Company registration number 10540546 (England and Wales)
INK MEDIA A PUBLIC RELATIONS COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INK MEDIA A PUBLIC RELATIONS COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
INK MEDIA A PUBLIC RELATIONS COMPANY LTD (REGISTERED NUMBER: 10540546)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,056
6,218
Current assets
Debtors
4
76,169
19,977
Cash at bank and in hand
174,825
226,491
250,994
246,468
Creditors: amounts falling due within one year
5
(93,350)
(83,467)
Net current assets
157,644
163,001
Total assets less current liabilities
161,700
169,219
Creditors: amounts falling due after more than one year
6
(20,616)
(36,080)
Net assets
141,084
133,139
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
140,984
133,039
Total equity
141,084
133,139
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INK MEDIA A PUBLIC RELATIONS COMPANY LTD (REGISTERED NUMBER: 10540546)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
O Quinn
Director
INK MEDIA A PUBLIC RELATIONS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ink Media A Public Relations Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, Kent, TN1 2EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
INK MEDIA A PUBLIC RELATIONS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
3,571
6,439
10,010
Depreciation and impairment
At 1 January 2023
1,486
2,306
3,792
Depreciation charged in the year
521
1,641
2,162
At 31 December 2023
2,007
3,947
5,954
Carrying amount
At 31 December 2023
1,564
2,492
4,056
At 31 December 2022
2,085
4,133
6,218
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,346
19,211
Other debtors
49,823
766
76,169
19,977
INK MEDIA A PUBLIC RELATIONS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
15,455
15,446
Taxation and social security
73,894
63,759
Other creditors
4,001
4,262
93,350
83,467
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,616
36,080
7
Financial commitments, guarantees and contingent liabilities
During the year ended 31 December 2020 the company borrowed £85,000 from its bankers as part of the Coronavirus Business Interruption Loan scheme. As part of this loan scheme the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months. As at the balance sheet date the balance outstanding on this loan was £36,071.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
14,246
24,008
9
Directors' transactions
At 31 December 2023 the directors owed the company £48,728 (2022 : Nil) by way of an interest free loan. The loan is repayable on demand.