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Company No: 13956091 (England and Wales)

MEDIA7ONE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MEDIA7ONE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MEDIA7ONE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MEDIA7ONE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 273 491
273 491
Current assets
Debtors 4 7,601 0
Cash at bank and in hand 10,746 48,766
18,347 48,766
Creditors: amounts falling due within one year 5 ( 3,600) ( 15,643)
Net current assets 14,747 33,123
Total assets less current liabilities 15,020 33,614
Net assets 15,020 33,614
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 15,019 33,613
Total shareholder's funds 15,020 33,614

For the financial 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.

Director's responsibilities:

The financial statements of Media7one Ltd (registered number: 13956091) were approved and authorised for issue by the Director on 05 August 2024. They were signed on its behalf by:

David Roland Guppy
Director
MEDIA7ONE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MEDIA7ONE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Media7one Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brook Farm,, Southwood, Glastonbury, BA6 8PG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.03.2024
Period from
04.03.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2023 655 655
At 31 March 2024 655 655
Accumulated depreciation
At 01 April 2023 164 164
Charge for the financial year 218 218
At 31 March 2024 382 382
Net book value
At 31 March 2024 273 273
At 31 March 2023 491 491

4. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by director 7,601 0

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Amounts owed to director 0 399
Accruals 3,600 0
Taxation and social security 0 15,244
3,600 15,643

6. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with the entity's director

31.03.2024 31.03.2023
£ £
Amounts owed by/(to) the director 16,701 (399)

No interest is charged on the loan and there are no set repayment term.