Company Registration No. 12751538 (England and Wales)
360 Media Sales Ltd
Unaudited accounts
for the year ended 31 December 2023
360 Media Sales Ltd
Unaudited accounts
Contents
360 Media Sales Ltd
Company Information
for the year ended 31 December 2023
Directors
Miss J P Lee
BAS Media Sales Ltd
Company Number
12751538 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
United Kingdom
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
360 Media Sales Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
3,415
4,637
Cash at bank and in hand
278,782
928,417
Creditors: amounts falling due within one year
(735,061)
(1,126,801)
Net current assets
410,288
330,359
Net assets
413,703
334,996
Called up share capital
100
100
Profit and loss account
413,603
334,896
Shareholders' funds
413,703
334,996
For the year ending 31 December 2023 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 directors acknowledge their 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 of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by
Miss J P Lee
Director
Company Registration No. 12751538
360 Media Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
360 Media Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 12751538. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ, United Kingdom.
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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 financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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% straight-line method
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
360 Media Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
Operating leases: the Company as a leasee
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
613,559
474,884
Amounts due from group undertakings etc.
190,785
50,611
Accrued income and prepayments
5,085
3,248
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
621,596
386,978
Taxes and social security
73,876
159,254
360 Media Sales Ltd
Notes to the Accounts
for the year ended 31 December 2023
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Transactions with related parties
During the year, the Company recharged various costs to GPM360 Limited, a subsidiary of GPM360 Holdings Limited, who owns 50% of the Company's shares. At the year-end, the Company was owed £29,715 as an aged payable (2022 - £16,770) and owed £538 as an aged receivable (2022 - £49,010).
During the year, the Company repaid a loan of £350,000 (2022 - £100,000) from GPM360 Limited. Interest of £NIL (2022 - £4,891) was paid on this loan in the year. The Company also made a loan to GPM360 Limited of £190,000 (2022 - £50,000). At the year-end, the balance of £190,000 (2022 - £50,000), included in current assets, is interest free and repayable on demand.
During the year, Barclays Security Trustee Limited raised a charge against the property and undertakings of the Company, as a cross guarantee for the mortgage held by group company GPM360 Limited. The carrying amount of the assets pledged at the year end was £1,017,195 (2022: £nil). The charge contains a negative pledge.
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Average number of employees
During the year the average number of employees was 7 (2022: 6).