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COMPANY REGISTRATION NUMBER: 04978109
INFINITY MEDIA PROMOTIONS LIMITED
Filleted Unaudited Financial Statements
31 March 2023
INFINITY MEDIA PROMOTIONS LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
67,387
72,516
Current assets
Debtors
6
6,953,347
5,125,163
Cash at bank and in hand
55,558
160,007
------------
------------
7,008,905
5,285,170
Creditors: amounts falling due within one year
7
6,622,269
4,924,488
------------
------------
Net current assets
386,636
360,682
---------
---------
Total assets less current liabilities
454,023
433,198
Creditors: amounts falling due after more than one year
8
264,781
367,686
---------
---------
Net assets
189,242
65,512
---------
---------
Capital and reserves
Called up share capital
57,322
57,322
Profit and loss account
131,920
8,190
---------
--------
Shareholders funds
189,242
65,512
---------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
INFINITY MEDIA PROMOTIONS LIMITED
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:
Manan Shah
Director
Company registration number: 04978109
INFINITY MEDIA PROMOTIONS LIMITED
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eastside, Kings Cross Station, London, England, N1C 4AX.
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 are prepared on a going concern basis which the director believes to be appropriate based on continued financial support from its creditors, shareholders and suppliers sufficient to enable it to continue for the foreseeable future being at least 12 months from approval of these financial statements. In particular that the suppliers who have been paid advanced payments for travel arrangements in the period to 31st March 2023 abide by contractual conditions in terms of any refunds due as a result of Covid-19 force majeure clauses, and that airlines who have been paid for travel arrangements that they cannot fulfil comply with EU261 and provide refunds within 7 days of cancellation. On the basis of the above, the director considers that the company will be able to meet its financial obligations as they fall due. However, if for any reason, trading conditions were to worsen to the point the company no longer made an operating profit and the shareholders, creditors and suppliers withdraw their support, in these circumstances, then this may impact the company's ability to continue as a going concern. If the company were unable to continue in operational existence for the foreseeable future, adjustments will have to be made to restate the balance sheet values of assets to their recoverable amounts and to provide for any additional liabilities that might arise.
Revenue recognition
Turnover is stated net of value added tax. The company's policy is that on average, the customers have to settle the amounts due for their bookings sixteen weeks prior to the departure date. Accordingly, the revenue is recognised sixteen weeks prior to the departure date. At the year-end, the amounts received in advance for bookings for which the travel date is more than sixteen weeks after the year-end, are treated as deferred income.
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.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Improvement
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
63,682
31,942
52,000
147,624
--------
--------
--------
---------
Depreciation
At 1 April 2022
49,945
25,163
75,108
Charge for the year
3,434
1,695
5,129
--------
--------
--------
---------
At 31 March 2023
53,379
26,858
80,237
--------
--------
--------
---------
Carrying amount
At 31 March 2023
10,303
5,084
52,000
67,387
--------
--------
--------
---------
At 31 March 2022
13,737
6,779
52,000
72,516
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
321,235
2,159,307
Other debtors
6,632,112
2,965,856
------------
------------
6,953,347
5,125,163
------------
------------
Others Debtors includes £6,561,589 (2022:- £2,641,957) as amounts due from associate company.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
184,843
162,982
Trade creditors
14,743
Corporation tax
18,697
104
Social security and other taxes
220,650
78,034
Other creditors
6,183,336
4,683,368
------------
------------
6,622,269
4,924,488
------------
------------
Other Creditors includes Investor loans of £609,000 subordinated to the CAA and Directors' loan accounts balance of £482,963, of which £480,000 (2022: £296,000) is subordinated to CAA and cannot to be withdrawn without CAA's prior written consent.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
236,757
367,686
Other creditors
28,024
---------
---------
264,781
367,686
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Manan Shah
( 745,796)
262,833
( 482,963)
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Manan Shah
( 432,592)
( 313,204)
( 745,796)
---------
---------
---------
10. Related party transactions
The company was under the control of Manan Shah throughout the current and previous year. Manan Shah is the managing director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.