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MediaAtmos Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 March 2022 to 31 March 2023

 

MediaAtmos Ltd

(Registration number: 11197227)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

196,312

156,157

Tangible assets

5

61,847

24,333

 

258,159

180,490

Current assets

 

Debtors

6

209,529

60,847

Cash at bank and in hand

 

108,809

66,817

 

318,338

127,664

Creditors: Amounts falling due within one year

7

(158,444)

(123,038)

Net current assets

 

159,894

4,626

Total assets less current liabilities

 

418,053

185,116

Creditors: Amounts falling due after more than one year

7

(37,721)

(32,500)

Provisions for liabilities

(15,462)

(4,623)

Net assets

 

364,870

147,993

Capital and reserves

 

Called up share capital

2

2

Retained earnings

364,868

147,991

Shareholders' funds

 

364,870

147,993

For the financial period ending 31 March 2023 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

MediaAtmos Ltd

(Registration number: 11197227)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................

Mr M R Cimelli

Director

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG
England

These financial statements were authorised for issue by the Board on 24 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

ii) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

iii) Disposal costs provision: the directors annually assess the expected disposal costs in relation to waste held at the year end that is yet to be disposed of.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% on reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 March 2022

222,029

222,029

Additions acquired separately

105,701

105,701

At 31 March 2023

327,730

327,730

Amortisation

At 1 March 2022

65,872

65,872

Amortisation charge

65,546

65,546

At 31 March 2023

131,418

131,418

Carrying amount

At 31 March 2023

196,312

196,312

At 28 February 2022

156,157

156,157

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

40,655

40,655

Additions

58,131

58,131

At 31 March 2023

98,786

98,786

Depreciation

At 1 March 2022

16,322

16,322

Charge for the period

20,617

20,617

At 31 March 2023

36,939

36,939

Carrying amount

At 31 March 2023

61,847

61,847

At 28 February 2022

24,333

24,333

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

142,497

49,405

Other debtors

8,272

-

Prepayments

8,593

4,254

Accrued income

50,167

7,188

209,529

60,847

 

MediaAtmos Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

21,499

10,125

Trade creditors

 

33,406

44,957

Taxation and social security

 

30,536

16,972

Other creditors

 

73,003

50,984

 

158,444

123,038

Due after one year

 

Loans and borrowings

8

37,721

32,500

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,389

32,500

HP and finance lease liabilities

15,332

-

37,721

32,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

11,499

-

Other borrowings

-

125

21,499

10,125