Registration number:
Regional Media Services Limited
for the Year Ended 31 March 2018
Chartered Accountants
4 Park Place
Leeds
LS1 2RU
Regional Media Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Regional Media Services Limited
Company Information
Directors |
Mr Alex Turner Mr Lee-J Walker |
Registered office |
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Accountants |
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Page 1 |
Regional Media Services Limited
(Registration number: 07111349)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Regional Media Services Limited
(Registration number: 07111349)
Balance Sheet as at 31 March 2018
Approved and authorised by the
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Director
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Director
Page 3 |
Regional Media Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis assuming the shareholder who has loaned money to the company continues to support the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
Regional Media Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Asset class |
Depreciation method and rate |
Office Equipment, fixtures & fittings and website |
33.3% straight line |
Motor Vehicles |
25% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Regional Media Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Amortisation |
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At 1 April 2017 |
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Amortisation charge |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Page 6 |
Regional Media Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Disposals |
( |
( |
( |
At 31 March 2018 |
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- |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 March 2018 |
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- |
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Carrying amount |
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At 31 March 2018 |
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- |
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At 31 March 2017 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include secured loans of £285,177 (2017 - £341,043).
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Regional Media Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100.00 |
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100.00 |
Related party transactions |
Summary of transactions with entities with joint control or significant interest
Oxygen Enterprise Partners Limited (with whom the company had shareholders in common).
The company supplied consultancy services to Oxygen Enterprises Partners Limited amounting to £34,694 (2017: £70,000). The company purchased consultancy services from Oxygen Enterprise Partners Limited of £1,250 (2017: £nil). At the balance sheet date the amount due from Oxygen Enterprise Partners Limited was £nil (2017: £74,368). The amount due to Oxygen Enterprise Partners Limited was £nil (2017: £nil).
The company supplied consultancy services to Optimo Care Group Limited of £-170 (2017: £95,000). At the balance sheet date the amount due from Optimo Care Group Limited was £nil (2017: £204).
Loans from related parties
2018 |
Other related parties |
At start of period |
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Repaid |
( |
At end of period |
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2017 |
Other related parties |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
Page 8 |
Regional Media Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Off-balance sheet arrangements |
Lease commitments
The total minimum lease commitment in respect of leases which expire within one year of the balance sheet date was £2,772 (2017: £nil). The total minimum lease commitment in respect of leases which expire between one and five yeare after the balance sheet date was £nil (2017: £6,930).
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