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Registration number: 08981722

Midia Research Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Midia Research Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Midia Research Ltd

Company Information

Directors

MJ Mulligan

M Foster

TD Mulligan

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Midia Research Ltd

(Registration number: 08981722)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

1.5

12,864

8,484

Current assets

 

Debtors

1.6

457,929

355,939

Cash at bank and in hand

 

858,305

550,693

 

1,316,234

906,632

Creditors: Amounts falling due within one year

1.7

(653,496)

(677,439)

Net current assets

 

662,738

229,193

Total assets less current liabilities

 

675,602

237,677

Creditors: Amounts falling due after more than one year

1.7

-

(50,000)

Net assets

 

675,602

187,677

Capital and reserves

 

Called up share capital

1

1

Share premium reserve

551,535

551,535

Profit and loss account

124,066

(363,859)

Shareholders' funds

 

675,602

187,677

 

Midia Research Ltd

(Registration number: 08981722)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 April 2022 and signed on its behalf by:
 

.........................................

MJ Mulligan
Director

.........................................

M Foster
Director

 

Midia Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1.1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 30 April 2022.

1.2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Midia Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment depreciation

25% reducing balance method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website and app

over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Midia Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2020 - 14).

 

Midia Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1.4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2021

35,433

35,433

At 31 December 2021

35,433

35,433

Amortisation

At 1 January 2021

35,433

35,433

At 31 December 2021

35,433

35,433

Carrying amount

At 31 December 2021

-

-

1.5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

16,481

16,481

Additions

7,266

7,266

At 31 December 2021

23,747

23,747

Depreciation

At 1 January 2021

7,997

7,997

Charge for the year

2,886

2,886

At 31 December 2021

10,883

10,883

Carrying amount

At 31 December 2021

12,864

12,864

At 31 December 2020

8,484

8,484

 

Midia Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1.6

Debtors

2021
£

2020
£

Trade debtors

413,503

328,827

Prepayments

1,883

1,226

Other debtors

42,543

25,886

457,929

355,939

 

Midia Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1.7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

16,198

21,719

Taxation and social security

96,618

83,906

Accruals and deferred income

532,969

564,342

Other creditors

7,711

7,472

653,496

677,439

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

1.8

-

50,000

1.8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

-

50,000

1.9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

212,489

150,218