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COMPANY REGISTRATION NUMBER: 07099509
Earthstorm Media Limited
Unaudited Financial Statements
31 December 2022
Earthstorm Media Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
7
Earthstorm Media Limited
Officers and Professional Advisers
The board of directors
Mrs C L Robson
Mr S P Robson
Registered office
Epsilon House
Enterprise Road
Southampton Science Park
Southampton
United Kingdom
SO16 7NS
Accountants
Avonglen Limited
Chartered Accountants
Epsilon House
Enterprise Road
Southampton Science Park
Southampton
SO16 7NS
Bankers
Barclays Bank PLC
Bournemouth Town Branch
61 Old Christchurch Road
Bournemouth
BH1 1DT
Earthstorm Media Limited
Directors' Report
Year ended 31 December 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2022 .
Directors
The directors who served the company during the year were as follows:
Mrs C L Robson
Mr S P Robson
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 11 to the financial statements.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 September 2023 and signed on behalf of the board by:
Mr S P Robson
Director
Registered office:
Epsilon House
Enterprise Road
Southampton Science Park
Southampton
United Kingdom
SO16 7NS
Earthstorm Media Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Earthstorm Media Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Earthstorm Media Limited for the year ended 31 December 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Earthstorm Media Limited, as a body, in accordance with the terms of our engagement letter dated 25 February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Earthstorm Media Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earthstorm Media Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Earthstorm Media Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Earthstorm Media Limited. You consider that Earthstorm Media Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Earthstorm Media Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Avonglen Limited Chartered Accountants
Epsilon House Enterprise Road Southampton Science Park Southampton SO16 7NS
Earthstorm Media Limited
Statement of Income and Retained Earnings
Year ended 31 December 2022
2022
2021
Note
£
£
Turnover
673,743
626,203
Cost of sales
286,848
352,215
---------
---------
Gross profit
386,895
273,988
Administrative expenses
252,940
258,496
Other operating income
23,063
---------
---------
Operating profit
133,955
38,555
Interest payable and similar expenses
2,844
3,035
---------
---------
Profit before taxation
5
131,111
35,520
Tax on profit
( 124)
675
---------
--------
Profit for the financial year and total comprehensive income
131,235
34,845
---------
--------
Dividends paid and payable
( 46,130)
( 4,000)
Retained earnings at the start of the year
47,353
16,508
---------
--------
Retained earnings at the end of the year
132,458
47,353
---------
--------
All the activities of the company are from continuing operations.
Earthstorm Media Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
3,770
4,422
Current assets
Debtors
7
82,881
151,966
Cash at bank and in hand
197,303
55,739
---------
---------
280,184
207,705
Creditors: amounts falling due within one year
8
106,741
101,713
---------
---------
Net current assets
173,443
105,992
---------
---------
Total assets less current liabilities
177,213
110,414
Creditors: amounts falling due after more than one year
9
43,939
62,121
Provisions
716
840
---------
---------
Net assets
132,558
47,453
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
132,458
47,353
---------
--------
Shareholders funds
132,558
47,453
---------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Earthstorm Media Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr S P Robson
Director
Company registration number: 07099509
Earthstorm Media Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Epsilon House, Enterprise Road, Southampton Science Park, Southampton, SO16 7NS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have prepared forecasts for a period greater than one year from the signature of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2021: 6 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
1,952
3,136
-------
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2022
8,675
19,874
28,549
Additions
1,300
1,300
-------
--------
--------
At 31 December 2022
9,975
19,874
29,849
-------
--------
--------
Depreciation
At 1 January 2022
8,440
15,687
24,127
Charge for the year
425
1,527
1,952
-------
--------
--------
At 31 December 2022
8,865
17,214
26,079
-------
--------
--------
Carrying amount
At 31 December 2022
1,110
2,660
3,770
-------
--------
--------
At 31 December 2021
235
4,187
4,422
-------
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
56,809
80,121
Other debtors
26,072
71,845
--------
---------
82,881
151,966
--------
---------
Other debtors includes £nil (2021: £36,949) in respect of loans to directors. See separate note on Directors' advances, credits and guarantees.
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
19,697
19,697
Trade creditors
5,543
35,011
Corporation tax
434
Social security and other taxes
53,401
38,676
Non trade creditors
40
Other creditors
28,060
7,895
---------
---------
106,741
101,713
---------
---------
Bank loans and overdrafts, of £19,697, is in respect of a loan under the Coronavirus Business Interruption Loan Scheme ('CBILS') (2021: £19,697). The CBILS is guaranteed by the government, bears interest at 3.59% over base and is repayable over 6 years. Other creditors includes £14,420 (2021: nil) in respect of advances from directors. See separate note on Directors' advances, credits and guarantees.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
43,939
62,121
--------
--------
Bank loans and overdrafts, of £43,939, is in respect of a loan under CBILS (2021: £62,121). The CBILS loan is guaranteed by the government, bears interest at 3.59% over base and is repayable over 6 years.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
10,265
14,077
Later than 1 year and not later than 5 years
2,566
12,831
--------
--------
12,831
26,908
--------
--------
11. Events after the end of the reporting period
On 24 May 2023, it was agreed that the company would purchase 30 B Ordinary shares from an existing shareholder, with the consideration being paid over the next two years, subject to sufficient distributable reserves being available.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs C L Robson
18,722
( 4,906)
( 20,926)
( 7,110)
Mr S P Robson
18,227
( 4,905)
( 20,432)
( 7,110)
--------
-------
--------
--------
36,949
( 9,811)
( 41,358)
( 14,220)
--------
-------
--------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs C L Robson
23,416
1,240
( 5,934)
18,722
Mr S P Robson
22,922
1,239
( 5,934)
18,227
--------
-------
--------
--------
46,338
2,479
( 11,868)
36,949
--------
-------
--------
--------