Registered number
11041951
MGT Broadcast Ltd
Unaudited Filleted Accounts
30 November 2021
MGT Broadcast Ltd
Registered number: 11041951
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Current assets
Debtors 4 4,994 8,142
Cash at bank and in hand 3,061 3,952
8,055 12,094
Creditors: amounts falling due within one year 5 (7,952) (11,033)
Net current assets 103 1,061
Net assets 103 1,061
Capital and reserves
Called up share capital 100 100
Profit and loss account 3 961
Shareholder's funds 103 1,061
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M. Tullett
Director
Approved by the board on 15 August 2022
MGT Broadcast Ltd
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
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:
Fixtures, fittings, tools and equipment over 3 years
Debtors
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
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.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2020 355
At 30 November 2021 355
Depreciation
At 1 December 2020 355
At 30 November 2021 355
Net book value
At 30 November 2021 -
4 Debtors 2021 2020
£ £
Trade debtors 2,988 8,042
Other debtors 2,006 100
4,994 8,142
5 Creditors: amounts falling due within one year 2021 2020
£ £
Taxation and social security costs 7,952 8,688
Other creditors - 2,345
7,952 11,033
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M. Tullett
Overdrawn director's loan account, interest free and repayable on demand - 1,906 - 1,906
- 1,906 - 1,906
7 Controlling party
The company is controlled by the director.
8 Other information
MGT Broadcast Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Clearways Accountants
Clearways
Colley Way
Reigate
RH2 9JH
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