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REGISTERED NUMBER: 02719511 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

PRISM MEDIA PRODUCTS LIMITED

PRISM MEDIA PRODUCTS LIMITED (REGISTERED NUMBER: 02719511)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

PRISM MEDIA PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: G Boswell
I Dennis





SECRETARY: G Boswell





REGISTERED OFFICE: Unit 1A Grovemere House
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW





REGISTERED NUMBER: 02719511 (England and Wales)





ACCOUNTANTS: KBSP Partners LLP
Chartered Accountants
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

PRISM MEDIA PRODUCTS LIMITED (REGISTERED NUMBER: 02719511)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,875 1,717
Investments 5 2 2
2,877 1,719

CURRENT ASSETS
Stocks 6 49,270 51,693
Debtors 7 155,896 160,253
Cash at bank 122,375 228,550
327,541 440,496
CREDITORS
Amounts falling due within one year 8 140,212 186,148
NET CURRENT ASSETS 187,329 254,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

190,206

256,067

CREDITORS
Amounts falling due after more than one
year

9

24,163

34,156
NET ASSETS 166,043 221,911

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 165,043 220,911
SHAREHOLDERS' FUNDS 166,043 221,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRISM MEDIA PRODUCTS LIMITED (REGISTERED NUMBER: 02719511)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





G Boswell - Director


PRISM MEDIA PRODUCTS LIMITED (REGISTERED NUMBER: 02719511)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Prism Media Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 3 years
Plant and machinery - 25% on reducing balance and Straight line over 5 years
Fixtures and fittings - 15% on reducing balance and Straight line over 5 years
Computer equipment - 20% on reducing balance and Straight line over 3 years

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instruments 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 and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet only when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tax recoverable resulting from surrender of tax losses generated by Research & Development expenditure is recognised on an accruals basis.

PRISM MEDIA PRODUCTS LIMITED (REGISTERED NUMBER: 02719511)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 1,778 2,511 790 17,885 22,964
Additions - - - 2,617 2,617
At 31 January 2023 1,778 2,511 790 20,502 25,581
DEPRECIATION
At 1 February 2022 1,778 2,511 790 16,168 21,247
Charge for year - - - 1,459 1,459
At 31 January 2023 1,778 2,511 790 17,627 22,706
NET BOOK VALUE
At 31 January 2023 - - - 2,875 2,875
At 31 January 2022 - - - 1,717 1,717

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2022
and 31 January 2023 2
NET BOOK VALUE
At 31 January 2023 2
At 31 January 2022 2

6. STOCKS
2023 2022
£    £   
Stocks 49,270 51,693

PRISM MEDIA PRODUCTS LIMITED (REGISTERED NUMBER: 02719511)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 46,485 47,983
Amounts owed by group undertakings 155 -
Other debtors 65,884 65,265
Directors' current accounts - 15,040
Tax 37,631 10,640
VAT - 14,632
Prepayments 5,741 6,693
155,896 160,253

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 62,445 50,880
Amounts owed to group undertakings - 2
Social security and other taxes 36,967 33,823
VAT 1,415 -
Other creditors 25,081 18,132
Directors' current accounts 1,187 6,460
Accruals and deferred income 3,117 66,851
140,212 186,148

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 14,163 24,156
24,163 34,156

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 15,500 15,125
Between one and five years 11,624 42,625
27,124 57,750

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PRISM MEDIA PRODUCTS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prism Media Products Limited for the year ended 31 January 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Prism Media Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prism Media Products Limited and state those matters that we have agreed to state to the Board of Directors of Prism Media Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prism Media Products Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Prism Media Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Prism Media Products Limited. You consider that Prism Media Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prism Media Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






KBSP Partners LLP
Chartered Accountants
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH


29 November 2023