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Registration number: 09808661

Mediacity Training Ltd
Annual Report and
Unaudited Financial Statements

31 October 2023

 

Mediacity Training Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Mediacity Training Ltd

Balance Sheet
31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,245

12,186

Current assets

 

Debtors

5

-

450

Cash at bank and in hand

 

5,683

10,849

 

5,683

11,299

Creditors: Amounts falling due within one year

6

(10,687)

(15,868)

Net current liabilities

 

(5,004)

(4,569)

Total assets less current liabilities

 

2,241

7,617

Creditors: Amounts falling due after more than one year

6

(1,411)

(1,590)

Net assets

 

830

6,027

Capital and reserves

 

Called up share capital

200

200

Retained earnings

630

5,827

Shareholders' funds

 

830

6,027

 

Mediacity Training Ltd

Balance Sheet
31 October 2023

For the financial year ending 31 October 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 members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr A G MacLeod
Director

Company Registration Number: 09808661

 

Mediacity Training Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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.

 

Mediacity Training Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

Office equipment

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mediacity Training Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

 

Mediacity Training Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

4

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

9,512

28,480

37,992

At 31 October 2023

9,512

28,480

37,992

Depreciation

At 1 November 2022

2,796

23,010

25,806

Charge for the year

1,491

3,450

4,941

At 31 October 2023

4,287

26,460

30,747

Carrying amount

At 31 October 2023

5,225

2,020

7,245

At 31 October 2022

6,716

5,470

12,186

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

450

 

-

450

 

Mediacity Training Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

2,357

Taxation and social security

5,081

12,662

Other creditors

5,606

849

10,687

15,868

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,411

1,590

7

Related party transactions

Director's remuneration

The director is remunerated by the company. The director considers that their remuneration meets the criteria of being under normal market conditions.
The director who are also shareholder receives dividends as part of this remuneration package.