Company registration number 12383921 (England and Wales)
ARTIST MEDIA PUBLISHING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ARTIST MEDIA PUBLISHING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ARTIST MEDIA PUBLISHING LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
458
667
Current assets
Debtors
4
11,859
24,692
Cash at bank and in hand
147
328
12,006
25,020
Creditors: amounts falling due within one year
5
(19,812)
(6,987)
Net current (liabilities)/assets
(7,806)
18,033
Total assets less current liabilities
(7,348)
18,700
Creditors: amounts falling due after more than one year
6
(39,492)
(50,000)
Net liabilities
(46,840)
(31,300)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(46,842)
(31,302)
Total equity
(46,840)
(31,300)
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 31 March 2022 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.
ARTIST MEDIA PUBLISHING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2023 and are signed on its behalf by:
Ms E McNaney
Director
Company Registration No. 12383921
ARTIST MEDIA PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Artist Media Publishing Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
180 Great Portland Street, London, W1W 5QZ.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director
true
s have
a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director
s
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents amounts receivable for management
consultancy
services net of VAT.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation
.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Straight Line
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less
.
1.7
Financial instruments
The company has
only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction
.
ARTIST MEDIA PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
ARTIST MEDIA PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
835
Depreciation and impairment
At 1 April 2021
168
Depreciation charged in the year
209
At 31 March 2022
377
Carrying amount
At 31 March 2022
458
At 31 March 2021
667
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
11,859
24,692
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
Trade creditors
5,074
2,040
Taxation and social security
1,405
2,314
Other creditors
3,333
2,633
19,812
6,987
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
39,492
50,000
ARTIST MEDIA PUBLISHING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
7
Directors' transactions
Loans have been granted by the company to its directors' as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan to director
2.00
12,346
14,061
(22,978)
3,429
Loan to director
2.00
12,346
14,061
(22,978)
3,429
24,692
28,122
(45,956)
6,858