2023-02-012024-01-312024-01-31false13458941NEW GEN MEDIA 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NEW GEN MEDIA LIMITED

Registered Number
13458941
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

NEW GEN MEDIA LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

ALSTON, Harry John
ELAHI, Imran

Registered Address

18 Davy Avenue
Knowlhill
Milton Keynes
MK5 8PL

Registered Number

13458941 (England and Wales)
NEW GEN MEDIA LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,3601,214
1,3601,214
Current assets
Debtors59,9498,122
Cash at bank and on hand22,3543,402
32,30311,524
Creditors amounts falling due within one year6(18,718)(13,143)
Net current assets (liabilities)13,585(1,619)
Total assets less current liabilities14,945(405)
Provisions for liabilities7(340)(231)
Net assets14,605(636)
Capital and reserves
Called up share capital22
Profit and loss account14,603(638)
Shareholders' funds14,605(636)
The financial statements were approved and authorised for issue by the Board of Directors on 31 July 2024, and are signed on its behalf by:
ALSTON, Harry John
Director
Registered Company No. 13458941
NEW GEN MEDIA LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year25
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 February 231,4451,445
Additions465465
At 31 January 241,9101,910
Depreciation and impairment
At 01 February 23231231
Charge for year319319
At 31 January 24550550
Net book value
At 31 January 241,3601,360
At 31 January 231,2141,214
4.Fixed asset investments
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9,3127,320
Amounts owed by associates and joint ventures / participating interests635-
Other debtors2587
Prepayments and accrued income-215
Total9,9498,122
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-2,440
Amounts owed to related parties1,7917,185
Taxation and social security16,6872,518
Other creditors240-
Accrued liabilities and deferred income-1,000
Total18,71813,143
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)340231
Total340231