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COMPANY REGISTRATION NUMBER: 09981783
TV And Media Accounts Ltd
Filleted Unaudited Financial Statements
27 February 2023
TV And Media Accounts Ltd
Statement of Financial Position
27 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
202
269
Current assets
Debtors
8
340
2,764
Cash at bank and in hand
82,769
109,771
--------
---------
83,109
112,535
Creditors: amounts falling due within one year
9
49,382
78,151
--------
---------
Net current assets
33,727
34,384
--------
--------
Total assets less current liabilities
33,929
34,653
--------
--------
Net assets
33,929
34,653
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
33,928
34,652
--------
--------
Shareholder funds
33,929
34,653
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 27 February 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TV And Media Accounts Ltd
Statement of Financial Position (continued)
27 February 2023
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr A Etienne
Director
Company registration number: 09981783
TV And Media Accounts Ltd
Notes to the Financial Statements
Year ended 27 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98C Holland Road, London, NW10 5AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
529
7,478
----
-------
Tax on (loss)/profit
529
7,478
----
-------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 195)
39,267
----
--------
(Loss)/profit on ordinary activities by rate of tax
37
7,262
Effect of expenses not deductible for tax purposes
492
216
----
--------
Tax on (loss)/profit
529
7,478
----
--------
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
40,000
----
--------
7. Tangible assets
Equipment
£
Cost
At 28 February 2022 and 27 February 2023
1,650
-------
Depreciation
At 28 February 2022
1,381
Charge for the year
67
-------
At 27 February 2023
1,448
-------
Carrying amount
At 27 February 2023
202
-------
At 27 February 2022
269
-------
8. Debtors
2023
2022
£
£
Trade debtors
340
2,764
----
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,621
17,000
Corporation tax
8,006
7,477
Social security and other taxes
10,921
11,043
Other creditors
17,834
42,631
--------
--------
49,382
78,151
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Etienne
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A Etienne
3,107
( 22,467)
( 19,360)
-------
--------
--------