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Company No: 07562043 (England and Wales)

THE MEDIA WORKSHOP LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE MEDIA WORKSHOP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE MEDIA WORKSHOP LIMITED

BALANCE SHEET

As at 31 March 2024
THE MEDIA WORKSHOP LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 29,157 25,182
29,157 25,182
Current assets
Debtors 4 83,431 105,237
Cash at bank and in hand 5,978 9,005
89,409 114,242
Creditors: amounts falling due within one year 5 ( 69,453) ( 88,121)
Net current assets 19,956 26,121
Total assets less current liabilities 49,113 51,303
Creditors: amounts falling due after more than one year 6 ( 43,510) ( 36,300)
Provision for liabilities ( 5,487) ( 4,764)
Net assets 116 10,239
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 16 10,139
Total shareholders' funds 116 10,239

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Media Workshop Limited (registered number: 07562043) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Mr T Dollimore
Director
THE MEDIA WORKSHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE MEDIA WORKSHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Media Workshop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Media Workshop, Dart Mills, Old Totnes Rd, Buckfastleigh, TQ11 0NF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 April 2023 2,001 129,804 131,805
Additions 0 16,734 16,734
At 31 March 2024 2,001 146,538 148,539
Accumulated depreciation
At 01 April 2023 1,367 105,256 106,623
Charge for the financial year 158 12,601 12,759
At 31 March 2024 1,525 117,857 119,382
Net book value
At 31 March 2024 476 28,681 29,157
At 31 March 2023 634 24,548 25,182

4. Debtors

2024 2023
£ £
Trade debtors 4,032 3,276
Other debtors 79,399 101,961
83,431 105,237

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,923 5,880
Trade creditors 5,916 7,824
Taxation and social security 37,453 64,946
Obligations under finance leases and hire purchase contracts 2,605 0
Other creditors 17,556 9,471
69,453 88,121

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 30,368 36,300
Obligations under finance leases and hire purchase contracts 2,822 0
Other creditors 10,320 0
43,510 36,300

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 Ordinary A shares of £ 1.00 each 80 80
20 Ordinary B shares of £ 1.00 each 20 20
100 100

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 1,502 6,007

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director 1 55,943 73,415

During the year, the company advanced £18,427 to a director and loan repayments of £37,500 were made. Interest totalling £1,601 has been charged on the balance at the actual official rate set out by HMRC. The total amount due to the company at the year end was £55,943 (2023: £73,415) and is repayable on demand.