2022-02-012023-01-312023-01-31false08350662OMG MEDIA 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OMG MEDIA LTD

Registered Number
08350662
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

OMG MEDIA LTD
Company Information
for the year from 1 February 2022 to 31 January 2023

Director

Neil David Garrett

Registered Address

42 High Street Wanstead
London
E11 2RJ

Registered Number

08350662 (England and Wales)
OMG MEDIA LTD
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets617,88029,621
17,88029,621
Current assets
Debtors89,969101,216
Cash at bank and on hand3,1469,819
93,115111,035
Creditors amounts falling due within one year8(84,364)(102,005)
Net current assets (liabilities)8,7519,030
Total assets less current liabilities26,63138,651
Creditors amounts falling due after one year9(22,687)(32,957)
Provisions for liabilities10(3,397)(5,628)
Net assets54766
Capital and reserves
Called up share capital22
Profit and loss account54564
Shareholders' funds54766
The financial statements were approved and authorised for issue by the Director on 16 October 2023, and are signed on its behalf by:
Neil David Garrett
Director
Registered Company No. 08350662
OMG MEDIA LTD
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company under review was that of video production.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings-4
Vehicles25-
Office Equipment-4
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year22
6.Property, plant and equipment

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 February 2220,99027,53025,40073,920
At 31 January 2320,99027,53025,40073,920
Depreciation and impairment
At 01 February 227,87115,76420,66444,299
Charge for year3,2806,8821,57911,741
At 31 January 2311,15122,64622,24356,040
Net book value
At 31 January 239,8394,8843,15717,880
At 31 January 2213,11911,7664,73629,621
7.Debtors within one year

2023

2022

££
Trade debtors / trade receivables26,60020,981
Amounts owed by associates and joint ventures / participating interests17,40640,404
Other debtors45,96339,831
Total89,969101,216
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.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables33,61918,761
Bank borrowings and overdrafts11,23311,233
Taxation and social security38,36169,786
Accrued liabilities and deferred income1,1512,225
Total84,364102,005
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts22,68732,957
Total22,68732,957
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,3975,628
Total3,3975,628