Company Registration No. 04321302 (England and Wales)
MEDIASAGE DIGITAL LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MEDIASAGE DIGITAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
800
1,113
Current assets
Debtors
4
11,245
13,938
Cash at bank and in hand
21,041
10,048
32,286
23,986
Creditors: amounts falling due within one year
5
(32,608)
(19,231)
Net current (liabilities)/assets
(322)
4,755
Total assets less current liabilities
478
5,868
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
476
5,866
Total equity
478
5,868
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEDIASAGE DIGITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
2
The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Mr M J Coles
Director
Company Registration No. 04321302
MEDIASAGE DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
3
1
Accounting policies
Company information
Mediasage Digital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Segensworth Cottage, Mill Lane, Titchfield, Fareham, Hampshire, PO15 5DT.
With effect from 15 July 2019, the name of the company was changed from Asitis Ltd to Mediasage Digital Ltd.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
MEDIASAGE DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies (Continued)
4
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank overdrafts, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
MEDIASAGE DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
5,966
Additions
204
At 31 March 2023
6,170
Depreciation and impairment
At 1 April 2022
4,853
Depreciation charged in the year
517
At 31 March 2023
5,370
Carrying amount
At 31 March 2023
800
At 31 March 2022
1,113
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
900
8,106
Other debtors
10,345
5,832
11,245
13,938
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
16,856
16,569
Other creditors
15,752
2,662
32,608
19,231
6
Related party transactions
MEDIASAGE DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Related party transactions (Continued)
6
During the year the director was advanced £55,777 (2022: £10,000) and made repayments of £49,680 (2022: £6,158). Interest of £277 was charged by the company on the outstanding amount. At the balance sheet date the amount owing to the company of £10,216 (2022: £3,842) was included in other debtors. This was repaid in full on 5 April 2023.