IRIS Accounts Production
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31.12.17
31.12.17
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REGISTERED NUMBER:
06752950
(England and Wales)
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ABRIDGED AUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 DECEMBER 2017
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GLOW DIGITAL MEDIA LIMITED
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Abridged Statement of Financial Position
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2
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Notes to the Financial Statements
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3
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REGISTERED OFFICE:
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24 Greville Street
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REGISTERED NUMBER:
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06752950 (England and Wales)
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Chartered Accountants & Statutory Auditors
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Tangible assets
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4
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7,464
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2,560
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Debtors
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1,578,988
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517,540
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Cash at bank and in hand
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323,601
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115,995
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Amounts falling due within one year
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741,605
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571,605
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NET CURRENT ASSETS
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1,160,984
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61,930
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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1,168,448
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64,490
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Called up share capital
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27
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27
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Share premium
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6
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8,245,543
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8,245,543
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Retained earnings
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6
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(7,077,122
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) |
(8,181,080
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) |
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The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on
6 December 2018 and were signed by:
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Glow Digital Media Limited is a
private company, limited by shares , registered in England and
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Wales. The company's registered number and registered office address can be found on the
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Company Information page.
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Basis of preparing the financial statements
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The accounts have been prepared in a going concern basis. In a previous accounting period the
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company was acquired by ADTZ Corp SL, a company incorporated in Spain. The company is
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dependent on continued support from ADTZ Corp SL to meet its working capital requirements. The
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accounts do not include any adjustments that would result from a withdrawal of this support.
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Turnover is measured at the fair value of the consideration received or receivable, excluding
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discounts, rebates, value added tax and other sales taxes.
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Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
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Fixtures and fittings
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-
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25% on cost |
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Investments in subsidiaries
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income
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Statement, except to the extent that it relates to items recognised in other comprehensive income
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Current or deferred taxation assets and liabilities are not discounted.
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
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enacted or substantively enacted by the statement of financial position date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed
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at the statement of financial position date.
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that
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are expected to apply to the reversal of the timing difference.
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is
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probable that they will be recovered against the reversal of deferred tax liabilities or other future
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling
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at the statement of financial position date. Transactions in foreign currencies are translated into
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sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into
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account in arriving at the operating result.
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
10 (2016 -
7 ) .
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At 31 December 2017
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15,606
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At 31 December 2017
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8,142
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At 31 December 2017
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7,464
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At 31 December 2016
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2,560
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5.
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FIXED ASSET INVESTMENTS
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Information on investments other than loans is as follows:
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and 31 December 2017
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54,748 |
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and 31 December 2017
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54,748 |
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The company owns 100% of the issued share capital of Glow Digital Media Inc and Glow Digital
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At 1 January 2017
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(8,181,080
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) |
8,245,543
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64,463 |
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Profit for the year
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1,103,958
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1,103,958
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At 31 December 2017
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(7,077,122
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) |
8,245,543
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1,168,421 |
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7.
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DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006
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The Report of the Auditors was unqualified.
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Susan Plumb ACA (Senior Statutory Auditor)
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for and on behalf of
Haines Watts |
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The company is a 100% owned subsidiary of ADTZ Corp SL, a company incorporated in Spain.
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