7
Directors' transactions
Dividends totalling £71,000 (2018 - £0
) were paid in the period in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors current account
2.50
848,600
(656,855)
191,745
-
848,600
(656,855)
191,745
The directors current account was repaid within 9 months and 1 day of the year end.