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COMPANY REGISTRATION NUMBER: NI642382
7747 Media Ltd
Filleted Unaudited Financial Statements
31 January 2024
7747 Media Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
13,132
18,796
Current assets
Debtors
8
240,566
194,520
Cash at bank and in hand
125,249
116,970
---------
---------
365,815
311,490
Creditors: amounts falling due within one year
9
293,114
229,583
---------
---------
Net current assets
72,701
81,907
--------
---------
Total assets less current liabilities
85,833
100,703
Creditors: amounts falling due after more than one year
10
18,427
22,025
--------
---------
Net assets
67,406
78,678
--------
---------
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
67,405
78,677
--------
--------
Shareholders funds
67,406
78,678
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
7747 Media Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr T Jordan
Director
Company registration number: NI642382
7747 Media Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Linenhall Exchange, 1st Floor, 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
20% straight line
Fixtures & fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
19,634
15,319
Adjustments in respect of prior periods
( 85)
--------
--------
Total current tax
19,634
15,234
--------
--------
--------
--------
Tax on profit
19,634
15,234
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 24 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
72,362
82,632
--------
--------
Profit on ordinary activities by rate of tax
17,383
15,700
Adjustment to tax charge in respect of prior periods
( 85)
Effect of expenses not deductible for tax purposes
1,351
232
Effect of capital allowances and depreciation
1,413
( 613)
Effect of different UK tax rates on some earnings
(513)
--------
--------
Tax on profit
19,634
15,234
--------
--------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
64,000
64,000
--------
--------
7. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023
2,970
33,276
36,246
Additions
763
763
-------
--------
--------
At 31 January 2024
2,970
34,039
37,009
-------
--------
--------
Depreciation
At 1 February 2023
644
16,806
17,450
Charge for the year
594
5,833
6,427
-------
--------
--------
At 31 January 2024
1,238
22,639
23,877
-------
--------
--------
Carrying amount
At 31 January 2024
1,732
11,400
13,132
-------
--------
--------
At 31 January 2023
2,326
16,470
18,796
-------
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
182,021
148,971
Amounts owed by group undertakings and undertakings in which the company has a participating interest
6,771
Other debtors
58,545
38,778
---------
---------
240,566
194,520
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,151
3,014
Trade creditors
187,595
190,717
Corporation tax
19,634
15,319
Social security and other taxes
34,512
14,759
Other creditors
48,222
5,774
---------
---------
293,114
229,583
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,427
22,025
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. Related party transactions
The company was under the control of Mr Trevor Jordan throughout the current and previous year. Mr Trevor Jordan is the managing director and sole shareholder.
13. Controlling party
The company is a private company, limited by shares. It is registered in Northern Ireland ( NI642382 ) with its registered office at Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.