Registered number:
06061415
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Amazing Media Group Limited
Financial statements
Information for filing with the registrar
31 December 2019
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Amazing Media Group Limited
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Balance sheet
As at
31 December 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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1
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Amazing Media Group Limited
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Balance sheet
(continued)
As at
31 December 2019
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The Company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
23 December 2020
.
Registered number: 06061415
The notes on pages 3 to 8 form part of these financial statements.
2
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Amazing Media Group Limited
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Notes to the financial statements
For the year ended 31 December 2019
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Amazing Towers, Church Street, Gateshead, NE8 2AT.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The company's principal activity is described in the directors report.
The directors have prepared cash flow forecasts for the coming period, taking into account expected trading cash flows and other cash requirements as the business continues to expand. The company continues to meet its day-to-day working capital requirements through financial support from shareholders. The directors expect this to continue for the foreseeable future.
Thus the directors have reasonable expectation at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continue to adopt the going concern basis in preparing the financial statements.
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
The turnover shown in the profit and loss account represents the value of services delivered during the period, exclusive of Value Added Tax. Amounts invoiced are spread to match the delivery of service, with any timing difference between invoicing and revenue recognition presented as deferred or accrued income.
Research expenditure is written off as it is incurred and charged to the profit & loss account. Development expenditure is written off, except where there is a separate project that is technically, commercially and financially viable. In these cases, the expenditure is deferred and amortised over the period the company is expected to gain benefit.
3
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Amazing Media Group Limited
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Notes to the financial statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Deferred tax assets are recognised when it is more likely than not that they will be recovered. The company has not adopted a policy of discounting deferred tax assets and liabilities. Deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance sheet date
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents - 25%-50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 5 years straight line
Other fixed assets - 3 - 5years straight line
4
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Amazing Media Group Limited
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Notes to the financial statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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The average monthly number of employees, including the directors, during the year was as follows:
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5
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Amazing Media Group Limited
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Notes to the financial statements
For the year ended 31 December 2019
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Software development costs are deferred to future periods, when they shall be amortised upon the sale or use of the product.
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6
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Amazing Media Group Limited
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Notes to the financial statements
For the year ended 31 December 2019
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Charge for the year on owned assets
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Amounts owed by group undertakings and undertakings in which the company has a participating interest
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Prepayments and accrued income
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7
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Amazing Media Group Limited
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Notes to the financial statements
For the year ended 31 December 2019
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The loan is secured by the way of a fixed and floating charge against the assets and intellectual property of the charging companies.
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Allotted, called up and fully paid
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111,407
(2018 -
111,407
)
Ordinary Shares
shares of £
0.01
each
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36,034
(2018 -
36,034
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Ordinary A Shares
shares of £
0.01
each
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9,183
(2018 -
9,183
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A Convertible Preference Shares
shares of £
0.01
each
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The number of shares outstanding at the year end date for all other classes of shares is consistent with the prior year.
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Related party transactions
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During the year there were transactions with related parties listed below. All of these companies are related parties as P A Campbell is also director and shareholder of these companies.
Balances outstanding with these related parties at the year end were:
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During the year Amazing Media Holdings Inc charged the company £Nil (2018: £Nil) in respect of subcontracted development work. The amount outstanding at the year end was £Nil (2018: £Nil) due by the company.
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8
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Amazing Media Group Limited
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9
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