COMPANY REGISTRATION NUMBER:
07657485
Filleted Unaudited Financial Statements
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|
31 December 2019
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31 Dec 19
|
30 Jun 18
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Note
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£
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£
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£
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|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
765
|
900
|
|
|
|
|
|
Current assets
Cash at bank and in hand
|
171
|
|
513
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|
|
|
|
Creditors: amounts falling due within one year
|
6
|
127,904
|
|
235,658
|
|
---------
|
|
---------
|
Net current liabilities
|
|
127,733
|
235,145
|
|
|
---------
|
---------
|
Total assets less current liabilities
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|
(
126,968)
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(
234,245)
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|
|
---------
|
---------
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Net liabilities
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|
(
126,968)
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(
234,245)
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|
|
---------
|
---------
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|
|
|
|
|
Capital and reserves
Called up share capital
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|
100
|
100
|
Profit and loss account
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|
(
127,068)
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(
234,345)
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|
|
---------
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---------
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Shareholders deficit
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|
(
126,968)
|
(
234,245)
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|
|
---------
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---------
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|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.
For the period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
14 July 2020
, and are signed on behalf of the board by:
Ms I P Armstrong
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Director
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|
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|
Company registration number:
07657485
Notes to the Financial Statements
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Period from 1 July 2018 to 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Oak Street, Fakenham, Norfolk, NR21 9DY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 31 December 2019, the companys net liabilities exceeded net assets by £126,968 (2018: £234,245). At 31 December 2019, the company owed it's director £127,544 (2018: £127,480)and it's parent company £Nil (2018:£95,500) and it is based on this continued support that the accounts are prepared on the going concern basis.
Tangible assets
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
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:
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Fixtures & Fittings
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-
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10% reducing balance
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity
.
4.
Exceptional items
At 31 December 2019 it was agreed that the loan from Carcanet Media Limited to the company, which amounted to £111,200 was to be written off in full.
5.
Tangible assets
|
Fixtures and fittings
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Total
|
|
£
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£
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Cost
|
|
|
At 1 July 2018 and 31 December 2019
|
22,143
|
22,143
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--------
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--------
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Depreciation
|
|
|
At 1 July 2018
|
21,243
|
21,243
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Charge for the period
|
135
|
135
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|
--------
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--------
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At 31 December 2019
|
21,378
|
21,378
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--------
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--------
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Carrying amount
|
|
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At 31 December 2019
|
765
|
765
|
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--------
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--------
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At 30 June 2018
|
900
|
900
|
|
--------
|
--------
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6.
Creditors:
amounts falling due within one year
|
31 Dec 19
|
30 Jun 18
|
|
£
|
£
|
Trade creditors
|
–
|
12,028
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
–
|
95,500
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Social security and other taxes
|
–
|
64
|
Other creditors
|
127,904
|
128,066
|
|
---------
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---------
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|
127,904
|
235,658
|
|
---------
|
---------
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