Indulge Media UK Limited |
Notes to the Accounts |
for the year ended 31 December 2021 |
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1 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less cumulative depreciation and any cumulative 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 |
20% straight line |
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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 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). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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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 |
2 |
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2 |
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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 January 2021 |
4,884 |
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Additions |
719 |
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At 31 December 2021 |
5,603 |
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Depreciation |
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At 1 January 2021 |
2,356 |
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Charge for the year |
1,118 |
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At 31 December 2021 |
3,474 |
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Net book value |
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At 31 December 2021 |
2,129 |
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At 31 December 2020 |
2,528 |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
25,610 |
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22,379 |
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Other debtors |
3,510 |
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10 |
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29,120 |
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22,389 |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Trade creditors |
14,612 |
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5,768 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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17 |
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901 |
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Corporation tax |
4,371 |
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1,461 |
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Other taxes and social security costs |
7,683 |
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5,734 |
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Other creditors |
600 |
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(1) |
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27,283 |
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13,863 |
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6 |
Related party transactions |
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At 31 December 2021, Indulge Media UK Ltd owed £17 (2020: £901) to Indulge Guernsey Ltd, a group company. |
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7 |
Controlling party |
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Indulge Media UK Ltd is owned 66.7% by Indulge Group Ltd, a Guernsey registered company. |
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8 |
Other information |
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Indulge Media UK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Our Workplace, The Old Tannery |
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Hensington Road |
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Woodstock |
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Oxfordshire |
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OX20 1JL |