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Company Registration No. 06860352 (England and Wales)
Media Generation Ventures Limited Unaudited accounts for the year ended 31 March 2024
Media Generation Ventures Limited Unaudited accounts Contents
Page
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Media Generation Ventures Limited Company Information for the year ended 31 March 2024
Director
W P Stott
Company Number
06860352 (England and Wales)
Registered Office
20-22 Wenlock Road London N1 7GU
Accountants
Paula Yates Accounting 7 Glendowne Terrace Harrogate North Yorkshire HG1 3HG
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Media Generation Ventures Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Debtors
263 
1,712 
Cash at bank and in hand
238 
350 
501 
2,062 
Creditors: amounts falling due within one year
(25,009)
(42,212)
Net current liabilities
(24,508)
(40,150)
Total assets less current liabilities
(24,508)
(40,150)
Creditors: amounts falling due after more than one year
(70,334)
(59,538)
Net liabilities
(94,842)
(99,688)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(94,843)
(99,689)
Shareholders' funds
(94,842)
(99,688)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 July 2024 and were signed on its behalf by
W P Stott Director Company Registration No. 06860352
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Media Generation Ventures Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Media Generation Ventures Limited is a private company, limited by shares, registered in England and Wales, registration number 06860352. The registered office is 20-22 Wenlock Road, London, N1 7GU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 as applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% on reducing balance
Deferred taxation
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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Media Generation Ventures Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 April 2023
834 
At 31 March 2024
834 
Depreciation
At 1 April 2023
834 
At 31 March 2024
834 
Net book value
At 31 March 2024
- 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
263 
212 
Trade debtors
- 
29,136 
Accrued income and prepayments
- 
(29,136)
Other debtors
- 
1,500 
263 
1,712 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
- 
14 
Amounts owed to group undertakings and other participating interests
25,009 
41,015 
Taxes and social security
- 
633 
Accruals
- 
550 
25,009 
42,212 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
59,538 
59,538 
Loans from directors
10,796 
- 
70,334 
59,538 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1 
1 
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Media Generation Ventures Limited Notes to the Accounts for the year ended 31 March 2024
9
Transactions with related parties
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 8 Related Party Disclosures, not to disclose related party transactions with wholly-owned subsidiaries or the parent undertaking within the group. Media Generation Group Limited is regarded by the directors as being the company's ultimate parent company.
10
Average number of employees
During the year the average number of employees was 1 (2023: 2).
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