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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
Page
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Fat Free Media Limited Company Information for the year ended 31 March 2023
Directors
N Rostance K Rostance
Secretary
N 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
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Fat Free Media Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
66,622 
34,671 
Current assets
Debtors
49,839 
36,088 
Cash at bank and in hand
147,837 
223,282 
197,676 
259,370 
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 
Capital and reserves
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
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Fat Free Media Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Foreign exchange
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.
Pension costs
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.
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Fat Free Media Limited Notes to the Accounts for the year ended 31 March 2023
Financial instruments
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 taxation
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.
4
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 
Depreciation
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 
Net book value
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 
5
Debtors
2023 
2022 
£ 
£ 
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 
49,839 
36,088 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
217 
11,758 
Taxes and social security
18,457 
15,183 
Other creditors
- 
150 
Accruals
1,875 
876 
Deferred income
18,034 
38,398 
38,583 
66,365 
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Fat Free Media Limited Notes to the Accounts for the year ended 31 March 2023
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
N Rostance
Loan to directors
3,297 
55,794 
51,983 
7,108 
K Rostance
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.
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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