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Registration number: 04433802

Beat Media Group Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Beat Media Group Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Beat Media Group Limited

(Registration number: 04433802)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

16,405

27,405

Tangible assets

5

171,303

186,506

 

187,708

213,911

Current assets

 

Debtors

6

1,086,632

888,342

Cash at bank and in hand

 

184,602

612,505

 

1,271,234

1,500,847

Creditors: Amounts falling due within one year

7

(866,505)

(907,251)

Net current assets

 

404,729

593,596

Total assets less current liabilities

 

592,437

807,507

Creditors: Amounts falling due after more than one year

7

(260,765)

(334,389)

Provisions for liabilities

(19,565)

-

Net assets

 

312,107

473,118

Capital and reserves

 

Called up share capital

600

600

Profit and loss account

311,507

472,518

Shareholders' funds

 

312,107

473,118

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

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

 

Beat Media Group Limited

(Registration number: 04433802)
Statement of Financial Position as at 31 March 2023

.........................................
J Parsons
Director

.........................................
J D Toney
Company secretary and director

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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 statement of financial position 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

Leasehold improvements

20% on cost

Plant and machinery

25% on cost

Fixtures and fittings

20% on cost

Office equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

Straight line over seven years

Development costs

Straight line over three years

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2022 - 54).

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2022

100,000

18,000

118,000

At 31 March 2023

100,000

18,000

118,000

Amortisation

At 1 April 2022

80,095

10,500

90,595

Amortisation charge

5,000

6,000

11,000

At 31 March 2023

85,095

16,500

101,595

Carrying amount

At 31 March 2023

14,905

1,500

16,405

At 31 March 2022

19,905

7,500

27,405

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

135,868

17,449

2,281

405,711

561,309

Additions

4,413

919

-

38,600

43,932

Disposals

-

-

(2,281)

(400)

(2,681)

At 31 March 2023

140,281

18,368

-

443,911

602,560

Depreciation

At 1 April 2022

39,796

10,036

2,281

322,690

374,803

Charge for the year

13,903

3,674

-

41,558

59,135

Eliminated on disposal

-

-

(2,281)

(400)

(2,681)

At 31 March 2023

53,699

13,710

-

363,848

431,257

Carrying amount

At 31 March 2023

86,582

4,658

-

80,063

171,303

At 31 March 2022

96,072

7,413

-

83,021

186,506

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

572,375

505,243

Other debtors

338,049

329,290

Prepayments

60,654

53,809

Accrued income

115,554

-

1,086,632

888,342

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

85,401

65,611

Trade creditors

 

106,923

177,184

Taxation and social security

 

249,462

388,933

Accruals and deferred income

 

404,738

268,304

Other creditors

 

19,981

7,219

 

866,505

907,251

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

260,765

334,389


Creditors include bank loans repayable by instalments of £Nil (2022 - £37,423) due after more than five years.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

260,765

334,389

2023
£

2022
£

Current loans and borrowings

Bank borrowings

85,401

65,611

 

Beat Media Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

The following loans to directors subsisted during the years ended 31 March 2023 and 31 March 2022, the loans are unsecured and bear no interest.

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

J D Toney

112,331

121,521

(121,200)

112,652

         
       

J Parsons

88,034

121,521

(121,200)

88,355

         
       

D R Parsons

91,648

121,521

(121,200)

91,969

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

J D Toney

84,978

124,553

(97,200)

112,331

         
       

J Parsons

61,472

123,762

(97,200)

88,034

         
       

D R Parsons

73,626

123,762

(105,740)

91,648