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REGISTERED NUMBER: 08089190 (England and Wales)















OUT RUN MEDIA LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022






OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


OUT RUN MEDIA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2022







DIRECTOR: R M Barlow





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN





REGISTERED NUMBER: 08089190 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,538,457 2,376,353
Property, plant and equipment 5 - 984
2,538,457 2,377,337

CURRENT ASSETS
Debtors 6 - 186,895
Cash at bank 78,130 3,213
78,130 190,108
CREDITORS
Amounts falling due within one year 7 (1,806,003 ) (1,692,501 )
NET CURRENT LIABILITIES (1,727,873 ) (1,502,393 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

810,584

874,944

CREDITORS
Amounts falling due after more than one
year

8

(27,500

)

(37,500

)
NET ASSETS 783,084 837,444

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 783,080 837,440
SHAREHOLDERS' FUNDS 783,084 837,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 October 2023 and were signed by:





R M Barlow - Director


OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022


1. STATUTORY INFORMATION

Out Run Media Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08089190 and its registered office address is the Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the period end date, the company remains at a stage of product development. Future revenue streams are expected and, as such, the director is satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Revenue
Revenue comprises income from the provision of consultancy services, net of VAT.

Consultancy income is recognised as those services are provided to customers.

Intangible assets
Intangible fixed assets comprise the intellectual property of the "app" and associated technology, Artificial Intelligence and patents and trademarks. The company expects to generate revenue, in the form of royalties and commissions, over the life of the intellectual property.

Amortisation will commence once the "app" / Artificial Intelligence has reached commercial application.

Intangible assets are recorded at cost less accumulated amortisation less any required impairment adjustment.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on pure and applied research is charged to the income statement in the period in which it is incurred.

Development costs are also charged to the income statement in the period of expenditure, unless individual projects satisfy all of the following criteria:-

i) the project is clearly defined;
ii) the related expenditure is separately identifiable;
iii) the outcome of the project has been assessed with reasonable certainty in respect of both its technical feasibility and ultimate commercial viability;
iv) the aggregate of the deferred development costs, any further development costs, and related production, selling and administration costs is reasonably expected to be exceeded by related future sales; and
v) adequate resources exist, or are reasonably expected to be available, to enable the project to be completed.

In such circumstances, development costs are deferred to future periods and are amortised when the "app" / Artificial Intelligence reaches commercial application.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022


2. ACCOUNTING POLICIES - continued

Critical accounting estimates and judgements
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-

Determining the viability of development projects and assessing whether it is appropriate to defer associated costs into future accounting periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2021 2,376,353
Additions 162,104
At 30 November 2022 2,538,457
NET BOOK VALUE
At 30 November 2022 2,538,457
At 30 November 2021 2,376,353

OUT RUN MEDIA LIMITED (REGISTERED NUMBER: 08089190)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022


5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 December 2021
and 30 November 2022 3,148
DEPRECIATION
At 1 December 2021 2,164
Charge for year 984
At 30 November 2022 3,148
NET BOOK VALUE
At 30 November 2022 -
At 30 November 2021 984

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors - 186,895

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors - 10,584
Taxation and social security 69,924 107,810
Other creditors 1,726,079 1,564,107
1,806,003 1,692,501

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 27,500 37,500