|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
FONESTARZ MEDIA GROUP LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
FONESTARZ MEDIA GROUP LIMITED |
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Report of the Independent Auditors | 3 |
|
Statement of Comprehensive Income | 5 |
|
Statement of Financial Position | 6 |
|
Statement of Changes in Equity | 7 |
|
Notes to the Financial Statements | 8 |
|
FONESTARZ MEDIA GROUP LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
The directors present their report with the financial statements of the company for the year ended 31 March 2019. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a holding company. The company also |
undertakes the development of the Group's Daius platform, which is used by the group companies. |
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report. |
|
|
|
|
GOING CONCERN |
Fonestarz Media Group Limited is merely a holding company with very few material transactions since the last few |
years. The management has therefore decided to liquidate the company. The necessary documents will be submitted to |
Companies House and the company will be dissolved thereafter. |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FONESTARZ MEDIA GROUP LIMITED |
|
|
Opinion |
We have audited the financial statements of Fonestarz Media Group Limited (the 'company') for the year ended |
31 March 2019 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of |
Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The |
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the |
UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
|
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Emphasis of matter |
As explained in note 13 to the financial statements, the management plans to liquidate the company thus cease trading in |
the next financial year. The financial statements have been prepared on a basis other than that of the going concern basis. |
This basis includes, where applicable, writing the company's assets down to the net realisable value. |
|
No provision has been made for the future costs of terminating the business unless such costs were committed on the |
reporting date. |
|
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
|
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
|
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- |
the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FONESTARZ MEDIA GROUP LIMITED |
|
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- |
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
|
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the directors determine necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
|
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
|
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
|
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
for and on behalf of
|
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
|
|
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
31/3/19 | 31/3/18 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Administrative expenses |
|
|
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
|
Tax on loss | 5 |
|
|
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
|
31/3/19 | 31/3/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
|
|
Tangible assets | 7 |
|
|
Investments | 8 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 9 |
|
|
Cash at bank |
|
|
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Share premium | 11 |
|
|
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
|
Balance at 1 April 2017 |
|
( |
) |
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2018 |
|
( |
) |
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2019 |
|
( |
) |
|
|
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Fonestarz Media Group Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Fonestarz Media Group Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is exempt under |
Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Investments |
Investments held as fixed assets are shown at cost less provision for impairment. |
|
3. | OPERATING LOSS |
|
The operating loss is stated after charging: |
|
31/3/19 | 31/3/18 |
£ | £ |
Depreciation - owned assets |
|
|
|
4. | AUDITORS' REMUNERATION |
|
Auditor's remuneration of £3,000 (2018: £1,500) has been borne by 2dayuk Limited, a 100% subsidiary of |
Fonestarz Media Group Limited. |
|
5. | TAXATION |
|
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 March 2019 nor for the year ended |
31 March 2018. |
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
6. | INTANGIBLE FIXED ASSETS |
Daius |
Platform |
£ |
COST |
At 1 April 2018 |
|
Disposals | ( |
) |
At 31 March 2019 |
|
AMORTISATION |
At 1 April 2018 |
|
|
Eliminated on disposal | ( |
) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
7. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2019 |
|
|
|
DEPRECIATION |
At 1 April 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2019 |
|
|
|
NET BOOK VALUE |
At 31 March 2019 |
|
|
|
At 31 March 2018 |
|
|
|
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
|
Disposals | ( |
) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
The company's investments at the Statement of Financial Position date in the share capital of companies include |
the following: |
|
|
Registered office: |
Nature of business:
|
% |
Class of shares: | holding |
|
|
31/3/19 | 31/3/18 |
£ | £ |
Aggregate capital and reserves |
|
|
Profit/(loss) for the year |
|
( |
) |
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Amounts owed by group undertakings |
|
|
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/19 | 31/3/18 |
value: | £ | £ |
|
Ordinary Shares | £ 0.001 | 6,582 | 6,582 |
|
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 April 2018 | ( |
) |
|
69,260 |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2019 | ( |
) |
|
67,585 |
FONESTARZ MEDIA GROUP LIMITED (REGISTERED NUMBER: 05613283) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
12. | ULTIMATE CONTROLLING PARTY |
|
OnMobile Live Inc, a company incorporated in Miami (USA) is the parent company. |
|
OnMobile Global Ltd, a company incorporated in India, is the ultimate controlling party. |
|
13. | GOING CONCERN |
|
The company's prime activity is of being a holding company. Post year end, management intends to transfer |
share holding in all subsidiaries to its parent company. Post transfer, the company would not have any business |
activity hence management plans to liquidate the company and cease trading in the subsequent financial year. |