Registered number:
Unaudited
Information for filing with the registrar
For the year ended
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Get Up Media Limited (Formerly Reflex Affiliates Limited) for the year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Get Up Media Limited (Formerly Reflex Affiliates Limited) for the year ended 31 December 2017 which comprise , the statement of changes in equity and the related notes from the company accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the board of directors of Get Up Media Limited (Formerly Reflex Affiliates Limited), as a body, in accordance with the terms of our engagement letter dated
23 January 2017. Our work has been undertaken solely
to prepare for your approval the financial statements of Get Up Media Limited (Formerly Reflex Affiliates Limited) and state those matters that we have agreed to state to the board of directors of Get Up Media Limited (Formerly Reflex Affiliates Limited), as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Get Up Media Limited (Formerly Reflex Affiliates Limited) and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Get Up Media Limited (Formerly Reflex Affiliates Limited) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Get Up Media Limited (Formerly Reflex Affiliates Limited). You consider that Get Up Media Limited (Formerly Reflex Affiliates Limited) is exempt from the statutory audit requirement for the year.
Chartered Accountants
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Registered number:
09061153
Balance sheet
As at
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
The notes on pages 4 to 11 form part of these financial statements.
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Statement of changes in equity
For the year ended
31 December 2017
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
Get Up Media Limited (Formerly Reflex Affiliates Limited) is a private company limited by shares and is incorporated in England with the registration number 09061153. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The financial and presentational currency is Pounds sterling.
The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the reducing balance and straight line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
2.
Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Functional and presentation currency
The company's functional and presentational currency is pounds sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income
except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operating income'.
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
2.
Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
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Get Up Media Limited (Formerly Reflex Affiliates Limited)
Notes to the financial statements
For the year ended 31 December 2017
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.
The company is an associate of Dstream Holdings Limited, Madness Holding Limited and Rage Network Holdings Limited. All of these companies are registered in England and Wales.
The director does not consider there to be an ultimate controlling party of the company.
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