MGT Broadcast Ltd |
Notes to the Accounts |
for the year ended 30 November 2021 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets, other than loans to the director, are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Current tax liabilities are not discounted. |
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 December 2020 |
355 |
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At 30 November 2021 |
355 |
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Depreciation |
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At 1 December 2020 |
355 |
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At 30 November 2021 |
355 |
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Net book value |
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At 30 November 2021 |
- |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
2,988 |
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8,042 |
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Other debtors |
2,006 |
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100 |
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4,994 |
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8,142 |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Taxation and social security costs |
7,952 |
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8,688 |
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Other creditors |
- |
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2,345 |
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7,952 |
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11,033 |
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6 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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M. Tullett |
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Overdrawn director's loan account, interest free and repayable on demand |
- |
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1,906 |
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- |
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1,906 |
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- |
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1,906 |
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- |
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1,906 |
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7 |
Controlling party |
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The company is controlled by the director. |
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8 |
Other information |
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MGT Broadcast Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Clearways Accountants |
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Clearways |
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Colley Way |
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Reigate |
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RH2 9JH |