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
Media Generation Ventures Limited
Company Information
for the year ended 31 March 2024
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
Media Generation Ventures Limited
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
238
350
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)
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
Media Generation Ventures Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 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.
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.
Media Generation Ventures Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Accrued income and prepayments
-
(29,136)
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
25,009
41,015
Taxes and social security
-
633
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
59,538
59,538
Loans from directors
10,796
-
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
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).