Company Registration No. 07761706 (England and Wales)
LIFE MEDIA UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
LIFE MEDIA UK LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LIFE MEDIA UK LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,188
Current assets
Stocks
3,153
Debtors
4
63,910
37,474
Cash at bank and in hand
11,223
120
75,133
40,747
Creditors: amounts falling due within one year
5
(39,387)
(25,360)
Net current assets
35,746
15,387
Total assets less current liabilities
44,934
15,387
Creditors: amounts falling due after more than one year
6
(35,000)
(12,566)
Provisions for liabilities
(1,746)
Net assets
8,188
2,821
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
8,186
2,819
Total equity
8,188
2,821
LIFE MEDIA UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2020
30 September 2020
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 June 2021 and are signed on its behalf by:
Mr W Gleed
Mr S Singh
Director
Director
Company Registration No. 07761706
The notes on pages 4 to 7 form part of these financial statements
LIFE MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
1
Accounting policies
Company information
Life Media UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
30-31 St James Place, Mangotsfield, Bristol, South Glos., England, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LIFE MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.6
Employee benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 7
2020
2019
Number
Number
Total
7
6
LIFE MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2019
Additions
12,251
At 30 September 2020
12,251
Depreciation and impairment
At 1 October 2019
Depreciation charged in the year
3,063
At 30 September 2020
3,063
Carrying amount
At 30 September 2020
9,188
At 30 September 2019
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
63,910
37,474
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
6,456
Trade creditors
31
Taxation and social security
24,984
17,597
Other creditors
14,403
1,276
39,387
25,360
LIFE MEDIA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 7 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
35,000
12,566