REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
VARN MEDIA LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
VARN MEDIA LTD |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VARN MEDIA LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
6 Green Lane Business Park |
238 Green Lane |
New Eltham |
London |
SE9 3TL |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Work in progress |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
BALANCE SHEET - continued |
30 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Varn Media Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced work for completed projects in the year together with the relevant proportion of work in progress at the year end date and taking into account work in progress already completed at the start of the financial year, exclusive of value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Work in progress |
Work in progress is valued by taking account of the relevant proportion of sales invoices raised after the year end date, relating to work completed prior to the year end date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 May 2022 |
Revaluations |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Cost or valuation at 30 April 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2021 | 238,964 |
Valuation in 2022 | (4,154 | ) |
Valuation in 2023 | 23,458 |
Cost | 100,000 |
358,268 |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 10p | 20 | 20 |
Preference | 10p | - | - |
20 | 20 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 May 2022 |
Revaluation reserve |
At 30 April 2023 |
VARN MEDIA LTD (REGISTERED NUMBER: 07239443) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
The company has an Enterprise Management Incentive (EMI) Scheme in place under which share options have been granted to certain eligible individuals to subscribe to ordinary shares of £1 each at an exercise price of £162.50 per ordinary share, subject ot the rules of the scheme. The share options can be exercised on, or immediately prior to occurrence, of any of the following: |
1. The option to acquire 26 option shares can be exercised in the period ending 30 April 2023 subject to meeting the year 1 qualifying conditions specified in the EMI agreement. |
2. The option to acquire 20 option shares if the conditions in year 1 were met, or to acquire 46 option shares if the conditions in year 1 were not met, can be exercised in the period ending 30 April 2024 subject to meeting the year 2 qualifying conditions specified in the EMI agreement. |
3. The option to acquire 20 option shares if the conditions in years 1 and 2 above were met, or to acquire 40 or 46 option shares if either of the conditions in years 1 or 2 were not met, can be exercised in the period ending 30 April 2025 subject to meeting the year 1 qualifying conditions specified in the EMI agreement. |
There were 66 ordinary shares under option at the year end which are potentially exercisable. No share options were were exercised in this period. |