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Registration number: 12340630

Global News Media Ltd

Annual Report and Unaudited Financial Statements

for the year ended 30 November 2022

 

Global News Media Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Global News Media Ltd

(Registration number: 12340630)
Statement of Financial Position
30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,767

2,559

Current assets

 

Debtors

5

244,390

157,418

Cash at bank and in hand

 

3,539

2,107

 

247,929

159,525

Creditors: Amounts falling due within one year

6

(231,665)

(126,573)

Net current assets

 

16,264

32,952

Total assets less current liabilities

 

18,031

35,511

Creditors: Amounts falling due after more than one year

6

(25,000)

(35,000)

Provisions for liabilities

(336)

(486)

Net (liabilities)/assets

 

(7,305)

25

Capital and reserves

 

Retained earnings

(7,305)

25

Shareholders' (deficit)/funds

 

(7,305)

25

For the financial year ending 30 November 2022 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.

 

Global News Media Ltd

(Registration number: 12340630)
Statement of Financial Position
30 November 2022

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 Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 

.........................................
B Chambers
Director

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

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:
Suite 5 & 6 Chapel House
1-6 Chapel Road
Worthing
West Sussex
BN11 1EX

These financial statements were authorised for issue by the director on 23 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Office Equipment

Under 5 years

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.

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

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 profit and loss account 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.

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.

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.

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2021 - 10).

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2021

3,524

3,524

Additions

283

283

At 30 November 2022

3,807

3,807

Depreciation

At 1 December 2021

965

965

Charge for the year

1,075

1,075

At 30 November 2022

2,040

2,040

Carrying amount

At 30 November 2022

1,767

1,767

At 30 November 2021

2,559

2,559

5

Debtors

Current

2022
£

2021
£

Trade debtors

58,832

50,839

Prepayments

76

64

Other debtors

185,482

106,515

 

244,390

157,418

6

Creditors

Creditors: amounts falling due within one year

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

10,000

10,000

Taxation and social security

 

212,651

111,450

Accruals and deferred income

 

8,214

4,891

Other creditors

 

800

232

 

231,665

126,573

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

25,000

35,000

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

25,000

35,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

10,000

8

Related party transactions

Transactions with the director

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

B Chambers

106,516

78,967

185,483

       
     

 

 

Global News Media Ltd

Notes to the Unaudited Financial Statements
for the year ended 30 November 2022

2021

At 1 December 2020
£

Advances to director
£

At 30 November 2021
£

B Chambers

58,420

48,096

106,516