J MCGRATH MEDIA (UK) LTD

Company Registration Number:
11481549 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

J MCGRATH MEDIA (UK) LTD

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

J MCGRATH MEDIA (UK) LTD

Balance sheet

As at 31 July 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,275 643
Total fixed assets: 1,275 643
Current assets
Stocks: 44,983
Debtors:   71,573 87,190
Cash at bank and in hand: 4,008 3,633
Total current assets: 120,564 90,823
Creditors: amounts falling due within one year:   (131,712) (87,673)
Net current assets (liabilities): (11,148) 3,150
Total assets less current liabilities: (9,873) 3,793
Creditors: amounts falling due after more than one year:   (27,500) (42,500)
Total net assets (liabilities): (37,373) (38,707)
Capital and reserves
Called up share capital: 2 1
Profit and loss account: (37,375) (38,708)
Shareholders funds: (37,373) (38,707)

The notes form part of these financial statements

J MCGRATH MEDIA (UK) LTD

Balance sheet statements

For the year ending 31 July 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 August 2024
and signed on behalf of the board by:

Name: J McGrath
Status: Director

The notes form part of these financial statements

J MCGRATH MEDIA (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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: Fittings fixtures and equipment - 15% reducing balance If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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. Impairment 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. Stocks and work in progress Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. 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. 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. Going concern The financial statements have been prepared on the basis that, with the continued support of the director, the company will continue in operational existence for the foreseeable future.

J MCGRATH MEDIA (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 2022
Average number of employees during the period 4 4

J MCGRATH MEDIA (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 941
Additions 857
At 31 July 2023 1,798
Depreciation
At 01 August 2022 298
Charge for year 225
At 31 July 2023 523
Net book value
At 31 July 2023 1,275
At 31 July 2022 643

J MCGRATH MEDIA (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Loans to directors

Name of director receiving advance or credit: J McGrath
Description of the loan: Loan advance
£
Balance at 01 August 2022 19,753
Advances or credits repaid: 19,753
Balance at 31 July 2023 0

The company charges interest on loan advances to the director.

J MCGRATH MEDIA (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Related party transactions

Name of the related party: McGrath Media
Relationship:
Associated company
Description of the Transaction: Inter company
£
Balance at 01 August 2022 39,235
Balance at 31 July 2023 40,407

McGrath Media is a sole trader business owned by J McGrath, the director of this company. The loan is interest free and repayable on demand.