Company Registration No. 08355797 (England and Wales)
A SPOKESMAN SAID LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Weybridge
KT13 8DE
A SPOKESMAN SAID LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A SPOKESMAN SAID LIMITED
Company Registration No. 08355797
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
98,294
3,975
Investments
5
1
-
98,295
3,975
Current assets
Assets held for resale
6
1,000,000
-
Debtors
7
288,250
94,189
Cash at bank and in hand
258,503
1,788,329
1,546,753
1,882,518
Creditors: amounts falling due within one year
8
(268,410)
(17,538)
Net current assets
1,278,343
1,864,980
Total assets less current liabilities
1,376,638
1,868,955
Capital and reserves
Called up share capital
9
2,354
2,003
Share premium account
4,438,930
3,439,281
Profit and loss reserves
(3,064,646)
(1,572,329)
Total equity
1,376,638
1,868,955
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 December 2018 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.
A SPOKESMAN SAID LIMITED
Company Registration No. 08355797
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2019 and are signed on its behalf by:
K MacKenzie
Director
A SPOKESMAN SAID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
A Spokesman Said Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
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.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
1.2
Going concern
At the balance sheet date the company had made a loss of £1,492,317, and had net assets of £1,376,638. The directors have confirmed that the company is expecting to raise funds post balance sheet date through a fund raising exercise as well as selling an asset held for resale. Accordingly they will continue to support the company for the foreseeable future and are confident about the company's ability to trade as a going concern. Therefore the accounts have been prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
affiliate marketing
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation 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:
Software
3 years straight line
1.5
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.
A SPOKESMAN SAID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
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
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Assets held for resale
Assets which are being held for resale are recognised at their fair value cost.
1.8
Cash at bank and in hand
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused
material
holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 5
).
A SPOKESMAN SAID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2018 and 31 December 2018
71,831
Amortisation and impairment
At 1 January 2018 and 31 December 2018
71,831
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
9,402
Additions
146,524
At 31 December 2018
155,926
Depreciation and impairment
At 1 January 2018
5,427
Depreciation charged in the year
52,205
At 31 December 2018
57,632
Carrying amount
At 31 December 2018
98,294
At 31 December 2017
3,975
5
Fixed asset investments
2018
2017
£
£
Investments
1
-
A SPOKESMAN SAID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018
-
Additions
1
At 31 December 2018
1
Carrying amount
At 31 December 2018
1
At 31 December 2017
-
6
Assets held for resale
2018
2017
£
£
Licences
1,000,000
-
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
5,291
7,841
Other debtors
252,437
15,012
Prepayments and accrued income
30,522
71,336
288,250
94,189
8
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
243,969
4,371
Amounts owed to group undertakings
1
-
Taxation and social security
3,350
10,777
Other creditors
21,090
2,390
268,410
17,538
A SPOKESMAN SAID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2,255 Ordinary shares of £1 each
2,255
1,904
9,900 Deferred shares of 1p each
99
99
2,354
2,003
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
198,107
-
11
Related party transactions
During the year the company obtained an AM Broadcasting licence from Spectrum Radio Limited, a company owned by T Aldrich, in exchange for £1,000,000 of share capital.