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Registration number: 04336767

Netmagmedia Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Netmagmedia Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Netmagmedia Limited

Company Information

Director

S J M Reed

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Netmagmedia Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Netmagmedia Limited for the year ended 31 May 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Netmagmedia Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Netmagmedia Limited and state those matters that we have agreed to state to the Board of Directors of Netmagmedia Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Netmagmedia Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Netmagmedia Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Netmagmedia Limited. You consider that Netmagmedia Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Netmagmedia Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

3 November 2023

 

Netmagmedia Limited

(Registration number: 04336767)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

42,963

41,049

Tangible assets

5

126,896

14,877

 

169,859

55,926

Current assets

 

Debtors

7

389,070

337,908

Other financial assets

6

177,424

-

Cash at bank and in hand

 

670,989

766,394

 

1,237,483

1,104,302

Creditors: Amounts falling due within one year

8

(348,312)

(275,488)

Net current assets

 

889,171

828,814

Total assets less current liabilities

 

1,059,030

884,740

Creditors: Amounts falling due after more than one year

8

(21,667)

(31,667)

Provisions for liabilities

(10,357)

(10,268)

Net assets

 

1,027,006

842,805

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,026,906

842,705

Shareholders' funds

 

1,027,006

842,805

 

Netmagmedia Limited

(Registration number: 04336767)
Statement of Financial Position as at 31 May 2023 (continued)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 3 November 2023
 

S J M Reed
Director

   
     
 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
England

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

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.

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.

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.

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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

Furniture and fittings

20% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

33.33% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Database

33.33% Reducing balance

Web Development

20% Reducing balance

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.

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

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 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.

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.

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2022 - 19).

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Intangible assets

Web Development
£

Database Asset
£

Total
£

Cost or valuation

At 1 June 2022

57,995

128,276

186,271

Additions acquired separately

1,984

13,211

15,195

At 31 May 2023

59,979

141,487

201,466

Amortisation

At 1 June 2022

42,777

102,445

145,222

Amortisation charge

3,281

10,000

13,281

At 31 May 2023

46,058

112,445

158,503

Carrying amount

At 31 May 2023

13,921

29,042

42,963

At 31 May 2022

15,218

25,831

41,049

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2022

-

50,602

89,676

20,295

Additions

113,582

-

2,511

-

At 31 May 2023

113,582

50,602

92,187

20,295

Depreciation

At 1 June 2022

-

41,612

84,281

19,803

Charge for the year

-

1,797

2,154

123

At 31 May 2023

-

43,409

86,435

19,926

Carrying amount

At 31 May 2023

113,582

7,193

5,752

369

At 31 May 2022

-

8,990

5,395

492

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Tangible assets (continued)

Total
£

Cost or valuation

At 1 June 2022

160,573

Additions

116,093

At 31 May 2023

276,666

Depreciation

At 1 June 2022

145,696

Charge for the year

4,074

At 31 May 2023

149,770

Carrying amount

At 31 May 2023

126,896

At 31 May 2022

14,877

Included within the net book value of land and buildings above is £113,582 (2022 - £Nil) in respect of freehold land and buildings.
 

6

Other financial assets (current and non-current)

2023
£

2022
£

Current financial assets

Financial assets at fair value through profit and loss

177,424

-

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Other financial assets (current and non-current) (continued)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

Additions

704,174

704,174

Revaluations

(36,374)

(36,374)

Disposals

(490,376)

(490,376)

At 31 May 2023

177,424

177,424

Impairment

Carrying amount

At 31 May 2023

177,424

177,424

7

Debtors

Current

2023
£

2022
£

Trade debtors

335,305

230,978

Prepayments

6,224

16,487

Other debtors

47,541

90,443

 

389,070

337,908

 

Netmagmedia Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

94,045

64,425

Taxation and social security

 

174,494

181,586

Accruals and deferred income

 

67,362

19,477

Other creditors

 

2,411

-

 

348,312

275,488

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,667

31,667

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,667

31,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000