Company Registration No. 05005272 (England and Wales)
INDUSTRY MEDIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
INDUSTRY MEDIA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INDUSTRY MEDIA LTD
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
31 December 2020
31 December 2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
Current assets
Debtors
4
307,781
331,380
Cash at bank and in hand
122
307,781
331,502
Creditors: amounts falling due within one year
5
(45,369)
Net current assets
307,781
286,133
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
307,779
286,131
Total equity
307,781
286,133
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year 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 by the board of directors and authorised for issue on 17 December 2021 and are signed on its behalf by:
Mr M Page
Director
Company Registration No. 05005272
INDUSTRY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Industry Media Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
180 Great Portland Street, London, W1W 5QZ.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of YM&U Topco Limited. These consolidated financial statements are available from its registered office
,
180 Great Portland Street, London, W1W 5QZ
.
1.2
Going concern
The Directors have considered the expected profitability, financing available and the continued COVID-19 disruption going forward. The Directors of the parent company, YM&U Topco Limited, have confirmed their support to the Company to ensure it can meet its obligations as they fall due, for 15 months after these financial statements are approved. Accordingly, the Directors have adopted the going concern basis in preparing the financial statements.
true
1.3
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.
INDUSTRY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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:
Plant and equipment
Straight line over 5 years
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
.
1.4
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.
1.5
Financial instruments
The company has
only basic
financial instruments.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction
.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
1.6
Taxation
The tax expense represents tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
31 December 2020
31 December 2019
Number
Number
Total
2
2
INDUSTRY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2020 and 31 December 2020
44,919
Depreciation and impairment
At 1 January 2020 and 31 December 2020
44,919
Carrying amount
At 31 December 2020
At 31 December 2019
4
Debtors
31 December 2020
31 December 2019
Amounts falling due within one year:
£
£
Trade debtors
1,200
Amounts owed by group undertakings
307,781
Other debtors
330,180
307,781
331,380
5
Creditors: amounts falling due within one year
31 December 2020
31 December 2019
£
£
Other creditors
45,369