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Company registration number: 08865419
Esplanade Vale Media Limited
Unaudited filleted financial statements
31 January 2023
Esplanade Vale Media Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Esplanade Vale Media Limited
Directors and other information
Director Arshad Ashraf
Company number 08865419
Registered office 40 Victoria Chambers
Wood Street
Wakefield
West Yorkshire
WF1 2HB
Accountants Andrew Wright & Co
10 Cliff Parade
Wakefield
WF1 2TA
Esplanade Vale Media Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 117,508 146,563
_______ _______
117,508 146,563
Current assets
Debtors 6 400,317 377,397
Cash at bank and in hand 66,534 41,316
_______ _______
466,851 418,713
Creditors: amounts falling due
within one year 7 ( 326,447) ( 384,145)
_______ _______
Net current assets 140,404 34,568
_______ _______
Total assets less current liabilities 257,912 181,131
Creditors: amounts falling due
after more than one year 8 ( 33,890) ( 44,138)
_______ _______
Net assets 224,022 136,993
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 224,021 136,992
_______ _______
Shareholders funds 224,022 136,993
_______ _______
For the year ending 31 January 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Arshad Ashraf
Director
Company registration number: 08865419
Esplanade Vale Media Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 40 Victoria Chambers, Wood Street, Wakefield, West Yorkshire, WF1 2HB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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:
Fittings fixtures and equipment - 15 % reducing balance
Office equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 6 ).
5. Tangible assets
Fixtures, fittings and equipment Office equipment Total
£ £ £
Cost
At 1 February 2022 224,065 139,077 363,142
Additions 10,973 6,737 17,710
Disposals ( 32,025) - ( 32,025)
_______ _______ _______
At 31 January 2023 203,013 145,814 348,827
_______ _______ _______
Depreciation
At 1 February 2022 94,474 122,105 216,579
Charge for the year 18,933 13,487 32,420
Disposals ( 17,680) - ( 17,680)
_______ _______ _______
At 31 January 2023 95,727 135,592 231,319
_______ _______ _______
Carrying amount
At 31 January 2023 107,286 10,222 117,508
_______ _______ _______
At 31 January 2022 129,591 16,972 146,563
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 363,456 290,071
Other debtors 36,861 87,326
_______ _______
400,317 377,397
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 259,957 270,108
Corporation tax 2,953 2,181
Social security and other taxes 20,348 26,976
Other creditors 43,189 84,880
_______ _______
326,447 384,145
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 33,890 44,138
_______ _______
9. Directors 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 o/standing
£ £ £
Arshad Ashraf ( 4,941) - ( 4,941)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Arshad Ashraf ( 4,794) ( 147) ( 4,941)
_______ _______ _______