Silverfin false false 30/06/2023 01/07/2022 30/06/2023 N Brown 04/06/2014 27 November 2023 The principal activity of the Company during the financial year was that of an editorial agency. 09070869 2023-06-30 09070869 bus:Director1 2023-06-30 09070869 2022-06-30 09070869 core:CurrentFinancialInstruments 2023-06-30 09070869 core:CurrentFinancialInstruments 2022-06-30 09070869 core:ShareCapital 2023-06-30 09070869 core:ShareCapital 2022-06-30 09070869 core:RetainedEarningsAccumulatedLosses 2023-06-30 09070869 core:RetainedEarningsAccumulatedLosses 2022-06-30 09070869 core:OfficeEquipment 2022-06-30 09070869 core:ComputerEquipment 2022-06-30 09070869 core:OfficeEquipment 2023-06-30 09070869 core:ComputerEquipment 2023-06-30 09070869 core:CurrentFinancialInstruments 9 2023-06-30 09070869 core:CurrentFinancialInstruments 9 2022-06-30 09070869 2022-07-01 2023-06-30 09070869 bus:FilletedAccounts 2022-07-01 2023-06-30 09070869 bus:SmallEntities 2022-07-01 2023-06-30 09070869 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 09070869 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09070869 bus:Director1 2022-07-01 2023-06-30 09070869 core:OfficeEquipment core:TopRangeValue 2022-07-01 2023-06-30 09070869 core:ComputerEquipment core:TopRangeValue 2022-07-01 2023-06-30 09070869 2021-07-01 2022-06-30 09070869 core:OfficeEquipment 2022-07-01 2023-06-30 09070869 core:ComputerEquipment 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 09070869 (England and Wales)

DIRT AND GLORY MEDIA LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

DIRT AND GLORY MEDIA LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

DIRT AND GLORY MEDIA LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
DIRT AND GLORY MEDIA LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,391 9,257
8,391 9,257
Current assets
Debtors 4 257,270 371,605
Cash at bank and in hand 5 0 6,573
257,270 378,178
Creditors: amounts falling due within one year 6 ( 190,825) ( 226,937)
Net current assets 66,445 151,241
Total assets less current liabilities 74,836 160,498
Net assets 74,836 160,498
Capital and reserves
Called-up share capital 100 100
Profit and loss account 74,736 160,398
Total shareholder's funds 74,836 160,498

For the financial year ending 30 June 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 financial statements of Dirt and Glory Media Ltd (registered number: 09070869) were approved and authorised for issue by the Director. They were signed on its behalf by:

N Brown
Director

27 November 2023

DIRT AND GLORY MEDIA LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
DIRT AND GLORY MEDIA LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dirt and Glory Media Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, Finchley, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 14

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 July 2022 13,521 11,676 25,197
Additions 1,100 1,027 2,127
At 30 June 2023 14,621 12,703 27,324
Accumulated depreciation
At 01 July 2022 10,296 5,644 15,940
Charge for the financial year 1,229 1,764 2,993
At 30 June 2023 11,525 7,408 18,933
Net book value
At 30 June 2023 3,096 5,295 8,391
At 30 June 2022 3,225 6,032 9,257

4. Debtors

2023 2022
£ £
Trade debtors 916 169,828
S455 64,257 50,502
Other debtors 192,097 151,275
257,270 371,605

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 0 6,573
Less: Bank overdrafts ( 21,302) 0
(21,302) 6,573

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 21,302 0
Trade creditors 20,851 47,131
Taxation and social security 141,615 172,693
Other creditors 7,057 7,113
190,825 226,937

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,614 2,488

8. Related party transactions

Included within other debtors is a balance of £191,473 (2022: £150,717) owed by the director. This balance is unsecured with no fixed repayment terms. Interest has been charged at the official rate.