Company Registration No. 08457900 (England and Wales)
Fat Free Media Limited
Unaudited accounts
for the year ended 31 March 2023
Fat Free Media Limited
Unaudited accounts
Contents
Fat Free Media Limited
Company Information
for the year ended 31 March 2023
Directors
N Rostance
K Rostance
Company Number
08457900 (England and Wales)
Registered Office
Suite 8
57 High Street
Ibstock
Leicestershire
LE67 6LH
Accountants
Lilley & Co (UK) Limited
Suite 8
57 High Street
Ibstock
Leicestershire
LE67 6LH
Fat Free Media Limited
Statement of financial position
as at 31 March 2023
Tangible assets
66,622
34,671
Cash at bank and in hand
147,837
223,282
Creditors: amounts falling due within one year
(38,583)
(66,365)
Net current assets
159,093
193,005
Total assets less current liabilities
225,715
227,676
Provisions for liabilities
Deferred tax
(9,616)
(3,094)
Net assets
216,099
224,582
Called up share capital
100
100
Profit and loss account
215,999
224,482
Shareholders' funds
216,099
224,582
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by
K Rostance
Director
Company Registration No. 08457900
Fat Free Media Limited
Notes to the Accounts
for the year ended 31 March 2023
Fat Free Media Limited is a private company, limited by shares, registered in England and Wales, registration number 08457900. The registered office is Suite 8, 57 High Street , Ibstock, Leicestershire, LE67 6LH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Long-term leasehold property - straight line over the life of the lease (10 years)
Motor vehicles
25% reducing balance basis
Fixtures & fittings
25% reducing balance basis
Computer equipment
33% straight line basis
Other tangible fixed assets
Office Building - 10 years straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Fat Free Media Limited
Notes to the Accounts
for the year ended 31 March 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
28,435
-
16,822
43,515
88,772
Additions
-
36,717
613
4,565
41,895
At 31 March 2023
28,435
36,717
17,435
48,080
130,667
At 1 April 2022
6,373
-
14,483
33,245
54,101
Charge for the year
2,844
765
726
5,609
9,944
At 31 March 2023
9,217
765
15,209
38,854
64,045
At 31 March 2023
19,218
35,952
2,226
9,226
66,622
At 31 March 2022
22,062
-
2,339
10,270
34,671
Amounts falling due within one year
Trade debtors
23,631
21,066
Accrued income and prepayments
12,140
5,967
Other debtors
14,068
9,055
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
217
11,758
Taxes and social security
18,457
15,183
Deferred income
18,034
38,398
Fat Free Media Limited
Notes to the Accounts
for the year ended 31 March 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to directors
3,297
55,794
51,983
7,108
Loan to directors
3,257
51,947
48,244
6,960
6,554
107,741
100,227
14,068
Director loan accounts are disclosed within other debtors due in one year with overdrawn amounts being repaid to the company in full within 9 months of the year-end.
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Average number of employees
During the year the average number of employees was 2 (2022: 2).